Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Feb. 01, 2014 | Mar. 14, 2014 | Aug. 03, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'GENESCO INC | ' | ' |
Entity Central Index Key | '0000018498 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $1,738 |
Entity Common Stock, Shares Outstanding | ' | 23,923,210 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current Assets | ' | ' | ||
Cash and cash equivalents | $59,447 | $59,795 | ||
Accounts receivable, net of allowances of $4,420 at February 1, 2014 and $6,082 at February 2, 2013 | 52,646 | 48,214 | ||
Inventories | 567,261 | 505,344 | ||
Deferred income taxes | 23,089 | 23,725 | ||
Prepaids and other current assets | 54,432 | 45,193 | ||
Total current assets | 756,875 | 682,271 | ||
Property and equipment: | ' | ' | ||
Land | 6,169 | 6,128 | ||
Buildings and building equipment | 20,474 | 20,390 | ||
Computer hardware, software and equipment | 131,110 | 120,757 | ||
Furniture and fixtures | 173,992 | 148,903 | ||
Construction in progress | 35,623 | 8,702 | ||
Improvements to leased property | 335,287 | 318,376 | ||
Property and equipment, at cost | 702,655 | 623,256 | ||
Accumulated depreciation | -422,618 | -381,587 | ||
Property and equipment, net | 280,037 | 241,669 | ||
Deferred income taxes | 3,342 | 18,731 | ||
Goodwill | 288,100 | 273,827 | ||
Trademarks, net of accumulated amortization of $4,312 at February 1, 2014 and $3,350 at February 2, 2013 | 77,571 | 77,408 | ||
Other intangibles, net of accumulated amortization of $20,645 at February 1, 2014 and $17,220 at February 2, 2013 | 9,082 | 11,598 | ||
Other noncurrent assets | 24,277 | 20,568 | ||
Total Assets | 1,439,284 | [1] | 1,326,072 | [2] |
Current Liabilities | ' | ' | ||
Accounts payable | 145,483 | 118,350 | ||
Accrued employee compensation | 49,078 | 55,241 | ||
Accrued other taxes | 26,247 | 25,985 | ||
Accrued income taxes | 2,188 | 2,096 | ||
Current portion – long-term debt | 6,793 | 5,675 | ||
Other accrued liabilities | 68,526 | 60,659 | ||
Provision for discontinued operations | 7,263 | 7,192 | ||
Total current liabilities | 305,578 | 275,198 | ||
Long-term debt | 26,937 | 45,007 | ||
Pension liability | 9,223 | 20,514 | ||
Deferred rent and other long-term liabilities | 175,311 | 157,407 | ||
Provision for discontinued operations | 4,112 | 4,159 | ||
Total liabilities | 521,161 | 502,285 | ||
Commitments and contingent liabilities | ' | ' | ||
Equity | ' | ' | ||
Non-redeemable preferred stock | 1,305 | [3] | 3,924 | [3] |
Common equity: | ' | ' | ||
Common stock, $1 par value: Authorized: 80,000,000 shares Issued/Outstanding: February 1, 2014 – 24,407,724/23,919,260, February 2, 2013 - 24,484,915/23,996,451 | 24,408 | 24,485 | ||
Additional paid-in capital | 190,568 | 170,360 | ||
Retained earnings | 734,533 | 669,189 | ||
Accumulated other comprehensive loss | -16,767 | -28,241 | ||
Treasury shares, at cost (488,464 shares) | -17,857 | -17,857 | ||
Total Genesco equity | 916,190 | 821,860 | ||
Noncontrolling interest – non-redeemable | 1,933 | 1,927 | ||
Total equity | 918,123 | 823,787 | ||
Total Liabilities and Equity | $1,439,284 | $1,326,072 | ||
[1] | Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $182.4 million, $104.9 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $10.1 million of additions in Fiscal 2014 resulting from small acquisitions and the Schuh Group goodwill increased by $4.2 million due to foreign currency translation adjustment. | |||
[2] | Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $172.3 million, $100.7 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $13.2 million of additions in Fiscal 2013 resulting from small acquisitions and the Schuh Group goodwill increased by $0.8 million due to foreign currency translation adjustment. | |||
[3] | In order of preference for liquidation and dividends. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowances on accounts receivable | $4,420 | $6,082 |
Accumulated amortization on trademarks | 4,312 | 3,350 |
Accumulated amortization on other intangibles | $20,645 | $17,220 |
Common stock, par value (USD per share) | $1 | $1 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 24,407,724 | 24,484,915 |
Common stock, shares outstanding | 23,919,260 | 23,996,451 |
Shares held in treasury | 488,464 | 488,464 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
Income Statement [Abstract] | ' | ' | ' | |||
Net sales | $2,624,972 | [1] | $2,604,817 | $2,291,987 | ||
Cost of sales | 1,325,922 | 1,306,200 | 1,143,632 | |||
Selling and administrative expenses | 1,134,274 | 1,111,717 | 984,193 | |||
Asset impairments and other, net | 1,341 | [2] | 17,037 | [3] | 2,677 | [4] |
Earnings from operations | 163,435 | 169,863 | 161,485 | |||
Interest expense, net: | ' | ' | ' | |||
Interest expense | 4,641 | 5,126 | 5,157 | |||
Interest income | -66 | -95 | -65 | |||
Total interest expense, net | 4,575 | 5,031 | 5,092 | |||
Earnings from continuing operations before income taxes | 158,860 | [1] | 164,832 | 156,393 | ||
Income tax expense | 65,878 | 51,935 | 62,942 | |||
Earnings from continuing operations | 92,982 | [1] | 112,897 | 93,451 | ||
Provision for discontinued operations, net | -329 | -462 | -1,025 | |||
Net Earnings | $92,653 | [1] | $112,435 | $92,426 | ||
Basic earnings per common share: | ' | ' | ' | |||
Continuing operations (USD per share) | $3.99 | $4.78 | $3.89 | |||
Discontinued operations (USD per share) | ($0.01) | ($0.02) | ($0.05) | |||
Net earnings (USD per share) | $3.98 | $4.76 | $3.84 | |||
Diluted earnings per common share: | ' | ' | ' | |||
Continuing operations (USD per share) | $3.94 | [1] | $4.69 | $3.83 | ||
Discontinued operations (USD per share) | ($0.02) | ($0.01) | ($0.04) | |||
Net earnings (USD per share) | $3.92 | [1] | $4.68 | $3.79 | ||
[1] | 53 week period vs. 52 weeks in prior period. | |||||
[2] | Asset Impairments and other includes a $2.3 million charge for asset impairments, of which $1.4 million is in the Lids Sports Group, $0.6 million is in the Journeys Group and $0.3 million is in the Johnston & Murphy Group, a $3.3 million charge for network intrusion costs, a $2.4 million charge for other legal matters and a $1.6 million charge for a lease termination partially offset by a gain of $(8.3) million for the lease termination of a New York City Journeys store. | |||||
[3] | Asset Impairments and other includes a $1.4 million charge for asset impairments, of which $0.9 million is in the Lids Sports Group, $0.4 million is in the Journeys Group, and $0.1 million is in the Johnston & Murphy Group, a $15.6 million charge for network intrusion costs and a $0.1 million charge for other legal matters. | |||||
[4] | Asset Impairments and other includes a $1.1 million charge for asset impairments, of which $0.6 million is in the Journeys Group, $0.3 million is in the Lids Sports Group and $0.2 million is in the Johnston & Murphy Group, a $0.7 million charge for network intrusion costs and a $0.9 million charge for other legal matters. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | |
Net earnings | $92,653 | [1] | $112,435 | $92,426 |
Other comprehensive income (loss): | ' | ' | ' | |
Gain (loss) on foreign currency forward contract, net of tax of $0.0 million for each period | 0 | 42 | -35 | |
Pension liability adjustment net of tax of $6.2 million and $2.4 million for 2014 and 2013, respectively, and net of tax benefit of $3.1 million for 2012 | 9,510 | 3,657 | -4,670 | |
Postretirement liability adjustment net of tax benefit of $.03 million for 2014 and $0.1 million for 2013 and 2012 | -542 | -79 | -109 | |
Foreign currency translation adjustments | 2,506 | 1,105 | -3,847 | |
Total other comprehensive income (loss) | 11,474 | 4,725 | -8,661 | |
Comprehensive Income | $104,127 | $117,160 | $83,765 | |
[1] | 53 week period vs. 52 weeks in prior period. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Gain (loss) on foreign currency forward contract net of tax | $0 | $0 | $0 |
Pension liability adjustment net of tax | 6.2 | 2.4 | 3.1 |
Postretirement liability adjustment net of tax | $0.30 | $0.10 | $0.10 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | |
Net earnings | $92,653 | [1] | $112,435 | $92,426 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' | |
Depreciation and amortization | 67,135 | 63,697 | 53,737 | |
Amortization of deferred note expense and debt discount | 801 | 792 | 708 | |
Deferred income taxes | 14,983 | -17,618 | 9,661 | |
Provision for losses on accounts receivable | -525 | 1,325 | 2,004 | |
Impairment of long-lived assets | 2,347 | 1,396 | 1,119 | |
Restricted stock and share-based compensation | 12,295 | 10,508 | 7,660 | |
Provision for discontinued operations | 543 | 796 | 1,692 | |
Tax benefit of stock options and restricted stock exercised | -3,784 | -4,820 | -4,744 | |
Other | 1,301 | 1,327 | 1,005 | |
Effect on cash from changes in working capital and other assets and liabilities, before acquisitions: | ' | ' | ' | |
Accounts receivable | -3,684 | -5,821 | 3,011 | |
Inventories | -58,386 | -61,049 | -42,324 | |
Prepaids and other current assets | -8,885 | -4,524 | 5,286 | |
Accounts payable | 19,850 | -17,953 | -1,201 | |
Other accrued liabilities | -10,093 | -6,624 | 9,384 | |
Other assets and liabilities | 13,448 | 49,343 | 5,536 | |
Net cash provided by operating activities | 139,999 | 123,210 | 144,960 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | |
Capital expenditures | -98,456 | -71,737 | -49,456 | |
Acquisitions, net of cash acquired | -13,567 | -23,818 | -92,985 | |
Proceeds from asset sales | 75 | 81 | 27 | |
Net cash used in investing activities | -111,948 | -95,474 | -142,414 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | |
Payments of capital leases | -2 | -2 | -22 | |
Payments of long-term debt | -6,428 | -13,581 | -25,321 | |
Proceeds from issuance of long-term debt | 15,124 | 0 | 0 | |
Borrowings under revolving credit facility | 402,200 | 439,600 | 299,800 | |
Payments on revolving credit facility | -429,900 | -416,900 | -294,800 | |
Tax benefit of stock options and restricted stock exercised | 3,784 | 4,820 | 4,744 | |
Shares repurchased | -20,676 | -37,650 | 0 | |
Change in overdraft balances | 6,025 | -2,925 | 2,931 | |
Redemption of preferred shares | -1,462 | 0 | 0 | |
Dividends paid on non-redeemable preferred stock | -33 | -147 | -193 | |
Exercise of stock options and issue shares - Employee Stock Purchase Plan | 3,230 | 4,965 | 9,820 | |
Other | -1,788 | 4 | -939 | |
Net cash used in financing activities | -29,926 | -21,816 | -3,980 | |
Effect of foreign exchange rate fluctuations on cash | 1,527 | 85 | -710 | |
Net (Decrease) Increase in Cash and Cash Equivalents | -348 | 6,005 | -2,144 | |
Cash and cash equivalents at beginning of period | 59,795 | 53,790 | 55,934 | |
Cash and cash equivalents at end of period | 59,447 | 59,795 | 53,790 | |
Net cash paid for: | ' | ' | ' | |
Interest | 3,769 | 4,391 | 4,789 | |
Income taxes | $52,618 | $81,607 | $50,254 | |
[1] | 53 week period vs. 52 weeks in prior period. |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Total Non-Redeemable Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income Loss | Treasury Shares | Noncontrolling Interest Non-Redeemable | |
In Thousands, unless otherwise specified | |||||||||
Beginning balance at Jan. 29, 2011 | $627,724 | $5,183 | $24,163 | $131,910 | $506,127 | ($24,305) | ($17,857) | $2,503 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |
Net earnings | 92,426 | 0 | 0 | 0 | 92,426 | 0 | 0 | 0 | |
Other comprehensive income (loss) | -8,661 | 0 | 0 | 0 | 0 | -8,661 | 0 | 0 | |
Dividends paid on non-redeemable preferred stock | -193 | 0 | 0 | 0 | -193 | 0 | 0 | 0 | |
Exercise of stock options | 9,687 | 0 | 390 | 9,297 | 0 | 0 | 0 | 0 | |
Issue shares – Employee Stock Purchase Plan | 133 | 0 | 3 | 130 | 0 | 0 | 0 | 0 | |
Employee and non-employee restricted stock | 7,659 | 0 | 0 | 7,659 | 0 | 0 | 0 | 0 | |
Share-based compensation | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | |
Restricted stock issuance | 0 | 0 | 304 | -304 | 0 | 0 | 0 | 0 | |
Restricted shares withheld for taxes | -4,127 | 0 | -93 | -4,034 | 0 | 0 | 0 | 0 | |
Tax benefit of stock options and restricted stock exercised | 4,585 | 0 | 0 | 4,585 | 0 | 0 | 0 | 0 | |
Shares repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other | 0 | -226 | -9 | 235 | 0 | 0 | 0 | 0 | |
Noncontrolling interest – loss | -254 | 0 | 0 | 0 | 0 | 0 | 0 | -254 | |
Ending balance at Jan. 28, 2012 | 728,980 | 4,957 | 24,758 | 149,479 | 598,360 | -32,966 | -17,857 | 2,249 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |
Net earnings | 112,435 | 0 | 0 | 0 | 112,435 | 0 | 0 | 0 | |
Other comprehensive income (loss) | 4,725 | 0 | 0 | 0 | 0 | 4,725 | 0 | 0 | |
Dividends paid on non-redeemable preferred stock | -147 | 0 | 0 | 0 | -147 | 0 | 0 | 0 | |
Exercise of stock options | 4,808 | 0 | 224 | 4,584 | 0 | 0 | 0 | 0 | |
Issue shares – Employee Stock Purchase Plan | 157 | 0 | 2 | 155 | 0 | 0 | 0 | 0 | |
Employee and non-employee restricted stock | 10,508 | 0 | 0 | 10,508 | 0 | 0 | 0 | 0 | |
Restricted stock issuance | 0 | 0 | 194 | -194 | 0 | 0 | 0 | 0 | |
Restricted shares withheld for taxes | -4,531 | 0 | -76 | 0 | -4,455 | 0 | 0 | 0 | |
Tax benefit of stock options and restricted stock exercised | 4,820 | 0 | 0 | 4,820 | 0 | 0 | 0 | 0 | |
Shares repurchased | -37,650 | 0 | -646 | 0 | -37,004 | 0 | 0 | 0 | |
Other | 4 | -1,033 | 29 | 1,008 | 0 | 0 | 0 | 0 | |
Noncontrolling interest – loss | -322 | 0 | 0 | 0 | 0 | 0 | 0 | -322 | |
Ending balance at Feb. 02, 2013 | 823,787 | 3,924 | 24,485 | 170,360 | 669,189 | -28,241 | -17,857 | 1,927 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |
Net earnings | 92,653 | [1] | 0 | 0 | 0 | 92,653 | 0 | 0 | 0 |
Other comprehensive income (loss) | 11,474 | 0 | 0 | 0 | 0 | 11,474 | 0 | 0 | |
Dividends paid on non-redeemable preferred stock | -33 | 0 | 0 | 0 | -33 | 0 | 0 | 0 | |
Exercise of stock options | 3,034 | 0 | 130 | 2,904 | 0 | 0 | 0 | 0 | |
Issue shares – Employee Stock Purchase Plan | 196 | 0 | 3 | 193 | 0 | 0 | 0 | 0 | |
Employee and non-employee restricted stock | 12,295 | 0 | 0 | 12,295 | 0 | 0 | 0 | 0 | |
Restricted stock issuance | 0 | 0 | 214 | -214 | 0 | 0 | 0 | 0 | |
Restricted shares withheld for taxes | -6,938 | 0 | -105 | 105 | -6,938 | 0 | 0 | 0 | |
Tax benefit of stock options and restricted stock exercised | 3,784 | 0 | 0 | 3,784 | 0 | 0 | 0 | 0 | |
Shares repurchased | -20,676 | 0 | -338 | 0 | -20,338 | 0 | 0 | 0 | |
Redemption of preferred shares | -1,462 | -1,462 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other | 3 | -1,157 | 19 | 1,141 | 0 | 0 | 0 | 0 | |
Noncontrolling interest – loss | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | |
Ending balance at Feb. 01, 2014 | $918,123 | $1,305 | $24,408 | $190,568 | $734,533 | ($16,767) | ($17,857) | $1,933 | |
[1] | 53 week period vs. 52 weeks in prior period. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||
Nature of Operations | ||||||||||||||||
The Company's business includes the design and sourcing, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys, Journeys Kidz, Shi by Journeys, Underground by Journeys and Johnston & Murphy banners and under the Schuh banner in the United Kingdom and the Republic of Ireland; through e-commerce websites including journeys.com, journeyskidz.com, shibyjourneys.com, schuh.co.uk, johnstonmurphy.com and trask.com and catalogs, and at wholesale, primarily under the Company's Johnston & Murphy brand, the recently relaunched Trask brand, the licensed Dockers brand and other brands that the Company licenses for footwear, and the Company's SureGrip® line of slip-resistant, occupational footwear. The Company's business also includes Lids Sports Group, which operates headwear and accessory stores in the U.S. and Canada primarily under the Lids, Hat World and Hat Shack banners; the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names; licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lids and on macys.com, under a license agreement with Macy's; certain e-commerce operations including lids.com, lids.ca, lidslockerroom.com and lidsclubhouse.com; and an athletic team dealer business operating as Lids Team Sports. Including both the footwear businesses and the Lids Sports Group business, at February 1, 2014, the Company operated 2,568 retail stores in the U.S., Puerto Rico, Canada, the United Kingdom and the Republic of Ireland. | ||||||||||||||||
During Fiscal 2014, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys and Underground by Journeys retail footwear chains, catalog and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, catalog and e-commerce operations and wholesale distribution of products under the Johnston & Murphy and Trask brands; and (v) Licensed Brands, comprised of Dockers® Footwear, sourced and marketed under a license from Levi Strauss & Company; SureGrip®Footwear, occupational footwear primarily sold directly to consumers; and other brands. | ||||||||||||||||
Principles of Consolidation | ||||||||||||||||
All subsidiaries are consolidated in the consolidated financial statements. All significant intercompany transactions and accounts have been eliminated. | ||||||||||||||||
Fiscal Year | ||||||||||||||||
The Company’s fiscal year ends on the Saturday closest to January 31. As a result, Fiscal 2014 was a 52-week year with 364 days, Fiscal 2013 was a 53-week year with 371 days and Fiscal 2012 was a 52-week year with 364 days. Fiscal 2014 ended on February 1, 2014, Fiscal 2013 ended on February 2, 2013 and Fiscal 2012 ended on January 28, 2012. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||
Significant areas requiring management estimates or judgments include the following key financial areas: | ||||||||||||||||
Inventory Valuation | ||||||||||||||||
The Company values its inventories at the lower of cost or market. | ||||||||||||||||
In its footwear wholesale operations, its Schuh Group segment and its Lids Sports Group wholesale operations, except for the Anaconda Sports wholesale division, cost is determined using the FIFO method. Market value is determined using a system of analysis which evaluates inventory at the stock number level based on factors such as inventory turn, average selling price, inventory level, and selling prices reflected in future orders. The Company provides reserves when the inventory has not been marked down to market value based on current selling prices or when the inventory is not turning and is not expected to turn at levels satisfactory to the Company. | ||||||||||||||||
The Lids Sports Group retail segment and its Anaconda Sports wholesale division employ the moving average cost method for valuing inventories and apply freight using an allocation method. The Company provides a valuation allowance for slow-moving inventory based on negative margins and estimated shrink based on historical experience and specific analysis, where appropriate. | ||||||||||||||||
In its retail operations, other than the Schuh Group and Lids Sports Group retail segments, the Company employs the retail inventory method, applying average cost-to-retail ratios to the retail value of inventories. Under the retail inventory method, valuing inventory at the lower of cost or market is achieved as markdowns are taken or accrued as a reduction of the retail value of inventories. | ||||||||||||||||
Inherent in the retail inventory method are subjective judgments and estimates, including merchandise mark-on, markups, markdowns, and shrinkage. These judgments and estimates, coupled with the | ||||||||||||||||
fact that the retail inventory method is an averaging process, could produce a range of cost figures. To reduce the risk of inaccuracy and to ensure consistent presentation, the Company employs the retail inventory method in multiple subclasses of inventory with similar gross margins, and analyzes markdown requirements at the stock number level based on factors such as inventory turn, average selling price, and inventory age. In addition, the Company accrues markdowns as necessary. These additional markdown accruals reflect all of the above factors as well as current agreements to return | ||||||||||||||||
products to vendors and vendor agreements to provide markdown support. In addition to markdown provisions, the Company maintains provisions for shrinkage and damaged goods based on historical rates. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
Inherent in the analysis of both wholesale and retail inventory valuation are subjective judgments about current market conditions, fashion trends, and overall economic conditions. Failure to make appropriate conclusions regarding these factors may result in an overstatement or understatement of inventory value. | ||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||
The Company periodically assesses the realizability of its long-lived assets, other than goodwill, and evaluates such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount. Inherent in the analysis of impairment are subjective judgments about future cash flows. Failure to make appropriate conclusions regarding these judgments may result in an overstatement or understatement of the value of long-lived assets. See also Notes 3 and 5. | ||||||||||||||||
The goodwill impairment test involves performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, a two-step impairment test will not be performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step impairment test is performed. Alternatively, the Company may elect to bypass the qualitative assessment and proceed directly to the two-step impairment test, on a reporting unit level. The first step is a comparison of the fair value and carrying value of the business unit with which the goodwill is associated. The Company estimates fair value using the best information available, and computes the fair value derived by an income approach utilizing discounted cash flow projections. The income approach uses a projection of a reporting unit’s estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. A key assumption in the Company’s fair value estimate is the weighted average cost of capital utilized for discounting its cash flow projections in its income approach. The Company believes the rate it used in its latest annual test, which was completed in the fourth quarter, was consistent with the risks inherent in its business and with industry discount rates. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. | ||||||||||||||||
Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. | ||||||||||||||||
If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting | ||||||||||||||||
unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
Specifically, the Company would allocate the fair value of the reporting unit to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that would calculate the implied fair value of goodwill. If the implied fair value of goodwill is less than the recorded goodwill, the Company would record an impairment charge for the difference. | ||||||||||||||||
Environmental and Other Contingencies | ||||||||||||||||
The Company is subject to certain loss contingencies related to environmental proceedings and other legal matters. The Company has made pretax accruals for certain of these contingencies, including approximately $0.5 million in Fiscal 2014, $0.8 million in Fiscal 2013 and $1.8 million in Fiscal 2012. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations because they relate to former facilities operated by the Company. The Company monitors these matters on an ongoing basis and, on a quarterly basis, management reviews the Company’s reserves and accruals, adjusting provisions as management deems necessary in view of changes in available information. Changes in estimates of liability are reported in the periods when they occur. Consequently, management believes that its reserve in relation to each proceeding is a best estimate of probable loss connected to the proceeding, or in cases in which no best estimate is possible, the minimum amount in the range of estimated losses, based upon its analysis of the facts and circumstances as of the close of the most recent fiscal quarter. However, because of uncertainties and risks inherent in litigation generally and in environmental proceedings in particular, there can be no assurance that future developments will not require additional reserves, that some or all reserves will be adequate or that the amounts of any such additional reserves or any such inadequacy will not have a material adverse effect upon the Company’s financial condition, cash flows, or results of operations. See also Notes 3 and 13. | ||||||||||||||||
Revenue Recognition | ||||||||||||||||
Retail sales are recorded at the point of sale and are net of estimated returns and exclude sales and value added taxes. Catalog and internet sales are recorded at estimated time of delivery to the customer and are net of estimated returns and exclude sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Shipping and handling costs charged to customers are included in net sales. Estimated returns are based on historical returns and claims. Actual amounts of markdowns have not differed materially from estimates. Actual returns and claims in any future period may differ from historical experience. | ||||||||||||||||
Income Taxes | ||||||||||||||||
As part of the process of preparing the Consolidated Financial Statements, the Company is required to estimate its income taxes in each of the tax jurisdictions in which it operates. This process involves estimating actual current tax obligations together with assessing temporary differences resulting from differing treatment of certain items for tax and accounting purposes, such as depreciation of property and equipment and valuation of inventories. These temporary differences result in deferred tax assets and liabilities, which are included within the Consolidated Balance Sheets. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income or other sources. Actual results could differ from this assessment if adequate taxable income is not | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
generated in future periods. To the extent the Company believes that recovery of an asset is at risk, valuation allowances are established. To the extent valuation allowances are established or increased in a period, the Company includes an expense within the tax provision in the Consolidated Statements of Operations. These deferred tax valuation allowances may be released in future years when management considers that it is more likely than not that some portion or all of the deferred tax assets will be realized. In making such a determination, management will need to periodically evaluate whether or not all available evidence, such as future taxable income and reversal of temporary differences, tax planning strategies, and recent results of operations, provides sufficient positive evidence to offset any potential negative evidence that may exist at such time. In the event the deferred tax valuation allowance is released, the Company would record an income tax benefit for the portion or all of the deferred tax valuation allowance released. At February 1, 2014, the Company had a deferred tax valuation allowance of $3.8 million. | ||||||||||||||||
Income tax reserves for uncertain tax positions are determined using the methodology required by the Income Tax Topic of the Accounting Standards Codification ("Codification"). This methodology requires companies to assess each income tax position taken using a two step process. A determination is first made as to whether it is more likely than not that the position will be sustained, based upon the technical merits, upon examination by the taxing authorities. If the tax position is expected to meet the more likely than not criteria, the benefit recorded for the tax position equals the largest amount that is greater than 50% likely to be realized upon ultimate settlement of the respective tax position. Uncertain tax positions require determinations and estimated liabilities to be made based on provisions of the tax law which may be subject to change or varying interpretation. If the Company’s determinations and estimates prove to be inaccurate, the resulting adjustments could be material to its future financial results. | ||||||||||||||||
The Company recorded an effective income tax rate of 41.5% for Fiscal 2014 compared to 31.5% for Fiscal 2013 and 40.2% for Fiscal 2012. The tax rate for Fiscal 2013 was lower compared to Fiscal 2014 and Fiscal 2012 primarily due to the reversal of previously recorded charges related to uncertain tax positions due to the expiration of the applicable statutes of limitations and a settlement with a state tax authority more favorable than anticipated related to other uncertain tax positions. | ||||||||||||||||
Postretirement Benefits Plan Accounting | ||||||||||||||||
Full-time employees who had at least 1,000 hours of service in calendar year 2004, except employees in the Lids Sports Group and Schuh Group segments, are covered by a defined benefit pension plan. The Company froze the defined benefit pension plan effective January 1, 2005. The Company also provides certain former employees with limited medical and life insurance benefits. The Company funds at least the minimum amount required by the Employee Retirement Income Security Act. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
As required by the Compensation – Retirement Benefits Topic of the Codification, the Company is required to recognize the overfunded or underfunded status of postretirement benefit plans as an asset or liability, respectively, in their Consolidated Balance Sheets and to recognize changes in that funded status in accumulated other comprehensive loss, net of tax, in the year in which the changes occur. | ||||||||||||||||
The Company accounts for the defined benefit pension plans using the Compensation-Retirement Benefits Topic of the Codification. As permitted under this topic, pension expense is recognized on an accrual basis over employees’ approximate service periods. The calculation of pension expense | ||||||||||||||||
and the corresponding liability requires the use of a number of critical assumptions, including the expected long-term rate of return on plan assets and the assumed discount rate, as well as the recognition of actuarial gains and losses. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions. | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
The Company had total available cash and cash equivalents of $59.4 million and $59.8 million as of February 1, 2014 and February 2, 2013, respectively. Included in cash and cash equivalents at February 1, 2014 and February 2, 2013 are cash equivalents of $0.0 million and $0.2 million, respectively. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less. | ||||||||||||||||
At February 1, 2014, substantially all of the Company’s domestic cash was invested in deposit accounts at FDIC-insured banks. The majority of payments due from banks for domestic customer credit card transactions process within 24 - 48 hours and are accordingly classified as cash and cash equivalents in the Consolidated Balance Sheets. | ||||||||||||||||
At February 1, 2014 and February 2, 2013, outstanding checks drawn on zero-balance accounts at certain domestic banks exceeded book cash balances at those banks by approximately $42.1 million and $36.1 million, respectively. These amounts are included in accounts payable in the Consolidated Balance Sheets. | ||||||||||||||||
Concentration of Credit Risk and Allowances on Accounts Receivable | ||||||||||||||||
The Company’s footwear wholesale businesses sell primarily to independent retailers and department stores across the United States. Receivables arising from these sales are not collateralized. Customer credit risk is affected by conditions or occurrences within the economy and the retail industry as well as by customer specific factors. The Company’s Lids Team Sports wholesale business sells primarily to colleges and high school athletic teams and their fan bases. Including both footwear wholesale and Lids Team Sports wholesale businesses, three customers each accounted for 5% of the Company’s total trade receivables balance, while no other customer accounted for more than 4% of the Company’s total trade receivables balance as of February 1, 2014. | ||||||||||||||||
The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information, as well as customer specific factors. The Company also establishes allowances for sales returns, customer deductions and co-op advertising based on specific circumstances, historical trends and projected probable outcomes. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
Property and Equipment | ||||||||||||||||
Property and equipment are recorded at cost and depreciated or amortized over the estimated useful life of related assets. Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives: | ||||||||||||||||
Buildings and building equipment | 20-45 years | |||||||||||||||
Computer hardware, software and equipment | 3-10 years | |||||||||||||||
Furniture and fixtures | 10 years | |||||||||||||||
Leases | ||||||||||||||||
Leasehold improvements and properties under capital leases are amortized on the straight-line method over the shorter of their useful lives or their related lease terms and the charge to earnings is included in selling and administrative expenses in the Consolidated Statements of Operations. | ||||||||||||||||
Certain leases include rent increases during the initial lease term. For these leases, the Company recognizes the related rental expense on a straight-line basis over the term of the lease (which | ||||||||||||||||
includes any rent holidays and the pre-opening period of construction, renovation, fixturing and merchandise placement) and records the difference between the amounts charged to operations and amounts paid as deferred rent. | ||||||||||||||||
The Company occasionally receives reimbursements from landlords to be used towards construction of the store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are amortized as a reduction of rent expense over the initial lease term. | ||||||||||||||||
Goodwill and Other Intangibles | ||||||||||||||||
Under the provisions of the Intangibles – Goodwill and Other Topic of the Codification, goodwill and intangible assets with indefinite lives are not amortized, but are tested at least annually, during the fourth quarter, for impairment. The Company will update the tests between annual tests if events or | ||||||||||||||||
circumstances occur that would more likely than not reduce the fair value of the business unit with which the goodwill is associated below its carrying amount. It is also required that intangible assets with finite lives be amortized over their respective lives to their estimated residual values, and reviewed for impairment in accordance with the Property, Plant and Equipment Topic of the Codification. | ||||||||||||||||
Intangible assets of the Company with indefinite lives are primarily goodwill and identifiable trademarks, net of amortization, acquired in connection with the acquisition of Schuh Group Ltd. in | ||||||||||||||||
June 2011 and Hat World Corporation in April 2004. The Consolidated Balance Sheets include goodwill of $182.4 million for the Lids Sports Group, $104.9 million for the Schuh Group and $0.8 million for Licensed Brands at February 1, 2014, and $172.3 million for the Lids Sports Group, $100.7 million for the Schuh Group and $0.8 million for Licensed Brands at February 2, 2013. The Company tests for impairment of intangible assets with an indefinite life, relying on a number of factors including operating results, business plans, projected future cash flows and observable market data. The impairment test for identifiable assets not subject to amortization consists of a comparison of the fair value of the | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
intangible asset with its carrying amount. The Company has not recorded an impairment charge for intangible assets. | ||||||||||||||||
In connection with acquisitions, the Company records goodwill on its Consolidated Financial Statements. This asset is not amortized but is subject to an impairment test at least annually, based on projected future cash flows from the acquired business discounted at a rate commensurate with the risk the Company considers to be inherent in its current business model. The Company performs the impairment test annually as of the close of its fiscal year, or more frequently if events or circumstances indicate that the value of the asset might be impaired. | ||||||||||||||||
As a result of the various acquisitions comprising the Lids Team Sports team dealer business, the Company carries goodwill at a value of $14.2 million on its Consolidated Balance Sheets related to such acquisitions. The Company found that the result of its annual impairment test, which valued the business at approximately $3.9 million in excess of its carrying value, indicated no impairment at that time. The Company may determine in future impairment tests that some or all of the carrying value of the goodwill may not be recoverable. Such a finding would require a write-off of the amount of the carrying value that is impaired, which would reduce the Company's profitability in the period of the impairment charge. Holding all other assumptions constant as of the measurement date, the Company noted that an increase in the weighted average cost of capital of 100 basis points would reduce the fair value of the Lids Team Sports business by $5.9 million. Furthermore, the Company noted that a decrease in projected annual revenue by one percent would reduce the fair value of the Lids Team Sports business by $0.4 million. However, if other assumptions do not remain constant, the fair value of the Lids Team Sports business may decrease by a greater amount. | ||||||||||||||||
Identifiable intangible assets of the Company with finite lives are trademarks, customer lists, in-place leases, non-compete agreements and a vendor contract. They are subject to amortization based upon | ||||||||||||||||
their estimated useful lives. Finite-lived intangible assets are evaluated for impairment using a process similar to that used to evaluate other definite-lived long-lived assets, a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount | ||||||||||||||||
by which the carrying value exceeds the fair value of the asset. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The carrying amounts and fair values of the Company’s financial instruments at February 1, 2014 and February 2, 2013 are: | ||||||||||||||||
In thousands | February 1, | 2-Feb-13 | ||||||||||||||
2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
U.S. Revolver Borrowings | $ | — | $ | — | $ | 27,700 | $ | 27,742 | ||||||||
UK Term Loans | 33,730 | 33,840 | 22,982 | 22,982 | ||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
Debt fair values were determined using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments and would be classified in Level 2 as defined in Note 5. | ||||||||||||||||
Carrying amounts reported on the Consolidated Balance Sheets for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments. | ||||||||||||||||
Cost of Sales | ||||||||||||||||
For the Company’s retail operations, the cost of sales includes actual product cost, the cost of transportation to the Company’s warehouses from suppliers and the cost of transportation from the Company’s warehouses to the stores. Additionally, the cost of its distribution facilities allocated to its retail operations is included in cost of sales. | ||||||||||||||||
For the Company’s wholesale operations, the cost of sales includes the actual product cost and the cost of transportation to the Company’s warehouses from suppliers. | ||||||||||||||||
Selling and Administrative Expenses | ||||||||||||||||
Selling and administrative expenses include all operating costs of the Company excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for its retail operations, those related to the transportation of products from the warehouse to the store and (iii) costs of its distribution facilities which are allocated to its retail operations. Wholesale and unallocated retail costs of distribution are included in selling and administrative expenses in the amounts of $8.7 million, $8.2 million and $9.2 million for Fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||
Gift Cards | ||||||||||||||||
The Company has a gift card program that began in calendar 1999 for its Lids Sports operations and calendar 2000 for its footwear operations. The gift cards issued to date do not expire. As such, the Company recognizes income when: (i) the gift card is redeemed by the customer; or (ii) the likelihood of the gift card being redeemed by the customer for the purchase of goods in the future is remote and there are no related escheat laws (referred to as “breakage”). The gift card breakage rate is based | ||||||||||||||||
upon historical redemption patterns and income is recognized for unredeemed gift cards in proportion to those historical redemption patterns. | ||||||||||||||||
Gift card breakage is recognized in revenues each period. Gift card breakage recognized as revenue was $0.8 million, $0.7 million and $0.6 million for Fiscal 2014, 2013 and 2012, respectively. The Consolidated Balance Sheets include an accrued liability for gift cards of $14.4 million and $13.1 million at February 1, 2014 and February 2, 2013, respectively. | ||||||||||||||||
Buying, Merchandising and Occupancy Costs | ||||||||||||||||
The Company records buying, merchandising and occupancy costs in selling and administrative expense. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Retail occupancy costs recorded in selling and administrative expense were $381.6 million, $359.3 million and $314.6 million for Fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
Shipping and Handling Costs | ||||||||||||||||
Shipping and handling costs related to inventory purchased from suppliers are included in the cost of inventory and are charged to cost of sales in the period that the inventory is sold. All other shipping and handling costs are charged to cost of sales in the period incurred except for wholesale and unallocated retail costs of distribution, which are included in selling and administrative expenses on the Consolidated Statements of Operations. | ||||||||||||||||
Preopening Costs | ||||||||||||||||
Costs associated with the opening of new stores are expensed as incurred, and are included in selling and administrative expenses on the Consolidated Statements of Operations. | ||||||||||||||||
Store Closings and Exit Costs | ||||||||||||||||
From time to time, the Company makes strategic decisions to close stores or exit locations or activities. If stores or operating activities to be closed or exited constitute components, as defined by the Property, Plant and Equipment Topic of the Codification, and will not result in a migration of customers and cash flows, these closures will be considered discontinued operations when the related assets meet the criteria to be classified as held for sale, or at the cease-use date, whichever occurs first. The results of operations of discontinued operations are presented retroactively, net of tax, as a separate component on the Consolidated Statements of Operations, if material individually or cumulatively. In each of the years presented, no store closings meeting the discontinued operations criteria have been material individually or cumulatively. | ||||||||||||||||
Assets related to planned store closures or other exit activities are reflected as assets held for sale and recorded at the lower of carrying value or fair value less costs to sell when the required criteria, as | ||||||||||||||||
defined by the Property, Plant and Equipment Topic of the Codification, are satisfied. Depreciation ceases on the date that the held for sale criteria are met. | ||||||||||||||||
Assets related to planned store closures or other exit activities that do not meet the criteria to be classified as held for sale are evaluated for impairment in accordance with the Company’s normal impairment policy, but with consideration given to revised estimates of future cash flows. In any event, the remaining depreciable useful lives are evaluated and adjusted as necessary. | ||||||||||||||||
Exit costs related to anticipated lease termination costs, severance benefits and other expected charges are accrued for and recognized in accordance with the Exit or Disposal Cost Obligations Topic of the Codification. | ||||||||||||||||
Advertising Costs | ||||||||||||||||
Advertising costs are predominantly expensed as incurred. Advertising costs were $56.9 million, $48.3 million and $42.5 million for Fiscal 2014, 2013 and 2012, respectively. Direct response advertising costs for catalogs are capitalized in accordance with the Other Assets and Deferred Costs Topic for Capitalized Advertising Costs of the Codification. Such costs are amortized over the estimated future period as revenues are realized from such advertising, not to exceed six months. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
The Consolidated Balance Sheets include prepaid assets for direct response advertising costs of $2.3 million and $1.4 million at February 1, 2014 and February 2, 2013. | ||||||||||||||||
Consideration to Resellers | ||||||||||||||||
In its wholesale businesses, the Company does not have any written buy-down programs with retailers, but the Company has provided certain retailers with markdown allowances for obsolete and slow moving products that are in the retailer’s inventory. The Company estimates these allowances and provides for them as reductions to revenues at the time revenues are recorded. Markdowns are negotiated with retailers and changes are made to the estimates as agreements are reached. Actual amounts for markdowns have not differed materially from estimates. | ||||||||||||||||
Cooperative Advertising | ||||||||||||||||
Cooperative advertising funds are made available to most of the Company’s wholesale footwear customers. In order for retailers to receive reimbursement under such programs, the retailer must meet specified advertising guidelines and provide appropriate documentation of expenses to be reimbursed. The Company’s cooperative advertising agreements require that wholesale customers present documentation or other evidence of specific advertisements or display materials used for the Company’s products by submitting the actual print advertisements presented in catalogs, newspaper inserts or other advertising circulars, or by permitting physical inspection of displays. Additionally, the Company’s cooperative advertising agreements require that the amount of reimbursement requested for such advertising or materials be supported by invoices or other evidence of the actual costs incurred by the retailer. The Company accounts for these cooperative advertising costs as selling and administrative | ||||||||||||||||
expenses, in accordance with the Revenue Recognition Topic for Customer Payments and Incentives of the Codification. | ||||||||||||||||
Cooperative advertising costs recognized in selling and administrative expenses were $3.2 million, $3.5 million and $3.3 million for Fiscal 2014, 2013 and 2012, respectively. During Fiscal 2014, 2013 and 2012, the Company’s cooperative advertising reimbursements paid did not exceed the fair value of the benefits received under those agreements. | ||||||||||||||||
Vendor Allowances | ||||||||||||||||
From time to time, the Company negotiates allowances from its vendors for markdowns taken or expected to be taken. These markdowns are typically negotiated on specific merchandise and for specific amounts. These specific allowances are recognized as a reduction in cost of sales in the | ||||||||||||||||
period in which the markdowns are taken. Markdown allowances not attached to specific inventory on hand or already sold are applied to concurrent or future purchases from each respective vendor. | ||||||||||||||||
The Company receives support from some of its vendors in the form of reimbursements for cooperative advertising and catalog costs for the launch and promotion of certain products. The reimbursements are agreed upon with vendors and represent specific, incremental, identifiable costs incurred by the Company in selling the vendor’s specific products. Such costs and the related reimbursements are accumulated and monitored on an individual vendor basis, pursuant to the respective cooperative advertising agreements with vendors. Such cooperative advertising reimbursements are recorded as a reduction of selling and administrative expenses in the same period in which the associated expense is | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
incurred. If the amount of cash consideration received exceeds the costs being reimbursed, such excess amount would be recorded as a reduction of cost of sales. | ||||||||||||||||
Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $2.8 million, $3.8 million and $3.0 million for Fiscal 2014, 2013 and 2012, respectively. During Fiscal 2014, 2013 and 2012, the Company’s cooperative advertising reimbursements received were not in excess of the costs incurred. | ||||||||||||||||
Environmental Costs | ||||||||||||||||
Environmental expenditures relating to current operations are expensed or capitalized as appropriate. Expenditures relating to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated and are evaluated independently of any future claims for recovery. Generally, the timing of these accruals coincides with completion of a feasibility study or the Company's commitment to a formal plan of action. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. | ||||||||||||||||
Earnings Per Common Share | ||||||||||||||||
Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted | ||||||||||||||||
earnings per share reflects the potential dilution that could occur if securities to issue common stock were exercised or converted to common stock (see Note 11). | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
The Company has share-based compensation covering certain members of management and non-employee directors. The Company recognizes compensation expense for share-based payments based on the fair value of the awards as required by the Compensation - Stock Compensation Topic of the Codification. The Company has not granted any stock options since the first quarter of Fiscal 2008. The fair value of employee restricted stock is determined based on the closing price of the Company's stock on the date of grant. The benefits of tax deductions in excess or recognized compensation expense are reported as a financing cash flow (see Note 12). | ||||||||||||||||
Other Comprehensive Income | ||||||||||||||||
The Comprehensive Income Topic of the Codification requires, among other things, the Company’s pension liability adjustment, postretirement liability adjustment, unrealized gains or losses on foreign currency forward contracts and foreign currency translation adjustments to be included in other comprehensive income net of tax. Accumulated other comprehensive loss at February 1, 2014 consisted | ||||||||||||||||
of $16.5 million of cumulative pension liability adjustment, net of tax, a cumulative post retirement liability adjustment of $0.9 million, net of tax, offset by a cumulative foreign currency translation adjustment of $0.6 million. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
The following table summarizes the components of accumulated other comprehensive loss for the year ended February 1, 2014: | ||||||||||||||||
Foreign Currency Translation | Unrecognized Pension/Postretirement Benefit Costs | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
(In thousands) | ||||||||||||||||
Balance February 2, 2013 | $ | (1,931 | ) | $ | (26,310 | ) | $ | (28,241 | ) | |||||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||
Foreign currency translation adjustment | 2,506 | — | 2,506 | |||||||||||||
Net actuarial gain | — | 8,581 | 8,581 | |||||||||||||
Amounts reclassified from AOCI: | ||||||||||||||||
Amortization of net actuarial loss (1) | — | 6,257 | 6,257 | |||||||||||||
Amortization reclassified from AOCI, before tax | — | 6,257 | 6,257 | |||||||||||||
Income tax expense | — | 5,870 | 5,870 | |||||||||||||
Current period other comprehensive income, net of tax | 2,506 | 8,968 | 11,474 | |||||||||||||
Balance February 1, 2014 | $ | 575 | $ | (17,342 | ) | $ | (16,767 | ) | ||||||||
(1) Amount is included in net periodic benefit cost, which is recorded in selling and administrative expense on the Consolidated Statements of Operations. | ||||||||||||||||
Business Segments | ||||||||||||||||
The Segment Reporting Topic of the Codification requires that companies disclose “operating segments” based on the way management disaggregates the Company’s operations for making internal operating decisions (see Note 14). | ||||||||||||||||
New Accounting Principles | ||||||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“AOCI”), which sets forth additional disclosure requirements for items reclassified out of AOCI and into net income, and is effective for annual and interim reporting periods beginning after December 15, 2012. The Company adopted ASU No. 2013-02 in the first quarter of Fiscal 2014 by presenting amounts reclassified out of AOCI as a separate disclosure | ||||||||||||||||
in Note 1 to the Consolidated Financial Statements. Amounts reclassified out of AOCI were related to amortization of net actuarial loss associated with the Company's pension and postretirement plans. |
Acquisitions_and_Intangible_As
Acquisitions and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||
Acquisitions and Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||
Acquisitions and Intangible Assets | ' | ||||||||||||||||||||||||
Acquisitions and Intangible Assets | |||||||||||||||||||||||||
Schuh Acquisition | |||||||||||||||||||||||||
On June 23, 2011, the Company, through its newly-formed, wholly-owned subsidiary Genesco (UK) Limited (“Genesco UK”), completed the acquisition of all the outstanding shares of Schuh Group Ltd. (“Schuh”) for a total purchase price of approximately £100.0 million, less £29.5 million outstanding under existing Schuh credit facilities, which remain in place, less a £1.9 million working capital adjustment and plus £6.2 million net cash acquired, with £5.0 million withheld that was paid in June 2013. The Company financed the acquisition with borrowings under its existing credit facility and the balance from cash on hand. The purchase agreement also provides for deferred purchase price payments totaling £25 million, payable in installments of £15 million and £10 million on the third and fourth anniversaries of the closing, respectively, subject to the payees’ not having terminated their employment with Schuh under certain specified circumstances. This amount will be recorded as compensation expense and not reported as a component of the cost of the acquisition. | |||||||||||||||||||||||||
Headquartered in Scotland, Schuh is a specialty retailer of casual and athletic footwear sold through 99 retail stores in the United Kingdom and the Republic of Ireland as of February 1, 2014. The Company completed the acquisition in order to enhance its strategic development and prospects for growth and provide the Company with an established retail presence in the United Kingdom and improved insight into global fashion trends. The results of Schuh's operations for Fiscal 2014 include net sales of $364.7 million and operating earnings of $3.1 million. The results of Schuh’s operations for Fiscal 2013 include net sales of $370.5 million and operating earnings of $11.2 million. The results of Schuh's operations for the fiscal year from the date of acquisition through January 28, 2012, including net sales of $212.3 million and operating earnings of $11.7 million, have been included in the Company's Consolidated Financial Statements for the fiscal year ended January 28, 2012. During the fiscal year ended January 28, 2012, the Company expensed $7.4 million in costs related to the acquisition. These costs were recorded as selling and administrative expenses on the Consolidated Statement of Operations. Compensation expense related to the Schuh acquisition deferred purchase price obligation was $11.7 million, $12.1 million and $7.2 million in Fiscal 2014, 2013 and 2012, respectively. This expense is included in the operating earnings for the Schuh Group segment. | |||||||||||||||||||||||||
Note 2 | |||||||||||||||||||||||||
Acquisitions and Intangible Assets, Continued | |||||||||||||||||||||||||
The acquisition has been accounted for using the purchase method in accordance with the Business Combinations Topic of the Codification. Accordingly, the total purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair values at acquisition as follows (amounts in thousands): | |||||||||||||||||||||||||
At June 23, 2011 | |||||||||||||||||||||||||
Cash | $ | 24,836 | |||||||||||||||||||||||
Accounts receivable | 4,673 | ||||||||||||||||||||||||
Inventories | 32,179 | ||||||||||||||||||||||||
Other current assets | 7,565 | ||||||||||||||||||||||||
Property and equipment | 30,314 | ||||||||||||||||||||||||
Other non-current assets | 6,977 | ||||||||||||||||||||||||
Deferred taxes | 4,197 | ||||||||||||||||||||||||
Trademarks | 27,224 | ||||||||||||||||||||||||
Other intangibles | 4,995 | ||||||||||||||||||||||||
Goodwill | 102,907 | ||||||||||||||||||||||||
Accounts payable | (16,196 | ) | |||||||||||||||||||||||
Other current liabilities | (24,718 | ) | |||||||||||||||||||||||
Long-term debt (includes current portion) | (62,562 | ) | |||||||||||||||||||||||
Other non-current liabilities | (26,637 | ) | |||||||||||||||||||||||
Net Assets Acquired | $ | 115,754 | |||||||||||||||||||||||
The trademarks acquired include the concept names and are deemed to have an indefinite life. Other intangibles include a $1.7 million customer list, a $2.5 million asset to reflect the adjustment of acquired leases to market and a vendor contract of $0.8 million. The weighted average amortization period for the asset to adjust acquired leases to market is 2.7 years. The weighted average amortization period for customer lists is 4.6 years. | |||||||||||||||||||||||||
Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the acquisition of Schuh includes the expected purchasing synergies and other benefits that result from combining the Schuh business with the Company, improved insight into global fashion trends, any intangible assets that do not qualify for separate recognition and an acquired assembled workforce. The goodwill related to the Schuh acquisition is not deductible for tax purposes. | |||||||||||||||||||||||||
Note 2 | |||||||||||||||||||||||||
Acquisitions and Intangible Assets, Continued | |||||||||||||||||||||||||
The following pro forma information presents the results of operations of the Company as if the Schuh acquisition had taken place at the beginning of Fiscal 2011 or January 31, 2010. Pro forma adjustments have been made to reflect additional interest expense from the $89.0 million in debt associated with the acquisition, interest expense on the acquired debt, amortization of intangible assets and the related income tax effects. Pro forma earnings for the twelve months ended January 28, 2012 have been adjusted to exclude $7.4 million of costs related to the acquisition. | |||||||||||||||||||||||||
Twelve Months Ended - | |||||||||||||||||||||||||
Pro forma | |||||||||||||||||||||||||
In thousands, except per share data | 28-Jan-12 | ||||||||||||||||||||||||
Net sales | $ | 2,384,267 | |||||||||||||||||||||||
Earnings from continuing operations | 96,845 | ||||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||
Basic | $ | 4.03 | |||||||||||||||||||||||
Diluted | $ | 3.97 | |||||||||||||||||||||||
The pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations that would have occurred had the Schuh acquisition occurred at the beginning of Fiscal 2011. | |||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||
Other intangibles by major classes were as follows: | |||||||||||||||||||||||||
Leases | Customer Lists | Other* | Total | ||||||||||||||||||||||
In thousands | Feb. 1, | Feb. 2, | Feb. 1, | Feb. 2, | Feb. 1, | Feb. 2, | Feb. 1, | Feb. 2, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Gross other intangibles | $ | 13,104 | $ | 12,584 | $ | 14,381 | $ | 14,116 | $ | 2,242 | $ | 2,118 | $ | 29,727 | $ | 28,818 | |||||||||
Accumulated amortization | (11,997 | ) | (10,800 | ) | (7,354 | ) | (5,312 | ) | (1,294 | ) | (1,108 | ) | (20,645 | ) | (17,220 | ) | |||||||||
Net Other Intangibles | $ | 1,107 | $ | 1,784 | $ | 7,027 | $ | 8,804 | $ | 948 | $ | 1,010 | $ | 9,082 | $ | 11,598 | |||||||||
*Includes non-compete agreements, vendor contract and backlog. | |||||||||||||||||||||||||
The amortization of intangibles, including trademarks, was $3.2 million, $3.4 million and $3.2 million for Fiscal 2014, 2013 and 2012, respectively. The amortization of intangibles, including trademarks, will be $2.8 million, $2.1 million, $1.6 million, $1.0 million and $0.9 million for Fiscal 2015, 2016, 2017, 2018 and 2019, respectively. |
Asset_Impairments_and_Other_Ch
Asset Impairments and Other Charges and Discontinued Operations | 12 Months Ended | |||
Feb. 01, 2014 | ||||
Asset Impairments and Other Charges and Discontinued Operations [Abstract] | ' | |||
Asset Impairments and Other Charges and Discontinued Operations | ' | |||
Asset Impairments and Other Charges and Discontinued Operations | ||||
Asset Impairments and Other Charges | ||||
In accordance with Company policy, assets are determined to be impaired when the revised estimated future cash flows are insufficient to recover the carrying costs. Impairment charges represent the excess of the carrying value over the fair value of those assets. | ||||
Asset impairment charges are reflected as a reduction of the net carrying value of property and equipment, and in asset impairment and other, net in the accompanying Consolidated Statements of Operations. | ||||
The Company recorded a pretax charge to earnings of $1.3 million in Fiscal 2014, including $3.3 million for network intrusion expenses, $2.4 million for other legal matters, $2.3 million for retail store asset impairments and $1.6 million for a lease termination offset by an $(8.3) million gain on the lease termination of a New York City Journeys store. | ||||
The Company recorded a pretax charge to earnings of $17.0 million in Fiscal 2013, including $15.6 million for network intrusion expenses, $1.4 million for retail store asset impairments and $0.1 million for other legal matters. | ||||
The Company recorded a pretax charge to earnings of $2.7 million in Fiscal 2012, including $1.1 million for retail store asset impairments, $0.9 million for other legal matters and $0.7 million for network intrusion expenses. | ||||
Discontinued Operations | ||||
In Fiscal 2014, the Company recorded an additional charge to earnings of $0.5 million ($0.3 million net of tax) reflected in discontinued operations, primarily for anticipated costs of environmental remedial alternatives related to former facilities operated by the Company (see Note 13). | ||||
In Fiscal 2013, the Company recorded an additional charge to earnings of $0.8 million ($0.5 million net of tax) reflected in discontinued operations, primarily for anticipated costs of environmental remedial alternatives related to former facilities operated by the Company (see Note 13). | ||||
In Fiscal 2012, the Company recorded an additional charge to earnings of $1.7 million ($1.0 million net of tax) reflected in discontinued operations, including $1.8 million primarily for anticipated costs of environmental remedial alternatives related to former facilities operated by the Company, offset by a $0.1 million gain for excess provisions to prior discontinued operations (see Note 13). | ||||
Note 3 | ||||
Asset Impairments and Other Charges and Discontinued Operations, Continued | ||||
Accrued Provision for Discontinued Operations | ||||
In thousands | Facility | |||
Shutdown | ||||
Costs | ||||
Balance January 29, 2011 | $ | 15,035 | ||
Additional provision Fiscal 2012 | 1,692 | |||
Charges and adjustments, net | (4,210 | ) | ||
Balance January 28, 2012 | 12,517 | |||
Additional provision Fiscal 2013 | 796 | |||
Charges and adjustments, net | (1,962 | ) | ||
Balance February 2, 2013 | 11,351 | |||
Additional provision Fiscal 2014 | 543 | |||
Charges and adjustments, net | (519 | ) | ||
Balance February 1, 2014* | 11,375 | |||
Current provision for discontinued operations | 7,263 | |||
Total Noncurrent Provision for Discontinued Operations | $ | 4,112 | ||
*Includes a $11.9 million environmental provision, including $7.8 million in current provision for discontinued operations. |
Inventories
Inventories | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
In thousands | February 1, | 2-Feb-13 | ||||||
2014 | ||||||||
Raw materials | $ | 26,115 | $ | 24,223 | ||||
Wholesale finished goods | 64,357 | 57,161 | ||||||
Retail merchandise | 476,789 | 423,960 | ||||||
Total Inventories | $ | 567,261 | 505,344 | |||||
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value | ' | |||||||||||||||||||
Fair Value | ||||||||||||||||||||
The Fair Value Measurements and Disclosures Topic of the Codification defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value measurements. This Topic defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | ||||||||||||||||||||
Level 1 - Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||
A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||||||
The following table presents the Company’s assets and liabilities measured at fair value on a nonrecurring basis as of February 1, 2014 aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | ||||||||||||||||||||
Long-Lived Assets | Level 1 | Level 2 | Level 3 | Impairment Charges | ||||||||||||||||
Held and Used | ||||||||||||||||||||
Measured as of May 4, 2013 | $ | 191 | $ | — | $ | — | $ | 191 | $ | 1,208 | ||||||||||
Measured as of August 3, 2013 | 93 | — | — | 93 | 209 | |||||||||||||||
Measured as of November 2, 2013 | 514 | — | — | 514 | 350 | |||||||||||||||
Measured as of February 1, 2014 | 448 | — | — | 448 | 580 | |||||||||||||||
Total Asset Impairment Fiscal 2014 | $ | 2,347 | ||||||||||||||||||
In accordance with the Property, Plant and Equipment Topic of the Codification, the Company recorded $2.3 million of impairment charges as a result of the fair value measurement of its long-lived assets held and used and tested on a nonrecurring basis during the twelve months ended February1, 2014. These charges are reflected in asset impairments and other, net on the Consolidated Statements of Operations. | ||||||||||||||||||||
The Company used a discounted cash flow model to estimate the fair value of these long-lived assets. Discount rate and growth rate assumptions are derived from current economic conditions, expectations of management and projected trends of current operating results. As a result, the Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs that fall within Level 3 of the fair value hierarchy. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
In thousands | February 1, | February 2, | ||||||
2014 | 2013 | |||||||
Revolver borrowings | $ | — | $ | 27,700 | ||||
UK term loans | 33,730 | 22,982 | ||||||
Total long-term debt | 33,730 | 50,682 | ||||||
Current portion | 6,793 | 5,675 | ||||||
Total Noncurrent Portion of Long-Term Debt | $ | 26,937 | $ | 45,007 | ||||
Long-term debt maturing during each of the next five years ending in January each year is $6.8 million, $14.4 million, $2.1 million, $2.1 million and $2.1 million, respectively, and $6.2 million thereafter. | ||||||||
The Company did not have any revolver borrowings outstanding under the Credit Facility at February 1, 2014 and had $33.7 million in term loans outstanding under the U.K. Credit Facilities (described below) at February 1, 2014. The Company had outstanding letters of credit of $14.5 million under the Credit Facility at February 1, 2014. These letters of credit support product purchases and lease and insurance indemnifications. | ||||||||
Credit Facility: | ||||||||
On January 31, 2014, the Company entered into a Third Amended and Restated Credit Agreement (the “Credit Facility”) by and among the Company, certain subsidiaries of the Company party thereto, as other borrowers, the lenders party thereto and Bank of America, N.A., as agent (the "Agent"). The Credit Facility provides revolving credit in the aggregate principal amount of $400.0 million and replaces the previous $375.0 million revolving credit facility. The Credit Facility expires January 31, 2019. | ||||||||
Deferred financing costs incurred of $1.6 million related to the Credit Facility were capitalized and are being amortized over five years. In addition, the remaining deferred financing costs of $1.5 million related to the previous Amendment are being amortized over five years. These costs are included in other non-current assets on the Consolidated Balance Sheets. | ||||||||
The material terms of the Credit Facility are as follows: | ||||||||
Availability | ||||||||
The Credit Facility is a revolving credit facility in the aggregate principal amount of $400.0 million, including a $70.0 million sublimit for the issuance of letters of credit and a domestic swingline subfacility of up to $40.0 million, a revolving credit subfacility for the benefit of GCO Canada, Inc. in an aggregate amount not to exceed $25.0 million, which includes a $5.0 million sublimit for the issuance of letters of credit, and revolving credit subfacility for the benefit of Genesco (UK) Limited in an aggregate amount not to exceed $50.0 million, which includes a $10.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $10.0 million. The facility has a five-year term. Any | ||||||||
Note 6 | ||||||||
Long-Term Debt, Continued | ||||||||
swingline loans and any letters of credit and borrowings under the Canadian facilities and UK facilities will reduce the availability under the Credit Facility on a dollar-for-dollar basis. | ||||||||
The Company has the option, from time to time, to increase the availability under the Credit Facility by an aggregate amount of up to $150.0 million subject to, among other things, the receipt of commitments for the increased amount. In connection with this increased facility, the Canadian revolving credit facility may be increased up to no more than $40.0 million. | ||||||||
Genesco (UK) Limited has a one-time option to increase the availability of its subfacility under the Credit Facility by an additional amount of up to $50.0 million. | ||||||||
The aggregate amount of the loans made and letters of credit issued under the Credit Facility shall at no time exceed the lesser of the facility amount ($400.0 million or, if increased as described above, up to $550.0 million or $600.0 million, respectively) or the "Borrowing Base", which generally is based on 90% of eligible inventory plus 85% of eligible wholesale receivables (50% of eligible wholesale receivables of the Lids Team Sports business) plus 90% of eligible credit card and debit card receivables less applicable reserves (the "Loan Cap"). The relevant assets of Genesco (UK) Limited will be included in the Borrowing Base if the additional $50.0 million sublimit increase is exercised, provided that amounts borrowed by Genesco (UK) Limited based solely on its own borrowing base will be limited to $50.0 million and the total outstanding to Genesco (UK) Limited will not exceed 30% of the Loan Cap. | ||||||||
The Credit Facility also provides that a first-in, last-out tranche could be added to the revolving credit facility at the option of the Company subject to, among other things, the receipt of commitments for such tranche. | ||||||||
Collateral | ||||||||
The loans and other obligations under the Credit Facility are secured by a perfected first priority lien and security interest in all tangible and intangible assets and excludes real estate and leaseholds of the Company and certain subsidiaries of the Company, including a pledge of 65% of the Company's interest in Genesco (UK) Limited. The assets of Genesco (UK) Limited will not be pledged as collateral unless the additional $50.0 million sublimit increase is exercised and once pledged, will only serve to secure the obligations of GCO Canada, Inc. and Genesco (UK) Limited and their respective subsidiaries. | ||||||||
Interest and Fees | ||||||||
The Company’s borrowings under the Credit Facility bear interest at varying rates that, at the Company’s option, can be based on: | ||||||||
Domestic Facility: | ||||||||
(a) LIBOR plus the applicable margin (as defined and based on average Excess Availability during the prior quarter), or (b) the domestic Base Rate (defined as the higher of (i) the Bank of America prime rate, (ii) the federal funds rate plus 0.50% or (iii) LIBOR for an interest period of thirty days plus 1.0%) plus the applicable margin. | ||||||||
Note 6 | ||||||||
Long-Term Debt, Continued | ||||||||
Canadian Sub-Facility: | ||||||||
(a) For loans made in Canadian dollars, the bankers’ acceptances (“BA”) rate plus the applicable margin, or (b) the Canadian Prime Rate (defined as the highest of the (i) Bank of America Canadian Prime Rate, (ii) the Bank of America (Canada Branch) overnight rate plus 0.50%, and (iii) the BA rate for a one month interest period plus 1.0%) plus the applicable margin. | ||||||||
(a) For loans made in U.S. dollars, LIBOR plus the applicable margin, or (b) the U.S. Index Rate (defined as the highest of the (i) Bank of America (Canada branch) U.S. dollar base rate, (ii) the Federal Funds rate plus 0.50%, and (iii) LIBOR for an interest period of thirty days plus 1.0%) plus the applicable margin. | ||||||||
UK Sub-Facility: | ||||||||
LIBOR plus the applicable margin. | ||||||||
Swingline Loans: | ||||||||
Domestic swingline loans - domestic Base Rate plus the applicable margin. | ||||||||
UK swingline loans - UK Base Rate (being the "base rate" of the local Bank of America branch in the jurisdiction of the currency chosen) plus the applicable margin. | ||||||||
The initial applicable margin for Base Rate loans and U.S. Index rate loans and Canadian Prime Rate loans is 0.50% and the initial applicable margin for LIBOR loans, BA equivalent loans and UK swingline loans is 1.50%. Thereafter, the applicable margin will be subject to adjustment based on “Excess Availability” for the prior quarter. The term “Excess Availability” means, as of any given date, the excess (if any) of the Loan Cap (being the lesser of the total commitments and the Borrowing Base) over the outstanding credit extensions under the Credit Facility. | ||||||||
Interest on the Company’s borrowings is payable monthly in arrears for domestic Base Rate loans (including domestic swingline loans), U.S. Index rate loans, Canadian Prime Rate loans and UK swingline loans and at the end of each interest rate period (but not less often than quarterly) for LIBOR loans and BA equivalent loans. | ||||||||
The Company is also required to pay a commitment fee on the actual daily unused portions of the Credit Facility at a rate of 0.25% per annum. | ||||||||
Currency | ||||||||
Loans to GCO Canada, Inc. may be made in U.S. dollars or Canadian dollars. Loans to Genesco (UK) Limited may be made in U.S. dollars, Euros, Pounds Sterling or any other freely transferable currencies approved by the Agent and applicable lenders. | ||||||||
Certain Covenants | ||||||||
The Company is not required to comply with any financial covenants unless Excess Availability is less than the greater of $25.0 million or 10.0% of the Loan Cap. If and during such time as Excess Availability is less than the greater of $25.0 million or 10.0% of the Loan Cap, the Credit Facility requires the | ||||||||
Note 6 | ||||||||
Long-Term Debt, Continued | ||||||||
Company to meet a minimum fixed charge coverage ratio of (a) an amount equal to consolidated EBITDA less capital expenditures and taxes paid in cash, in each case for such period, to (b) fixed charges for such period, of not less than 1.0:1.0. Excess Availability was $358.0 million at February 1, | ||||||||
2014. Because Excess Availability exceeded $25.0 million or 10.0% of the Loan Cap, the Company was not required to comply with this financial covenant at February 1, 2014. | ||||||||
The Credit Facility also permits the Company to incur up to $500.0 million of senior debt provided that certain terms and conditions are met. | ||||||||
In addition, the Credit Facility contains certain covenants that, among other things, restrict additional indebtedness, liens and encumbrances, loans and investments, acquisitions, dividends and other restricted payments, transactions with affiliates, asset dispositions, mergers and consolidations, prepayments or material amendments of other indebtedness and other matters customarily restricted in such agreements. | ||||||||
Cash Dominion | ||||||||
The Credit Facility also contains cash dominion provisions that apply in the event that the Company’s Excess Availability is less than the greater of $30.0 million or 12.5% of the Loan Cap or there is an event of default under the Credit Facility. | ||||||||
Events of Default | ||||||||
The Credit Facility contains customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain other material indebtedness in excess of specified amounts and to agreements which would have a material adverse effect if breached, certain events of bankruptcy and insolvency, certain ERISA events, judgments in excess of specified amounts and change in control. | ||||||||
Certain of the lenders under the Credit Facility or their affiliates have provided and may in the future provide certain commercial banking, financial advisory, and investment banking services in the ordinary course of business for the Company, its subsidiaries and certain of its affiliates, for which they receive customary fees and commissions. | ||||||||
U.K. Credit Facility | ||||||||
In connection with the Schuh acquisition, Schuh entered into an amended and restated Senior Term Facilities Agreement and Working Capital Facility Letter, (collectively, the “UK Credit Facilities”) | ||||||||
which provide for term loans of up to £29.5 million (a £15.5 million A term loan and £14.0 million B term loan) and a working capital facility of £5.0 million. The Working Capital Facility Letter was allowed to lapse in June 2012. The A term loan bears interest at LIBOR plus 2.50% per annum. The B term loan bears interest at LIBOR plus 3.75% per annum. The Company is not required to make any payments on the B term loan until it expires October 31, 2015, unless the Company’s Schuh Group segment has Excess Cash Flow (as defined in the UK Credit Facilities). The Company paid less than£0.1 million, £4.8 million and £4.5 million on the B term loan in Fiscal 2014, 2013 and 2012, respectively. | ||||||||
Note 6 | ||||||||
Long-Term Debt, Continued | ||||||||
In November 2013, Schuh Group Limited entered into an Amended and Restated Facilities Agreement to provide for an additional term loan of up to £12.5 million ("C term loan"). The C term loan bears interest at LIBOR plus 2.50% per annum and expires September 30, 2019. | ||||||||
The UK Credit Facilities contain certain covenants at the Schuh level including a minimum interest coverage covenant initially set at 4.25x and increasing to 4.50x in January 2012 and thereafter, a maximum leverage covenant initially set at 2.75x declining over time at various rates to 2.25x beginning in July 2012 and a minimum cash flow coverage of 1.10x. The Company was in compliance with all the covenants at February 1, 2014. The UK Credit Facilities are secured by a pledge of all the assets of Schuh and its subsidiaries. |
Commitments_Under_LongTerm_Lea
Commitments Under Long-Term Leases | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Commitments Under Long-Term Leases | ' | |||||||||||
Commitments Under Long-Term Leases | ||||||||||||
Operating Leases | ||||||||||||
The Company leases its office space and all of its retail store locations and transportation equipment under various noncancelable operating leases. The leases have varying terms and expire at various dates through 2030. The store leases in the United States, Puerto Rico and Canada typically have initial terms of approximately 10 years. The stores leases in the United Kingdom and the Republic of Ireland typically have initial terms of between 10 and 20 years. Generally, most of the leases require the Company to pay taxes, insurance, maintenance costs and contingent rentals based on sales. Approximately 3% of the Company’s leases contain renewal options. | ||||||||||||
Rental expense under operating leases of continuing operations was: | ||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||
Minimum rentals | $ | 227,880 | $ | 215,516 | $ | 192,175 | ||||||
Contingent rentals | 9,667 | 14,786 | 12,918 | |||||||||
Sublease rentals | (663 | ) | (667 | ) | (686 | ) | ||||||
Total Rental Expense | $ | 236,884 | $ | 229,635 | $ | 204,407 | ||||||
Minimum rental commitments payable in future years are: | ||||||||||||
Fiscal Years | In thousands | |||||||||||
2015 | $ | 235,049 | ||||||||||
2016 | 216,870 | |||||||||||
2017 | 188,714 | |||||||||||
2018 | 157,295 | |||||||||||
2019 | 126,726 | |||||||||||
Later years | 381,825 | |||||||||||
Total Minimum Rental Commitments | $ | 1,306,479 | ||||||||||
For leases that contain predetermined fixed escalations of the minimum rentals, the related rental expense is recognized on a straight-line basis and the cumulative expense recognized on the straight-line basis in excess of the cumulative payments is included in deferred rent and other long-term liabilities on the Consolidated Balance Sheets. The Company occasionally receives reimbursements from landlords to be used towards construction of the store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are recorded as deferred rent and amortized as a reduction of rent expense over the initial lease term. Tenant allowances of $24.2 million and $20.0 million for Fiscal 2014 and 2013, respectively, and deferred rent of $41.6 million and $37.9 million for Fiscal 2014 and 2013, respectively, are included in deferred rent and other long-term liabilities on the Consolidated Balance Sheets. |
Equity
Equity | 12 Months Ended | |||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||
Equity | ' | |||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||
Non-Redeemable Preferred Stock | ||||||||||||||||||||||||||||
Shares | Number of Shares | Amounts in Thousands | Common | No. of | ||||||||||||||||||||||||
Authorized | Convertible | Votes per share | ||||||||||||||||||||||||||
Class (In order of preference)* | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | Ratio | |||||||||||||||||||||
Subordinated Serial Preferred (Cumulative) | ||||||||||||||||||||||||||||
Aggregate | 3,000,000 | ** | — | — | — | — | — | — | N/A | N/A | ||||||||||||||||||
$2.30 Series 1 | 64,368 | — | 16,203 | 30,368 | $ | — | $ | 648 | $ | 1,215 | 0.83 | 1 | ||||||||||||||||
$4.75 Series 3 | 40,449 | — | 7,398 | 11,643 | — | 740 | 1,164 | 2.11 | 2 | |||||||||||||||||||
$4.75 Series 4 | 53,764 | — | 3,247 | 3,397 | — | 325 | 340 | 1.52 | 1 | |||||||||||||||||||
Series 6 | 800,000 | — | — | — | — | — | — | 100 | ||||||||||||||||||||
$1.50 Subordinated Cumulative Preferred | 5,000,000 | — | 30,067 | 30,067 | — | 902 | 902 | 1 | ||||||||||||||||||||
— | 56,915 | 75,475 | — | 2,615 | 3,621 | |||||||||||||||||||||||
Employees’ Subordinated Convertible Preferred | 5,000,000 | 46,069 | 46,852 | 47,922 | 1,382 | 1,405 | 1,437 | 1 | *** | 1 | ||||||||||||||||||
Stated Value of Issued Shares | 1,382 | 4,020 | 5,058 | |||||||||||||||||||||||||
Employees’ Preferred Stock Purchase Accounts | (77 | ) | (96 | ) | (101 | ) | ||||||||||||||||||||||
Total Non-Redeemable Preferred Stock | $ | 1,305 | $ | 3,924 | $ | 4,957 | ||||||||||||||||||||||
* In order of preference for liquidation and dividends. | ||||||||||||||||||||||||||||
** | The Company’s charter permits the board of directors to issue Subordinated Serial Preferred Stock in as many series, each with as many shares and such rights and preferences as the board may designate. | |||||||||||||||||||||||||||
*** Also convertible into one share of $1.50 Subordinated Cumulative Preferred Stock. | ||||||||||||||||||||||||||||
Note 8 | ||||||||||||||||||||||||||||
Equity, Continued | ||||||||||||||||||||||||||||
Preferred Stock Transactions | ||||||||||||||||||||||||||||
In thousands | Non-Redeemable | Non-Redeemable | Employees’ | Total | ||||||||||||||||||||||||
Preferred Stock | Employees’ | Preferred | Non-Redeemable | |||||||||||||||||||||||||
Preferred Stock | Stock | Preferred Stock | ||||||||||||||||||||||||||
Purchase | ||||||||||||||||||||||||||||
Accounts | ||||||||||||||||||||||||||||
Balance January 29, 2011 | $ | 3,816 | $ | 1,476 | $ | (109 | ) | $ | 5,183 | |||||||||||||||||||
Other | (195 | ) | (39 | ) | 8 | (226 | ) | |||||||||||||||||||||
Balance January 28, 2012 | 3,621 | 1,437 | (101 | ) | 4,957 | |||||||||||||||||||||||
Other | (1,006 | ) | (32 | ) | 5 | (1,033 | ) | |||||||||||||||||||||
Balance February 2, 2013 | 2,615 | 1,405 | (96 | ) | 3,924 | |||||||||||||||||||||||
Preferred stock redemptions | (1,462 | ) | — | — | (1,462 | ) | ||||||||||||||||||||||
Other stock conversions | (1,153 | ) | (23 | ) | 19 | (1,157 | ) | |||||||||||||||||||||
Balance February 1, 2014 | $ | — | $ | 1,382 | (77 | ) | $ | 1,305 | ||||||||||||||||||||
Subordinated Serial Preferred Stock (Cumulative): | ||||||||||||||||||||||||||||
The Company issued a notice of mandatory redemption effective April 30, 2013, to its holders of Subordinated Serial Preferred Stock $2.30 Series 1, $4.75 Series 3 and $4.75 Series 4 during the first quarter of Fiscal 2014. The Series 1 preferred stock was redeemed at $40 per share plus accumulated dividends. During Fiscal 2014, 13,713 shares of Series 1 preferred stock were converted to common stock and 2,490 shares of Series 1 preferred stock were redeemed. The Series 3 and 4 preferred stocks were redeemed at $100 per share plus accumulated dividends. During Fiscal 2014, 6,046 shares of Series 3 preferred stock were converted to common stock and 1,352 shares of Series 3 preferred stock were redeemed. During Fiscal 2014, 3,247 shares of Series 4 preferred stock were redeemed. The total cost of the redemption for Series 1, 3 and 4 preferred stock was $0.6 million in Fiscal 2014. | ||||||||||||||||||||||||||||
The Company’s shareholders’ rights plan grants to common shareholders the right to purchase, at a specified exercise price, a fraction of a share of subordinated serial preferred stock, Series 6, in the event of an acquisition of, or an announced tender offer for, 15% or more of the Company’s outstanding common stock. Upon any such event, each right also entitles the holder (other than the person making such acquisition or tender offer) to purchase, at the exercise price, shares of common stock having a market value of twice the exercise price. In the event the Company is acquired in a transaction in which the Company is not the surviving corporation, each right would entitle its holder to purchase, at the exercise price, shares of the acquiring company having a market value of twice the exercise price. The rights expire in March 2020, are redeemable under certain circumstances for $.01 per right and are subject to exchange for one share of common stock or an equivalent amount of preferred stock at any time after the event which makes the rights exercisable and before a majority of the Company’s common stock is acquired. | ||||||||||||||||||||||||||||
Note 8 | ||||||||||||||||||||||||||||
Equity, Continued | ||||||||||||||||||||||||||||
$1.50 Subordinated Cumulative Preferred Stock: | ||||||||||||||||||||||||||||
The Company issued a notice of mandatory redemption effective April 30, 2013, to its holders of $1.50 Subordinated Cumulative Preferred Stock during the first quarter of Fiscal 2014. The $1.50 Subordinated Cumulative Preferred Stock was redeemed at $30 per share plus accumulated dividends. During Fiscal 2014, 30,067 shares of $1.50 Subordinated Cumulative Preferred Stock were redeemed. The total cost of the redemption for the $1.50 Subordinated Cumulative Preferred Stock was $0.9 million in Fiscal 2014. | ||||||||||||||||||||||||||||
Employees’ Subordinated Convertible Preferred Stock: | ||||||||||||||||||||||||||||
Stated and liquidation values are 88 times the average quarterly per share dividend paid on common stock for the previous eight quarters (if any), but in no event less than $30 per share. | ||||||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||
Common stock-$1 par value. Authorized: 80,000,000 shares; issued: February 1, 2014 – 24,407,724 shares; February 2, 2013 –24,484,915 shares. There were 488,464 shares held in treasury at February 1, 2014 and February 2, 2013. Each outstanding share is entitled to one vote. At February 1, 2014, common shares were reserved as follows: 46,069 shares for conversion of preferred stock; 60,000 shares for the 1996 Stock Incentive Plan; 70,854 shares for the 2005 Stock Incentive Plan; 1,204,662 shares for the 2009 Amended and Restated Stock Incentive Plan; and 310,292 shares for the Genesco Employee Stock Purchase Plan. | ||||||||||||||||||||||||||||
For the year ended February 1, 2014, 130,051 shares of common stock were issued for the exercise of stock options at an average weighted exercise price of $23.33, for a total of $3.0 million; 199,392 shares of common stock were issued as restricted shares as part of the 2009 Amended and Restated Equity Incentive Plan; 3,146 shares of common stock were issued for the purchase of shares under the Employee Stock Purchase Plan at an average weighted market price of $62.30, for a total of $0.2 million; 14,435 shares were issued to directors for no consideration; 105,193 shares were withheld for taxes on restricted stock vested in Fiscal 2014; 6,279 shares of restricted stock were forfeited in Fiscal 2014; and 24,922 shares were issued in miscellaneous conversions of Series 1, 3 and Employees’ Subordinated Convertible Preferred Stock. The 130,051 options exercised were all fixed stock options (see Note 12). In addition, the Company repurchased and retired 337,665 shares of common stock at an average weighted market price of $61.23 for a total of $20.7 million. | ||||||||||||||||||||||||||||
For the year ended February 2, 2013, 223,618 shares of common stock were issued for the exercise of stock options at an average weighted exercise price of $21.50, for a total of $4.8 million; 194,232 shares of common stock were issued as restricted shares as part of the 2009 Amended and Restated Equity Incentive Plan; 2,463 shares of common stock were issued for the purchase of shares under the Employee Stock Purchase Plan at an average weighted market price of $63.84, for a total of $0.2 million; 10,224 shares were issued to directors for no consideration; 75,552 shares were withheld for taxes on restricted stock vested in Fiscal 2013; 4,020 shares of restricted stock were forfeited in Fiscal 2013; and 22,028 shares were issued in miscellaneous conversions of Series 1, 3, 4 and Employees’ Subordinated Convertible Preferred Stock. The 223,618 options exercised were all fixed stock options (see Note 12). | ||||||||||||||||||||||||||||
Note 8 | ||||||||||||||||||||||||||||
Equity, Continued | ||||||||||||||||||||||||||||
In addition, the Company repurchased and retired 645,904 shares of common stock at an average weighted market price of $58.29 for a total of $37.6 million. | ||||||||||||||||||||||||||||
For the year ended January 28, 2012, 390,357 shares of common stock were issued for the exercise of stock options at an average weighted exercise price of $24.82, for a total of $9.7 million; 289,407 shares of common stock were issued as restricted shares as part of the 2009 Equity Incentive Plan; 2,717 shares of common stock were issued for the purchase of shares under the Employee Stock Purchase Plan at an average weighted market price of $48.95, for a total of $0.1 million; 14,643 shares were issued to directors for no consideration; 93,089 shares were withheld for taxes on restricted stock vested in Fiscal 2012; 14,081 shares of restricted stock were forfeited in Fiscal 2012; and 5,238 shares were issued in miscellaneous conversions of Series 1, 3, 4 and Employees’ Subordinated Convertible Preferred Stock. The 390,357 options exercised were all fixed stock options (see Note 12). | ||||||||||||||||||||||||||||
Restrictions on Dividends and Redemptions of Capital Stock: | ||||||||||||||||||||||||||||
The Company’s charter provides that no dividends may be paid and no shares of capital stock acquired for value if there are dividend or redemption arrearages on any senior or equally ranked stock. Exchanges of subordinated serial preferred stock for common stock or other stock junior to such exchanged stock are permitted. | ||||||||||||||||||||||||||||
The Company’s Credit Facility prohibits the payment of dividends and other restricted payments unless as of the date of the making of any Restricted Payment or consummation of any Acquisition, (a) no Default or Event of Default exists or would arise after giving effect to such Restricted Payment or Acquisition, and (b) either (i) the Borrowers have pro forma projected Excess Availability for the following six month period equal to or greater than 25% of the Loan Cap, after giving pro forma effect to such Restricted Payment or Acquisition, or (ii) (A) the Borrowers have pro forma projected Excess Availability for the following six month period of less than 25% of the Loan Cap but equal to or greater than 15% of the Loan Cap, after giving pro forma effect to the Restricted Payment or Acquisition, and (B) the Fixed Charge Coverage Ratio, on a pro forma basis for the twelve months preceding such Restricted Payment or Acquisition, will be equal to or greater than 1.0:1.0, and (c) after giving effect to such Restricted Payment or Acquisition, the Borrowers are Solvent. The Company’s management does not expect availability under the Credit Facility to fall below the requirements listed above during Fiscal 2015. The Company’s UK Credit Facility prohibits the payment of any dividends by Schuh or its subsidiaries to the Company. | ||||||||||||||||||||||||||||
The Company issued a mandatory notice of redemption effective April 30, 2013, to its holders of Subordinated Serial Preferred Stock $2.30 Series 1, $4.75 Series 3 and $4.75 Series 4 and on its $1.50 Subordinated Cumulative Preferred Stock during the first quarter of Fiscal 2014. The total cost of the redemption was $1.5 million. As a result, all of these preferred issues of stock were either converted to common stock or redeemed in Fiscal 2014, and there are no outstanding shares remaining. Therefore, there is no longer an annual dividend requirement. Dividends paid during Fiscal 2014 were less than $0.1 million. | ||||||||||||||||||||||||||||
Note 8 | ||||||||||||||||||||||||||||
Equity, Continued | ||||||||||||||||||||||||||||
Changes in the Shares of the Company’s Capital Stock | ||||||||||||||||||||||||||||
Common | Non- | Employees’ | ||||||||||||||||||||||||||
Stock | Redeemable | Preferred | ||||||||||||||||||||||||||
Preferred | Stock | |||||||||||||||||||||||||||
Stock | ||||||||||||||||||||||||||||
Issued at January 29, 2011 | 24,162,634 | 79,306 | 49,192 | |||||||||||||||||||||||||
Exercise of options | 390,357 | — | — | |||||||||||||||||||||||||
Issue restricted stock | 304,050 | — | — | |||||||||||||||||||||||||
Issue shares—Employee Stock Purchase Plan | 2,717 | — | — | |||||||||||||||||||||||||
Shares repurchased | 0 | — | — | |||||||||||||||||||||||||
Other | (101,932 | ) | (3,831 | ) | (1,270 | ) | ||||||||||||||||||||||
Issued at January 28, 2012 | 24,757,826 | 75,475 | 47,922 | |||||||||||||||||||||||||
Exercise of options | 223,618 | — | — | |||||||||||||||||||||||||
Issue restricted stock | 204,456 | — | — | |||||||||||||||||||||||||
Issue shares—Employee Stock Purchase Plan | 2,463 | — | — | |||||||||||||||||||||||||
Shares repurchased | (645,904 | ) | — | — | ||||||||||||||||||||||||
Other | (57,544 | ) | (18,560 | ) | (1,070 | ) | ||||||||||||||||||||||
Issued at February 2, 2013 | 24,484,915 | 56,915 | 46,852 | |||||||||||||||||||||||||
Exercise of options | 130,051 | — | — | |||||||||||||||||||||||||
Issue restricted stock | 213,827 | — | — | |||||||||||||||||||||||||
Issue shares—Employee Stock Purchase Plan | 3,146 | — | — | |||||||||||||||||||||||||
Shares repurchased | (337,665 | ) | — | — | ||||||||||||||||||||||||
Other | (86,550 | ) | (56,915 | ) | (783 | ) | ||||||||||||||||||||||
Issued at February 1, 2014 | 24,407,724 | — | 46,069 | |||||||||||||||||||||||||
Less shares repurchased and held in treasury | 488,464 | — | — | |||||||||||||||||||||||||
Outstanding at February 1, 2014 | 23,919,260 | — | 46,069 | |||||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The components of earnings from continuing operations before income taxes is comprised of the following: | ||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||
United States | $ | 152,832 | $ | 152,457 | $ | 139,174 | ||||||
Foreign | 6,028 | 12,375 | 17,219 | |||||||||
Total Earnings from Continuing Operations before Income Taxes | $ | 158,860 | $ | 164,832 | $ | 156,393 | ||||||
Income tax expense from continuing operations is comprised of the following: | ||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||
Current | ||||||||||||
U.S. federal | $ | 35,463 | $ | 50,859 | $ | 42,103 | ||||||
International | 7,293 | 9,853 | 2,226 | |||||||||
State | 8,139 | 8,841 | 8,952 | |||||||||
Total Current Income Tax Expense | 50,895 | 69,553 | 53,281 | |||||||||
Deferred | ||||||||||||
U.S. federal | 14,078 | (7,924 | ) | 5,579 | ||||||||
International | (1,813 | ) | (6,379 | ) | 4,370 | |||||||
State | 2,718 | (3,315 | ) | (288 | ) | |||||||
Total Deferred Income Tax Expense (Benefit) | 14,983 | (17,618 | ) | 9,661 | ||||||||
Total Income Tax Expense – Continuing Operations | $ | 65,878 | $ | 51,935 | $ | 62,942 | ||||||
Discontinued operations were recorded net of income tax benefit of approximately $(0.2) million, $(0.3) million and $(0.7) million in Fiscal 2014, 2013 and 2012, respectively. | ||||||||||||
As a result of the exercise of stock options and vesting of restricted stock during Fiscal 2014, 2013 and 2012, the Company realized an additional income tax benefit of approximately $3.8 million, $4.8 million and $4.6 million, respectively. These tax benefits are reflected as an adjustment to additional paid-in capital. | ||||||||||||
Note 9 | ||||||||||||
Income Taxes, Continued | ||||||||||||
Deferred tax assets and liabilities are comprised of the following: | ||||||||||||
February 1, | February 2, | |||||||||||
In thousands | 2014 | 2013 | ||||||||||
Identified intangibles | $ | (28,468 | ) | $ | (28,076 | ) | ||||||
Prepaids | (3,063 | ) | (2,943 | ) | ||||||||
Convertible bonds | (3,001 | ) | (3,001 | ) | ||||||||
Total deferred tax liabilities | (34,532 | ) | (34,020 | ) | ||||||||
Options | 448 | 965 | ||||||||||
Deferred rent | 4,986 | 5,847 | ||||||||||
Pensions | 4,253 | 8,321 | ||||||||||
Expense accruals | 15,673 | 16,766 | ||||||||||
Uniform capitalization costs | 13,750 | 12,539 | ||||||||||
Book over tax depreciation | 2,839 | 13,783 | ||||||||||
Provisions for discontinued operations and restructurings | 4,731 | 4,745 | ||||||||||
Inventory valuation | 2,115 | 2,015 | ||||||||||
Tax net operating loss and credit carryforwards | 2,396 | 3,535 | ||||||||||
Allowances for bad debts and notes | 761 | 1,598 | ||||||||||
Deferred compensation and restricted stock | 6,606 | 6,382 | ||||||||||
Other | 4,320 | 3,500 | ||||||||||
Gross deferred tax assets | 62,878 | 79,996 | ||||||||||
Deferred tax asset valuation allowance | (3,771 | ) | (3,541 | ) | ||||||||
Deferred tax asset net of valuation allowance | 59,107 | 76,455 | ||||||||||
Net Deferred Tax Assets | $ | 24,575 | $ | 42,435 | ||||||||
The deferred tax balances have been classified in the Consolidated Balance Sheets as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Net current asset | $ | 23,089 | $ | 23,725 | ||||||||
Net non-current asset | 3,342 | 18,731 | ||||||||||
Net non-current liability | (1,856 | ) | (21 | ) | ||||||||
Net Deferred Tax Assets | $ | 24,575 | $ | 42,435 | ||||||||
Note 9 | ||||||||||||
Income Taxes, Continued | ||||||||||||
Reconciliation of the United States federal statutory rate to the Company’s effective tax rate from continuing operations is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U. S. federal statutory rate of tax | 35 | % | 35 | % | 35 | % | ||||||
State taxes (net of federal tax benefit) | 4.62 | 3.11 | 3.62 | |||||||||
Foreign rate differential | (1.24 | ) | (1.98 | ) | (1.71 | ) | ||||||
Change in valuation allowance | 0.05 | (0.17 | ) | 0.6 | ||||||||
Permanent items | 2.18 | 1.85 | 2.27 | |||||||||
Uncertain federal, state and foreign tax positions | 0.21 | (5.73 | ) | — | ||||||||
Other | 0.65 | (0.57 | ) | 0.47 | ||||||||
Effective Tax Rate | 41.47 | % | 31.51 | % | 40.25 | % | ||||||
The provision for income taxes resulted in an effective tax rate for continuing operations of 41.47% for Fiscal 2014, compared with an effective tax rate of 31.51% for Fiscal 2013. The tax rate for Fiscal 2013 was lower primarily due to the reversal of previously recorded charges related to uncertain tax positions due to the expiration of the applicable statutes of limitations and a settlement with a state tax authority more favorable than anticipated related to other uncertain tax positions. | ||||||||||||
As of February 1, 2014, February 2, 2013 and January 28, 2012, the Company had a federal net operating loss carryforward, which was assumed in one of the prior year acquisitions, of $1.3 million, $1.5 million and $1.6 million, respectively, which expire in fiscal years 2025 through 2030. | ||||||||||||
As of February 1, 2014, February 2, 2013 and January 28, 2012, the Company had state net operating loss carryforwards of $0.0 million, $0.1 million and $0.1 million, respectively, which expire in fiscal years 2016 through 2031. | ||||||||||||
As of February 1, 2014, February 2, 2013 and January 28, 2012, the Company had state tax credits of $0.7 million, $0.9 million and $0.6 million, respectively. These credits expire in fiscal years 2014 through 2019. | ||||||||||||
As of February 1, 2014, February 2, 2013 and January 28, 2012, the Company had foreign tax credits of $0.0 million, $0.0 million and $0.1 million, respectively. These credits will expire in fiscal year 2022. | ||||||||||||
As of February 1, 2014, February 2, 2013 and January 28, 2012, the Company had foreign net operating losses of $7.5 million, $10.4 million and $28.8 million, respectively, which have no expiration. | ||||||||||||
As of February 1, 2014, as part of the Schuh acquisition, the Company has provided a valuation allowance of approximately $3.8 million on deferred tax assets associated primarily with foreign net operating losses and foreign fixed assets for which management has determined it is more likely than | ||||||||||||
Note 9 | ||||||||||||
Income Taxes, Continued | ||||||||||||
not that the deferred tax assets will not be realized. The $0.3 million net increase in the valuation allowance during Fiscal 2014 from the $3.5 million provided for as of February 2, 2013 determined in | ||||||||||||
accordance with the Income Tax Topic of the Codification relates to foreign net operating losses arising in Fiscal 2012 and increases in fixed asset-related deferred tax assets that will more likely than not | ||||||||||||
never be realized. Management believes that it is more likely than not that the remaining deferred tax assets will be fully realized. | ||||||||||||
As of February 1, 2014, the Company has not provided for withholding or United States federal income taxes on approximately $26.4 million of accumulated undistributed earnings of its foreign subsidiaries as they are considered by management to be permanently reinvested. If these undistributed earnings were not considered to be permanently reinvested, the related U.S. tax liability may be reduced by foreign income taxes paid on those earnings. Because of the complexities involved with the hypothetical tax calculation, a determination of the unrecognized deferred tax liability related to these undistributed earnings is not practicable. | ||||||||||||
The methodology in the Income Tax Topic of the Codification prescribes that a company should use a more-likely-than-not recognition threshold based on the technical merits of the tax position taken. Tax positions that meet the more-likely-than-not recognition threshold should be measured in order to determine the tax benefit to be recognized in the financial statements. | ||||||||||||
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for Fiscal 2014, 2013 and 2012. | ||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||
Unrecognized Tax Benefit – Beginning of Period | $ | 10,437 | $ | 20,467 | $ | 14,167 | ||||||
Gross Increases (Decreases) – Tax Positions in a Prior Period | 139 | (2,464 | ) | (29 | ) | |||||||
Gross Increases – Tax Positions in a Current Period | 1,452 | 133 | 6,986 | |||||||||
Settlements | (340 | ) | (449 | ) | (533 | ) | ||||||
Lapse of Statutes of Limitations | (728 | ) | (7,250 | ) | (124 | ) | ||||||
Unrecognized Tax Benefit – End of Period | $ | 10,960 | $ | 10,437 | $ | 20,467 | ||||||
The amount of unrecognized tax benefits as of February 1, 2014, February 2, 2013 and January 28, 2012, which would impact the annual effective rate if recognized were $1.3 million, $2.4 million and $12.6 million, respectively. The Company believes it is reasonably possible that there will be a $0.1 million decrease in the gross tax liability for uncertain tax positions within the next 12 months based upon the expiration of statutes of limitation. | ||||||||||||
The Company recognizes interest expense and penalties related to the above unrecognized tax benefits within income tax expense on the Consolidated Statements of Operations. Related to the uncertain tax benefits noted above, the Company recorded interest and penalties of approximately $(0.1) million | ||||||||||||
Note 9 | ||||||||||||
Income Taxes, Continued | ||||||||||||
expense and $(0.1) million, respectively, during Fiscal 2014, $(1.2) million expense and $0.1 million, respectively, during Fiscal 2013 and $0.5 million expense and $0.0 million, respectively, during Fiscal 2012. The Company recognized a liability for accrued interest and penalties of $0.9 million and $0.1 million, respectively, as of February 1, 2014, $1.1 million and $0.2 million, respectively, as of February 2, 2013 and $2.3 million and $0.2 million, respectively, as of January 28, 2012. The long-term portion of the unrecognized tax benefits and related accrued interest and penalties are included in deferred rent and other long-term liabilities on the Consolidated Balance Sheets. | ||||||||||||
Income tax reserves are determined using the methodology required by the Income Tax Topic of the Codification. | ||||||||||||
The Company and its subsidiaries file income tax returns in federal and in many state and local jurisdictions as well as foreign jurisdictions. With few exceptions, the Company's U.S. federal and state and local income tax returns for fiscal years ended January 29, 2011 and beyond remain subject to examination. In addition, the Company has subsidiaries in various foreign jurisdictions that have statutes of limitation generally ranging from two to six years. |
Defined_Benefit_Pension_Plans_
Defined Benefit Pension Plans and Other Postretirement Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Defined Benefit Pension Plans and Other Benefit Plans | ' | |||||||||||||||||||||||
Defined Benefit Pension Plans and Other Postretirement Benefit Plans | ||||||||||||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||||||||||
The Company sponsored a non-contributory, defined benefit pension plan. As of January 1, 1996, the Company amended the plan to change the pension benefit formula to a cash balance formula from the then existing benefit calculation based upon years of service and final average pay. The benefits accrued under the old formula were frozen as of December 31, 1995. Upon retirement, the participant will receive this accrued benefit payable as an annuity. In addition, the participant will receive as a lump sum (or annuity if desired) the amount credited to the participant’s cash balance account under the new formula. Effective January 1, 2005, the Company froze the defined benefit cash balance plan which prevents any new entrants into the plan as of that date as well as affects the amounts credited to the participants’ accounts as discussed below. | ||||||||||||||||||||||||
Under the cash balance formula, beginning January 1, 1996, the Company credits each participants’ account annually with an amount equal to 4% of the participant’s compensation plus 4% of the participant’s compensation in excess of the Social Security taxable wage base. Beginning December 31, 1996 and annually thereafter, the account balance of each active participant was credited with 7% interest calculated on the sum of the balance as of the beginning of the plan year and 50% of the amounts credited to the account, other than interest, for the plan year. The account balance of each participant who was inactive would be credited with interest at the lesser of 7% or the 30 year Treasury rate. Under the frozen plan, each participants’ cash balance plan account will be credited annually only with interest at the 30 year Treasury rate, not to exceed 7%, until the participant retires. The amount credited each year will be based on the rate at the end of the prior year. | ||||||||||||||||||||||||
Note 10 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued | ||||||||||||||||||||||||
Other Postretirement Benefit Plans | ||||||||||||||||||||||||
The Company provides health care benefits for early retirees and life insurance benefits for certain retirees not covered by collective bargaining agreements. Under the health care plan, early retirees are eligible for benefits until age 65. Employees who meet certain requirements are eligible for life insurance benefits upon retirement. The Company accrues such benefits during the period in which the employee renders service. | ||||||||||||||||||||||||
Obligations and Funded Status | ||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Benefit obligation at beginning of year | $ | 119,126 | $ | 118,644 | $ | 4,487 | $ | 3,908 | ||||||||||||||||
Service cost | 350 | 350 | 428 | 356 | ||||||||||||||||||||
Interest cost | 4,584 | 4,961 | 159 | 157 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 86 | 74 | ||||||||||||||||||||
Benefits paid | (9,000 | ) | (9,038 | ) | (436 | ) | (221 | ) | ||||||||||||||||
Actuarial (gain) loss | (3,927 | ) | 4,209 | 990 | 213 | |||||||||||||||||||
Benefit Obligation at End of Year | $ | 111,133 | $ | 119,126 | $ | 5,714 | $ | 4,487 | ||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 98,612 | $ | 96,443 | — | — | ||||||||||||||||||
Actual gain on plan assets | 12,298 | 11,207 | — | — | ||||||||||||||||||||
Employer contributions | — | — | 350 | 147 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 86 | 74 | ||||||||||||||||||||
Benefits paid | (9,000 | ) | (9,038 | ) | (436 | ) | (221 | ) | ||||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 101,910 | $ | 98,612 | — | — | ||||||||||||||||||
Funded Status at End of Year | $ | (9,223 | ) | $ | (20,514 | ) | $ | (5,714 | ) | $ | (4,487 | ) | ||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Noncurrent assets | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Current liabilities | — | — | (208 | ) | (160 | ) | ||||||||||||||||||
Noncurrent liabilities | (9,223 | ) | (20,514 | ) | (5,506 | ) | (4,327 | ) | ||||||||||||||||
Net Amount Recognized | $ | (9,223 | ) | $ | (20,514 | ) | $ | (5,714 | ) | $ | (4,487 | ) | ||||||||||||
Note 10 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued | ||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Prior service cost | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Net loss | 27,147 | 42,879 | 1,459 | 566 | ||||||||||||||||||||
Total Recognized in Accumulated Other Comprehensive Loss | $ | 27,147 | $ | 42,879 | $ | 1,459 | $ | 566 | ||||||||||||||||
Amounts for projected and accumulated benefit obligation and fair value of plan assets are as follows: | ||||||||||||||||||||||||
In thousands | February 1, | 2-Feb-13 | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Projected benefit obligation | $ | 111,133 | $ | 119,126 | ||||||||||||||||||||
Accumulated benefit obligation | 111,133 | 119,126 | ||||||||||||||||||||||
Fair value of plan assets | 101,910 | 98,612 | ||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 350 | $ | 350 | $ | 250 | $ | 428 | $ | 356 | $ | 166 | ||||||||||||
Interest cost | 4,584 | 4,961 | 5,597 | 159 | 157 | 174 | ||||||||||||||||||
Expected return on plan assets | (6,654 | ) | (7,003 | ) | (7,807 | ) | — | — | — | |||||||||||||||
Amortization: | ||||||||||||||||||||||||
Prior service cost | — | 4 | 4 | — | — | — | ||||||||||||||||||
Losses | 6,160 | 6,032 | 4,728 | 97 | 84 | 79 | ||||||||||||||||||
Net amortization | $ | 6,160 | $ | 6,036 | $ | 4,732 | $ | 97 | $ | 84 | $ | 79 | ||||||||||||
Net Periodic Benefit Cost | $ | 4,440 | $ | 4,344 | $ | 2,772 | $ | 684 | $ | 597 | $ | 419 | ||||||||||||
Reconciliation of Accumulated Other Comprehensive Income | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
In thousands | 2014 | 2014 | ||||||||||||||||||||||
Net loss (gain) | $ | (9,571 | ) | $ | 990 | |||||||||||||||||||
Amortization of prior service cost | — | — | ||||||||||||||||||||||
Amortization of net actuarial loss | (6,160 | ) | (97 | ) | ||||||||||||||||||||
Total Recognized in Other Comprehensive Income | $ | (15,731 | ) | $ | 893 | |||||||||||||||||||
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $ | (11,291 | ) | $ | 1,577 | |||||||||||||||||||
Note 10 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued | ||||||||||||||||||||||||
The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year | ||||||||||||||||||||||||
are $3.9 million and $0.0, respectively. The estimated net loss for the other postretirement benefit plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $0.1 million. | ||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 4.4 | % | 4 | % | 4.4 | % | 4.01 | % | ||||||||||||||||
Rate of compensation increase | NA | NA | — | — | ||||||||||||||||||||
For Fiscal 2014 and 2013, the discount rate was based on a yield curve of high quality corporate bonds with cash flows matching the Company’s planned expected benefit payments. | ||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit costs | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 4 | % | 4.35 | % | 5.25 | % | 4.01 | % | 4.17 | % | 5.25 | % | ||||||||||||
Expected long-term rate of return on plan assets | 7.75 | % | 7.75 | % | 8.25 | % | — | — | — | |||||||||||||||
Rate of compensation increase | NA | NA | NA | — | — | — | ||||||||||||||||||
The weighted average discount rate used to measure the benefit obligation for the pension plan increased from 4.00% to 4.40% from Fiscal 2013 to Fiscal 2014. The increase in the rate decreased the accumulated benefit obligation by $3.9 million and decreased the projected benefit obligation by $3.9 million. The weighted average discount rate used to measure the benefit obligation for the pension plan decreased from 4.35% to 4.00% from Fiscal 2012 to Fiscal 2013. The decrease in the rate increased the accumulated benefit obligation by $4.3 million and increased the projected benefit obligation by $4.3 million. | ||||||||||||||||||||||||
To develop the expected long-term rate of return on assets assumption, the Company considered historical asset returns, the current asset allocation and future expectations. Considering this information, the Company selected a 7.75% long-term rate of return on assets assumption. | ||||||||||||||||||||||||
Assumed health care cost trend rates | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Health care cost trend rate assumed for next year | 8 | % | 7 | % | ||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2019 | 2017 | ||||||||||||||||||||||
Note 10 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued | ||||||||||||||||||||||||
The effect on disclosed information of one percentage point change in the assumed health care cost trend rate for each future year is shown below. | ||||||||||||||||||||||||
In thousands | 1% Increase | 1% Decrease | ||||||||||||||||||||||
in Rates | in Rates | |||||||||||||||||||||||
Aggregated service and interest cost | $ | 134 | $ | 106 | ||||||||||||||||||||
Accumulated postretirement benefit obligation | $ | 626 | $ | 735 | ||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
The Company’s pension plan weighted average asset allocations as of February 1, 2014 and February 2, 2013, by asset category are as follows: | ||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
February 1, 2014 | 2-Feb-13 | |||||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Equity securities | 65 | % | 66 | % | ||||||||||||||||||||
Debt securities | 35 | % | 34 | % | ||||||||||||||||||||
Other | 0 | % | 0 | % | ||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
The investment strategy of the Trust is to ensure over the long-term an asset pool, that when combined with Company contributions, will support benefit obligations to participants, retirees and beneficiaries. Investment management responsibilities of plan assets are delegated to outside investment advisers and overseen by an Investment Committee comprised of members of the Company’s senior management that are appointed by the Board of Directors. The Company has an investment policy that provides direction on the implementation of this strategy. | ||||||||||||||||||||||||
The investment policy establishes a target allocation for each asset class and investment manager. The actual asset allocation versus the established target is reviewed at least quarterly and is maintained within a +/- 5% range of the target asset allocation. Target allocations are 50% domestic equity, 13% international equity, 35% fixed income and 2% cash investments. | ||||||||||||||||||||||||
All investments are made solely in the interest of the participants and beneficiaries for the exclusive purposes of providing benefits to such participants and their beneficiaries and defraying the expenses related to administering the Trust as determined by the Investment Committee. All assets shall be properly diversified to reduce the potential of a single security or single sector of securities having a disproportionate impact on the portfolio. | ||||||||||||||||||||||||
The Committee utilizes an outside investment consultant and investment managers to implement its various investment strategies. Performance of the managers is reviewed quarterly and the investment objectives are consistently evaluated. | ||||||||||||||||||||||||
Note 10 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued | ||||||||||||||||||||||||
At February 1, 2014 and February 2, 2013, there were no Company related assets in the plan. | ||||||||||||||||||||||||
Generally, quoted market prices are used to value pension plan assets. Equities, some fixed income securities, publicly traded investment funds and U.S. government obligations are valued at the closing price reported on the active market on which the individual security is traded. | ||||||||||||||||||||||||
The following tables present the pension plan assets by level within the fair value hierarchy as of February 1, 2014 and February 2, 2013. | ||||||||||||||||||||||||
1-Feb-14 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||
International securities | $ | 13,026 | $ | — | $ | — | $ | 13,026 | ||||||||||||||||
U.S. securities | 53,187 | — | — | 53,187 | ||||||||||||||||||||
Fixed Income Securities | 35,481 | — | — | 35,481 | ||||||||||||||||||||
Other: | ||||||||||||||||||||||||
Cash Equivalents | 235 | — | — | 235 | ||||||||||||||||||||
Other (includes receivables and payables) | (19 | ) | — | — | (19 | ) | ||||||||||||||||||
Total Pension Plan Assets | $ | 101,910 | $ | — | $ | — | $ | 101,910 | ||||||||||||||||
2-Feb-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||
International securities | $ | 13,757 | $ | — | $ | — | $ | 13,757 | ||||||||||||||||
U.S. securities | 51,011 | — | — | 51,011 | ||||||||||||||||||||
Fixed Income Securities | 33,633 | — | — | 33,633 | ||||||||||||||||||||
Other: | ||||||||||||||||||||||||
Cash Equivalents | 235 | — | — | 235 | ||||||||||||||||||||
Other (includes receivables and payables) | (24 | ) | — | — | (24 | ) | ||||||||||||||||||
Total Pension Plan Assets | $ | 98,612 | $ | — | $ | — | $ | 98,612 | ||||||||||||||||
Cash Flows | ||||||||||||||||||||||||
Return of Assets | ||||||||||||||||||||||||
There was no return of assets from the plan to the Company in Fiscal 2014 and no plan assets are projected to be returned to the Company in Fiscal 2015. | ||||||||||||||||||||||||
Contributions | ||||||||||||||||||||||||
There was no Employee Retirement Income Security Act ("ERISA") cash requirement for the plan in 2013 and none is projected to be required in 2014. It is the Company’s policy to contribute enough cash to maintain at least an 80% funding level. | ||||||||||||||||||||||||
Note 10 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued | ||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||
Expected benefit payments from the trust, including future service and pay, are as follows: | ||||||||||||||||||||||||
Estimated future payments | Pension | Other | ||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
2014 | $ | 8.7 | $ | 0.2 | ||||||||||||||||||||
2015 | 8.5 | 0.2 | ||||||||||||||||||||||
2016 | 8.3 | 0.2 | ||||||||||||||||||||||
2017 | 8.1 | 0.3 | ||||||||||||||||||||||
2018 | 8 | 0.3 | ||||||||||||||||||||||
2019 – 2023 | 36.7 | 1.8 | ||||||||||||||||||||||
Section 401(k) Savings Plan | ||||||||||||||||||||||||
The Company has a Section 401(k) Savings Plan available to employees who have completed one full year of service and are age 21 or older. | ||||||||||||||||||||||||
Since January 1, 2005, the Company has matched 100% of each employee’s contribution of up to 3% of salary and 50% of the next 2% of salary. In addition, for those employees hired before December 31, 2004, who were eligible for the Company’s cash balance retirement plan before it was frozen, the Company annually makes an additional contribution of 2 1/2 % of salary to each employee’s account. In calendar 2005 and future years, participants are immediately vested in their contributions and the Company’s matching contribution plus actual earnings thereon. The contribution expense to the Company for the matching program was approximately $5.0 million for Fiscal 2014, $5.3 million for Fiscal 2013 and $4.2 million for Fiscal 2012. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||||||||||
For the Year Ended | For the Year Ended | For the Year Ended | |||||||||||||||||||||||||||||||
1-Feb-14 | 2-Feb-13 | January 28, 2012 | |||||||||||||||||||||||||||||||
(In thousands, except | Income | Shares | Per-Share | Income | Shares | Per-Share | Income | Shares | Per-Share | ||||||||||||||||||||||||
per share amounts) | (Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | ||||||||||||||||||||||||
Earnings from continuing operations | $ | 92,982 | $ | 112,897 | $ | 93,451 | |||||||||||||||||||||||||||
Less: Preferred stock dividends and income from participating securities | (33 | ) | (147 | ) | (3,338 | ) | |||||||||||||||||||||||||||
Basic EPS from continuing operations | |||||||||||||||||||||||||||||||||
Income from continuing operations available to common shareholders | 92,949 | 23,297 | $ | 3.99 | 112,750 | 23,584 | $ | 4.78 | 90,113 | 23,179 | $ | 3.89 | |||||||||||||||||||||
Effect of Dilutive Securities from continuing operations | |||||||||||||||||||||||||||||||||
Plus: Income from participating securities | — | — | 43 | ||||||||||||||||||||||||||||||
Options and restricted stock | 272 | 372 | 283 | ||||||||||||||||||||||||||||||
Convertible | — | — | 88 | 34 | 141 | 55 | |||||||||||||||||||||||||||
preferred | |||||||||||||||||||||||||||||||||
stock(1) | |||||||||||||||||||||||||||||||||
Employees’ | 46 | 47 | 48 | ||||||||||||||||||||||||||||||
preferred | |||||||||||||||||||||||||||||||||
stock(2) | |||||||||||||||||||||||||||||||||
Diluted EPS from continuing operations | |||||||||||||||||||||||||||||||||
Income from continuing operations available to common shareholders plus assumed conversions | $ | 92,949 | 23,615 | $ | 3.94 | $ | 112,838 | 24,037 | $ | 4.69 | $ | 90,297 | 23,565 | $ | 3.83 | ||||||||||||||||||
-1 | As a result of the Company issuing a notice of mandatory redemption to the holders of Series 1, 3 and 4 preferred stock in the first quarter of Fiscal 2014, there were no remaining convertible preferred stock of that series outstanding as of February 1, 2014. Therefore, convertible preferred stocks were not included in diluted earnings per share for Fiscal 2014. The amount of the dividend on the convertible preferred stock per common share obtainable on conversion of the convertible preferred stock was less than basic earnings per share for Series 1, 3 and 4 preferred stocks for Fiscal 2013 and 2012. Therefore, conversion of these convertible preferred stocks were included in diluted earnings per share for Fiscal 2013 and 2012. | ||||||||||||||||||||||||||||||||
-2 | The Company’s Employees’ Subordinated Convertible Preferred Stock is convertible one for one to the Company’s common stock. Because there are no dividends paid on this stock, these shares are assumed to be converted. | ||||||||||||||||||||||||||||||||
All outstanding options to purchase shares of common stock at the end of Fiscal 2014, 2013 and 2012 were included in the computation of diluted earnings per share because the options’ exercise prices were less than the average market price of the common shares. | |||||||||||||||||||||||||||||||||
The weighted shares outstanding reflects the effect of stock buy back programs. The Company repurchased 337,665 shares at a cost of $20.7 million during Fiscal 2014. The Company has $65.5 million remaining under its current $75.0 million share repurchase authorization. The Company repurchased 645,904 shares at a cost of $37.7 million during Fiscal 2013. The Company did not repurchase any shares during Fiscal 2012. |
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Share-Based Compensation Plans | ' | ||||||||||||
Share-Based Compensation Plans | |||||||||||||
The Company’s stock-based compensation plans, as of February 1, 2014, are described below. The Company recognizes compensation expense for share-based payments based on the fair value of the awards as required by the Compensation – Stock Compensation Topic of the Codification. | |||||||||||||
Stock Incentive Plans | |||||||||||||
The Company has two fixed stock incentive plans. Under the 2009 Amended and Restated Equity Incentive Plan (the “2009 Plan”), effective as of June 22, 2011, the Company may grant options, restricted shares, performance awards and other stock-based awards to its employees, consultants and directors for up to 2.5 million shares of common stock. Under the 2005 Equity Incentive Plan (the “2005 Plan”), effective as of June 23, 2005, the Company was permitted to grant options, restricted shares and other stock-based awards to its employees and consultants as well as directors for up to 2.5 million shares of common stock. There will be no future awards under the 2005 Equity Incentive Plan. Under both plans, the exercise price of each option equals the market price of the Company’s stock on the date of grant, and an option’s maximum term is 10 years. Options granted under both plans vest 25% per year over four years. | |||||||||||||
For Fiscal 2014, 2013 and 2012, the Company recognized stock option related share-based compensation of $0.0, $0.0 and less than $1,000, respectively, for its fixed stock incentive plans included in selling and administrative expenses in the accompanying Consolidated Statements of Operations. The Company did not capitalize any share-based compensation cost. | |||||||||||||
The Compensation—Stock Compensation Topic of the Codification requires that the cash flows resulting from tax benefits for tax deductions in excess of the compensation cost recognized for those options (excess tax benefit) be classified as financing cash flows. Accordingly, the Company classified excess tax benefits of $3.8 million, $4.8 million and $4.7 million as financing cash inflows rather than as operating cash inflows on its Consolidated Statement of Cash Flows for Fiscal 2014, 2013 and 2012, respectively. | |||||||||||||
The Company did not grant any fixed stock options in Fiscal 2014, 2013 or 2012. | |||||||||||||
Note 12 | |||||||||||||
Share-Based Compensation Plans, Continued | |||||||||||||
A summary of fixed stock option activity and changes for Fiscal 2014, 2013 and 2012 is presented below: | |||||||||||||
Options | Weighted-Average | Weighted-Average | Aggregate Intrinsic | ||||||||||
Exercise Price | Remaining | Value (in | |||||||||||
Contractual Term | thousands)(1) | ||||||||||||
Outstanding, January 29, 2011 | 877,130 | $ | 24.75 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (390,357 | ) | 24.82 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding, January 28, 2012 | 486,773 | $ | 24.7 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (223,618 | ) | 21.5 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding, February 2, 2013 | 263,155 | $ | 27.43 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (130,051 | ) | 23.33 | ||||||||||
Forfeited | (2,250 | ) | 17.5 | ||||||||||
Outstanding, February 1, 2014 | 130,854 | $ | 31.67 | 1.58 | $ | 5,045 | |||||||
Exercisable, February 1, 2014 | 130,854 | $ | 31.67 | 1.58 | $ | 5,045 | |||||||
-1 | Based upon the difference between the closing market price of the Company’s common stock on the last trading day of the year and the grant price of in-the-money options. | ||||||||||||
The total intrinsic value, which represents the difference between the underlying stock’s market price and the option’s exercise price, of options exercised during Fiscal 2014, 2013 and 2012 was $6.1 million, $11.5 million and $10.3 million, respectively. | |||||||||||||
As of February 1, 2014, the Company does not have any nonvested options of its fixed stock incentive plans. | |||||||||||||
As of February 1, 2014, there was no unrecognized compensation costs related to stock options under the 2009 Plan. Cash received from option exercises under all share-based payment arrangements for Fiscal 2014, 2013 and 2012 was $3.0 million, $4.8 million and $9.7 million, respectively. | |||||||||||||
Restricted Stock Incentive Plans | |||||||||||||
Director Restricted Stock | |||||||||||||
The 2009 Plan permits grants to non-employee directors on such terms as the Company's board of directors may approve. Restricted stock awards were made to independent directors on the date of the annual meeting of shareholders in each of Fiscal 2014, 2013 and 2012. The shares granted in each award vested on the first anniversary of the grant date, subject to the director's continued service through that date. The board of directors also approved a grant of 365 additional shares in Fiscal 2014 and 336 additional shares in Fiscal 2013 to a newly elected director each year on the annual meeting date in | |||||||||||||
Note 12 | |||||||||||||
Share-Based Compensation Plans, Continued | |||||||||||||
Fiscal 2014 and 2013 on the same terms as the Fiscal 2014 and 2013 grant to all outside directors. In all cases, the director is restricted from selling, transferring, pledging or assigning the shares for three years from the grant date unless he or she earlier leaves the board. | |||||||||||||
The Fiscal 2012 grants were valued at $70,000 for each director and Fiscal 2013 and 2014 grants were each valued at $80,000 per director based on the average closing price of the stock for the first five trading days of the month in which they were granted and vested on the first anniversary of the grant date. For Fiscal 2014, 2013 and 2012, the Company issued 9,280 shares, 9,888 shares and 14,643 shares, respectively, of director restricted stock. | |||||||||||||
For Fiscal 2014, 2013 and 2012, the Company recognized $1.0 million, $0.9 million and $0.8 million, respectively, of director restricted stock related share-based compensation in selling and administrative expenses in the accompanying Consolidated Statements of Operations. | |||||||||||||
Employee Restricted Stock | |||||||||||||
Under the 2009 Plan, the Company issued 199,392 shares, 194,232 shares and 289,407 shares of employee restricted stock in Fiscal 2014, 2013 and 2012, respectively. Shares of employee restricted stock issued in Fiscal 2012, 2013 and 2014 vest 25% per year over four years, provided that on such date the grantee has remained continuously employed by the Company since the date of grant. The fair value of employee restricted stock is charged against income as compensation cost over the vesting period. Compensation cost recognized in selling and administrative expenses in the accompanying Consolidated Statements of Operations for these shares was $11.3 million, $9.6 million and $6.9 million for Fiscal 2014, 2013 and 2012, respectively. | |||||||||||||
Note 12 | |||||||||||||
Share-Based Compensation Plans, Continued | |||||||||||||
A summary of the status of the Company’s nonvested shares of its employee restricted stock as of February 1, 2014 is presented below: | |||||||||||||
Nonvested Restricted Shares | Shares | Weighted-Average | |||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at January 29, 2011 | 818,119 | $ | 23.95 | ||||||||||
Granted | 289,407 | 45.14 | |||||||||||
Vested | (227,691 | ) | 22.58 | ||||||||||
Withheld for federal taxes | (93,089 | ) | 22.42 | ||||||||||
Forfeited | (14,081 | ) | 27.38 | ||||||||||
Nonvested at January 28, 2012 | 772,665 | 32.41 | |||||||||||
Granted | 194,232 | 57.58 | |||||||||||
Vested | (195,203 | ) | 29.95 | ||||||||||
Withheld for federal taxes | (75,552 | ) | 29.97 | ||||||||||
Forfeited | (3,360 | ) | 38.96 | ||||||||||
Nonvested at February 2, 2013 | 692,782 | 40.59 | |||||||||||
Granted | 199,392 | 65.11 | |||||||||||
Vested | (199,428 | ) | 34.31 | ||||||||||
Withheld for federal taxes | (105,193 | ) | 34.42 | ||||||||||
Forfeited | (6,279 | ) | 46.48 | ||||||||||
Nonvested at February 1, 2014 | 581,274 | $ | 52.21 | ||||||||||
As of February 1, 2014, there was $23.1 million of total unrecognized compensation costs related to nonvested share-based compensation arrangements for restricted stock discussed above. That cost is expected to be recognized over a weighted average period of 1.25 years. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
Under the Employee Stock Purchase Plan, the Company is authorized to issue up to 1.0 million shares of common stock to qualifying full-time employees whose total annual base salary is less than $90,000, effective October 1, 2002. Prior to October 1, 2002, the total annual base salary was limited to $100,000. Under the terms of the Plan, employees could choose each year to have up to 15% of their annual base earnings or $8,500, whichever is lower, withheld to purchase the Company’s common stock. The purchase price of the stock was 85% of the closing market price of the stock on either the exercise date or the grant date, whichever was less. The Company’s board of directors amended the Company’s Employee Stock Purchase Plan effective October 1, 2005 to provide that participants may acquire shares under the Plan at a 5% discount from fair market value on the last day of the Plan year. Employees can choose each year to have up to 15% of their annual base earnings or $9,500, whichever is lower, withheld to purchase the Company’s common stock. Under the Compensation – Stock Compensation Topic of the Codification, shares issued under the Plan as amended are non-compensatory. Under the Plan, the Company sold 3,146 shares, 2,463 shares and 2,717 shares to employees in Fiscal 2014, 2013 and 2012, respectively. |
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Feb. 01, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
Legal Proceedings | |
Environmental Matters | |
New York State Environmental Matters | |
In August 1997, the New York State Department of Environmental Conservation (“NYSDEC”) and the Company entered into a consent order whereby the Company assumed responsibility for conducting a remedial investigation and feasibility study (“RIFS”) and implementing an interim remedial measure (“IRM”) with regard to the site of a knitting mill operated by a former subsidiary of the Company from 1965 to 1969. The Company undertook the IRM and RIFS voluntarily, without admitting liability or accepting responsibility for any future remediation of the site. The Company has completed the IRM and the RIFS. In the course of preparing the RIFS, the Company identified remedial alternatives with estimated undiscounted costs ranging from $0.0 million to $24.0 million, excluding amounts previously expended or provided for by the Company. The United States Environmental Protection Agency (“EPA”), which has assumed primary regulatory responsibility for the site from NYSDEC, issued a Record of Decision in September 2007. The Record of Decision requires a remedy of a combination | |
of groundwater extraction and treatment and in-site chemical oxidation at an estimated present cost of approximately $10.7 million. | |
In July 2009, the Company agreed to a Consent Order with the EPA requiring the Company to perform certain remediation actions, operations, maintenance and monitoring at the site. In September 2009, a Consent Judgment embodying the Consent Order was filed in the U.S. District Court for the Eastern District of New York. | |
The Village of Garden City, New York (the "Village"), has additionally asserted that the Company is liable for the costs associated with enhanced treatment required by the impact of the groundwater plume from the site on two public water supply wells, including historical total costs ranging from approximately $1.8 million to in excess of $2.5 million, and future operation and maintenance costs which the Village estimates at $126,400 annually while the enhanced treatment continues. On December 14, 2007, the Village filed a complaint against the Company and the owner of the property under the Resource Conservation and Recovery Act (“RCRA”), the Safe Drinking Water Act, and the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) as well as a number of state law theories in the U.S. District Court for the Eastern District of New York, seeking an injunction requiring the defendants to remediate contamination from the site and to establish their liability for future costs that may be incurred in connection with it, which the complaint alleges could exceed $41 million, undiscounted, over a 70-year period. The Company has not verified the estimates of either historic or future costs asserted by the Village, but believes that an estimate of future costs based on a 70-year remediation period is unreasonable given the expected remedial period reflected in the EPA's Record of Decision. On May 23, 2008, the Company filed a motion to dismiss the Village's complaint on grounds including applicable statutes of limitation and preemption of certain claims by the NYSDEC's and the EPA's diligent prosecution of remediation. On January 27, 2009, the Court granted the motion to dismiss all counts of the plaintiff's complaint except for the CERCLA claim and a state law claim for indemnity for costs incurred after November 27, 2000. On September 23, 2009, on a motion for reconsideration by the Village, the Court reinstated the claims for injunctive relief under RCRA and for equitable relief under certain of the state law theories. The Company intends to continue to defend the action if an acceptable settlement agreement cannot be reached. | |
Note 13 | |
Legal Proceedings, Continued | |
Whitehall Environmental Matters | |
The Company has performed sampling and analysis of soil, sediments, surface water, groundwater and waste management areas at the Company's former Volunteer Leather Company facility in Whitehall, Michigan. | |
In October 2010, the Company and the Michigan Department of Natural Resources and Environment entered into a Consent Decree providing for implementation of a remedial Work Plan for the facility site designed to bring the site into compliance with applicable regulatory standards. The Work Plan's implementation is substantially complete and the Company expects, based on its present understanding of the condition of the site, that its future obligations with respect to the site will be limited to periodic monitoring and that future costs related to the site should not have a material effect on its financial condition or results of operations. | |
Accrual for Environmental Contingencies | |
Related to all outstanding environmental contingencies, the Company had accrued $11.9 million as of February 1, 2014, $11.9 million as of February 2, 2013 and $13.0 million as of January 28, 2012. All such provisions reflect the Company's estimates of the most likely cost (undiscounted, including both current and noncurrent portions) of resolving the contingencies, based on facts and circumstances as of the time they were made. There is no assurance that relevant facts and circumstances will not change, necessitating future changes to the provisions. Such contingent liabilities are included in the liability | |
arising from provision for discontinued operations on the accompanying Consolidated Balance Sheets because it relates to former facilities operated by the Company. The Company has made pretax accruals for certain of these contingencies, including approximately $0.5 million reflected in Fiscal 2014, $0.8 million reflected in Fiscal 2013 and $1.8 million reflected in Fiscal 2012. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations and represent changes in estimates. | |
Other Matters | |
On December 10, 2010, the Company announced that it had suffered a criminal intrusion into the portion of its computer network that processes payments for transactions in certain of its retail stores. Visa, Inc., MasterCard Worldwide and American Express Travel Related Services Company, Inc. have asserted claims totaling approximately $15.6 million in connection with the intrusion and the claims of two of the claimants have been collected by withholding payment card receivables of the Company. In the fourth quarter of Fiscal 2013, the Company recorded a $15.4 million charge to earnings in connection with the disputed liability. On March 7, 2013, the Company filed an action in the U.S. District Court for the Middle District of Tennessee against Visa U.S.A. Inc., Visa Inc. and Visa International Service Association seeking to recover $13.3 million in non-compliance fines and issuer reimbursement assessments collected from the Company in connection with the intrusion. The Company does not currently expect any future claims in connection with the intrusion to have a material effect on its financial condition, cash flows, or results of operations. | |
Note 13 | |
Legal Proceedings, Continued | |
On January 5, 2012, a patent infringement action against the Company and numerous other defendants was filed in the U.S. District Court for the Eastern District of Texas, GeoTag, Inc. v. Circle K Store, Inc., et al., alleging that features of certain of the Company's e-commerce websites infringe U.S. Patent No. 5,930,474, entitled “Internet Organizer for Accessing Geographically and Topically Based Information.” The plaintiff sought relief including damages for the alleged infringement, costs, expenses and pre- and post-judgment interest and injunctive relief. Pursuant to a settlement agreement, the matter was dismissed on February 28, 2014. The settlement did not have a material effect on its financial condition or results of operations. | |
On June 13, 2012, a former vendor of a subsidiary of the Company filed an action, Perfect Curve, Inc. v. Hat World, Inc., in U.S. District Court in Massachusetts, alleging patent, trademark, trade dress, and copyright infringement against the subsidiary based on the sale of a line of products developed by the subsidiary. The parties reached agreement to settle the matter and the action was dismissed pursuant to a Stipulated Dismissal dated March 13, 2014. The settlement did not have a material effect on its financial condition or results of operations. | |
On May 14, 2012, a putative class and collective action, Maro v. Hat World, Inc., was filed in the U.S. District Court for the Northern District of Illinois. The action alleges that the Company failed to pay | |
the plaintiff and other, similarly situated retail store employees of Hat World, Inc., for time spent making bank deposits of store collections, and seeks to recover unpaid wages, liquidated damages, statutory penalties, attorney's fees, and costs pursuant to the federal Fair Labor Standards Act, the Illinois Minimum Wage Law and the Illinois Wage Payment and Collection Act. On January 15, 2014, the court dismissed the Maro case with prejudice, based on the plaintiffs' failure to prosecute. On July 16, 2012 and July 30, 2012, additional putative class and collective actions, Chavez v. Hat World, Inc. and Dismukes v. Hat World, Inc., were filed in the same court, alleging that certain Hat World employees were misclassified as exempt from overtime pay, and seeking similar relief. The Chavez and Dismukes actions have been consolidated. The parties have reached an agreement in principle to resolve the matter, subject to documentation and court approval. The Company does not expect the matter or its settlement as proposed to have a material effect on its financial condition or results of operations. | |
On August 30, 2012, a former employee of a Company subsidiary filed a putative class and collective action, Kershner v. Hat World, Inc., in the Philadelphia, Pennsylvania Court of Common Pleas alleging violations of the Pennsylvania Minimum Wage Act by the subsidiary. The Company has reached an agreement to resolve the matter, subject to approval by the court. On February 10, 2014, the court granted preliminary approval of the proposed settlement. The Company does not expect the matter or its settlement as proposed to have a material effect on its financial condition or results of operations. | |
On May 23, 2013, a former employee of the Company filed an action, Everett v. Genesco Inc., in the U.S. District Court for the Middle District of Florida alleging violations of the Fair Labor Standards Act, seeking designation as a collective action and the award of allegedly unpaid minimum wages, overtime pay, liquidated damages, penalties, interest, attorneys' fees, and other relief. The Company disputes the material allegations in the action and intends to defend it. | |
Note 13 | |
Legal Proceedings, Continued | |
On May 17, 2013, a former employee filed a putative class and representative action, Garcia v. Genesco, Inc. in the Superior Court of California for the County of Ventura, alleging various claims under the California Labor Code, including failure to provide meal and rest periods, failure to timely pay wages, failure to provide accurate itemized wage statements, and unfair competition and violation of the Private Attorneys’ General Act of 2004, and seeking unspecified damages and penalties. On August 30, 2013, the Company removed the action to the United States District Court for the Central District of California. The Company disputes the material allegations in the complaint and is defending the matter. | |
In addition to the matters specifically described in this Note, the Company is a party to other legal and regulatory proceedings and claims arising in the ordinary course of its business. While management does not believe that the Company's liability with respect to any of these other matters is likely to have a material effect on its financial position, cash flows, or results of operations, legal proceedings are subject to inherent uncertainties and unfavorable rulings could have a material adverse impact on the Company's business and results of operations. |
Business_Segment_Information
Business Segment Information | 12 Months Ended | ||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||||||||||
Business Segment Information | |||||||||||||||||||||||||||||
During Fiscal 2014, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys and Underground by Journeys retail footwear chains, catalog and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised primarily of the Lids, Hat World and Hat Shack retail headwear stores, the Lids Locker Room and Lids Clubhouse fan shops (operated under various trade names), licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lids under a license agreement with Macy's, the Lids Team Sports business and certain e-commerce operations; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, catalog and e-commerce operations and wholesale distribution of products under the Johnston & Murphy and Trask brands; and (v) Licensed Brands, comprised of Dockers® Footwear, sourced and marketed under a license from Levi Strauss & | |||||||||||||||||||||||||||||
Company; SureGrip® Footwear, occupational footwear primarily sold directly to consumers; and other brands. | |||||||||||||||||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. | |||||||||||||||||||||||||||||
The Company's reportable segments are based on management's organization of the segments in order to make operating decisions and assess performance along types of products sold. Journeys Group, Schuh Group and Lids Sports Group sell primarily branded products from other companies while Johnston & Murphy Group and Licensed Brands sell primarily the Company's owned and licensed | |||||||||||||||||||||||||||||
brands. | |||||||||||||||||||||||||||||
Note 14 | |||||||||||||||||||||||||||||
Business Segment Information, Continued | |||||||||||||||||||||||||||||
Corporate assets include cash, domestic prepaid rent expense, prepaid income taxes, deferred income taxes, deferred note expense and corporate fixed assets. The Company charges allocated retail costs of distribution to each segment. The Company does not allocate certain costs to each segment in order | |||||||||||||||||||||||||||||
to make decisions and assess performance. These costs include corporate overhead, interest expense, interest income, asset impairment charges and other, including major litigation and major lease terminations. | |||||||||||||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||||||||||
Journeys | Schuh Group | Lids Sports | Johnston | Licensed | Corporate | Consolidated | |||||||||||||||||||||||
Group | Group | & Murphy | Brands | & Other | |||||||||||||||||||||||||
In thousands | Group | ||||||||||||||||||||||||||||
Sales | $ | 1,082,241 | $ | 364,732 | $ | 821,779 | $ | 245,941 | $ | 109,989 | $ | 1,282 | $ | 2,625,964 | |||||||||||||||
Intercompany sales | — | — | — | (783 | ) | — | (209 | ) | — | (992 | ) | ||||||||||||||||||
Net sales to external customers | $ | 1,082,241 | $ | 364,732 | $ | 820,996 | $ | 245,941 | $ | 109,780 | $ | 1,282 | $ | 2,624,972 | |||||||||||||||
Segment operating income (loss) | $ | 97,377 | $ | 3,063 | $ | 63,748 | $ | 17,638 | $ | 10,614 | $ | (27,664 | ) | $ | 164,776 | ||||||||||||||
Asset Impairments and other* | — | — | — | — | — | (1,341 | ) | (1,341 | ) | ||||||||||||||||||||
Earnings (loss) from operations | 97,377 | 3,063 | 63,748 | 17,638 | 10,614 | (29,005 | ) | 163,435 | |||||||||||||||||||||
Interest expense | — | — | — | — | — | (4,641 | ) | (4,641 | ) | ||||||||||||||||||||
Interest income | — | — | — | — | — | 66 | 66 | ||||||||||||||||||||||
Earnings (loss) from continuing | $ | 97,377 | $ | 3,063 | $ | 63,748 | $ | 17,638 | $ | 10,614 | $ | (33,580 | ) | $ | 158,860 | ||||||||||||||
operations before income taxes | |||||||||||||||||||||||||||||
Total assets** | $ | 298,105 | $ | 268,514 | $ | 574,664 | $ | 97,532 | $ | 50,955 | $ | 149,514 | $ | 1,439,284 | |||||||||||||||
Depreciation and amortization | 19,400 | 11,339 | 28,345 | 4,002 | 468 | 3,581 | 67,135 | ||||||||||||||||||||||
Capital expenditures | 20,223 | 29,673 | 35,193 | 9,178 | 1,452 | 2,737 | 98,456 | ||||||||||||||||||||||
*Asset Impairments and other includes a $2.3 million charge for asset impairments, of which $1.4 million is in the Lids Sports Group, $0.6 million is in the Journeys Group and $0.3 million is in the Johnston & Murphy Group, a $3.3 million charge for network intrusion costs, a $2.4 million charge for other legal matters and a $1.6 million charge for a lease termination partially offset by a gain of $(8.3) million for the lease termination of a New York City Journeys store. | |||||||||||||||||||||||||||||
**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $182.4 million, $104.9 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $10.1 million of additions in Fiscal 2014 resulting from small acquisitions and the Schuh Group goodwill increased by $4.2 million due to foreign currency translation adjustment. | |||||||||||||||||||||||||||||
Note 14 | |||||||||||||||||||||||||||||
Business Segment Information, Continued | |||||||||||||||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||||||||||
Journeys | Schuh Group | Lids Sports | Johnston | Licensed | Corporate | Consolidated | |||||||||||||||||||||||
Group | Group | & Murphy | Brands | & Other | |||||||||||||||||||||||||
In thousands | Group | ||||||||||||||||||||||||||||
Sales | $ | 1,111,490 | 370,480 | $ | 793,016 | $ | 221,870 | $ | 108,808 | $ | 1,234 | $ | 2,606,898 | ||||||||||||||||
Intercompany sales | — | — | (1,761 | ) | (10 | ) | (310 | ) | — | (2,081 | ) | ||||||||||||||||||
Net sales to external customers | $ | 1,111,490 | $ | 370,480 | $ | 791,255 | $ | 221,860 | $ | 108,498 | $ | 1,234 | $ | 2,604,817 | |||||||||||||||
Segment operating income (loss) | $ | 109,953 | $ | 11,209 | $ | 82,867 | $ | 15,696 | $ | 10,078 | $ | (42,903 | ) | $ | 186,900 | ||||||||||||||
Asset Impairments and other* | — | — | — | — | — | (17,037 | ) | (17,037 | ) | ||||||||||||||||||||
Earnings (loss) from operations | 109,953 | 11,209 | 82,867 | 15,696 | 10,078 | (59,940 | ) | 169,863 | |||||||||||||||||||||
Interest expense | — | — | — | — | — | (5,126 | ) | (5,126 | ) | ||||||||||||||||||||
Interest income | — | — | — | — | — | 95 | 95 | ||||||||||||||||||||||
Earnings (loss) from continuing | $ | 109,953 | $ | 11,209 | $ | 82,867 | $ | 15,696 | $ | 10,078 | $ | (64,971 | ) | $ | 164,832 | ||||||||||||||
operations before income taxes | |||||||||||||||||||||||||||||
Total assets** | $ | 280,396 | 231,323 | $ | 519,006 | $ | 89,505 | $ | 43,212 | $ | 162,630 | $ | 1,326,072 | ||||||||||||||||
Depreciation and amortization | 20,190 | 10,040 | 26,892 | 3,738 | 366 | 2,471 | 63,697 | ||||||||||||||||||||||
Capital expenditures | 21,852 | 16,873 | 21,448 | 6,680 | 1,255 | 3,629 | 71,737 | ||||||||||||||||||||||
*Asset Impairments and other includes a $1.4 million charge for asset impairments, of which $0.9 million is in the Lids Sports Group, $0.4 million is in the Journeys Group, and $0.1 million is in the Johnston & Murphy Group, a $15.6 million charge for network intrusion costs and a $0.1 million charge for other legal matters. | |||||||||||||||||||||||||||||
**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $172.3 million, $100.7 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $13.2 million of additions in Fiscal 2013 resulting from small acquisitions and the Schuh Group goodwill increased by $0.8 million due to foreign currency translation adjustment. | |||||||||||||||||||||||||||||
Note 14 | |||||||||||||||||||||||||||||
Business Segment Information, Continued | |||||||||||||||||||||||||||||
Fiscal 2012 | |||||||||||||||||||||||||||||
Journeys | Schuh Group | Lids Sports | Johnston | Licensed | Corporate | Consolidated | |||||||||||||||||||||||
Group | Group | & Murphy | Brands | & Other | |||||||||||||||||||||||||
In thousands | Group | ||||||||||||||||||||||||||||
Sales | $ | 1,020,116 | $ | 212,262 | $ | 759,671 | $ | 201,725 | $ | 97,721 | $ | 1,116 | $ | 2,292,611 | |||||||||||||||
Intercompany sales | — | — | (347 | ) | — | (277 | ) | — | (624 | ) | |||||||||||||||||||
Net sales to external customers | $ | 1,020,116 | $ | 212,262 | $ | 759,324 | $ | 201,725 | $ | 97,444 | $ | 1,116 | $ | 2,291,987 | |||||||||||||||
Segment operating income (loss) | $ | 89,045 | $ | 11,711 | $ | 86,037 | $ | 13,743 | $ | 9,451 | $ | (45,825 | ) | $ | 164,162 | ||||||||||||||
Asset Impairments and other* | — | — | — | — | — | (2,677 | ) | (2,677 | ) | ||||||||||||||||||||
Earnings (loss) from operations | 89,045 | 11,711 | 86,037 | 13,743 | 9,451 | (48,502 | ) | 161,485 | |||||||||||||||||||||
Interest expense | — | — | — | — | — | (5,157 | ) | (5,157 | ) | ||||||||||||||||||||
Interest income | — | — | — | — | — | 65 | 65 | ||||||||||||||||||||||
Earnings (loss) from continuing | $ | 89,045 | $ | 11,711 | $ | 86,037 | $ | 13,743 | $ | 9,451 | $ | (53,594 | ) | $ | 156,393 | ||||||||||||||
operations before income taxes | |||||||||||||||||||||||||||||
Total assets** | $ | 259,331 | $ | 205,313 | $ | 489,512 | $ | 79,321 | $ | 34,974 | $ | 161,310 | $ | 1,229,761 | |||||||||||||||
Depreciation and amortization | 20,742 | 4,602 | 22,541 | 3,538 | 285 | 2,029 | 53,737 | ||||||||||||||||||||||
Capital expenditures | 11,125 | 7,406 | 24,497 | 1,894 | 718 | 3,816 | 49,456 | ||||||||||||||||||||||
*Asset Impairments and other includes a $1.1 million charge for asset impairments, of which $0.6 million is in the Journeys Group, $0.3 million is in the Lids Sports Group and $0.2 million is in the Johnston & Murphy Group, a $0.7 million charge for network intrusion costs and a $0.9 million charge for other legal matters. | |||||||||||||||||||||||||||||
**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $159.1 million, $99.9 million and $0.8 million of goodwill, respectively. Goodwill for the Lids Sports Group includes $6.5 million of additions in Fiscal 2012 resulting from small acquisitions and the Schuh Group goodwill is due to the acquisition of Schuh in the second quarter of Fiscal 2012 of $102.9 million which has been decreased by $3.0 million due to foreign currency translation adjustment. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Fiscal Year | ||||||||||||||||||||||||||||||||||||
except per share amounts) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014(a) | 2013 | 2014(b) | 2013 | |||||||||||||||||||||||||||||||
Net sales | $ | 591,388 | $ | 600,144 | $ | 574,746 | $ | 543,522 | $ | 666,332 | $ | 664,458 | $ | 792,506 | $ | 796,693 | $ | 2,624,972 | $ | 2,604,817 | |||||||||||||||||||||
Gross margin | 298,437 | 306,906 | 282,808 | 273,059 | 332,161 | 334,412 | 385,644 | 384,240 | 1,299,050 | 1,298,617 | |||||||||||||||||||||||||||||||
Earnings from continuing operations before income taxes | 24,685 | (1) | 35,886 | (3) | 14,388 | (5) | 14,638 | (7) | 45,789 | (8) | 52,907 | (9) | 73,998 | (11) | 61,401 | (13) | 158,860 | 164,832 | |||||||||||||||||||||||
Earnings from continuing operations | 14,509 | 21,754 | 8,465 | 10,009 | 27,796 | 42,221 | 42,212 | 38,913 | 92,982 | 112,897 | |||||||||||||||||||||||||||||||
Net earnings | 14,410 | (2) | 21,577 | (4) | 8,340 | (6) | 9,968 | 27,750 | 42,127 | (10) | 42,153 | (12) | 38,763 | (14) | 92,653 | 112,435 | |||||||||||||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||||||||||||||||||||
Continuing operations | 0.61 | 0.88 | 0.36 | 0.41 | 1.18 | 1.76 | 1.79 | 1.64 | 3.94 | 4.69 | |||||||||||||||||||||||||||||||
Net earnings | 0.61 | 0.87 | 0.35 | 0.4 | 1.18 | 1.76 | 1.79 | 1.63 | 3.92 | 4.68 | |||||||||||||||||||||||||||||||
-1 | Includes a net asset impairment and other charge of $1.3 million (see Note 3). (a) 13 week period vs. 14 | ||||||||||||||||||||||||||||||||||||||||
-2 | Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3). weeks in prior period. | ||||||||||||||||||||||||||||||||||||||||
-3 | Includes a net asset impairment and other charge of $0.1 million (see Note 3). (b) 52 week period vs. 53 | ||||||||||||||||||||||||||||||||||||||||
-4 | Includes a loss of $0.2 million, net of tax, from discontinued operations (see Note 3). weeks in prior period. | ||||||||||||||||||||||||||||||||||||||||
-5 | Includes a net asset impairment and other credit of $(7.1) million (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-6 | Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-7 | Includes a net asset impairment and other charge of $0.4 million (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-8 | Includes a net asset impairment and other charge of $1.5 million (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-9 | Includes a net asset impairment and other charge of $0.4 million (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-10 | Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-11 | Includes a net asset impairment and other charge of $5.6 million (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-12 | Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-13 | Includes a net asset impairment and other charge of $16.1 million (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-14 | Includes a loss of $0.2 million, net of tax, from discontinued operations (see Note 3). |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||
Year Ended February 1, 2014 | ||||||||||||||||
In Thousands | Beginning | Charged | Increases | Ending | ||||||||||||
Balance | to Profit | (Decreases) | Balance | |||||||||||||
and Loss | ||||||||||||||||
Reserves deducted from assets in the balance sheet: | ||||||||||||||||
Accounts Receivable Allowances | $ | 6,082 | $ | (525 | ) | $ | (1,137 | ) | $ | 4,420 | ||||||
Year Ended February 2, 2013 | ||||||||||||||||
In Thousands | Beginning | Charged | Increases | Ending | ||||||||||||
Balance | to Profit | (Decreases) | Balance | |||||||||||||
and Loss | ||||||||||||||||
Reserves deducted from assets in the balance sheet: | ||||||||||||||||
Accounts Receivable Allowances | $ | 6,900 | $ | 1,325 | $ | (2,143 | ) | $ | 6,082 | |||||||
Year Ended January 28, 2012 | ||||||||||||||||
In Thousands | Beginning | Charged | Increases | Ending | ||||||||||||
Balance | to Profit | (Decreases) | Balance | |||||||||||||
and Loss | ||||||||||||||||
Reserves deducted from assets in the balance sheet: | ||||||||||||||||
Accounts Receivable Allowances | $ | 3,301 | $ | 2,004 | $ | 1,595 | $ | 6,900 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Nature of Operations | ' | |||||||||||||||
Nature of Operations | ||||||||||||||||
The Company's business includes the design and sourcing, marketing and distribution of footwear and accessories through retail stores in the U.S., Puerto Rico and Canada primarily under the Journeys, Journeys Kidz, Shi by Journeys, Underground by Journeys and Johnston & Murphy banners and under the Schuh banner in the United Kingdom and the Republic of Ireland; through e-commerce websites including journeys.com, journeyskidz.com, shibyjourneys.com, schuh.co.uk, johnstonmurphy.com and trask.com and catalogs, and at wholesale, primarily under the Company's Johnston & Murphy brand, the recently relaunched Trask brand, the licensed Dockers brand and other brands that the Company licenses for footwear, and the Company's SureGrip® line of slip-resistant, occupational footwear. The Company's business also includes Lids Sports Group, which operates headwear and accessory stores in the U.S. and Canada primarily under the Lids, Hat World and Hat Shack banners; the Lids Locker Room and Lids Clubhouse businesses, consisting of sports-oriented fan shops featuring a broad array of licensed merchandise such as apparel, hats and accessories, sports decor and novelty products, operating under various trade names; licensed team merchandise departments in Macy's department stores operated under the name of Locker Room by Lids and on macys.com, under a license agreement with Macy's; certain e-commerce operations including lids.com, lids.ca, lidslockerroom.com and lidsclubhouse.com; and an athletic team dealer business operating as Lids Team Sports. Including both the footwear businesses and the Lids Sports Group business, at February 1, 2014, the Company operated 2,568 retail stores in the U.S., Puerto Rico, Canada, the United Kingdom and the Republic of Ireland. | ||||||||||||||||
During Fiscal 2014, the Company operated five reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys, Journeys Kidz, Shi by Journeys and Underground by Journeys retail footwear chains, catalog and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Lids Sports Group, comprised as described in the preceding paragraph; (iv) Johnston & Murphy Group, comprised of Johnston & Murphy retail operations, catalog and e-commerce operations and wholesale distribution of products under the Johnston & Murphy and Trask brands; and (v) Licensed Brands, comprised of Dockers® Footwear, sourced and marketed under a license from Levi Strauss & Company; SureGrip®Footwear, occupational footwear primarily sold directly to consumers; and other brands. | ||||||||||||||||
Principles of Consolidation | ' | |||||||||||||||
Principles of Consolidation | ||||||||||||||||
All subsidiaries are consolidated in the consolidated financial statements. All significant intercompany transactions and accounts have been eliminated. | ||||||||||||||||
Fiscal Year | ' | |||||||||||||||
Fiscal Year | ||||||||||||||||
The Company’s fiscal year ends on the Saturday closest to January 31. As a result, Fiscal 2014 was a 52-week year with 364 days, Fiscal 2013 was a 53-week year with 371 days and Fiscal 2012 was a 52-week year with 364 days. Fiscal 2014 ended on February 1, 2014, Fiscal 2013 ended on February 2, 2013 and Fiscal 2012 ended on January 28, 2012. | ||||||||||||||||
Use of Estimates | ' | |||||||||||||||
Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||
Significant areas requiring management estimates or judgments include the following key financial areas: | ||||||||||||||||
Inventory Valuation | ||||||||||||||||
The Company values its inventories at the lower of cost or market. | ||||||||||||||||
In its footwear wholesale operations, its Schuh Group segment and its Lids Sports Group wholesale operations, except for the Anaconda Sports wholesale division, cost is determined using the FIFO method. Market value is determined using a system of analysis which evaluates inventory at the stock number level based on factors such as inventory turn, average selling price, inventory level, and selling prices reflected in future orders. The Company provides reserves when the inventory has not been marked down to market value based on current selling prices or when the inventory is not turning and is not expected to turn at levels satisfactory to the Company. | ||||||||||||||||
The Lids Sports Group retail segment and its Anaconda Sports wholesale division employ the moving average cost method for valuing inventories and apply freight using an allocation method. The Company provides a valuation allowance for slow-moving inventory based on negative margins and estimated shrink based on historical experience and specific analysis, where appropriate. | ||||||||||||||||
In its retail operations, other than the Schuh Group and Lids Sports Group retail segments, the Company employs the retail inventory method, applying average cost-to-retail ratios to the retail value of inventories. Under the retail inventory method, valuing inventory at the lower of cost or market is achieved as markdowns are taken or accrued as a reduction of the retail value of inventories. | ||||||||||||||||
Inherent in the retail inventory method are subjective judgments and estimates, including merchandise mark-on, markups, markdowns, and shrinkage. These judgments and estimates, coupled with the | ||||||||||||||||
fact that the retail inventory method is an averaging process, could produce a range of cost figures. To reduce the risk of inaccuracy and to ensure consistent presentation, the Company employs the retail inventory method in multiple subclasses of inventory with similar gross margins, and analyzes markdown requirements at the stock number level based on factors such as inventory turn, average selling price, and inventory age. In addition, the Company accrues markdowns as necessary. These additional markdown accruals reflect all of the above factors as well as current agreements to return | ||||||||||||||||
products to vendors and vendor agreements to provide markdown support. In addition to markdown provisions, the Company maintains provisions for shrinkage and damaged goods based on historical rates. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
Inherent in the analysis of both wholesale and retail inventory valuation are subjective judgments about current market conditions, fashion trends, and overall economic conditions. Failure to make appropriate conclusions regarding these factors may result in an overstatement or understatement of inventory value. | ||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||
The Company periodically assesses the realizability of its long-lived assets, other than goodwill, and evaluates such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount. Inherent in the analysis of impairment are subjective judgments about future cash flows. Failure to make appropriate conclusions regarding these judgments may result in an overstatement or understatement of the value of long-lived assets. See also Notes 3 and 5. | ||||||||||||||||
The goodwill impairment test involves performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, a two-step impairment test will not be performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step impairment test is performed. Alternatively, the Company may elect to bypass the qualitative assessment and proceed directly to the two-step impairment test, on a reporting unit level. The first step is a comparison of the fair value and carrying value of the business unit with which the goodwill is associated. The Company estimates fair value using the best information available, and computes the fair value derived by an income approach utilizing discounted cash flow projections. The income approach uses a projection of a reporting unit’s estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. A key assumption in the Company’s fair value estimate is the weighted average cost of capital utilized for discounting its cash flow projections in its income approach. The Company believes the rate it used in its latest annual test, which was completed in the fourth quarter, was consistent with the risks inherent in its business and with industry discount rates. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. | ||||||||||||||||
Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. | ||||||||||||||||
If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting | ||||||||||||||||
unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
Specifically, the Company would allocate the fair value of the reporting unit to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that would calculate the implied fair value of goodwill. If the implied fair value of goodwill is less than the recorded goodwill, the Company would record an impairment charge for the difference. | ||||||||||||||||
Environmental and Other Contingencies | ||||||||||||||||
The Company is subject to certain loss contingencies related to environmental proceedings and other legal matters. The Company has made pretax accruals for certain of these contingencies, including approximately $0.5 million in Fiscal 2014, $0.8 million in Fiscal 2013 and $1.8 million in Fiscal 2012. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations because they relate to former facilities operated by the Company. The Company monitors these matters on an ongoing basis and, on a quarterly basis, management reviews the Company’s reserves and accruals, adjusting provisions as management deems necessary in view of changes in available information. Changes in estimates of liability are reported in the periods when they occur. Consequently, management believes that its reserve in relation to each proceeding is a best estimate of probable loss connected to the proceeding, or in cases in which no best estimate is possible, the minimum amount in the range of estimated losses, based upon its analysis of the facts and circumstances as of the close of the most recent fiscal quarter. However, because of uncertainties and risks inherent in litigation generally and in environmental proceedings in particular, there can be no assurance that future developments will not require additional reserves, that some or all reserves will be adequate or that the amounts of any such additional reserves or any such inadequacy will not have a material adverse effect upon the Company’s financial condition, cash flows, or results of operations. See also Notes 3 and 13. | ||||||||||||||||
Revenue Recognition | ||||||||||||||||
Retail sales are recorded at the point of sale and are net of estimated returns and exclude sales and value added taxes. Catalog and internet sales are recorded at estimated time of delivery to the customer and are net of estimated returns and exclude sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Shipping and handling costs charged to customers are included in net sales. Estimated returns are based on historical returns and claims. Actual amounts of markdowns have not differed materially from estimates. Actual returns and claims in any future period may differ from historical experience. | ||||||||||||||||
Income Taxes | ||||||||||||||||
As part of the process of preparing the Consolidated Financial Statements, the Company is required to estimate its income taxes in each of the tax jurisdictions in which it operates. This process involves estimating actual current tax obligations together with assessing temporary differences resulting from differing treatment of certain items for tax and accounting purposes, such as depreciation of property and equipment and valuation of inventories. These temporary differences result in deferred tax assets and liabilities, which are included within the Consolidated Balance Sheets. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income or other sources. Actual results could differ from this assessment if adequate taxable income is not | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
generated in future periods. To the extent the Company believes that recovery of an asset is at risk, valuation allowances are established. To the extent valuation allowances are established or increased in a period, the Company includes an expense within the tax provision in the Consolidated Statements of Operations. These deferred tax valuation allowances may be released in future years when management considers that it is more likely than not that some portion or all of the deferred tax assets will be realized. In making such a determination, management will need to periodically evaluate whether or not all available evidence, such as future taxable income and reversal of temporary differences, tax planning strategies, and recent results of operations, provides sufficient positive evidence to offset any potential negative evidence that may exist at such time. In the event the deferred tax valuation allowance is released, the Company would record an income tax benefit for the portion or all of the deferred tax valuation allowance released. At February 1, 2014, the Company had a deferred tax valuation allowance of $3.8 million. | ||||||||||||||||
Income tax reserves for uncertain tax positions are determined using the methodology required by the Income Tax Topic of the Accounting Standards Codification ("Codification"). This methodology requires companies to assess each income tax position taken using a two step process. A determination is first made as to whether it is more likely than not that the position will be sustained, based upon the technical merits, upon examination by the taxing authorities. If the tax position is expected to meet the more likely than not criteria, the benefit recorded for the tax position equals the largest amount that is greater than 50% likely to be realized upon ultimate settlement of the respective tax position. Uncertain tax positions require determinations and estimated liabilities to be made based on provisions of the tax law which may be subject to change or varying interpretation. If the Company’s determinations and estimates prove to be inaccurate, the resulting adjustments could be material to its future financial results. | ||||||||||||||||
The Company recorded an effective income tax rate of 41.5% for Fiscal 2014 compared to 31.5% for Fiscal 2013 and 40.2% for Fiscal 2012. The tax rate for Fiscal 2013 was lower compared to Fiscal 2014 and Fiscal 2012 primarily due to the reversal of previously recorded charges related to uncertain tax positions due to the expiration of the applicable statutes of limitations and a settlement with a state tax authority more favorable than anticipated related to other uncertain tax positions. | ||||||||||||||||
Postretirement Benefits Plan Accounting | ||||||||||||||||
Full-time employees who had at least 1,000 hours of service in calendar year 2004, except employees in the Lids Sports Group and Schuh Group segments, are covered by a defined benefit pension plan. The Company froze the defined benefit pension plan effective January 1, 2005. The Company also provides certain former employees with limited medical and life insurance benefits. The Company funds at least the minimum amount required by the Employee Retirement Income Security Act. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
As required by the Compensation – Retirement Benefits Topic of the Codification, the Company is required to recognize the overfunded or underfunded status of postretirement benefit plans as an asset or liability, respectively, in their Consolidated Balance Sheets and to recognize changes in that funded status in accumulated other comprehensive loss, net of tax, in the year in which the changes occur. | ||||||||||||||||
The Company accounts for the defined benefit pension plans using the Compensation-Retirement Benefits Topic of the Codification. As permitted under this topic, pension expense is recognized on an accrual basis over employees’ approximate service periods. The calculation of pension expense | ||||||||||||||||
and the corresponding liability requires the use of a number of critical assumptions, including the expected long-term rate of return on plan assets and the assumed discount rate, as well as the recognition of actuarial gains and losses. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions. | ||||||||||||||||
Inventory Valuation | ' | |||||||||||||||
Inventory Valuation | ||||||||||||||||
The Company values its inventories at the lower of cost or market. | ||||||||||||||||
In its footwear wholesale operations, its Schuh Group segment and its Lids Sports Group wholesale operations, except for the Anaconda Sports wholesale division, cost is determined using the FIFO method. Market value is determined using a system of analysis which evaluates inventory at the stock number level based on factors such as inventory turn, average selling price, inventory level, and selling prices reflected in future orders. The Company provides reserves when the inventory has not been marked down to market value based on current selling prices or when the inventory is not turning and is not expected to turn at levels satisfactory to the Company. | ||||||||||||||||
The Lids Sports Group retail segment and its Anaconda Sports wholesale division employ the moving average cost method for valuing inventories and apply freight using an allocation method. The Company provides a valuation allowance for slow-moving inventory based on negative margins and estimated shrink based on historical experience and specific analysis, where appropriate. | ||||||||||||||||
In its retail operations, other than the Schuh Group and Lids Sports Group retail segments, the Company employs the retail inventory method, applying average cost-to-retail ratios to the retail value of inventories. Under the retail inventory method, valuing inventory at the lower of cost or market is achieved as markdowns are taken or accrued as a reduction of the retail value of inventories. | ||||||||||||||||
Inherent in the retail inventory method are subjective judgments and estimates, including merchandise mark-on, markups, markdowns, and shrinkage. These judgments and estimates, coupled with the | ||||||||||||||||
fact that the retail inventory method is an averaging process, could produce a range of cost figures. To reduce the risk of inaccuracy and to ensure consistent presentation, the Company employs the retail inventory method in multiple subclasses of inventory with similar gross margins, and analyzes markdown requirements at the stock number level based on factors such as inventory turn, average selling price, and inventory age. In addition, the Company accrues markdowns as necessary. These additional markdown accruals reflect all of the above factors as well as current agreements to return | ||||||||||||||||
products to vendors and vendor agreements to provide markdown support. In addition to markdown provisions, the Company maintains provisions for shrinkage and damaged goods based on historical rates. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
Inherent in the analysis of both wholesale and retail inventory valuation are subjective judgments about current market conditions, fashion trends, and overall economic conditions. Failure to make appropriate conclusions regarding these factors may result in an overstatement or understatement of inventory value. | ||||||||||||||||
Impairment of Long-Lived Assets | ' | |||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||
The Company periodically assesses the realizability of its long-lived assets, other than goodwill, and evaluates such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future cash flows, undiscounted and without interest charges, are less than the carrying amount. Inherent in the analysis of impairment are subjective judgments about future cash flows. Failure to make appropriate conclusions regarding these judgments may result in an overstatement or understatement of the value of long-lived assets. See also Notes 3 and 5. | ||||||||||||||||
The goodwill impairment test involves performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, a two-step impairment test will not be performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step impairment test is performed. Alternatively, the Company may elect to bypass the qualitative assessment and proceed directly to the two-step impairment test, on a reporting unit level. The first step is a comparison of the fair value and carrying value of the business unit with which the goodwill is associated. The Company estimates fair value using the best information available, and computes the fair value derived by an income approach utilizing discounted cash flow projections. The income approach uses a projection of a reporting unit’s estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. A key assumption in the Company’s fair value estimate is the weighted average cost of capital utilized for discounting its cash flow projections in its income approach. The Company believes the rate it used in its latest annual test, which was completed in the fourth quarter, was consistent with the risks inherent in its business and with industry discount rates. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. | ||||||||||||||||
Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. | ||||||||||||||||
If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting | ||||||||||||||||
unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
Specifically, the Company would allocate the fair value of the reporting unit to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that would calculate the implied fair value of goodwill. If the implied fair value of goodwill is less than the recorded goodwill, the Company would record an impairment charge for the difference. | ||||||||||||||||
Environmental and Other Contingencies | ' | |||||||||||||||
Environmental and Other Contingencies | ||||||||||||||||
The Company is subject to certain loss contingencies related to environmental proceedings and other legal matters. The Company has made pretax accruals for certain of these contingencies, including approximately $0.5 million in Fiscal 2014, $0.8 million in Fiscal 2013 and $1.8 million in Fiscal 2012. These charges are included in provision for discontinued operations, net in the Consolidated Statements of Operations because they relate to former facilities operated by the Company. The Company monitors these matters on an ongoing basis and, on a quarterly basis, management reviews the Company’s reserves and accruals, adjusting provisions as management deems necessary in view of changes in available information. Changes in estimates of liability are reported in the periods when they occur. Consequently, management believes that its reserve in relation to each proceeding is a best estimate of probable loss connected to the proceeding, or in cases in which no best estimate is possible, the minimum amount in the range of estimated losses, based upon its analysis of the facts and circumstances as of the close of the most recent fiscal quarter. However, because of uncertainties and risks inherent in litigation generally and in environmental proceedings in particular, there can be no assurance that future developments will not require additional reserves, that some or all reserves will be adequate or that the amounts of any such additional reserves or any such inadequacy will not have a material adverse effect upon the Company’s financial condition, cash flows, or results of operations. | ||||||||||||||||
Revenue Recognition | ' | |||||||||||||||
Revenue Recognition | ||||||||||||||||
Retail sales are recorded at the point of sale and are net of estimated returns and exclude sales and value added taxes. Catalog and internet sales are recorded at estimated time of delivery to the customer and are net of estimated returns and exclude sales and value added taxes. Wholesale revenue is recorded net of estimated returns and allowances for markdowns, damages and miscellaneous claims when the related goods have been shipped and legal title has passed to the customer. Shipping and handling costs charged to customers are included in net sales. Estimated returns are based on historical returns and claims. Actual amounts of markdowns have not differed materially from estimates. Actual returns and claims in any future period may differ from historical experience. | ||||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
As part of the process of preparing the Consolidated Financial Statements, the Company is required to estimate its income taxes in each of the tax jurisdictions in which it operates. This process involves estimating actual current tax obligations together with assessing temporary differences resulting from differing treatment of certain items for tax and accounting purposes, such as depreciation of property and equipment and valuation of inventories. These temporary differences result in deferred tax assets and liabilities, which are included within the Consolidated Balance Sheets. The Company then assesses the likelihood that its deferred tax assets will be recovered from future taxable income or other sources. Actual results could differ from this assessment if adequate taxable income is not | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
generated in future periods. To the extent the Company believes that recovery of an asset is at risk, valuation allowances are established. To the extent valuation allowances are established or increased in a period, the Company includes an expense within the tax provision in the Consolidated Statements of Operations. These deferred tax valuation allowances may be released in future years when management considers that it is more likely than not that some portion or all of the deferred tax assets will be realized. In making such a determination, management will need to periodically evaluate whether or not all available evidence, such as future taxable income and reversal of temporary differences, tax planning strategies, and recent results of operations, provides sufficient positive evidence to offset any potential negative evidence that may exist at such time. In the event the deferred tax valuation allowance is released, the Company would record an income tax benefit for the portion or all of the deferred tax valuation allowance released. At February 1, 2014, the Company had a deferred tax valuation allowance of $3.8 million. | ||||||||||||||||
Income tax reserves for uncertain tax positions are determined using the methodology required by the Income Tax Topic of the Accounting Standards Codification ("Codification"). This methodology requires companies to assess each income tax position taken using a two step process. A determination is first made as to whether it is more likely than not that the position will be sustained, based upon the technical merits, upon examination by the taxing authorities. If the tax position is expected to meet the more likely than not criteria, the benefit recorded for the tax position equals the largest amount that is greater than 50% likely to be realized upon ultimate settlement of the respective tax position. Uncertain tax positions require determinations and estimated liabilities to be made based on provisions of the tax law which may be subject to change or varying interpretation. If the Company’s determinations and estimates prove to be inaccurate, the resulting adjustments could be material to its future financial results. | ||||||||||||||||
The Company recorded an effective income tax rate of 41.5% for Fiscal 2014 compared to 31.5% for Fiscal 2013 and 40.2% for Fiscal 2012. The tax rate for Fiscal 2013 was lower compared to Fiscal 2014 and Fiscal 2012 primarily due to the reversal of previously recorded charges related to uncertain tax positions due to the expiration of the applicable statutes of limitations and a settlement with a state tax authority more favorable than anticipated related to other uncertain tax positions. | ||||||||||||||||
Postretirement Benefits Plan Accounting | ' | |||||||||||||||
Postretirement Benefits Plan Accounting | ||||||||||||||||
Full-time employees who had at least 1,000 hours of service in calendar year 2004, except employees in the Lids Sports Group and Schuh Group segments, are covered by a defined benefit pension plan. The Company froze the defined benefit pension plan effective January 1, 2005. The Company also provides certain former employees with limited medical and life insurance benefits. The Company funds at least the minimum amount required by the Employee Retirement Income Security Act. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
As required by the Compensation – Retirement Benefits Topic of the Codification, the Company is required to recognize the overfunded or underfunded status of postretirement benefit plans as an asset or liability, respectively, in their Consolidated Balance Sheets and to recognize changes in that funded status in accumulated other comprehensive loss, net of tax, in the year in which the changes occur. | ||||||||||||||||
The Company accounts for the defined benefit pension plans using the Compensation-Retirement Benefits Topic of the Codification. As permitted under this topic, pension expense is recognized on an accrual basis over employees’ approximate service periods. The calculation of pension expense | ||||||||||||||||
and the corresponding liability requires the use of a number of critical assumptions, including the expected long-term rate of return on plan assets and the assumed discount rate, as well as the recognition of actuarial gains and losses. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions. | ||||||||||||||||
Cash and Cash Equivalents | ' | |||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
The Company had total available cash and cash equivalents of $59.4 million and $59.8 million as of February 1, 2014 and February 2, 2013, respectively. Included in cash and cash equivalents at February 1, 2014 and February 2, 2013 are cash equivalents of $0.0 million and $0.2 million, respectively. Cash equivalents are highly-liquid financial instruments having an original maturity of three months or less. | ||||||||||||||||
At February 1, 2014, substantially all of the Company’s domestic cash was invested in deposit accounts at FDIC-insured banks. The majority of payments due from banks for domestic customer credit card transactions process within 24 - 48 hours and are accordingly classified as cash and cash equivalents in the Consolidated Balance Sheets. | ||||||||||||||||
At February 1, 2014 and February 2, 2013, outstanding checks drawn on zero-balance accounts at certain domestic banks exceeded book cash balances at those banks by approximately $42.1 million and $36.1 million, respectively. These amounts are included in accounts payable in the Consolidated Balance Sheets. | ||||||||||||||||
Concentration of Credit Risk and Allowances on Accounts Receivable | ' | |||||||||||||||
Concentration of Credit Risk and Allowances on Accounts Receivable | ||||||||||||||||
The Company’s footwear wholesale businesses sell primarily to independent retailers and department stores across the United States. Receivables arising from these sales are not collateralized. Customer credit risk is affected by conditions or occurrences within the economy and the retail industry as well as by customer specific factors. The Company’s Lids Team Sports wholesale business sells primarily to colleges and high school athletic teams and their fan bases. Including both footwear wholesale and Lids Team Sports wholesale businesses, three customers each accounted for 5% of the Company’s total trade receivables balance, while no other customer accounted for more than 4% of the Company’s total trade receivables balance as of February 1, 2014. | ||||||||||||||||
The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information, as well as customer specific factors. The Company also establishes allowances for sales returns, customer deductions and co-op advertising based on specific circumstances, historical trends and projected probable outcomes. | ||||||||||||||||
Property and Equipment | ' | |||||||||||||||
Property and Equipment | ||||||||||||||||
Property and equipment are recorded at cost and depreciated or amortized over the estimated useful life of related assets. Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives: | ||||||||||||||||
Buildings and building equipment | 20-45 years | |||||||||||||||
Computer hardware, software and equipment | 3-10 years | |||||||||||||||
Furniture and fixtures | 10 years | |||||||||||||||
Leases | ' | |||||||||||||||
Leases | ||||||||||||||||
Leasehold improvements and properties under capital leases are amortized on the straight-line method over the shorter of their useful lives or their related lease terms and the charge to earnings is included in selling and administrative expenses in the Consolidated Statements of Operations. | ||||||||||||||||
Certain leases include rent increases during the initial lease term. For these leases, the Company recognizes the related rental expense on a straight-line basis over the term of the lease (which | ||||||||||||||||
includes any rent holidays and the pre-opening period of construction, renovation, fixturing and merchandise placement) and records the difference between the amounts charged to operations and amounts paid as deferred rent. | ||||||||||||||||
The Company occasionally receives reimbursements from landlords to be used towards construction of the store the Company intends to lease. Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are amortized as a reduction of rent expense over the initial lease term. | ||||||||||||||||
Goodwill and Other Intangibles | ' | |||||||||||||||
Goodwill and Other Intangibles | ||||||||||||||||
Under the provisions of the Intangibles – Goodwill and Other Topic of the Codification, goodwill and intangible assets with indefinite lives are not amortized, but are tested at least annually, during the fourth quarter, for impairment. The Company will update the tests between annual tests if events or | ||||||||||||||||
circumstances occur that would more likely than not reduce the fair value of the business unit with which the goodwill is associated below its carrying amount. It is also required that intangible assets with finite lives be amortized over their respective lives to their estimated residual values, and reviewed for impairment in accordance with the Property, Plant and Equipment Topic of the Codification. | ||||||||||||||||
Intangible assets of the Company with indefinite lives are primarily goodwill and identifiable trademarks, net of amortization, acquired in connection with the acquisition of Schuh Group Ltd. in | ||||||||||||||||
June 2011 and Hat World Corporation in April 2004. The Consolidated Balance Sheets include goodwill of $182.4 million for the Lids Sports Group, $104.9 million for the Schuh Group and $0.8 million for Licensed Brands at February 1, 2014, and $172.3 million for the Lids Sports Group, $100.7 million for the Schuh Group and $0.8 million for Licensed Brands at February 2, 2013. The Company tests for impairment of intangible assets with an indefinite life, relying on a number of factors including operating results, business plans, projected future cash flows and observable market data. The impairment test for identifiable assets not subject to amortization consists of a comparison of the fair value of the | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
intangible asset with its carrying amount. The Company has not recorded an impairment charge for intangible assets. | ||||||||||||||||
In connection with acquisitions, the Company records goodwill on its Consolidated Financial Statements. This asset is not amortized but is subject to an impairment test at least annually, based on projected future cash flows from the acquired business discounted at a rate commensurate with the risk the Company considers to be inherent in its current business model. The Company performs the impairment test annually as of the close of its fiscal year, or more frequently if events or circumstances indicate that the value of the asset might be impaired. | ||||||||||||||||
As a result of the various acquisitions comprising the Lids Team Sports team dealer business, the Company carries goodwill at a value of $14.2 million on its Consolidated Balance Sheets related to such acquisitions. The Company found that the result of its annual impairment test, which valued the business at approximately $3.9 million in excess of its carrying value, indicated no impairment at that time. The Company may determine in future impairment tests that some or all of the carrying value of the goodwill may not be recoverable. Such a finding would require a write-off of the amount of the carrying value that is impaired, which would reduce the Company's profitability in the period of the impairment charge. Holding all other assumptions constant as of the measurement date, the Company noted that an increase in the weighted average cost of capital of 100 basis points would reduce the fair value of the Lids Team Sports business by $5.9 million. Furthermore, the Company noted that a decrease in projected annual revenue by one percent would reduce the fair value of the Lids Team Sports business by $0.4 million. However, if other assumptions do not remain constant, the fair value of the Lids Team Sports business may decrease by a greater amount. | ||||||||||||||||
Identifiable intangible assets of the Company with finite lives are trademarks, customer lists, in-place leases, non-compete agreements and a vendor contract. They are subject to amortization based upon | ||||||||||||||||
their estimated useful lives. Finite-lived intangible assets are evaluated for impairment using a process similar to that used to evaluate other definite-lived long-lived assets, a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount | ||||||||||||||||
by which the carrying value exceeds the fair value of the asset. | ||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The carrying amounts and fair values of the Company’s financial instruments at February 1, 2014 and February 2, 2013 are: | ||||||||||||||||
In thousands | February 1, | 2-Feb-13 | ||||||||||||||
2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
U.S. Revolver Borrowings | $ | — | $ | — | $ | 27,700 | $ | 27,742 | ||||||||
UK Term Loans | 33,730 | 33,840 | 22,982 | 22,982 | ||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
Debt fair values were determined using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments and would be classified in Level 2 as defined in Note 5. | ||||||||||||||||
Carrying amounts reported on the Consolidated Balance Sheets for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these instruments. | ||||||||||||||||
Cost of Sales | ' | |||||||||||||||
Cost of Sales | ||||||||||||||||
For the Company’s retail operations, the cost of sales includes actual product cost, the cost of transportation to the Company’s warehouses from suppliers and the cost of transportation from the Company’s warehouses to the stores. Additionally, the cost of its distribution facilities allocated to its retail operations is included in cost of sales. | ||||||||||||||||
For the Company’s wholesale operations, the cost of sales includes the actual product cost and the cost of transportation to the Company’s warehouses from suppliers. | ||||||||||||||||
Selling and Administrative Expenses | ' | |||||||||||||||
Selling and Administrative Expenses | ||||||||||||||||
Selling and administrative expenses include all operating costs of the Company excluding (i) those related to the transportation of products from the supplier to the warehouse, (ii) for its retail operations, those related to the transportation of products from the warehouse to the store and (iii) costs of its distribution facilities which are allocated to its retail operations. Wholesale and unallocated retail costs of distribution are included in selling and administrative expenses in the amounts of $8.7 million, $8.2 million and $9.2 million for Fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||
Gift Cards | ' | |||||||||||||||
Gift Cards | ||||||||||||||||
The Company has a gift card program that began in calendar 1999 for its Lids Sports operations and calendar 2000 for its footwear operations. The gift cards issued to date do not expire. As such, the Company recognizes income when: (i) the gift card is redeemed by the customer; or (ii) the likelihood of the gift card being redeemed by the customer for the purchase of goods in the future is remote and there are no related escheat laws (referred to as “breakage”). The gift card breakage rate is based | ||||||||||||||||
upon historical redemption patterns and income is recognized for unredeemed gift cards in proportion to those historical redemption patterns. | ||||||||||||||||
Gift card breakage is recognized in revenues each period. Gift card breakage recognized as revenue was $0.8 million, $0.7 million and $0.6 million for Fiscal 2014, 2013 and 2012, respectively. The Consolidated Balance Sheets include an accrued liability for gift cards of $14.4 million and $13.1 million at February 1, 2014 and February 2, 2013, respectively. | ||||||||||||||||
Buying, Merchandising and Occupancy Costs | ' | |||||||||||||||
Buying, Merchandising and Occupancy Costs | ||||||||||||||||
The Company records buying, merchandising and occupancy costs in selling and administrative expense. Because the Company does not include these costs in cost of sales, the Company’s gross margin may not be comparable to other retailers that include these costs in the calculation of gross margin. Retail occupancy costs recorded in selling and administrative expense were $381.6 million, $359.3 million and $314.6 million for Fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||
Shipping and Handling Costs | ' | |||||||||||||||
Shipping and Handling Costs | ||||||||||||||||
Shipping and handling costs related to inventory purchased from suppliers are included in the cost of inventory and are charged to cost of sales in the period that the inventory is sold. All other shipping and handling costs are charged to cost of sales in the period incurred except for wholesale and unallocated retail costs of distribution, which are included in selling and administrative expenses on the Consolidated Statements of Operations. | ||||||||||||||||
Preopening Costs | ' | |||||||||||||||
Preopening Costs | ||||||||||||||||
Costs associated with the opening of new stores are expensed as incurred, and are included in selling and administrative expenses on the Consolidated Statements of Operations. | ||||||||||||||||
Store Closings and Exit Costs | ' | |||||||||||||||
Store Closings and Exit Costs | ||||||||||||||||
From time to time, the Company makes strategic decisions to close stores or exit locations or activities. If stores or operating activities to be closed or exited constitute components, as defined by the Property, Plant and Equipment Topic of the Codification, and will not result in a migration of customers and cash flows, these closures will be considered discontinued operations when the related assets meet the criteria to be classified as held for sale, or at the cease-use date, whichever occurs first. The results of operations of discontinued operations are presented retroactively, net of tax, as a separate component on the Consolidated Statements of Operations, if material individually or cumulatively. In each of the years presented, no store closings meeting the discontinued operations criteria have been material individually or cumulatively. | ||||||||||||||||
Assets related to planned store closures or other exit activities are reflected as assets held for sale and recorded at the lower of carrying value or fair value less costs to sell when the required criteria, as | ||||||||||||||||
defined by the Property, Plant and Equipment Topic of the Codification, are satisfied. Depreciation ceases on the date that the held for sale criteria are met. | ||||||||||||||||
Assets related to planned store closures or other exit activities that do not meet the criteria to be classified as held for sale are evaluated for impairment in accordance with the Company’s normal impairment policy, but with consideration given to revised estimates of future cash flows. In any event, the remaining depreciable useful lives are evaluated and adjusted as necessary. | ||||||||||||||||
Exit costs related to anticipated lease termination costs, severance benefits and other expected charges are accrued for and recognized in accordance with the Exit or Disposal Cost Obligations Topic of the Codification. | ||||||||||||||||
Advertising Costs | ' | |||||||||||||||
Advertising Costs | ||||||||||||||||
Advertising costs are predominantly expensed as incurred. Advertising costs were $56.9 million, $48.3 million and $42.5 million for Fiscal 2014, 2013 and 2012, respectively. Direct response advertising costs for catalogs are capitalized in accordance with the Other Assets and Deferred Costs Topic for Capitalized Advertising Costs of the Codification. Such costs are amortized over the estimated future period as revenues are realized from such advertising, not to exceed six months. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
The Consolidated Balance Sheets include prepaid assets for direct response advertising costs of $2.3 million and $1.4 million at February 1, 2014 and February 2, 2013. | ||||||||||||||||
Consideration to Resellers | ' | |||||||||||||||
Consideration to Resellers | ||||||||||||||||
In its wholesale businesses, the Company does not have any written buy-down programs with retailers, but the Company has provided certain retailers with markdown allowances for obsolete and slow moving products that are in the retailer’s inventory. The Company estimates these allowances and provides for them as reductions to revenues at the time revenues are recorded. Markdowns are negotiated with retailers and changes are made to the estimates as agreements are reached. Actual amounts for markdowns have not differed materially from estimates. | ||||||||||||||||
Cooperative Advertising | ' | |||||||||||||||
Cooperative Advertising | ||||||||||||||||
Cooperative advertising funds are made available to most of the Company’s wholesale footwear customers. In order for retailers to receive reimbursement under such programs, the retailer must meet specified advertising guidelines and provide appropriate documentation of expenses to be reimbursed. The Company’s cooperative advertising agreements require that wholesale customers present documentation or other evidence of specific advertisements or display materials used for the Company’s products by submitting the actual print advertisements presented in catalogs, newspaper inserts or other advertising circulars, or by permitting physical inspection of displays. Additionally, the Company’s cooperative advertising agreements require that the amount of reimbursement requested for such advertising or materials be supported by invoices or other evidence of the actual costs incurred by the retailer. The Company accounts for these cooperative advertising costs as selling and administrative | ||||||||||||||||
expenses, in accordance with the Revenue Recognition Topic for Customer Payments and Incentives of the Codification. | ||||||||||||||||
Cooperative advertising costs recognized in selling and administrative expenses were $3.2 million, $3.5 million and $3.3 million for Fiscal 2014, 2013 and 2012, respectively. During Fiscal 2014, 2013 and 2012, the Company’s cooperative advertising reimbursements paid did not exceed the fair value of the benefits received under those agreements. | ||||||||||||||||
Vendor Allowances | ' | |||||||||||||||
Vendor Allowances | ||||||||||||||||
From time to time, the Company negotiates allowances from its vendors for markdowns taken or expected to be taken. These markdowns are typically negotiated on specific merchandise and for specific amounts. These specific allowances are recognized as a reduction in cost of sales in the | ||||||||||||||||
period in which the markdowns are taken. Markdown allowances not attached to specific inventory on hand or already sold are applied to concurrent or future purchases from each respective vendor. | ||||||||||||||||
The Company receives support from some of its vendors in the form of reimbursements for cooperative advertising and catalog costs for the launch and promotion of certain products. The reimbursements are agreed upon with vendors and represent specific, incremental, identifiable costs incurred by the Company in selling the vendor’s specific products. Such costs and the related reimbursements are accumulated and monitored on an individual vendor basis, pursuant to the respective cooperative advertising agreements with vendors. Such cooperative advertising reimbursements are recorded as a reduction of selling and administrative expenses in the same period in which the associated expense is | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
incurred. If the amount of cash consideration received exceeds the costs being reimbursed, such excess amount would be recorded as a reduction of cost of sales. | ||||||||||||||||
Vendor reimbursements of cooperative advertising costs recognized as a reduction of selling and administrative expenses were $2.8 million, $3.8 million and $3.0 million for Fiscal 2014, 2013 and 2012, respectively. During Fiscal 2014, 2013 and 2012, the Company’s cooperative advertising reimbursements received were not in excess of the costs incurred. | ||||||||||||||||
Environmental Costs | ' | |||||||||||||||
Environmental Costs | ||||||||||||||||
Environmental expenditures relating to current operations are expensed or capitalized as appropriate. Expenditures relating to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated and are evaluated independently of any future claims for recovery. Generally, the timing of these accruals coincides with completion of a feasibility study or the Company's commitment to a formal plan of action. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. | ||||||||||||||||
Earnings Per Common Share | ' | |||||||||||||||
Earnings Per Common Share | ||||||||||||||||
Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted | ||||||||||||||||
earnings per share reflects the potential dilution that could occur if securities to issue common stock were exercised or converted to common stock (see Note 11). | ||||||||||||||||
Share-Based Compensation | ' | |||||||||||||||
Share-Based Compensation | ||||||||||||||||
The Company has share-based compensation covering certain members of management and non-employee directors. The Company recognizes compensation expense for share-based payments based on the fair value of the awards as required by the Compensation - Stock Compensation Topic of the Codification. The Company has not granted any stock options since the first quarter of Fiscal 2008. The fair value of employee restricted stock is determined based on the closing price of the Company's stock on the date of grant. The benefits of tax deductions in excess or recognized compensation expense are reported as a financing cash flow (see Note 12). | ||||||||||||||||
Other Comprehensive Income | ' | |||||||||||||||
Other Comprehensive Income | ||||||||||||||||
The Comprehensive Income Topic of the Codification requires, among other things, the Company’s pension liability adjustment, postretirement liability adjustment, unrealized gains or losses on foreign currency forward contracts and foreign currency translation adjustments to be included in other comprehensive income net of tax. Accumulated other comprehensive loss at February 1, 2014 consisted | ||||||||||||||||
of $16.5 million of cumulative pension liability adjustment, net of tax, a cumulative post retirement liability adjustment of $0.9 million, net of tax, offset by a cumulative foreign currency translation adjustment of $0.6 million. | ||||||||||||||||
Note 1 | ||||||||||||||||
Summary of Significant Accounting Policies, Continued | ||||||||||||||||
The following table summarizes the components of accumulated other comprehensive loss for the year ended February 1, 2014: | ||||||||||||||||
Foreign Currency Translation | Unrecognized Pension/Postretirement Benefit Costs | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
(In thousands) | ||||||||||||||||
Balance February 2, 2013 | $ | (1,931 | ) | $ | (26,310 | ) | $ | (28,241 | ) | |||||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||
Foreign currency translation adjustment | 2,506 | — | 2,506 | |||||||||||||
Net actuarial gain | — | 8,581 | 8,581 | |||||||||||||
Amounts reclassified from AOCI: | ||||||||||||||||
Amortization of net actuarial loss (1) | — | 6,257 | 6,257 | |||||||||||||
Amortization reclassified from AOCI, before tax | — | 6,257 | 6,257 | |||||||||||||
Income tax expense | — | 5,870 | 5,870 | |||||||||||||
Current period other comprehensive income, net of tax | 2,506 | 8,968 | 11,474 | |||||||||||||
Balance February 1, 2014 | $ | 575 | $ | (17,342 | ) | $ | (16,767 | ) | ||||||||
(1) Amount is included in net periodic benefit cost, which is recorded in selling and administrative expense on the Consolidated Statements of Operations. | ||||||||||||||||
Business Segments | ' | |||||||||||||||
Business Segments | ||||||||||||||||
The Segment Reporting Topic of the Codification requires that companies disclose “operating segments” based on the way management disaggregates the Company’s operations for making internal operating decisions (see Note 14). | ||||||||||||||||
New Accounting Principles | ' | |||||||||||||||
New Accounting Principles | ||||||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“AOCI”), which sets forth additional disclosure requirements for items reclassified out of AOCI and into net income, and is effective for annual and interim reporting periods beginning after December 15, 2012. The Company adopted ASU No. 2013-02 in the first quarter of Fiscal 2014 by presenting amounts reclassified out of AOCI as a separate disclosure | ||||||||||||||||
in Note 1 to the Consolidated Financial Statements. Amounts reclassified out of AOCI were related to amortization of net actuarial loss associated with the Company's pension and postretirement plans. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Property and equipment amortized over the estimated useful life of related assets | ' | |||||||||||||||
Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives: | ||||||||||||||||
Buildings and building equipment | 20-45 years | |||||||||||||||
Computer hardware, software and equipment | 3-10 years | |||||||||||||||
Furniture and fixtures | 10 years | |||||||||||||||
Carrying amounts and fair values of the Company's financial instruments | ' | |||||||||||||||
The carrying amounts and fair values of the Company’s financial instruments at February 1, 2014 and February 2, 2013 are: | ||||||||||||||||
In thousands | February 1, | 2-Feb-13 | ||||||||||||||
2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
U.S. Revolver Borrowings | $ | — | $ | — | $ | 27,700 | $ | 27,742 | ||||||||
UK Term Loans | 33,730 | 33,840 | 22,982 | 22,982 | ||||||||||||
Schedule of accumulated other comprehensive income (loss) | ' | |||||||||||||||
The following table summarizes the components of accumulated other comprehensive loss for the year ended February 1, 2014: | ||||||||||||||||
Foreign Currency Translation | Unrecognized Pension/Postretirement Benefit Costs | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
(In thousands) | ||||||||||||||||
Balance February 2, 2013 | $ | (1,931 | ) | $ | (26,310 | ) | $ | (28,241 | ) | |||||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||
Foreign currency translation adjustment | 2,506 | — | 2,506 | |||||||||||||
Net actuarial gain | — | 8,581 | 8,581 | |||||||||||||
Amounts reclassified from AOCI: | ||||||||||||||||
Amortization of net actuarial loss (1) | — | 6,257 | 6,257 | |||||||||||||
Amortization reclassified from AOCI, before tax | — | 6,257 | 6,257 | |||||||||||||
Income tax expense | — | 5,870 | 5,870 | |||||||||||||
Current period other comprehensive income, net of tax | 2,506 | 8,968 | 11,474 | |||||||||||||
Balance February 1, 2014 | $ | 575 | $ | (17,342 | ) | $ | (16,767 | ) | ||||||||
(1) Amount is included in net periodic benefit cost, which is recorded in selling and administrative expense on the Consolidated Statements of Operations. |
Acquisitions_and_Intangible_As1
Acquisitions and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||
Acquisitions and Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||
Estimated fair values of assets and liabilities at acquisition | ' | ||||||||||||||||||||||||
Accordingly, the total purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair values at acquisition as follows (amounts in thousands): | |||||||||||||||||||||||||
At June 23, 2011 | |||||||||||||||||||||||||
Cash | $ | 24,836 | |||||||||||||||||||||||
Accounts receivable | 4,673 | ||||||||||||||||||||||||
Inventories | 32,179 | ||||||||||||||||||||||||
Other current assets | 7,565 | ||||||||||||||||||||||||
Property and equipment | 30,314 | ||||||||||||||||||||||||
Other non-current assets | 6,977 | ||||||||||||||||||||||||
Deferred taxes | 4,197 | ||||||||||||||||||||||||
Trademarks | 27,224 | ||||||||||||||||||||||||
Other intangibles | 4,995 | ||||||||||||||||||||||||
Goodwill | 102,907 | ||||||||||||||||||||||||
Accounts payable | (16,196 | ) | |||||||||||||||||||||||
Other current liabilities | (24,718 | ) | |||||||||||||||||||||||
Long-term debt (includes current portion) | (62,562 | ) | |||||||||||||||||||||||
Other non-current liabilities | (26,637 | ) | |||||||||||||||||||||||
Net Assets Acquired | $ | 115,754 | |||||||||||||||||||||||
Summary of results of earnings from operations | ' | ||||||||||||||||||||||||
Pro forma earnings for the twelve months ended January 28, 2012 have been adjusted to exclude $7.4 million of costs related to the acquisition. | |||||||||||||||||||||||||
Twelve Months Ended - | |||||||||||||||||||||||||
Pro forma | |||||||||||||||||||||||||
In thousands, except per share data | 28-Jan-12 | ||||||||||||||||||||||||
Net sales | $ | 2,384,267 | |||||||||||||||||||||||
Earnings from continuing operations | 96,845 | ||||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||
Basic | $ | 4.03 | |||||||||||||||||||||||
Diluted | $ | 3.97 | |||||||||||||||||||||||
Other intangible assets by major classes | ' | ||||||||||||||||||||||||
Other intangibles by major classes were as follows: | |||||||||||||||||||||||||
Leases | Customer Lists | Other* | Total | ||||||||||||||||||||||
In thousands | Feb. 1, | Feb. 2, | Feb. 1, | Feb. 2, | Feb. 1, | Feb. 2, | Feb. 1, | Feb. 2, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Gross other intangibles | $ | 13,104 | $ | 12,584 | $ | 14,381 | $ | 14,116 | $ | 2,242 | $ | 2,118 | $ | 29,727 | $ | 28,818 | |||||||||
Accumulated amortization | (11,997 | ) | (10,800 | ) | (7,354 | ) | (5,312 | ) | (1,294 | ) | (1,108 | ) | (20,645 | ) | (17,220 | ) | |||||||||
Net Other Intangibles | $ | 1,107 | $ | 1,784 | $ | 7,027 | $ | 8,804 | $ | 948 | $ | 1,010 | $ | 9,082 | $ | 11,598 | |||||||||
*Includes non-compete agreements, vendor contract and backlog. |
Asset_Impairments_and_Other_Ch1
Asset Impairments and Other Charges and Discontinued Operations (Tables) | 12 Months Ended | |||
Feb. 01, 2014 | ||||
Asset Impairments and Other Charges and Discontinued Operations [Abstract] | ' | |||
Accrued Provision for Discontinued Operations | ' | |||
Accrued Provision for Discontinued Operations | ||||
In thousands | Facility | |||
Shutdown | ||||
Costs | ||||
Balance January 29, 2011 | $ | 15,035 | ||
Additional provision Fiscal 2012 | 1,692 | |||
Charges and adjustments, net | (4,210 | ) | ||
Balance January 28, 2012 | 12,517 | |||
Additional provision Fiscal 2013 | 796 | |||
Charges and adjustments, net | (1,962 | ) | ||
Balance February 2, 2013 | 11,351 | |||
Additional provision Fiscal 2014 | 543 | |||
Charges and adjustments, net | (519 | ) | ||
Balance February 1, 2014* | 11,375 | |||
Current provision for discontinued operations | 7,263 | |||
Total Noncurrent Provision for Discontinued Operations | $ | 4,112 | ||
*Includes a $11.9 million environmental provision, including $7.8 million in current provision for discontinued operations. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
In thousands | February 1, | 2-Feb-13 | ||||||
2014 | ||||||||
Raw materials | $ | 26,115 | $ | 24,223 | ||||
Wholesale finished goods | 64,357 | 57,161 | ||||||
Retail merchandise | 476,789 | 423,960 | ||||||
Total Inventories | $ | 567,261 | 505,344 | |||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Company's assets and liabilities measured at fair value on a nonrecurring basis | ' | |||||||||||||||||||
The following table presents the Company’s assets and liabilities measured at fair value on a nonrecurring basis as of February 1, 2014 aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | ||||||||||||||||||||
Long-Lived Assets | Level 1 | Level 2 | Level 3 | Impairment Charges | ||||||||||||||||
Held and Used | ||||||||||||||||||||
Measured as of May 4, 2013 | $ | 191 | $ | — | $ | — | $ | 191 | $ | 1,208 | ||||||||||
Measured as of August 3, 2013 | 93 | — | — | 93 | 209 | |||||||||||||||
Measured as of November 2, 2013 | 514 | — | — | 514 | 350 | |||||||||||||||
Measured as of February 1, 2014 | 448 | — | — | 448 | 580 | |||||||||||||||
Total Asset Impairment Fiscal 2014 | $ | 2,347 | ||||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
In thousands | February 1, | February 2, | ||||||
2014 | 2013 | |||||||
Revolver borrowings | $ | — | $ | 27,700 | ||||
UK term loans | 33,730 | 22,982 | ||||||
Total long-term debt | 33,730 | 50,682 | ||||||
Current portion | 6,793 | 5,675 | ||||||
Total Noncurrent Portion of Long-Term Debt | $ | 26,937 | $ | 45,007 | ||||
Commitments_Under_LongTerm_Lea1
Commitments Under Long-Term Leases (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Rental expense under operating leases | ' | |||||||||||
Rental expense under operating leases of continuing operations was: | ||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||
Minimum rentals | $ | 227,880 | $ | 215,516 | $ | 192,175 | ||||||
Contingent rentals | 9,667 | 14,786 | 12,918 | |||||||||
Sublease rentals | (663 | ) | (667 | ) | (686 | ) | ||||||
Total Rental Expense | $ | 236,884 | $ | 229,635 | $ | 204,407 | ||||||
Minimum rental commitments payable in future years | ' | |||||||||||
Minimum rental commitments payable in future years are: | ||||||||||||
Fiscal Years | In thousands | |||||||||||
2015 | $ | 235,049 | ||||||||||
2016 | 216,870 | |||||||||||
2017 | 188,714 | |||||||||||
2018 | 157,295 | |||||||||||
2019 | 126,726 | |||||||||||
Later years | 381,825 | |||||||||||
Total Minimum Rental Commitments | $ | 1,306,479 | ||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||
Non redeemable preferred stock | ' | |||||||||||||||||||||||||||
Non-Redeemable Preferred Stock | ||||||||||||||||||||||||||||
Shares | Number of Shares | Amounts in Thousands | Common | No. of | ||||||||||||||||||||||||
Authorized | Convertible | Votes per share | ||||||||||||||||||||||||||
Class (In order of preference)* | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | Ratio | |||||||||||||||||||||
Subordinated Serial Preferred (Cumulative) | ||||||||||||||||||||||||||||
Aggregate | 3,000,000 | ** | — | — | — | — | — | — | N/A | N/A | ||||||||||||||||||
$2.30 Series 1 | 64,368 | — | 16,203 | 30,368 | $ | — | $ | 648 | $ | 1,215 | 0.83 | 1 | ||||||||||||||||
$4.75 Series 3 | 40,449 | — | 7,398 | 11,643 | — | 740 | 1,164 | 2.11 | 2 | |||||||||||||||||||
$4.75 Series 4 | 53,764 | — | 3,247 | 3,397 | — | 325 | 340 | 1.52 | 1 | |||||||||||||||||||
Series 6 | 800,000 | — | — | — | — | — | — | 100 | ||||||||||||||||||||
$1.50 Subordinated Cumulative Preferred | 5,000,000 | — | 30,067 | 30,067 | — | 902 | 902 | 1 | ||||||||||||||||||||
— | 56,915 | 75,475 | — | 2,615 | 3,621 | |||||||||||||||||||||||
Employees’ Subordinated Convertible Preferred | 5,000,000 | 46,069 | 46,852 | 47,922 | 1,382 | 1,405 | 1,437 | 1 | *** | 1 | ||||||||||||||||||
Stated Value of Issued Shares | 1,382 | 4,020 | 5,058 | |||||||||||||||||||||||||
Employees’ Preferred Stock Purchase Accounts | (77 | ) | (96 | ) | (101 | ) | ||||||||||||||||||||||
Total Non-Redeemable Preferred Stock | $ | 1,305 | $ | 3,924 | $ | 4,957 | ||||||||||||||||||||||
* In order of preference for liquidation and dividends. | ||||||||||||||||||||||||||||
** | The Company’s charter permits the board of directors to issue Subordinated Serial Preferred Stock in as many series, each with as many shares and such rights and preferences as the board may designate. | |||||||||||||||||||||||||||
*** Also convertible into one share of $1.50 Subordinated Cumulative Preferred Stock. | ||||||||||||||||||||||||||||
Preferred stock transactions | ' | |||||||||||||||||||||||||||
Preferred Stock Transactions | ||||||||||||||||||||||||||||
In thousands | Non-Redeemable | Non-Redeemable | Employees’ | Total | ||||||||||||||||||||||||
Preferred Stock | Employees’ | Preferred | Non-Redeemable | |||||||||||||||||||||||||
Preferred Stock | Stock | Preferred Stock | ||||||||||||||||||||||||||
Purchase | ||||||||||||||||||||||||||||
Accounts | ||||||||||||||||||||||||||||
Balance January 29, 2011 | $ | 3,816 | $ | 1,476 | $ | (109 | ) | $ | 5,183 | |||||||||||||||||||
Other | (195 | ) | (39 | ) | 8 | (226 | ) | |||||||||||||||||||||
Balance January 28, 2012 | 3,621 | 1,437 | (101 | ) | 4,957 | |||||||||||||||||||||||
Other | (1,006 | ) | (32 | ) | 5 | (1,033 | ) | |||||||||||||||||||||
Balance February 2, 2013 | 2,615 | 1,405 | (96 | ) | 3,924 | |||||||||||||||||||||||
Preferred stock redemptions | (1,462 | ) | — | — | (1,462 | ) | ||||||||||||||||||||||
Other stock conversions | (1,153 | ) | (23 | ) | 19 | (1,157 | ) | |||||||||||||||||||||
Balance February 1, 2014 | $ | — | $ | 1,382 | (77 | ) | $ | 1,305 | ||||||||||||||||||||
Changes in shares of company's capital stock | ' | |||||||||||||||||||||||||||
Changes in the Shares of the Company’s Capital Stock | ||||||||||||||||||||||||||||
Common | Non- | Employees’ | ||||||||||||||||||||||||||
Stock | Redeemable | Preferred | ||||||||||||||||||||||||||
Preferred | Stock | |||||||||||||||||||||||||||
Stock | ||||||||||||||||||||||||||||
Issued at January 29, 2011 | 24,162,634 | 79,306 | 49,192 | |||||||||||||||||||||||||
Exercise of options | 390,357 | — | — | |||||||||||||||||||||||||
Issue restricted stock | 304,050 | — | — | |||||||||||||||||||||||||
Issue shares—Employee Stock Purchase Plan | 2,717 | — | — | |||||||||||||||||||||||||
Shares repurchased | 0 | — | — | |||||||||||||||||||||||||
Other | (101,932 | ) | (3,831 | ) | (1,270 | ) | ||||||||||||||||||||||
Issued at January 28, 2012 | 24,757,826 | 75,475 | 47,922 | |||||||||||||||||||||||||
Exercise of options | 223,618 | — | — | |||||||||||||||||||||||||
Issue restricted stock | 204,456 | — | — | |||||||||||||||||||||||||
Issue shares—Employee Stock Purchase Plan | 2,463 | — | — | |||||||||||||||||||||||||
Shares repurchased | (645,904 | ) | — | — | ||||||||||||||||||||||||
Other | (57,544 | ) | (18,560 | ) | (1,070 | ) | ||||||||||||||||||||||
Issued at February 2, 2013 | 24,484,915 | 56,915 | 46,852 | |||||||||||||||||||||||||
Exercise of options | 130,051 | — | — | |||||||||||||||||||||||||
Issue restricted stock | 213,827 | — | — | |||||||||||||||||||||||||
Issue shares—Employee Stock Purchase Plan | 3,146 | — | — | |||||||||||||||||||||||||
Shares repurchased | (337,665 | ) | — | — | ||||||||||||||||||||||||
Other | (86,550 | ) | (56,915 | ) | (783 | ) | ||||||||||||||||||||||
Issued at February 1, 2014 | 24,407,724 | — | 46,069 | |||||||||||||||||||||||||
Less shares repurchased and held in treasury | 488,464 | — | — | |||||||||||||||||||||||||
Outstanding at February 1, 2014 | 23,919,260 | — | 46,069 | |||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Components of earnings from continuing operations before income taxes | ' | |||||||||||
The components of earnings from continuing operations before income taxes is comprised of the following: | ||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||
United States | $ | 152,832 | $ | 152,457 | $ | 139,174 | ||||||
Foreign | 6,028 | 12,375 | 17,219 | |||||||||
Total Earnings from Continuing Operations before Income Taxes | $ | 158,860 | $ | 164,832 | $ | 156,393 | ||||||
Income tax expense from continuing operations | ' | |||||||||||
Income tax expense from continuing operations is comprised of the following: | ||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||
Current | ||||||||||||
U.S. federal | $ | 35,463 | $ | 50,859 | $ | 42,103 | ||||||
International | 7,293 | 9,853 | 2,226 | |||||||||
State | 8,139 | 8,841 | 8,952 | |||||||||
Total Current Income Tax Expense | 50,895 | 69,553 | 53,281 | |||||||||
Deferred | ||||||||||||
U.S. federal | 14,078 | (7,924 | ) | 5,579 | ||||||||
International | (1,813 | ) | (6,379 | ) | 4,370 | |||||||
State | 2,718 | (3,315 | ) | (288 | ) | |||||||
Total Deferred Income Tax Expense (Benefit) | 14,983 | (17,618 | ) | 9,661 | ||||||||
Total Income Tax Expense – Continuing Operations | $ | 65,878 | $ | 51,935 | $ | 62,942 | ||||||
Deferred tax assets and liabilities | ' | |||||||||||
Deferred tax assets and liabilities are comprised of the following: | ||||||||||||
February 1, | February 2, | |||||||||||
In thousands | 2014 | 2013 | ||||||||||
Identified intangibles | $ | (28,468 | ) | $ | (28,076 | ) | ||||||
Prepaids | (3,063 | ) | (2,943 | ) | ||||||||
Convertible bonds | (3,001 | ) | (3,001 | ) | ||||||||
Total deferred tax liabilities | (34,532 | ) | (34,020 | ) | ||||||||
Options | 448 | 965 | ||||||||||
Deferred rent | 4,986 | 5,847 | ||||||||||
Pensions | 4,253 | 8,321 | ||||||||||
Expense accruals | 15,673 | 16,766 | ||||||||||
Uniform capitalization costs | 13,750 | 12,539 | ||||||||||
Book over tax depreciation | 2,839 | 13,783 | ||||||||||
Provisions for discontinued operations and restructurings | 4,731 | 4,745 | ||||||||||
Inventory valuation | 2,115 | 2,015 | ||||||||||
Tax net operating loss and credit carryforwards | 2,396 | 3,535 | ||||||||||
Allowances for bad debts and notes | 761 | 1,598 | ||||||||||
Deferred compensation and restricted stock | 6,606 | 6,382 | ||||||||||
Other | 4,320 | 3,500 | ||||||||||
Gross deferred tax assets | 62,878 | 79,996 | ||||||||||
Deferred tax asset valuation allowance | (3,771 | ) | (3,541 | ) | ||||||||
Deferred tax asset net of valuation allowance | 59,107 | 76,455 | ||||||||||
Net Deferred Tax Assets | $ | 24,575 | $ | 42,435 | ||||||||
Deferred tax assets net classification | ' | |||||||||||
The deferred tax balances have been classified in the Consolidated Balance Sheets as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Net current asset | $ | 23,089 | $ | 23,725 | ||||||||
Net non-current asset | 3,342 | 18,731 | ||||||||||
Net non-current liability | (1,856 | ) | (21 | ) | ||||||||
Net Deferred Tax Assets | $ | 24,575 | $ | 42,435 | ||||||||
Reconciliation of the United States federal statutory rate to the Company's effective tax rate from continuing operations | ' | |||||||||||
Reconciliation of the United States federal statutory rate to the Company’s effective tax rate from continuing operations is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U. S. federal statutory rate of tax | 35 | % | 35 | % | 35 | % | ||||||
State taxes (net of federal tax benefit) | 4.62 | 3.11 | 3.62 | |||||||||
Foreign rate differential | (1.24 | ) | (1.98 | ) | (1.71 | ) | ||||||
Change in valuation allowance | 0.05 | (0.17 | ) | 0.6 | ||||||||
Permanent items | 2.18 | 1.85 | 2.27 | |||||||||
Uncertain federal, state and foreign tax positions | 0.21 | (5.73 | ) | — | ||||||||
Other | 0.65 | (0.57 | ) | 0.47 | ||||||||
Effective Tax Rate | 41.47 | % | 31.51 | % | 40.25 | % | ||||||
Reconciliation of the total amounts of unrecognized tax benefits | ' | |||||||||||
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for Fiscal 2014, 2013 and 2012. | ||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||
Unrecognized Tax Benefit – Beginning of Period | $ | 10,437 | $ | 20,467 | $ | 14,167 | ||||||
Gross Increases (Decreases) – Tax Positions in a Prior Period | 139 | (2,464 | ) | (29 | ) | |||||||
Gross Increases – Tax Positions in a Current Period | 1,452 | 133 | 6,986 | |||||||||
Settlements | (340 | ) | (449 | ) | (533 | ) | ||||||
Lapse of Statutes of Limitations | (728 | ) | (7,250 | ) | (124 | ) | ||||||
Unrecognized Tax Benefit – End of Period | $ | 10,960 | $ | 10,437 | $ | 20,467 | ||||||
Defined_Benefit_Pension_Plans_1
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Obligations and funded status | ' | |||||||||||||||||||||||
Obligations and Funded Status | ||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Benefit obligation at beginning of year | $ | 119,126 | $ | 118,644 | $ | 4,487 | $ | 3,908 | ||||||||||||||||
Service cost | 350 | 350 | 428 | 356 | ||||||||||||||||||||
Interest cost | 4,584 | 4,961 | 159 | 157 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 86 | 74 | ||||||||||||||||||||
Benefits paid | (9,000 | ) | (9,038 | ) | (436 | ) | (221 | ) | ||||||||||||||||
Actuarial (gain) loss | (3,927 | ) | 4,209 | 990 | 213 | |||||||||||||||||||
Benefit Obligation at End of Year | $ | 111,133 | $ | 119,126 | $ | 5,714 | $ | 4,487 | ||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 98,612 | $ | 96,443 | — | — | ||||||||||||||||||
Actual gain on plan assets | 12,298 | 11,207 | — | — | ||||||||||||||||||||
Employer contributions | — | — | 350 | 147 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 86 | 74 | ||||||||||||||||||||
Benefits paid | (9,000 | ) | (9,038 | ) | (436 | ) | (221 | ) | ||||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 101,910 | $ | 98,612 | — | — | ||||||||||||||||||
Funded Status at End of Year | $ | (9,223 | ) | $ | (20,514 | ) | $ | (5,714 | ) | $ | (4,487 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheets | ' | |||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Noncurrent assets | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Current liabilities | — | — | (208 | ) | (160 | ) | ||||||||||||||||||
Noncurrent liabilities | (9,223 | ) | (20,514 | ) | (5,506 | ) | (4,327 | ) | ||||||||||||||||
Net Amount Recognized | $ | (9,223 | ) | $ | (20,514 | ) | $ | (5,714 | ) | $ | (4,487 | ) | ||||||||||||
Amounts recognized in accumulated other comprehensive income | ' | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of: | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Prior service cost | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Net loss | 27,147 | 42,879 | 1,459 | 566 | ||||||||||||||||||||
Total Recognized in Accumulated Other Comprehensive Loss | $ | 27,147 | $ | 42,879 | $ | 1,459 | $ | 566 | ||||||||||||||||
Pension benefits | ' | |||||||||||||||||||||||
Amounts for projected and accumulated benefit obligation and fair value of plan assets are as follows: | ||||||||||||||||||||||||
In thousands | February 1, | 2-Feb-13 | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Projected benefit obligation | $ | 111,133 | $ | 119,126 | ||||||||||||||||||||
Accumulated benefit obligation | 111,133 | 119,126 | ||||||||||||||||||||||
Fair value of plan assets | 101,910 | 98,612 | ||||||||||||||||||||||
Components of net periodic benefit cost | ' | |||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 350 | $ | 350 | $ | 250 | $ | 428 | $ | 356 | $ | 166 | ||||||||||||
Interest cost | 4,584 | 4,961 | 5,597 | 159 | 157 | 174 | ||||||||||||||||||
Expected return on plan assets | (6,654 | ) | (7,003 | ) | (7,807 | ) | — | — | — | |||||||||||||||
Amortization: | ||||||||||||||||||||||||
Prior service cost | — | 4 | 4 | — | — | — | ||||||||||||||||||
Losses | 6,160 | 6,032 | 4,728 | 97 | 84 | 79 | ||||||||||||||||||
Net amortization | $ | 6,160 | $ | 6,036 | $ | 4,732 | $ | 97 | $ | 84 | $ | 79 | ||||||||||||
Net Periodic Benefit Cost | $ | 4,440 | $ | 4,344 | $ | 2,772 | $ | 684 | $ | 597 | $ | 419 | ||||||||||||
Reconciliation of accumulated other comprehensive income | ' | |||||||||||||||||||||||
Reconciliation of Accumulated Other Comprehensive Income | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
In thousands | 2014 | 2014 | ||||||||||||||||||||||
Net loss (gain) | $ | (9,571 | ) | $ | 990 | |||||||||||||||||||
Amortization of prior service cost | — | — | ||||||||||||||||||||||
Amortization of net actuarial loss | (6,160 | ) | (97 | ) | ||||||||||||||||||||
Total Recognized in Other Comprehensive Income | $ | (15,731 | ) | $ | 893 | |||||||||||||||||||
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $ | (11,291 | ) | $ | 1,577 | |||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations | ' | |||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 4.4 | % | 4 | % | 4.4 | % | 4.01 | % | ||||||||||||||||
Rate of compensation increase | NA | NA | — | — | ||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit costs | ' | |||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit costs | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 4 | % | 4.35 | % | 5.25 | % | 4.01 | % | 4.17 | % | 5.25 | % | ||||||||||||
Expected long-term rate of return on plan assets | 7.75 | % | 7.75 | % | 8.25 | % | — | — | — | |||||||||||||||
Rate of compensation increase | NA | NA | NA | — | — | — | ||||||||||||||||||
Assumed health care cost trend rates | ' | |||||||||||||||||||||||
Assumed health care cost trend rates | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Health care cost trend rate assumed for next year | 8 | % | 7 | % | ||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2019 | 2017 | ||||||||||||||||||||||
Effect of one percentage point change in the assumed health care cost trend rate | ' | |||||||||||||||||||||||
The effect on disclosed information of one percentage point change in the assumed health care cost trend rate for each future year is shown below. | ||||||||||||||||||||||||
In thousands | 1% Increase | 1% Decrease | ||||||||||||||||||||||
in Rates | in Rates | |||||||||||||||||||||||
Aggregated service and interest cost | $ | 134 | $ | 106 | ||||||||||||||||||||
Accumulated postretirement benefit obligation | $ | 626 | $ | 735 | ||||||||||||||||||||
Company's pension plan weighted average asset allocations by asset category | ' | |||||||||||||||||||||||
The Company’s pension plan weighted average asset allocations as of February 1, 2014 and February 2, 2013, by asset category are as follows: | ||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
February 1, 2014 | 2-Feb-13 | |||||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Equity securities | 65 | % | 66 | % | ||||||||||||||||||||
Debt securities | 35 | % | 34 | % | ||||||||||||||||||||
Other | 0 | % | 0 | % | ||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
Hierarchy of plan assets by level within fair values | ' | |||||||||||||||||||||||
The following tables present the pension plan assets by level within the fair value hierarchy as of February 1, 2014 and February 2, 2013. | ||||||||||||||||||||||||
1-Feb-14 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||
International securities | $ | 13,026 | $ | — | $ | — | $ | 13,026 | ||||||||||||||||
U.S. securities | 53,187 | — | — | 53,187 | ||||||||||||||||||||
Fixed Income Securities | 35,481 | — | — | 35,481 | ||||||||||||||||||||
Other: | ||||||||||||||||||||||||
Cash Equivalents | 235 | — | — | 235 | ||||||||||||||||||||
Other (includes receivables and payables) | (19 | ) | — | — | (19 | ) | ||||||||||||||||||
Total Pension Plan Assets | $ | 101,910 | $ | — | $ | — | $ | 101,910 | ||||||||||||||||
2-Feb-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||
International securities | $ | 13,757 | $ | — | $ | — | $ | 13,757 | ||||||||||||||||
U.S. securities | 51,011 | — | — | 51,011 | ||||||||||||||||||||
Fixed Income Securities | 33,633 | — | — | 33,633 | ||||||||||||||||||||
Other: | ||||||||||||||||||||||||
Cash Equivalents | 235 | — | — | 235 | ||||||||||||||||||||
Other (includes receivables and payables) | (24 | ) | — | — | (24 | ) | ||||||||||||||||||
Total Pension Plan Assets | $ | 98,612 | $ | — | $ | — | $ | 98,612 | ||||||||||||||||
Expected benefit payments from the trust, including future service and pay | ' | |||||||||||||||||||||||
Expected benefit payments from the trust, including future service and pay, are as follows: | ||||||||||||||||||||||||
Estimated future payments | Pension | Other | ||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
2014 | $ | 8.7 | $ | 0.2 | ||||||||||||||||||||
2015 | 8.5 | 0.2 | ||||||||||||||||||||||
2016 | 8.3 | 0.2 | ||||||||||||||||||||||
2017 | 8.1 | 0.3 | ||||||||||||||||||||||
2018 | 8 | 0.3 | ||||||||||||||||||||||
2019 – 2023 | 36.7 | 1.8 | ||||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Basic and Diluted Earnings per share | ' | ||||||||||||||||||||||||||||||||
For the Year Ended | For the Year Ended | For the Year Ended | |||||||||||||||||||||||||||||||
1-Feb-14 | 2-Feb-13 | January 28, 2012 | |||||||||||||||||||||||||||||||
(In thousands, except | Income | Shares | Per-Share | Income | Shares | Per-Share | Income | Shares | Per-Share | ||||||||||||||||||||||||
per share amounts) | (Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | ||||||||||||||||||||||||
Earnings from continuing operations | $ | 92,982 | $ | 112,897 | $ | 93,451 | |||||||||||||||||||||||||||
Less: Preferred stock dividends and income from participating securities | (33 | ) | (147 | ) | (3,338 | ) | |||||||||||||||||||||||||||
Basic EPS from continuing operations | |||||||||||||||||||||||||||||||||
Income from continuing operations available to common shareholders | 92,949 | 23,297 | $ | 3.99 | 112,750 | 23,584 | $ | 4.78 | 90,113 | 23,179 | $ | 3.89 | |||||||||||||||||||||
Effect of Dilutive Securities from continuing operations | |||||||||||||||||||||||||||||||||
Plus: Income from participating securities | — | — | 43 | ||||||||||||||||||||||||||||||
Options and restricted stock | 272 | 372 | 283 | ||||||||||||||||||||||||||||||
Convertible | — | — | 88 | 34 | 141 | 55 | |||||||||||||||||||||||||||
preferred | |||||||||||||||||||||||||||||||||
stock(1) | |||||||||||||||||||||||||||||||||
Employees’ | 46 | 47 | 48 | ||||||||||||||||||||||||||||||
preferred | |||||||||||||||||||||||||||||||||
stock(2) | |||||||||||||||||||||||||||||||||
Diluted EPS from continuing operations | |||||||||||||||||||||||||||||||||
Income from continuing operations available to common shareholders plus assumed conversions | $ | 92,949 | 23,615 | $ | 3.94 | $ | 112,838 | 24,037 | $ | 4.69 | $ | 90,297 | 23,565 | $ | 3.83 | ||||||||||||||||||
-1 | As a result of the Company issuing a notice of mandatory redemption to the holders of Series 1, 3 and 4 preferred stock in the first quarter of Fiscal 2014, there were no remaining convertible preferred stock of that series outstanding as of February 1, 2014. Therefore, convertible preferred stocks were not included in diluted earnings per share for Fiscal 2014. The amount of the dividend on the convertible preferred stock per common share obtainable on conversion of the convertible preferred stock was less than basic earnings per share for Series 1, 3 and 4 preferred stocks for Fiscal 2013 and 2012. Therefore, conversion of these convertible preferred stocks were included in diluted earnings per share for Fiscal 2013 and 2012. | ||||||||||||||||||||||||||||||||
-2 | The Company’s Employees’ Subordinated Convertible Preferred Stock is convertible one for one to the Company’s common stock. Because there are no dividends paid on this stock, these shares are assumed to be converted. |
ShareBased_Compensation_Plans_
Share-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary of stock option activity | ' | ||||||||||||
A summary of fixed stock option activity and changes for Fiscal 2014, 2013 and 2012 is presented below: | |||||||||||||
Options | Weighted-Average | Weighted-Average | Aggregate Intrinsic | ||||||||||
Exercise Price | Remaining | Value (in | |||||||||||
Contractual Term | thousands)(1) | ||||||||||||
Outstanding, January 29, 2011 | 877,130 | $ | 24.75 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (390,357 | ) | 24.82 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding, January 28, 2012 | 486,773 | $ | 24.7 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (223,618 | ) | 21.5 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding, February 2, 2013 | 263,155 | $ | 27.43 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (130,051 | ) | 23.33 | ||||||||||
Forfeited | (2,250 | ) | 17.5 | ||||||||||
Outstanding, February 1, 2014 | 130,854 | $ | 31.67 | 1.58 | $ | 5,045 | |||||||
Exercisable, February 1, 2014 | 130,854 | $ | 31.67 | 1.58 | $ | 5,045 | |||||||
-1 | Based upon the difference between the closing market price of the Company’s common stock on the last trading day of the year and the grant price of in-the-money options. | ||||||||||||
Summary of the status of the Company's nonvested shares of its employee restricted stock | ' | ||||||||||||
A summary of the status of the Company’s nonvested shares of its employee restricted stock as of February 1, 2014 is presented below: | |||||||||||||
Nonvested Restricted Shares | Shares | Weighted-Average | |||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at January 29, 2011 | 818,119 | $ | 23.95 | ||||||||||
Granted | 289,407 | 45.14 | |||||||||||
Vested | (227,691 | ) | 22.58 | ||||||||||
Withheld for federal taxes | (93,089 | ) | 22.42 | ||||||||||
Forfeited | (14,081 | ) | 27.38 | ||||||||||
Nonvested at January 28, 2012 | 772,665 | 32.41 | |||||||||||
Granted | 194,232 | 57.58 | |||||||||||
Vested | (195,203 | ) | 29.95 | ||||||||||
Withheld for federal taxes | (75,552 | ) | 29.97 | ||||||||||
Forfeited | (3,360 | ) | 38.96 | ||||||||||
Nonvested at February 2, 2013 | 692,782 | 40.59 | |||||||||||
Granted | 199,392 | 65.11 | |||||||||||
Vested | (199,428 | ) | 34.31 | ||||||||||
Withheld for federal taxes | (105,193 | ) | 34.42 | ||||||||||
Forfeited | (6,279 | ) | 46.48 | ||||||||||
Nonvested at February 1, 2014 | 581,274 | $ | 52.21 | ||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||
Segment reporting information by segment | ' | ||||||||||||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||||||||||
Journeys | Schuh Group | Lids Sports | Johnston | Licensed | Corporate | Consolidated | |||||||||||||||||||||||
Group | Group | & Murphy | Brands | & Other | |||||||||||||||||||||||||
In thousands | Group | ||||||||||||||||||||||||||||
Sales | $ | 1,082,241 | $ | 364,732 | $ | 821,779 | $ | 245,941 | $ | 109,989 | $ | 1,282 | $ | 2,625,964 | |||||||||||||||
Intercompany sales | — | — | — | (783 | ) | — | (209 | ) | — | (992 | ) | ||||||||||||||||||
Net sales to external customers | $ | 1,082,241 | $ | 364,732 | $ | 820,996 | $ | 245,941 | $ | 109,780 | $ | 1,282 | $ | 2,624,972 | |||||||||||||||
Segment operating income (loss) | $ | 97,377 | $ | 3,063 | $ | 63,748 | $ | 17,638 | $ | 10,614 | $ | (27,664 | ) | $ | 164,776 | ||||||||||||||
Asset Impairments and other* | — | — | — | — | — | (1,341 | ) | (1,341 | ) | ||||||||||||||||||||
Earnings (loss) from operations | 97,377 | 3,063 | 63,748 | 17,638 | 10,614 | (29,005 | ) | 163,435 | |||||||||||||||||||||
Interest expense | — | — | — | — | — | (4,641 | ) | (4,641 | ) | ||||||||||||||||||||
Interest income | — | — | — | — | — | 66 | 66 | ||||||||||||||||||||||
Earnings (loss) from continuing | $ | 97,377 | $ | 3,063 | $ | 63,748 | $ | 17,638 | $ | 10,614 | $ | (33,580 | ) | $ | 158,860 | ||||||||||||||
operations before income taxes | |||||||||||||||||||||||||||||
Total assets** | $ | 298,105 | $ | 268,514 | $ | 574,664 | $ | 97,532 | $ | 50,955 | $ | 149,514 | $ | 1,439,284 | |||||||||||||||
Depreciation and amortization | 19,400 | 11,339 | 28,345 | 4,002 | 468 | 3,581 | 67,135 | ||||||||||||||||||||||
Capital expenditures | 20,223 | 29,673 | 35,193 | 9,178 | 1,452 | 2,737 | 98,456 | ||||||||||||||||||||||
*Asset Impairments and other includes a $2.3 million charge for asset impairments, of which $1.4 million is in the Lids Sports Group, $0.6 million is in the Journeys Group and $0.3 million is in the Johnston & Murphy Group, a $3.3 million charge for network intrusion costs, a $2.4 million charge for other legal matters and a $1.6 million charge for a lease termination partially offset by a gain of $(8.3) million for the lease termination of a New York City Journeys store. | |||||||||||||||||||||||||||||
**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $182.4 million, $104.9 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $10.1 million of additions in Fiscal 2014 resulting from small acquisitions and the Schuh Group goodwill increased by $4.2 million due to foreign currency translation adjustment. | |||||||||||||||||||||||||||||
Note 14 | |||||||||||||||||||||||||||||
Business Segment Information, Continued | |||||||||||||||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||||||||||
Journeys | Schuh Group | Lids Sports | Johnston | Licensed | Corporate | Consolidated | |||||||||||||||||||||||
Group | Group | & Murphy | Brands | & Other | |||||||||||||||||||||||||
In thousands | Group | ||||||||||||||||||||||||||||
Sales | $ | 1,111,490 | 370,480 | $ | 793,016 | $ | 221,870 | $ | 108,808 | $ | 1,234 | $ | 2,606,898 | ||||||||||||||||
Intercompany sales | — | — | (1,761 | ) | (10 | ) | (310 | ) | — | (2,081 | ) | ||||||||||||||||||
Net sales to external customers | $ | 1,111,490 | $ | 370,480 | $ | 791,255 | $ | 221,860 | $ | 108,498 | $ | 1,234 | $ | 2,604,817 | |||||||||||||||
Segment operating income (loss) | $ | 109,953 | $ | 11,209 | $ | 82,867 | $ | 15,696 | $ | 10,078 | $ | (42,903 | ) | $ | 186,900 | ||||||||||||||
Asset Impairments and other* | — | — | — | — | — | (17,037 | ) | (17,037 | ) | ||||||||||||||||||||
Earnings (loss) from operations | 109,953 | 11,209 | 82,867 | 15,696 | 10,078 | (59,940 | ) | 169,863 | |||||||||||||||||||||
Interest expense | — | — | — | — | — | (5,126 | ) | (5,126 | ) | ||||||||||||||||||||
Interest income | — | — | — | — | — | 95 | 95 | ||||||||||||||||||||||
Earnings (loss) from continuing | $ | 109,953 | $ | 11,209 | $ | 82,867 | $ | 15,696 | $ | 10,078 | $ | (64,971 | ) | $ | 164,832 | ||||||||||||||
operations before income taxes | |||||||||||||||||||||||||||||
Total assets** | $ | 280,396 | 231,323 | $ | 519,006 | $ | 89,505 | $ | 43,212 | $ | 162,630 | $ | 1,326,072 | ||||||||||||||||
Depreciation and amortization | 20,190 | 10,040 | 26,892 | 3,738 | 366 | 2,471 | 63,697 | ||||||||||||||||||||||
Capital expenditures | 21,852 | 16,873 | 21,448 | 6,680 | 1,255 | 3,629 | 71,737 | ||||||||||||||||||||||
*Asset Impairments and other includes a $1.4 million charge for asset impairments, of which $0.9 million is in the Lids Sports Group, $0.4 million is in the Journeys Group, and $0.1 million is in the Johnston & Murphy Group, a $15.6 million charge for network intrusion costs and a $0.1 million charge for other legal matters. | |||||||||||||||||||||||||||||
**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $172.3 million, $100.7 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $13.2 million of additions in Fiscal 2013 resulting from small acquisitions and the Schuh Group goodwill increased by $0.8 million due to foreign currency translation adjustment. | |||||||||||||||||||||||||||||
Note 14 | |||||||||||||||||||||||||||||
Business Segment Information, Continued | |||||||||||||||||||||||||||||
Fiscal 2012 | |||||||||||||||||||||||||||||
Journeys | Schuh Group | Lids Sports | Johnston | Licensed | Corporate | Consolidated | |||||||||||||||||||||||
Group | Group | & Murphy | Brands | & Other | |||||||||||||||||||||||||
In thousands | Group | ||||||||||||||||||||||||||||
Sales | $ | 1,020,116 | $ | 212,262 | $ | 759,671 | $ | 201,725 | $ | 97,721 | $ | 1,116 | $ | 2,292,611 | |||||||||||||||
Intercompany sales | — | — | (347 | ) | — | (277 | ) | — | (624 | ) | |||||||||||||||||||
Net sales to external customers | $ | 1,020,116 | $ | 212,262 | $ | 759,324 | $ | 201,725 | $ | 97,444 | $ | 1,116 | $ | 2,291,987 | |||||||||||||||
Segment operating income (loss) | $ | 89,045 | $ | 11,711 | $ | 86,037 | $ | 13,743 | $ | 9,451 | $ | (45,825 | ) | $ | 164,162 | ||||||||||||||
Asset Impairments and other* | — | — | — | — | — | (2,677 | ) | (2,677 | ) | ||||||||||||||||||||
Earnings (loss) from operations | 89,045 | 11,711 | 86,037 | 13,743 | 9,451 | (48,502 | ) | 161,485 | |||||||||||||||||||||
Interest expense | — | — | — | — | — | (5,157 | ) | (5,157 | ) | ||||||||||||||||||||
Interest income | — | — | — | — | — | 65 | 65 | ||||||||||||||||||||||
Earnings (loss) from continuing | $ | 89,045 | $ | 11,711 | $ | 86,037 | $ | 13,743 | $ | 9,451 | $ | (53,594 | ) | $ | 156,393 | ||||||||||||||
operations before income taxes | |||||||||||||||||||||||||||||
Total assets** | $ | 259,331 | $ | 205,313 | $ | 489,512 | $ | 79,321 | $ | 34,974 | $ | 161,310 | $ | 1,229,761 | |||||||||||||||
Depreciation and amortization | 20,742 | 4,602 | 22,541 | 3,538 | 285 | 2,029 | 53,737 | ||||||||||||||||||||||
Capital expenditures | 11,125 | 7,406 | 24,497 | 1,894 | 718 | 3,816 | 49,456 | ||||||||||||||||||||||
*Asset Impairments and other includes a $1.1 million charge for asset impairments, of which $0.6 million is in the Journeys Group, $0.3 million is in the Lids Sports Group and $0.2 million is in the Johnston & Murphy Group, a $0.7 million charge for network intrusion costs and a $0.9 million charge for other legal matters. | |||||||||||||||||||||||||||||
**Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $159.1 million, $99.9 million and $0.8 million of goodwill, respectively. Goodwill for the Lids Sports Group includes $6.5 million of additions in Fiscal 2012 resulting from small acquisitions and the Schuh Group goodwill is due to the acquisition of Schuh in the second quarter of Fiscal 2012 of $102.9 million which has been decreased by $3.0 million due to foreign currency translation adjustment. |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Details of quarterly financial information | ' | ||||||||||||||||||||||||||||||||||||||||
(In thousands, | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Fiscal Year | ||||||||||||||||||||||||||||||||||||
except per share amounts) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014(a) | 2013 | 2014(b) | 2013 | |||||||||||||||||||||||||||||||
Net sales | $ | 591,388 | $ | 600,144 | $ | 574,746 | $ | 543,522 | $ | 666,332 | $ | 664,458 | $ | 792,506 | $ | 796,693 | $ | 2,624,972 | $ | 2,604,817 | |||||||||||||||||||||
Gross margin | 298,437 | 306,906 | 282,808 | 273,059 | 332,161 | 334,412 | 385,644 | 384,240 | 1,299,050 | 1,298,617 | |||||||||||||||||||||||||||||||
Earnings from continuing operations before income taxes | 24,685 | (1) | 35,886 | (3) | 14,388 | (5) | 14,638 | (7) | 45,789 | (8) | 52,907 | (9) | 73,998 | (11) | 61,401 | (13) | 158,860 | 164,832 | |||||||||||||||||||||||
Earnings from continuing operations | 14,509 | 21,754 | 8,465 | 10,009 | 27,796 | 42,221 | 42,212 | 38,913 | 92,982 | 112,897 | |||||||||||||||||||||||||||||||
Net earnings | 14,410 | (2) | 21,577 | (4) | 8,340 | (6) | 9,968 | 27,750 | 42,127 | (10) | 42,153 | (12) | 38,763 | (14) | 92,653 | 112,435 | |||||||||||||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||||||||||||||||||||
Continuing operations | 0.61 | 0.88 | 0.36 | 0.41 | 1.18 | 1.76 | 1.79 | 1.64 | 3.94 | 4.69 | |||||||||||||||||||||||||||||||
Net earnings | 0.61 | 0.87 | 0.35 | 0.4 | 1.18 | 1.76 | 1.79 | 1.63 | 3.92 | 4.68 | |||||||||||||||||||||||||||||||
-1 | Includes a net asset impairment and other charge of $1.3 million (see Note 3). (a) 13 week period vs. 14 | ||||||||||||||||||||||||||||||||||||||||
-2 | Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3). weeks in prior period. | ||||||||||||||||||||||||||||||||||||||||
-3 | Includes a net asset impairment and other charge of $0.1 million (see Note 3). (b) 52 week period vs. 53 | ||||||||||||||||||||||||||||||||||||||||
-4 | Includes a loss of $0.2 million, net of tax, from discontinued operations (see Note 3). weeks in prior period. | ||||||||||||||||||||||||||||||||||||||||
-5 | Includes a net asset impairment and other credit of $(7.1) million (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-6 | Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-7 | Includes a net asset impairment and other charge of $0.4 million (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-8 | Includes a net asset impairment and other charge of $1.5 million (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-9 | Includes a net asset impairment and other charge of $0.4 million (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-10 | Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-11 | Includes a net asset impairment and other charge of $5.6 million (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-12 | Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-13 | Includes a net asset impairment and other charge of $16.1 million (see Note 3). | ||||||||||||||||||||||||||||||||||||||||
-14 | Includes a loss of $0.2 million, net of tax, from discontinued operations (see Note 3). |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Textual (Details) (USD $) | 12 Months Ended | |||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | |
Store | ||||
Summary of Accounting Policies [Line Items] | ' | ' | ' | ' |
Total number of retail stores operated by company | 2,568 | ' | ' | ' |
Days in fiscal year | '364 days | '371 days | '364 days | ' |
Pretax accruals for environmental contingencies included in provision for discontinued operations | $500,000 | $800,000 | $1,800,000 | ' |
Deferred tax valuation allowance | 3,771,000 | 3,541,000 | ' | ' |
Effective tax rate | 41.47% | 31.51% | 40.25% | ' |
Minimum number of hours of service of full time employees | ' | '1000 hours | ' | ' |
Cash and cash equivalents | 59,447,000 | 59,795,000 | 53,790,000 | 55,934,000 |
Cash equivalents | 0 | 200,000 | ' | ' |
Payment processing duration, minimum | '24 hours | ' | ' | ' |
Payment processing duration, maximum | '48 hours | ' | ' | ' |
Excess of outstanding checks drawn on zero-balance accounts at domestic banks exceeded book cash balances | 42,100,000 | 36,100,000 | ' | ' |
Wholesale and unallocated retail costs of distribution | 8,700,000 | 8,200,000 | 9,200,000 | ' |
Gift card breakage recognized as revenue | 800,000 | 700,000 | 600,000 | ' |
Accrued liability for gift cards | 14,400,000 | 13,100,000 | ' | ' |
Advertising costs | 56,900,000 | 48,300,000 | 42,500,000 | ' |
Prepaid advertising | 2,300,000 | 1,400,000 | ' | ' |
Cooperative advertising costs | 3,200,000 | 3,500,000 | 3,300,000 | ' |
Vendor reimbursements of cooperative advertising costs | 2,800,000 | 3,800,000 | 3,000,000 | ' |
Accumulated other comprehensive income pension liability adjustments | 16,500,000 | ' | ' | ' |
Accumulated other comprehensive income post retirement liability adjustment | 900,000 | ' | ' | ' |
Accumulated other comprehensive income, foreign currency translation adjustment | 600,000 | ' | ' | ' |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Summary of Accounting Policies [Line Items] | ' | ' | ' | ' |
Retail occupancy costs | $381,600,000 | $359,300,000 | $314,600,000 | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Concentration of Credit Risk and Allowances on Accounts Receivable (Details Textual) | 12 Months Ended |
Feb. 01, 2014 | |
customer | |
Concentration Risk [Line Items] | ' |
Number of significant customers (in customers) | 3 |
Trade Accounts Receivable [Member] | Customer Concentration Risk [Member] | Maximum [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration risk benchmark percentage | 4.00% |
Cistomer 1 [Member] | Trade Accounts Receivable [Member] | Customer Concentration Risk [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration risk percentage | 5.00% |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Feb. 01, 2014 | |
Buildings and building equipment [Member] | Minimum [Member] | ' |
Property and equipment amortized over the estimated useful life of related assets | ' |
Property and equipment, useful life | '20 years |
Buildings and building equipment [Member] | Maximum [Member] | ' |
Property and equipment amortized over the estimated useful life of related assets | ' |
Property and equipment, useful life | '45 years |
Computer hardware, software and equipment [Member] | Minimum [Member] | ' |
Property and equipment amortized over the estimated useful life of related assets | ' |
Property and equipment, useful life | '3 years |
Computer hardware, software and equipment [Member] | Maximum [Member] | ' |
Property and equipment amortized over the estimated useful life of related assets | ' |
Property and equipment, useful life | '10 years |
Furniture and fixtures [Member] | ' |
Property and equipment amortized over the estimated useful life of related assets | ' |
Property and equipment, useful life | '10 years |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Goodwill and Other Intangibles (Details Textual) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | $288,100,000 | $273,827,000 |
Lids Sports Group [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | 182,400,000 | 172,300,000 |
Schuh Group [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | 104,900,000 | 100,700,000 |
Licensed Brands [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | 800,000 | 800,000 |
Lids Teams Sports [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | 14,200,000 | ' |
Goodwill impairment analysis, fair value in excess of carrying value | 3,900,000 | ' |
Amount of reduction in fair value pending increases of 100 basis points in weighted average cost of capital | 5,900,000 | ' |
Amount of reduction in fair value pending decrease of 100 basis points in projected annual revenues | $400,000 | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
U.S. Revolver Borrowings [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Amount | $0 | $27,700 |
Fair Value | 0 | 27,742 |
UK Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Amount | 33,730 | 22,982 |
Fair Value | $33,840 | $22,982 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |
Beginning balance | ($28,241) | ' | ' | |
Foreign currency translation adjustment | 2,506 | ' | ' | |
Net actuarial gain | 8,581 | ' | ' | |
Amortization of net actuarial loss | 6,257 | [1] | ' | ' |
Amortization reclassified from AOCI, before tax | 6,257 | ' | ' | |
Income tax expense | 5,870 | ' | ' | |
Total other comprehensive income (loss) | 11,474 | 4,725 | -8,661 | |
Ending balance | -16,767 | -28,241 | ' | |
Foreign Currency Translation [Member] | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |
Beginning balance | -1,931 | ' | ' | |
Foreign currency translation adjustment | 2,506 | ' | ' | |
Net actuarial gain | 0 | ' | ' | |
Amortization of net actuarial loss | 0 | [1] | ' | ' |
Amortization reclassified from AOCI, before tax | 0 | ' | ' | |
Income tax expense | 0 | ' | ' | |
Total other comprehensive income (loss) | 2,506 | ' | ' | |
Ending balance | 575 | ' | ' | |
Unrecognized Pension/ Postretirement Benefit Costs [Member] | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |
Beginning balance | -26,310 | ' | ' | |
Foreign currency translation adjustment | 0 | ' | ' | |
Net actuarial gain | 8,581 | ' | ' | |
Amortization of net actuarial loss | 6,257 | [1] | ' | ' |
Amortization reclassified from AOCI, before tax | 6,257 | ' | ' | |
Income tax expense | 5,870 | ' | ' | |
Total other comprehensive income (loss) | 8,968 | ' | ' | |
Ending balance | ($17,342) | ' | ' | |
[1] | Amount is included in net periodic benefit cost, which is recorded in selling and administrative expense on the Consolidated Statements of Operations. |
Acquisitions_and_Intangible_As2
Acquisitions and Intangible Assets (Details) | Feb. 01, 2014 | Feb. 02, 2013 | Jun. 23, 2011 | Jun. 23, 2011 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Schuh [Member] | Schuh [Member] |
USD ($) | GBP (£) | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash | ' | ' | $24,836 | ' |
Accounts receivable | ' | ' | 4,673 | ' |
Inventories | ' | ' | 32,179 | ' |
Other current assets | ' | ' | 7,565 | ' |
Property and equipment | ' | ' | 30,314 | ' |
Other non-current assets | ' | ' | 6,977 | ' |
Deferred taxes | ' | ' | 4,197 | ' |
Trademarks | ' | ' | 27,224 | ' |
Other intangibles | ' | ' | 4,995 | ' |
Goodwill | 288,100 | 273,827 | 102,907 | ' |
Accounts payable | ' | ' | -16,196 | ' |
Other current liabilities | ' | ' | -24,718 | ' |
Long-term debt (includes current portion) | ' | ' | -62,562 | -29,500 |
Other non-current liabilities | ' | ' | -26,637 | ' |
Net Assets Acquired | ' | ' | $115,754 | ' |
Acquisitions_and_Intangible_As3
Acquisitions and Intangible Assets (Details 1) (Schuh Group [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jan. 28, 2012 |
Schuh Group [Member] | ' |
Summary of results of earnings from operations | ' |
Net sales | $2,384,267 |
Earnings from continuing operations | $96,845 |
Earnings per share: | ' |
Basic (USD per share) | $4.03 |
Diluted (USD per share) | $3.97 |
Acquisitions_and_Intangible_As4
Acquisitions and Intangible Assets (Details 2) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | ||
In Thousands, unless otherwise specified | ||||
Other intangibles by major classes | ' | ' | ||
Gross other intangibles | $29,727 | $28,818 | ||
Accumulated amortization | -20,645 | -17,220 | ||
Net Other Intangibles | 9,082 | 11,598 | ||
Leases [Member] | ' | ' | ||
Other intangibles by major classes | ' | ' | ||
Gross other intangibles | 13,104 | 12,584 | ||
Accumulated amortization | -11,997 | -10,800 | ||
Net Other Intangibles | 1,107 | 1,784 | ||
Customer Lists [Member] | ' | ' | ||
Other intangibles by major classes | ' | ' | ||
Gross other intangibles | 14,381 | 14,116 | ||
Accumulated amortization | -7,354 | -5,312 | ||
Net Other Intangibles | 7,027 | 8,804 | ||
Other [Member] | ' | ' | ||
Other intangibles by major classes | ' | ' | ||
Gross other intangibles | 2,242 | [1] | 2,118 | [1] |
Accumulated amortization | -1,294 | [1] | -1,108 | [1] |
Net Other Intangibles | $948 | [1] | $1,010 | [1] |
[1] | Includes non-compete agreements, vendor contract and backlog. |
Acquisitions_and_Intangible_As5
Acquisitions and Intangible Assets (Details Textual) | 12 Months Ended | 0 Months Ended | 7 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jun. 23, 2011 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jun. 23, 2011 | Jun. 23, 2011 | Jun. 23, 2011 | Jun. 23, 2011 | |
USD ($) | USD ($) | USD ($) | Schuh [Member] | Schuh [Member] | Schuh [Member] | Schuh [Member] | Schuh [Member] | Schuh [Member] | Customer Lists [Member] | Leases [Member] | Vendor Contract [Member] | |
GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Schuh [Member] | Schuh [Member] | Schuh [Member] | ||||
Store | USD ($) | USD ($) | USD ($) | |||||||||
Acquisitions and Intangible Assets (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition purchase price (in GBP) | ' | ' | ' | £ 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding credit facilities (in GBP) | ' | ' | ' | 29,500,000 | ' | ' | ' | ' | 62,562,000 | ' | ' | ' |
Working capital adjustments (in GBP) | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash acquired | 13,567,000 | 23,818,000 | 92,985,000 | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent amount related to acquisition (in GBP) | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred purchase price related to acquisition (in GBP) | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred purchase price third installment (in GBP) | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred purchase price fourth installment (in GBP) | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of retail stores | ' | ' | ' | ' | ' | 99 | ' | ' | ' | ' | ' | ' |
Net sales, related to Schuh's operations | ' | ' | ' | ' | 212,300,000 | 364,700,000 | 370,500,000 | ' | ' | ' | ' | ' |
Operating income | 163,435,000 | 169,863,000 | 161,485,000 | ' | 11,700,000 | 3,100,000 | 11,200,000 | ' | ' | ' | ' | ' |
Acquisition related cost expensed | ' | ' | ' | ' | ' | ' | ' | 7,400,000 | ' | ' | ' | ' |
Compensation expense, related to deferred purchase price allocation | ' | ' | ' | ' | ' | 11,700,000 | 12,100,000 | 7,200,000 | ' | ' | ' | ' |
Other intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | 2,500,000 | 800,000 |
Weighted average amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 7 months 6 days | '2 years 8 months 12 days | ' |
Pro forma adjustments, reflect additional interest expense for debt borrowings | ' | ' | ' | ' | 89,000,000 | ' | ' | 89,000,000 | ' | ' | ' | ' |
Amortization of intangibles assets | 3,200,000 | 3,400,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future amortization expense, 2014 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future amortization expense, 2015 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future amortization expense, 2016 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future amortization expense, 2017 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future amortization expense, 2018 | $900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset_Impairments_and_Other_Ch2
Asset Impairments and Other Charges and Discontinued Operations (Details ) (USD $) | 12 Months Ended | |||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||
Accrued Provision for Discontinued Operations | ' | ' | ' | |
Additional provision | ($543,000) | ($796,000) | ($1,692,000) | |
Current provision for discontinued operations | 7,263,000 | 7,192,000 | ' | |
Total Noncurrent Provision for Discontinued Operations | 4,112,000 | 4,159,000 | ' | |
Facility Shutdown Costs [Member] | ' | ' | ' | |
Accrued Provision for Discontinued Operations | ' | ' | ' | |
Balance at beginning of period | 11,351,000 | 12,517,000 | 15,035,000 | |
Additional provision | 543,000 | 796,000 | 1,692,000 | |
Charges and adjustments, net | -519,000 | -1,962,000 | -4,210,000 | |
Balance at end of period | 11,375,000 | [1] | 11,351,000 | 12,517,000 |
Current provision for discontinued operations | 7,263,000 | ' | ' | |
Total Noncurrent Provision for Discontinued Operations | 4,112,000 | ' | ' | |
Environmental provision for discontinued operations | 11,900,000 | ' | ' | |
Current environmental provision for discontinued operations | $7,800,000 | ' | ' | |
[1] | Includes a $11.9 million environmental provision, including $7.8 million in current provision for discontinued operations. |
Asset_Impairments_and_Other_Ch3
Asset Impairments and Other Charges and Discontinued Operations (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 01, 2014 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Asset impairments and other | ' | ' | ' | ' | ' | ' | $1,341,000 | [1] | $17,037,000 | [2] | $2,677,000 | [3] |
Gain on lease termination | ' | ' | ' | ' | ' | ' | 8,300,000 | ' | ' | |||
Provision for discontinued operations | ' | ' | ' | ' | ' | ' | 543,000 | 796,000 | 1,692,000 | |||
Loss from discontinued operations | 100,000 | 100,000 | 100,000 | 200,000 | 100,000 | 200,000 | 329,000 | 462,000 | 1,025,000 | |||
Anticipated costs of environmental remedial | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | |||
Gain for excess provisions to prior discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | |||
Computer Network Intrusion [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Asset impairments and other | ' | ' | ' | ' | ' | ' | 3,300,000 | 15,600,000 | 700,000 | |||
Other Legal Matters [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Asset impairments and other | ' | ' | ' | ' | ' | ' | 2,400,000 | 100,000 | 900,000 | |||
Retail Store Asset Impairments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Asset impairments and other | ' | ' | ' | ' | ' | ' | 2,300,000 | 1,400,000 | 1,100,000 | |||
Lease Termination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Asset impairments and other | ' | ' | ' | ' | ' | ' | $1,600,000 | ' | ' | |||
[1] | Asset Impairments and other includes a $2.3 million charge for asset impairments, of which $1.4 million is in the Lids Sports Group, $0.6 million is in the Journeys Group and $0.3 million is in the Johnston & Murphy Group, a $3.3 million charge for network intrusion costs, a $2.4 million charge for other legal matters and a $1.6 million charge for a lease termination partially offset by a gain of $(8.3) million for the lease termination of a New York City Journeys store. | |||||||||||
[2] | Asset Impairments and other includes a $1.4 million charge for asset impairments, of which $0.9 million is in the Lids Sports Group, $0.4 million is in the Journeys Group, and $0.1 million is in the Johnston & Murphy Group, a $15.6 million charge for network intrusion costs and a $0.1 million charge for other legal matters. | |||||||||||
[3] | Asset Impairments and other includes a $1.1 million charge for asset impairments, of which $0.6 million is in the Journeys Group, $0.3 million is in the Lids Sports Group and $0.2 million is in the Johnston & Murphy Group, a $0.7 million charge for network intrusion costs and a $0.9 million charge for other legal matters. |
Inventories_Details
Inventories (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials | $26,115 | $24,223 |
Wholesale finished goods | 64,357 | 57,161 |
Retail merchandise | 476,789 | 423,960 |
Total Inventories | $567,261 | $505,344 |
Fair_Value_Details
Fair Value (Details) (USD $) | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 |
Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | Fair Value Measurements Nonrecurring [Member] | ||||
Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | ||||||||
Company's assets and liabilities measured at fair value on a nonrecurring basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Lived Assets Held and Used | ' | ' | ' | $448 | $514 | $93 | $191 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $448 | $514 | $93 | $191 |
Impairment Charges | ' | ' | ' | 580 | 350 | 209 | 1,208 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Asset Impairment Fiscal 2014 | $2,347 | $1,396 | $1,119 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Details_Textual
Fair Value (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Fair Value (Textual) [Abstract] | ' | ' | ' |
Impairment of long-lived assets | $2,347 | $1,396 | $1,119 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Long-Term Debt | ' | ' |
Total long-term debt | $33,730 | $50,682 |
Current portion | 6,793 | 5,675 |
Total Noncurrent Portion of Long-Term Debt | 26,937 | 45,007 |
Revolver Borrowings [Member] | ' | ' |
Long-Term Debt | ' | ' |
Total long-term debt | 0 | 27,700 |
UK Term Loans [Member] | ' | ' |
Long-Term Debt | ' | ' |
Total long-term debt | $33,730 | $22,982 |
LongTerm_Debt_Details_Textual
Long-Term Debt (Details Textual) | Feb. 01, 2014 | Feb. 02, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Jan. 30, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Jan. 31, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 |
USD ($) | USD ($) | Amended and Restated Facilities Agreement [Member] | Amended and Restated Facilities Agreement [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolver Borrowings [Member] | Revolver Borrowings [Member] | Revolver Borrowings [Member] | Revolver Borrowings [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Secured Debt [Member] | |
Term Loan C [Member] | Term Loan C [Member] | Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Domestic Facility [Member] | Domestic Facility [Member] | Domestic Facility [Member] | Domestic Facility [Member] | Domestic Facility [Member] | Canadian Sub Facility [Member] | Canadian Sub Facility [Member] | Canadian Sub Facility [Member] | Uk Credit Facility [Member] | Third Amended and Restated Credit Agreement [Member] | Third Amended and Restated Credit Agreement [Member] | Third Amended and Restated Credit Agreement [Member] | Third Amended and Restated Credit Agreement [Member] | Third Amended and Restated Credit Agreement [Member] | Third Amended and Restated Credit Agreement [Member] | Third Amended and Restated Credit Agreement [Member] | Third Amended and Restated Credit Agreement [Member] | Third Amended and Restated Credit Agreement [Member] | Third Amended and Restated Credit Agreement [Member] | Third Amended and Restated Credit Agreement [Member] | USD ($) | USD ($) | UK Term Loans [Member] | Amended Credit Facility [Member] | USD ($) | USD ($) | Uk Credit Facility [Member] | Uk Credit Facility [Member] | Uk Credit Facility [Member] | Uk Credit Facility [Member] | Uk Credit Facility [Member] | Uk Credit Facility [Member] | Uk Credit Facility [Member] | Uk Credit Facility [Member] | ||||
Schuh Group [Member] | London Interbank Offered Rate (LIBOR) [Member] | USD ($) | USD ($) | USD ($) | London Interbank Offered Rate (LIBOR) [Member] | Prime Rate, Bank of America [Member] | Federal Funds Rate [Member] | London Interbank Offered Rate (LIBOR), 30-Day LIBOR [Member] | Canadian Overnight Rate, Bank of America [Member] | Bankers Acceptances Rate, 30-Day BA Rate [Member] | Schuh Group [Member] | USD ($) | USD ($) | Genesco Uk Limited [Member] | GCO Canada Inc. [Member] | Swingline Loan [Member] | Swingline Loan [Member] | Standby Letters of Credit [Member] | Canadian Sub Facility [Member] | UK Sub Facility [Member] | Letter of Credit [Member] | Letter of Credit [Member] | USD ($) | Letter of Credit [Member] | Schuh Group [Member] | Term Loan A [Member] | Term Loan A [Member] | Term Loan B [Member] | Term Loan B [Member] | Term Loan B [Member] | Term Loan B [Member] | Working Capital Facility [Member] | ||||||||||
GBP (£) | Schuh Group [Member] | USD ($) | USD ($) | Genesco Uk Limited [Member] | GCO Canada Inc. [Member] | USD ($) | USD ($) | USD ($) | Genesco Uk Limited [Member] | GCO Canada Inc. [Member] | USD ($) | GBP (£) | Schuh Group [Member] | London Interbank Offered Rate (LIBOR) [Member] | Schuh Group [Member] | Schuh Group [Member] | Schuh Group [Member] | London Interbank Offered Rate (LIBOR) [Member] | Schuh Group [Member] | |||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | Schuh Group [Member] | GBP (£) | GBP (£) | GBP (£) | Schuh Group [Member] | GBP (£) | ||||||||||||||||||||||||||||||||
Long-Term Debt (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturing in year one | $6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturing in year two | 14,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturing in year three | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturing in year four | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturing in year five | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturing thereafter | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of credit facility | ' | ' | 12,500,000 | ' | ' | ' | ' | 375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | 10,000,000 | 40,000,000 | 70,000,000 | 25,000,000 | 50,000,000 | 10,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | 29,500,000 | 15,500,000 | ' | 14,000,000 | ' | ' | ' | 5,000,000 |
Capitalized deferred financing costs of credit facility and amendment | ' | ' | ' | ' | ' | 1,600,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period of deferred financing costs for credit facility and amendment | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 33,730,000 | 50,682,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 27,700,000 | 33,700,000 | ' | 33,730,000 | 22,982,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in availability under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | 50,000,000 | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of loans and letters of credit subject to receipt of commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | 550,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of borrowing base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90% of eligible inventory plus 85% of eligible wholesale receivables (50% of eligible wholesale receivables of the Lids Team Sports business) plus 90% of eligible credit card and debit card receivables less applicable reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prime rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Canadian Prime Rate (defined as the highest of the (i)Â Bank of America Canadian Prime Rate, (ii)Â 0.50% plus the Bank of America (Canadian) overnight rate, and (iii)Â 1.0% plus the BA rate for a 30Â day interest period) plus the applicable margin for loans made in U.S. dollars, LIBOR plus the applicable margin or the U.S. Index Rate (defined as the highest of the (i)Â Bank of America (Canada branch) U.S. dollar base rate, (ii)Â the Federal Funds rate plus 0.50%, and (iii)Â LIBOR for an interest period of thirty days plus 1.0%) plus the applicable margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base based upon percentage of eligible inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base based upon percentage of eligible wholesale receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eligible wholesale receivables percentage of Lids team sports business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base percentage of eligible credit card and debit card receivables less applicable reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base percentage as maximum from loan cap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares pledged by company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'Bank of America prime rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | 3.75% | ' |
Applicable margin plus higher of condition one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Federal Funds rate plus 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin plus higher of condition two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR for an interest period of thirty days plus 1.0% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial applicable margin for base rate loans and U.S. Index rate loans | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial applicable margin for LIBOR loans and BA equivalent loans | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee on the actual daily unused portions of the credit facility one | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee on the actual daily unused portions of the credit facility condition one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Â 0.50%Â per annum if less than 50% of the Credit Facility has been utilized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee on the actual daily unused portions of the credit facility condition two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0.375%Â per annum if 50% or more of the Credit Facility has been utilized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenants, Excess Availability threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenants, Excess Availability threshold percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenants for fixed charge coverage ratio (description) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' not less than 1.0:1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenants for fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess availability under credit facility | ' | ' | ' | ' | ' | ' | 358,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amended amount on senior debt covenant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenants, Excess Availability threshold for cash dominion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenants, Excess Availability threshold percentage for cash dominion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment on the term loan (in GBP) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | £ 100,000 | £ 4,800,000 | £ 4,500,000 | ' | ' |
Interest coverage covenant minimum level | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage covenant maximum level | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage covenant minimum level | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage covenant maximum level | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flow coverage covenant minimum level | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_Under_LongTerm_Lea2
Commitments Under Long-Term Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Rental expense under operating leases | ' | ' | ' |
Minimum rentals | $227,880 | $215,516 | $192,175 |
Contingent rentals | 9,667 | 14,786 | 12,918 |
Sublease rentals | -663 | -667 | -686 |
Total Rental Expense | 236,884 | 229,635 | 204,407 |
Minimum rental commitments payable in future years | ' | ' | ' |
2015 | 235,049 | ' | ' |
2016 | 216,870 | ' | ' |
2017 | 188,714 | ' | ' |
2018 | 157,295 | ' | ' |
2019 | 126,726 | ' | ' |
Later years | 381,825 | ' | ' |
Total Minimum Rental Commitments | $1,306,479 | ' | ' |
Commitments_Under_LongTerm_Lea3
Commitments Under Long-Term Leases (Details Textual) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Commitments Under Long-Term Leases (Textual) [Abstract] | ' | ' |
Percentage of renewal options | 3.00% | ' |
Tenant allowances | $24.20 | $20 |
Deferred rent | $41.60 | $37.90 |
United States, Puerto Rico and Canada [Member] | ' | ' |
Commitments Under Long-Term Leases (Textual) [Abstract] | ' | ' |
Store leases terms maximum | '10 years | ' |
United Kingdom and the Republic of Ireland [Member] | ' | ' |
Commitments Under Long-Term Leases (Textual) [Abstract] | ' | ' |
Store leases terms minimum | '10 years | ' |
Store leases terms maximum | '20 years | ' |
Equity_Details
Equity (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 4-May-13 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 4-May-13 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 4-May-13 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | 4-May-13 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | |||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Subordinated Serial Preferred Stock Aggregate [Member] | Subordinated Serial Preferred Stock Aggregate [Member] | Subordinated Serial Preferred Stock Aggregate [Member] | Subordinated Serial Preferred Stock $2.30 Series 1 [Member] | Subordinated Serial Preferred Stock $2.30 Series 1 [Member] | Subordinated Serial Preferred Stock $2.30 Series 1 [Member] | Subordinated Serial Preferred Stock $2.30 Series 1 [Member] | Subordinated Serial Preferred Stock $4.75 Series 3 [Member] | Subordinated Serial Preferred Stock $4.75 Series 3 [Member] | Subordinated Serial Preferred Stock $4.75 Series 3 [Member] | Subordinated Serial Preferred Stock $4.75 Series 3 [Member] | Subordinated Serial Preferred Stock $4.75 Series 4 [Member] | Subordinated Serial Preferred Stock $4.75 Series 4 [Member] | Subordinated Serial Preferred Stock $4.75 Series 4 [Member] | Subordinated Serial Preferred Stock $4.75 Series 4 [Member] | Subordinated Serial Preferred Stock Series 6 [Member] | Subordinated Serial Preferred Stock Series 6 [Member] | Subordinated Serial Preferred Stock Series 6 [Member] | $1.50 Subordinated Cumulative Preferred Stock [Member] | $1.50 Subordinated Cumulative Preferred Stock [Member] | $1.50 Subordinated Cumulative Preferred Stock [Member] | $1.50 Subordinated Cumulative Preferred Stock [Member] | Non-Redeemable Preferred Stock [Member] | Non-Redeemable Preferred Stock [Member] | Non-Redeemable Preferred Stock [Member] | Non-Redeemable Preferred Stock [Member] | Employees Subordinated Convertible Preferred Stock [Member] | Employees Subordinated Convertible Preferred Stock [Member] | Employees Subordinated Convertible Preferred Stock [Member] | Stated Value of Issued Shares [Member] | Stated Value of Issued Shares [Member] | Stated Value of Issued Shares [Member] | Employees' Preferred Stock Purchase Accounts [Member] | Employees' Preferred Stock Purchase Accounts [Member] | Employees' Preferred Stock Purchase Accounts [Member] | Employees' Preferred Stock Purchase Accounts [Member] | |||||||||||||||||||||||||||||||||||||
Vote | Vote | Vote | Vote | Vote | Vote | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Redeemable Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Preferred stock, dividend rate | ' | ' | ' | ' | ' | ' | ' | $2.30 | $2.30 | ' | ' | $4.75 | $4.75 | ' | ' | $4.75 | $4.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Non-redeemable preferred stock, shares authorized | ' | ' | ' | ' | 3,000,000 | [1],[2] | ' | ' | ' | 64,368 | [1] | ' | ' | ' | 40,449 | [1] | ' | ' | ' | 53,764 | [1] | ' | ' | 800,000 | [1] | ' | ' | 5,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Non-redeemable preferred stock, number of shares | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] | ' | 0 | [1] | 16,203 | [1] | 30,368 | [1] | ' | 0 | [1] | 7,398 | [1] | 11,643 | [1] | ' | 0 | [1] | 3,247 | [1] | 3,397 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | 30,067 | [1] | 30,067 | [1] | 0 | [1] | 56,915 | [1] | 75,475 | [1] | ' | 46,069 | [1] | 46,852 | [1] | 47,922 | [1] | ' | ' | ' | ' | ' | ' | ' | |||||||||
Non-redeemable preferred stock | $1,305 | [1] | $3,924 | [1] | $4,957 | [1] | $5,183 | $0 | [1] | $0 | [1] | $0 | [1] | ' | $0 | [1] | $648 | [1] | $1,215 | [1] | ' | $0 | [1] | $740 | [1] | $1,164 | [1] | ' | $0 | [1] | $325 | [1] | $340 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | ' | $902 | [1] | $902 | [1] | $0 | [1] | $2,615 | [1] | $3,621 | [1] | $3,816 | $1,382 | [1] | $1,405 | [1] | $1,437 | [1] | $1,382 | [1] | $4,020 | [1] | $5,058 | [1] | ($77) | [1] | ($96) | [1] | ($101) | [1] | ($109) |
Common Convertible Ratio | ' | ' | ' | ' | ' | ' | ' | ' | 0.83 | [1] | ' | ' | ' | 2.11 | [1] | ' | ' | ' | 1.52 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [1],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||
Number of votes | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [1] | ' | ' | ' | 2 | [1] | ' | ' | ' | 1 | [1] | ' | ' | 100 | [1] | ' | ' | 1 | [1] | ' | ' | ' | ' | ' | ' | ' | 1 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Common convertible ratio | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Par value of preferred stock (USD per share) | ' | ' | ' | ' | ' | ' | ' | $40 | ' | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.50 | $1.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
[1] | In order of preference for liquidation and dividends. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The Company’s charter permits the board of directors to issue Subordinated Serial Preferred Stock in as many series, each with as many shares and such rights and preferences as the board may designate. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Also convertible into one share of $1.50 Subordinated Cumulative Preferred Stock. |
Equity_Details_1
Equity (Details 1) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
Preferred stock transactions | ' | ' | ' | |||
Preferred Stock, Value, Issued, Beginning Balance | $3,924 | [1] | $4,957 | [1] | $5,183 | |
Preferred stock redemptions | -1,462 | ' | ' | |||
Other preferred stock value | -1,157 | -1,033 | -226 | |||
Preferred Stock, Value, Issued, Ending Balance | 1,305 | [1] | 3,924 | [1] | 4,957 | [1] |
Non-Redeemable Preferred Stock [Member] | ' | ' | ' | |||
Preferred stock transactions | ' | ' | ' | |||
Preferred Stock, Value, Issued, Beginning Balance | 2,615 | [1] | 3,621 | [1] | 3,816 | |
Preferred stock redemptions | -1,462 | ' | ' | |||
Other preferred stock value | -1,153 | -1,006 | -195 | |||
Preferred Stock, Value, Issued, Ending Balance | 0 | [1] | 2,615 | [1] | 3,621 | [1] |
Non-Redeemable Employees Preferred Stock [Member] | ' | ' | ' | |||
Preferred stock transactions | ' | ' | ' | |||
Preferred Stock, Value, Issued, Beginning Balance | 1,405 | 1,437 | 1,476 | |||
Preferred stock redemptions | 0 | ' | ' | |||
Other preferred stock value | -23 | -32 | -39 | |||
Preferred Stock, Value, Issued, Ending Balance | 1,382 | 1,405 | 1,437 | |||
Employees' Preferred Stock Purchase Accounts [Member] | ' | ' | ' | |||
Preferred stock transactions | ' | ' | ' | |||
Preferred Stock, Value, Issued, Beginning Balance | -96 | [1] | -101 | [1] | -109 | |
Preferred stock redemptions | 0 | ' | ' | |||
Other preferred stock value | 19 | 5 | 8 | |||
Preferred Stock, Value, Issued, Ending Balance | ($77) | [1] | ($96) | [1] | ($101) | [1] |
[1] | In order of preference for liquidation and dividends. |
Equity_Details_2
Equity (Details 2) | 12 Months Ended | |||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||
Changes in shares of company's capital stock | ' | ' | ' | |||
Issued, beginning balance | 24,484,915 | ' | ' | |||
Exercise of options | 130,051 | 223,618 | 390,357 | |||
Shares repurchased | -337,665 | -645,904 | 0 | |||
Issued, ending balance | 24,407,724 | 24,484,915 | ' | |||
Less shares repurchased and held in treasury | 488,464 | 488,464 | ' | |||
Outstanding | 23,919,260 | 23,996,451 | ' | |||
Common Stock [Member] | ' | ' | ' | |||
Changes in shares of company's capital stock | ' | ' | ' | |||
Issued, beginning balance | 24,484,915 | 24,757,826 | 24,162,634 | |||
Exercise of options | 130,051 | 223,618 | 390,357 | |||
Issue restricted stock | 213,827 | 204,456 | 304,050 | |||
Issue shares - Employee Stock Purchase Plan | 3,146 | 2,463 | 2,717 | |||
Shares repurchased | -337,665 | -645,904 | 0 | |||
Other | -86,550 | -57,544 | -101,932 | |||
Issued, ending balance | 24,407,724 | 24,484,915 | 24,757,826 | |||
Less shares repurchased and held in treasury | 488,464 | ' | ' | |||
Outstanding | 23,919,260 | ' | ' | |||
Non-Redeemable Preferred Stock [Member] | ' | ' | ' | |||
Changes in shares of company's capital stock | ' | ' | ' | |||
Preferred stock, beginning balance | 56,915 | 75,475 | 79,306 | |||
Exercise of options | 0 | 0 | 0 | |||
Issue restricted stock | 0 | 0 | 0 | |||
Issue shares - Employee Stock Purchase Plan | 0 | 0 | 0 | |||
Shares repurchased | 0 | 0 | 0 | |||
Other | -56,915 | -18,560 | -3,831 | |||
Preferred stock, ending balance | 0 | 56,915 | 75,475 | |||
Less shares repurchased and held in treasury | 0 | ' | ' | |||
Preferred stock, outstanding | 0 | [1] | 56,915 | [1] | 75,475 | [1] |
Employees' Preferred Stock [Member] | ' | ' | ' | |||
Changes in shares of company's capital stock | ' | ' | ' | |||
Preferred stock, beginning balance | 46,852 | 47,922 | 49,192 | |||
Exercise of options | 0 | 0 | 0 | |||
Issue restricted stock | 0 | 0 | 0 | |||
Issue shares - Employee Stock Purchase Plan | 0 | 0 | 0 | |||
Shares repurchased | 0 | 0 | 0 | |||
Other | -783 | -1,070 | -1,270 | |||
Preferred stock, ending balance | 46,069 | 46,852 | 47,922 | |||
Less shares repurchased and held in treasury | 0 | ' | ' | |||
Preferred stock, outstanding | 46,069 | ' | ' | |||
[1] | In order of preference for liquidation and dividends. |
Equity_Details_Textual
Equity (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 4-May-13 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 4-May-13 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | 4-May-13 | Feb. 01, 2014 | 4-May-13 | Feb. 01, 2014 | 4-May-13 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Nov. 02, 2013 | Feb. 01, 2014 | 4-May-13 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 29, 2011 | |
Vote | Maximum [Member] | Minimum [Member] | 1996 Stock Incentive Plan [Member] | 2005 Stock Incentive Plan [Member] | 2009 Stock Incentive Plan [Member] | 2009 Equity Incentive Plan [Member] | 2009 Equity Incentive Plan [Member] | 2009 Equity Incentive Plan [Member] | Subordinated Serial Preferred Stock $2.30 Series 1 [Member] | Subordinated Serial Preferred Stock $2.30 Series 1 [Member] | Subordinated Serial Preferred Stock $2.30 Series 1 [Member] | Subordinated Serial Preferred Stock $2.30 Series 1 [Member] | Subordinated Serial Preferred Stock $4.75 Series 3 [Member] | Subordinated Serial Preferred Stock $4.75 Series 3 [Member] | Subordinated Serial Preferred Stock $4.75 Series 4 [Member] | Subordinated Serial Preferred Stock $4.75 Series 4 [Member] | Subordinated Serial Preferred Stock Series One, Three and Four [Member] | Non-Redeemable Preferred Stock [Member] | Non-Redeemable Preferred Stock [Member] | Non-Redeemable Preferred Stock [Member] | $1.50 Subordinated Cumulative Preferred Stock [Member] | $1.50 Subordinated Cumulative Preferred Stock [Member] | $1.50 Subordinated Cumulative Preferred Stock [Member] | Employees Subordinated Convertible Preferred Stock [Member] | Conversion Of Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||
Equity (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.30 | $2.30 | ' | ' | $4.75 | $4.75 | $4.75 | $4.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock stated and redemption values over accumulated dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40 | ' | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | $1.50 | $1.50 | ' | ' | ' | ' | ' | ' |
Preferred stock, redemption amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 | ' | ' | ' | $900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of stock, shares converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,713 | ' | ' | ' | 6,046 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tender offer for outstanding common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date of rights | 1-Mar-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable price per right (USD per share) | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multiplication value to Quarterly dividend per share of common stock for calculation of Stated and liquidation values and redemption price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88 | ' | ' | ' | ' | ' |
Stated and liquidation values and redemption price per share dividend paid on common stock plus accumulated dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30 | ' | ' | $30 | ' | ' | ' | ' | ' |
Stock redeemed or called during period, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,490 | ' | ' | ' | 1,352 | ' | 3,247 | ' | ' | ' | ' | ' | 30,067 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value (USD per share) | $1 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 80,000,000 | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 24,407,724 | 24,484,915 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,407,724 | 24,484,915 | 24,757,826 | 24,162,634 |
Shares held in treasury | 488,464 | 488,464 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 488,464 | ' | ' | ' |
Number of Vote for each outstanding Share | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares reserved | 310,292 | ' | ' | ' | ' | ' | 60,000 | 70,854 | 1,204,662 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,069 | ' | ' | ' | ' |
Common stock issued for exercise of stock options | 130,051 | 223,618 | 390,357 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | 130,051 | 223,618 | 390,357 | ' |
Weighted average exercise price of common stock | $23.33 | $21.50 | $24.82 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average market price of common stock issued under stock option (USD per share) | $62.30 | $63.84 | $48.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average price of common stock retired and repurchase (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $61.23 | $58.29 | ' | ' |
Exercise of stock options | 3,034,000 | 4,808,000 | 9,687,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 4,800,000 | 9,700,000 | ' |
Common stock issued as restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 199,392 | 194,232 | 289,407 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue shares - Employee Stock Purchase Plan, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | 3,146 | 2,463 | 2,717 | ' |
Issue shares - Employee Stock Purchase Plan, value | 196,000 | 157,000 | 133,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock issued to directors for no consideration | 14,435 | 10,224 | 14,643 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock withheld for taxes on restricted stock vested | 105,193 | 75,552 | 93,089 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock forfeited during the year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,279 | 4,020 | 14,081 | ' |
Common stock issued in conversion of debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,922 | 22,028 | 5,238 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares repurchased and retired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 337,665 | 645,904 | ' | ' |
Common stock value repurchased and retired | 1,462,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,462,000 | ' | ' | ' | ' | ' | ' | ' | 20,700,000 | 37,600,000 | ' | ' |
Percentage loan cap | ' | ' | ' | ' | 25.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage loan cap | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proforma fixed charge coverage ratio | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption cost | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate dividend declared for fiscal year | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||||||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
United States | ' | ' | ' | ' | ' | ' | ' | ' | $152,832 | $152,457 | $139,174 | |||||||||
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 6,028 | 12,375 | 17,219 | |||||||||
Earnings from continuing operations before income taxes | $73,998 | [1],[2] | $45,789 | [3] | $14,388 | [4] | $24,685 | [5] | $61,401 | [6] | $52,907 | [7] | $14,638 | [7] | $35,886 | [8] | $158,860 | [9] | $164,832 | $156,393 |
[1] | 14 week period vs. 13 weeks in prior period. | |||||||||||||||||||
[2] | Includes a net asset impairment and other charge of $5.6 million (see Note 3). | |||||||||||||||||||
[3] | Includes a net asset impairment and other charge of $1.5 million (see Note 3). | |||||||||||||||||||
[4] | Includes a net asset impairment and other credit of $(7.1) million (see Note 3). | |||||||||||||||||||
[5] | Includes a net asset impairment and other charge of $1.3 million (see Note 3). | |||||||||||||||||||
[6] | Includes a net asset impairment and other charge of $16.1 million (see Note 3). | |||||||||||||||||||
[7] | Includes a net asset impairment and other charge of $0.4 million (see Note 3). | |||||||||||||||||||
[8] | Includes a net asset impairment and other charge of $0.1 million (see Note 3). | |||||||||||||||||||
[9] | 53 week period vs. 52 weeks in prior period. |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Current | ' | ' | ' |
U.S. federal | $35,463 | $50,859 | $42,103 |
International | 7,293 | 9,853 | 2,226 |
State | 8,139 | 8,841 | 8,952 |
Total Current Income Tax Expense | 50,895 | 69,553 | 53,281 |
Deferred | ' | ' | ' |
U.S. federal | 14,078 | -7,924 | 5,579 |
International | -1,813 | -6,379 | 4,370 |
State | 2,718 | -3,315 | -288 |
Total Deferred Income Tax Expense (Benefit) | 14,983 | -17,618 | 9,661 |
Total Income Tax Expense - Continuing Operations | $65,878 | $51,935 | $62,942 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets and liabilities | ' | ' |
Identified intangibles | ($28,468) | ($28,076) |
Prepaids | -3,063 | -2,943 |
Convertible bonds | -3,001 | -3,001 |
Total deferred tax liabilities | -34,532 | -34,020 |
Options | 448 | 965 |
Deferred rent | 4,986 | 5,847 |
Pensions | 4,253 | 8,321 |
Expense accruals | 15,673 | 16,766 |
Uniform capitalization costs | 13,750 | 12,539 |
Book over tax depreciation | 2,839 | 13,783 |
Provisions for discontinued operations and restructurings | 4,731 | 4,745 |
Inventory valuation | 2,115 | 2,015 |
Tax net operating loss and credit carryforwards | 2,396 | 3,535 |
Allowances for bad debts and notes | 761 | 1,598 |
Deferred compensation and restricted stock | 6,606 | 6,382 |
Other | 4,320 | 3,500 |
Gross deferred tax assets | 62,878 | 79,996 |
Deferred tax asset valuation allowance | -3,771 | -3,541 |
Deferred tax asset net of valuation allowance | 59,107 | 76,455 |
Net Deferred Tax Assets | $24,575 | $42,435 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets net classification | ' | ' |
Net current asset | $23,089 | $23,725 |
Net non-current asset | 3,342 | 18,731 |
Net non-current liability | -1,856 | -21 |
Net Deferred Tax Assets | $24,575 | $42,435 |
Income_Taxes_Details_4
Income Taxes (Details 4) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Reconciliation of the United States federal statutory rate to the Company's effective tax rate from continuing operations | ' | ' | ' |
U. S. federal statutory rate of tax | 35.00% | 35.00% | 35.00% |
State taxes (net of federal tax benefit) | 4.62% | 3.11% | 3.62% |
Foreign rate differential | -1.24% | -1.98% | -1.71% |
Change in valuation allowance | 0.05% | -0.17% | 0.60% |
Permanent items | 2.18% | 1.85% | 2.27% |
Uncertain federal, state and foreign tax positions | 0.21% | -5.73% | 0.00% |
Other | 0.65% | -0.57% | 0.47% |
Effective Tax Rate | 41.47% | 31.51% | 40.25% |
Income_Taxes_Details_5
Income Taxes (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Reconciliation of the total amounts of unrecognized tax benefits | ' | ' | ' |
Unrecognized Tax Benefit - Beginning of Period | $10,437 | $20,467 | $14,167 |
Gross Increases (Decreases) - Tax Positions in a Prior Period | 139 | -2,464 | -29 |
Gross Increases - Tax Positions in a Current Period | 1,452 | 133 | 6,986 |
Settlements | -340 | -449 | -533 |
Lapse of Statutes of Limitations | -728 | -7,250 | -124 |
Unrecognized Tax Benefit - End of Period | $10,960 | $10,437 | $20,467 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Discontinued operations income tax benefit | $200,000 | $300,000 | $700,000 |
Additional income tax benefit (expense) | 3,800,000 | 4,800,000 | 4,600,000 |
Effective tax rate for continuing operation | 41.47% | 31.51% | 40.25% |
Deferred tax valuation allowance | 3,771,000 | 3,541,000 | ' |
Decrease in valuation allowance | 300,000 | ' | ' |
Accumulated undistributed earnings of foreign subsidiary | 26,400,000 | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 1,300,000 | 2,400,000 | 12,600,000 |
Possibility of decrease in gross tax liability in next 12 months | 100,000 | ' | ' |
Interest on income taxes expense | -100,000 | -1,200,000 | 500,000 |
Income tax penalties expense | -100,000 | 100,000 | 0 |
Interest on income taxes accrued | 900,000 | 1,100,000 | 2,300,000 |
Income tax penalties accrued | 100,000 | 200,000 | 200,000 |
Minimum [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Period of statutes of limitation of subsidiaries in foreign jurisdictions | '2 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Period of statutes of limitation of subsidiaries in foreign jurisdictions | '6 years | ' | ' |
Domestic Country [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards | 1,300,000 | 1,500,000 | 1,600,000 |
Domestic Country [Member] | Minimum [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards, expiration dates | 1-Feb-25 | ' | ' |
Domestic Country [Member] | Maximum [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards, expiration dates | 2-Feb-30 | ' | ' |
State And Local Jurisdiction [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards | 0 | 100,000 | 100,000 |
Tax credit carryforward | 700,000 | 900,000 | 600,000 |
State And Local Jurisdiction [Member] | Minimum [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards, expiration dates | 30-Jan-16 | ' | ' |
Tax credit carryforward, expiration date | 1-Feb-14 | ' | ' |
State And Local Jurisdiction [Member] | Maximum [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards, expiration dates | 1-Feb-31 | ' | ' |
Tax credit carryforward, expiration date | 2-Feb-19 | ' | ' |
Foreign Country [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards | 7,500,000 | 10,400,000 | 28,800,000 |
Operating loss carryforwards, expiration dates | 29-Jan-22 | ' | ' |
Tax credit carryforward | $0 | $0 | $100,000 |
Defined_Benefit_Pension_Plans_2
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward | ' | ' | ' |
Benefit obligation at beginning of year | $119,126 | $118,644 | ' |
Service cost | 350 | 350 | 250 |
Interest cost | 4,584 | 4,961 | 5,597 |
Plan participants’ contributions | 0 | 0 | ' |
Benefits paid | -9,000 | -9,038 | ' |
Actuarial (gain) loss | -3,927 | 4,209 | ' |
Benefit Obligation at End of Year | 111,133 | 119,126 | 118,644 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 98,612 | 96,443 | ' |
Actual gain on plan assets | 12,298 | 11,207 | ' |
Employer contributions | 0 | 0 | ' |
Plan participants’ contributions | 0 | 0 | ' |
Benefits paid | -9,000 | -9,038 | ' |
Fair Value of Plan Assets at End of Year | 101,910 | 98,612 | 96,443 |
Funded Status at End of Year | -9,223 | -20,514 | ' |
Other Benefits | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward | ' | ' | ' |
Benefit obligation at beginning of year | 4,487 | 3,908 | ' |
Service cost | 428 | 356 | 166 |
Interest cost | 159 | 157 | 174 |
Plan participants’ contributions | 86 | 74 | ' |
Benefits paid | -436 | -221 | ' |
Actuarial (gain) loss | 990 | 213 | ' |
Benefit Obligation at End of Year | 5,714 | 4,487 | 3,908 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual gain on plan assets | 0 | 0 | ' |
Employer contributions | 350 | 147 | ' |
Plan participants’ contributions | 86 | 74 | ' |
Benefits paid | -436 | -221 | ' |
Fair Value of Plan Assets at End of Year | 0 | 0 | 0 |
Funded Status at End of Year | ($5,714) | ($4,487) | ' |
Defined_Benefit_Pension_Plans_3
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details 1) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Noncurrent assets | $0 | $0 |
Current liabilities | 0 | 0 |
Noncurrent liabilities | -9,223 | -20,514 |
Net Amount Recognized | -9,223 | -20,514 |
Other Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Noncurrent assets | 0 | 0 |
Current liabilities | -208 | -160 |
Noncurrent liabilities | -5,506 | -4,327 |
Net Amount Recognized | ($5,714) | ($4,487) |
Defined_Benefit_Pension_Plans_4
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details 2) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost | $0 | $0 |
Net loss | 27,147 | 42,879 |
Total Recognized in Accumulated Other Comprehensive Loss | 27,147 | 42,879 |
Other Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost | 0 | 0 |
Net loss | 1,459 | 566 |
Total Recognized in Accumulated Other Comprehensive Loss | $1,459 | $566 |
Defined_Benefit_Pension_Plans_5
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details 3) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' |
Projected benefit obligation | $111,133 | $119,126 |
Accumulated benefit obligation | 111,133 | 119,126 |
Fair value of plan assets | $101,910 | $98,612 |
Defined_Benefit_Pension_Plans_6
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $350 | $350 | $250 |
Interest cost | 4,584 | 4,961 | 5,597 |
Expected return on plan assets | -6,654 | -7,003 | -7,807 |
Prior service cost | 0 | 4 | 4 |
Losses | 6,160 | 6,032 | 4,728 |
Net amortization | 6,160 | 6,036 | 4,732 |
Net Periodic Benefit Cost | 4,440 | 4,344 | 2,772 |
Other Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 428 | 356 | 166 |
Interest cost | 159 | 157 | 174 |
Expected return on plan assets | 0 | 0 | 0 |
Prior service cost | 0 | 0 | 0 |
Losses | 97 | 84 | 79 |
Net amortization | 97 | 84 | 79 |
Net Periodic Benefit Cost | $684 | $597 | $419 |
Defined_Benefit_Pension_Plans_7
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details 5) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 01, 2014 |
Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net loss (gain) | ($9,571) |
Amortization of prior service cost | 0 |
Amortization of net actuarial loss | -6,160 |
Total Recognized in Other Comprehensive Income | -15,731 |
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | -11,291 |
Other Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net loss (gain) | 990 |
Amortization of prior service cost | 0 |
Amortization of net actuarial loss | -97 |
Total Recognized in Other Comprehensive Income | 893 |
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $1,577 |
Defined_Benefit_Pension_Plans_8
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details 6) | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.40% | 4.00% | 4.35% |
Other Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.40% | 4.01% | ' |
Rate of compensation increase | 0.00% | 0.00% | ' |
Defined_Benefit_Pension_Plans_9
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details 7) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.00% | 4.35% | 5.25% |
Expected long-term rate of return on plan assets | 7.75% | 7.75% | 8.25% |
Other Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.01% | 4.17% | 5.25% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Recovered_Sheet1
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details 8) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' |
Health care cost trend rate assumed for next year | 8.00% | 7.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | '2019 | '2017 |
Recovered_Sheet2
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details 9) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 01, 2014 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' |
Aggregated service and interest cost, 1% increase in rates | $134 |
Aggregated service and interest cost, 1% decrease in rates | 106 |
Accumulated postretirement benefit obligation, 1% increase in rates | 626 |
Accumulated postretirement benefit obligation, 1% decrease in rates | $735 |
Recovered_Sheet3
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details 10) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target asset allocation | 100.00% | 100.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target asset allocation | 65.00% | 66.00% |
Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target asset allocation | 35.00% | 34.00% |
Other [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target asset allocation | 0.00% | 0.00% |
Recovered_Sheet4
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details 11) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | $101,910 | $98,612 |
Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 101,910 | 98,612 |
Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 0 | 0 |
Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 0 | 0 |
Total [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 101,910 | 98,612 |
International Equity [Member] | Equity Securities [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 13,026 | 13,757 |
International Equity [Member] | Equity Securities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 0 | 0 |
International Equity [Member] | Equity Securities [Member] | Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 0 | 0 |
International Equity [Member] | Equity Securities [Member] | Total [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 13,026 | 13,757 |
Domestic Equity [Member] | Equity Securities [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 53,187 | 51,011 |
Domestic Equity [Member] | Equity Securities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 0 | 0 |
Domestic Equity [Member] | Equity Securities [Member] | Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 0 | 0 |
Domestic Equity [Member] | Equity Securities [Member] | Total [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 53,187 | 51,011 |
Fixed Income Securities [Member] | Equity Securities [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 35,481 | 33,633 |
Fixed Income Securities [Member] | Equity Securities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 0 | 0 |
Fixed Income Securities [Member] | Equity Securities [Member] | Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 0 | 0 |
Fixed Income Securities [Member] | Equity Securities [Member] | Total [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 35,481 | 33,633 |
Cash Equivalents [Member] | Other Securities [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 235 | 235 |
Cash Equivalents [Member] | Other Securities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 0 | 0 |
Cash Equivalents [Member] | Other Securities [Member] | Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 0 | 0 |
Cash Equivalents [Member] | Other Securities [Member] | Total [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 235 | 235 |
Other Cash Equivalents Includes Receivables And Payables [Member] | Other Securities [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | -19 | -24 |
Other Cash Equivalents Includes Receivables And Payables [Member] | Other Securities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 0 | 0 |
Other Cash Equivalents Includes Receivables And Payables [Member] | Other Securities [Member] | Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | 0 | 0 |
Other Cash Equivalents Includes Receivables And Payables [Member] | Other Securities [Member] | Total [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Pension Plan Assets | ($19) | ($24) |
Recovered_Sheet5
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details 12) (USD $) | Feb. 01, 2014 |
In Millions, unless otherwise specified | |
Pension Benefits | ' |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' |
2014 | $8.70 |
2015 | 8.5 |
2016 | 8.3 |
2017 | 8.1 |
2018 | 8 |
2019 – 2023 | 36.7 |
Other Benefits | ' |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' |
2014 | 0.2 |
2015 | 0.2 |
2016 | 0.2 |
2017 | 0.3 |
2018 | 0.3 |
2019 – 2023 | $1.80 |
Recovered_Sheet6
Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Details Textuals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Minimum expected funded percentage | 80.00% | ' | ' |
Minimum year of service of employee related to savings plan | '1 year | ' | ' |
Minimum year of age of employee related to savings plan | '21 years | ' | ' |
Maximum percentage of salary up to which additional contribution made by employer | 2.50% | ' | ' |
Contribution expense to company for matching program | $5 | $5.30 | $4.20 |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Participant's compensation | 4.00% | ' | ' |
Participant compensation in excess of social security taxable wage base | 4.00% | ' | ' |
Interest calculated on account balance of each active particpant | 7.00% | ' | ' |
Amount other than interest calculated on account balance of each active participant | 50.00% | ' | ' |
Amount with interest calculated on account balance of each inactive participant | 'lesser of 7% or the 30 year | ' | ' |
Treasury rate with interest calculated on account balance of each inactive participant | 7.00% | ' | ' |
Year with interest calculated on account balance of each inactive participant | '30 | ' | ' |
Year only with interest calculated under frozen plan for each participant's cash balance plan account | '30 | ' | ' |
Treasury rate only with interest calculated under frozen plan for each participant's cash balance plan account | 7.00% | ' | ' |
Estimated net loss that will be amortized from accumulated other comprehensive income | 3.9 | ' | ' |
Estimated prior service cost that will be amortized from accumulated other comprehensive income | 0 | ' | ' |
Discount rate | 4.40% | 4.00% | 4.35% |
Decrease in rate increased accumulated benefit obligation | 3.9 | 4.3 | ' |
Decrease in rate increased projected benefit obligation | 3.9 | 4.3 | ' |
Expected long-term rate of return on plan assets | 7.75% | 7.75% | 8.25% |
Other Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Age under health care plan for early retirees eligible for benefits | '65 years | ' | ' |
Estimated net loss that will be amortized from accumulated other comprehensive income | $0.10 | ' | ' |
Discount rate | 4.40% | 4.01% | ' |
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Domestic Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocations | 50.00% | ' | ' |
International Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocations | 13.00% | ' | ' |
Fixed Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocations | 35.00% | ' | ' |
Cash Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocations | 2.00% | ' | ' |
Defined Benefit Pension Plan Amendment Two [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percent of matching contribution by employer | 100.00% | ' | ' |
Maximum employer contribution up to a specified percentage of salary | 3.00% | ' | ' |
Percent of matching contribution by employer up to a specified percentage of salary | 50.00% | ' | ' |
Another maximum employer contribution up to specified percentage of salary | 2.00% | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||
Summary of basic and diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Earnings from continuing operations, Income (Numerator) | ' | ' | ' | ' | ' | ' | ' | ' | $92,982 | $112,897 | $93,451 | ||||
Less: Preferred stock dividends and income from participating securities, Income (Numerator) | ' | ' | ' | ' | ' | ' | ' | ' | -33 | -147 | -3,338 | ||||
Basic EPS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Income from continuing operations available to common shareholders, Income (Numerator) | ' | ' | ' | ' | ' | ' | ' | ' | 92,949 | 112,750 | 90,113 | ||||
Income from continuing operations available to common shareholders, Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' | 23,297,000 | 23,584,000 | 23,179,000 | ||||
Income from continuing operations available to common shareholders (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.99 | $4.78 | $3.89 | ||||
Effect of Dilutive Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Plus: Income from participating securities, Income (Numerator) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 43 | ||||
Options and restricted stock, Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' | 272,000 | 372,000 | 283,000 | ||||
Convertible preferred stock, Income (Numerator) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 88 | [1] | 141 | [1] | |
Convertible preferred stock, Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 34,000 | [1] | 55,000 | [1] | |
Employees' preferred stock, Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' | 46,000 | [2] | 47,000 | [2] | 48,000 | [2] | |
Diluted EPS from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Income from continuing operations available to common shareholders plus assumed conversions, Income (Numerator) | ' | ' | ' | ' | ' | ' | ' | ' | $92,949 | $112,838 | $90,297 | ||||
Income from continuing operations available to common shareholders plus assumed conversions, Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' | 23,615,000 | 24,037,000 | 23,565,000 | ||||
Continuing operations (USD per share) | $1.79 | [3] | $1.18 | $0.36 | $0.61 | $1.64 | $1.76 | $0.41 | $0.88 | $3.94 | [4] | $4.69 | $3.83 | ||
Common convertible ratio | 1 | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ||||
[1] | As a result of the Company issuing a notice of mandatory redemption to the holders of Series 1, 3 and 4 preferred stock in the first quarter of Fiscal 2014, there were no remaining convertible preferred stock of that series outstanding as of February 1, 2014. Therefore, convertible preferred stocks were not included in diluted earnings per share for Fiscal 2014. The amount of the dividend on the convertible preferred stock per common share obtainable on conversion of the convertible preferred stock was less than basic earnings per share for Series 1, 3 and 4 preferred stocks for Fiscal 2013 and 2012. Therefore, conversion of these convertible preferred stocks were included in diluted earnings per share for Fiscal 2013 and 2012. | ||||||||||||||
[2] | The Company’s Employees’ Subordinated Convertible Preferred Stock is convertible one for one to the Company’s common stock. Because there are no dividends paid on this stock, these shares are assumed to be converted. | ||||||||||||||
[3] | 14 week period vs. 13 weeks in prior period. | ||||||||||||||
[4] | 53 week period vs. 52 weeks in prior period. |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Shares repurchased | 337,665 | 645,904 | 0 |
Value of shares repurchased | $20,676,000 | $37,650,000 | $0 |
Remaining authorized repurchase amount for stock repurchase program | 65,500,000 | ' | ' |
Total authorized repurchase amount for stock repurchase program | $75,000,000 | ' | ' |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Summary of stock option activity | ' | ' | ' | |
Outstanding Shares, Beginning balance | 263,155 | 486,773 | 877,130 | |
Granted, Shares | 0 | 0 | 0 | |
Exercised, Shares | -130,051 | -223,618 | -390,357 | |
Forfeited, Shares | -2,250 | 0 | 0 | |
Outstanding Shares, Ending balance | 130,854 | 263,155 | 486,773 | |
Exercisable, Shares | 130,854 | ' | ' | |
Summary of stock option activity, weighted average exercise price | ' | ' | ' | |
Outstanding, Weighted-Average Exercise Price, Beginning balance (USD per share) | $27.43 | $24.70 | $24.75 | |
Granted, Weighted-Average Exercise Price (USD per share) | $0 | $0 | $0 | |
Exercised, Weighted-Average Exercise Price (USD per share) | $23.33 | $21.50 | $24.82 | |
Forfeited, Weighted-Average Exercise Price (USD per share) | $17.50 | $0 | $0 | |
Outstanding, Weighted-Average Exercise Price, Ending balance (USD per share) | $31.67 | $27.43 | $24.70 | |
Exercisable, Weighted-Average Exercise Price (USD per share) | $31.67 | ' | ' | |
Outstanding, Weighted-Average Remaining Contractual Term | '1 year 6 months 29 days | ' | ' | |
Exercisable, Weighted-Average Remaining Contractual Term | '1 year 6 months 29 days | ' | ' | |
Outstanding, Aggregate Intrinsic Value | $5,045 | [1] | ' | ' |
Exercisable, Aggregate Intrinsic Value | $5,045 | [1] | ' | ' |
[1] | Based upon the difference between the closing market price of the Company’s common stock on the last trading day of the year and the grant price of in-the-money options. |
ShareBased_Compensation_Plans_2
Share-Based Compensation Plans (Details 1) (Nonvested Restricted Shares [Member], USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Nonvested Restricted Shares [Member] | ' | ' | ' |
Summary of the status of the Company's nonvested shares of its employee restricted stock | ' | ' | ' |
Nonvested Shares, Beginning balance | 692,782 | 772,665 | 818,119 |
Granted, Shares | 199,392 | 194,232 | 289,407 |
Vested, Shares | -199,428 | -195,203 | -227,691 |
Withheld for federal taxes, Shares | -105,193 | -75,552 | -93,089 |
Forfeited, Shares | -6,279 | -3,360 | -14,081 |
Nonvested Shares, Ending balance | 581,274 | 692,782 | 772,665 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Nonvested, Weighted-Average Grant-Date Fair Value, Beginning balance | $40.59 | $32.41 | $23.95 |
Granted, Weighted-Average Grant-Date Fair Value | $65.11 | $57.58 | $45.14 |
Vested, Weighted-Average Grant-Date Fair Value | $34.31 | $29.95 | $22.58 |
Withheld for federal taxes, Weighted-Average Grant-Date Fair Value | $34.42 | $29.97 | $22.42 |
Forfeited, Weighted-Average Grant-Date Fair Value | $46.48 | $38.96 | $27.38 |
Nonvested, Weighted-Average Grant-Date Fair Value, Ending balance | $52.21 | $40.59 | $32.41 |
ShareBased_Compensation_Plans_3
Share-Based Compensation Plans (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jun. 22, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Jan. 28, 2012 | Feb. 01, 2014 | |
Plan | Director [Member] | Director [Member] | Director [Member] | Stock Options [Member] | Stock Options [Member] | Nonvested Restricted Shares [Member] | Nonvested Restricted Shares [Member] | Nonvested Restricted Shares [Member] | Nonvested Restricted Shares [Member] | Nonvested Restricted Shares [Member] | 2009 Equity Incentive Plan [Member] | 2009 Equity Incentive Plan [Member] | 2009 Equity Incentive Plan [Member] | 2009 Equity Incentive Plan [Member] | 2009 Equity Incentive Plan [Member] | 2009 Equity Incentive Plan [Member] | 2005 Equity Incentive Plan [Member] | 2005 Equity Incentive Plan [Member] | 2005 Equity Incentive Plan [Member] | |||
Maximum [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Nonvested Restricted Shares [Member] | Nonvested Restricted Shares [Member] | Nonvested Restricted Shares [Member] | Director [Member] | Nonvested Restricted Shares [Member] | |||||||||||||
Director [Member] | ||||||||||||||||||||||
Share-Based Compensation Plans (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of fixed stock compensation plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | 2,500,000 | ' | ' |
Stock option's maximum term | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual vesting percentage | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | 33.33% |
Vesting term | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' |
Share-based compensation cost (less than $1000 for 2012) | $0 | $0 | $1,000 | $1,000,000 | $900,000 | $800,000 | ' | ' | $11,300,000 | $9,600,000 | $6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation tax benefit realized from exercise of stock option | 3,800,000 | 4,800,000 | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value, of options exercised | 6,100,000 | 11,500,000 | 10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from option exercises under all share-based payment | 3,000,000 | 4,800,000 | 9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted | ' | ' | ' | ' | ' | ' | ' | ' | 199,392 | 194,232 | 289,407 | 365 | 336 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation for restricted stock value grant in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | 80,000 | ' | ' | ' | ' | 70,000 | ' |
Share-based compensation, shares issued | ' | ' | ' | 9,280 | 9,888 | 14,643 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 199,392 | 194,232 | 289,407 | ' | ' | ' |
Unrecognized share-based compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | $23,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average expected period nonvested share-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Plans_4
Share-Based Compensation Plans, Employee Stock Purchase Plan (Details Textual) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Stock Purchase Plans [Member] | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Employee annual base salary to qualify under plan | $90,000 | ' | ' |
Employee prior annual base salary to qualify under plan | 100,000 | ' | ' |
Maximum Percentage of annual base salary under plan | 0.15 | ' | ' |
Maximum amount of annual base salary under plan | 8,500 | ' | ' |
Percentage of last day exercise price available to participant | 0.85 | ' | ' |
Shares sold to employees | 3,146 | 2,463 | 2,717 |
Amended Stock Purchase Plans [Member] | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Maximum Percentage of annual base salary under plan | 0.15 | ' | ' |
Maximum amount of annual base salary under plan | $9,500 | ' | ' |
Percentage of discount on Last day fair market value available to participant | 0.05 | ' | ' |
Common Stock [Member] | Stock Purchase Plans [Member] | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Shares authorized for issuance | 1,000,000 | ' | ' |
Legal_Proceedings_Details
Legal Proceedings (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 14, 2007 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Minimum estimated undiscounted costs of preparing RIFS for remedial alternatives | ' | $0 | ' | ' |
Maximum estimated undiscounted costs of preparing RIFS for remedial alternatives | ' | 24,000,000 | ' | ' |
Present worth for remedy of a combination of groundwater extraction and treatment and in-site chemical oxidation | ' | 10,700,000 | ' | ' |
Minimum historical cost associated with enhanced treatment required by the impact of groundwater plume | ' | 1,800,000 | ' | ' |
Maximum historical cost associated with enhanced treatment required by the impact of groundwater plume | ' | 2,500,000 | ' | ' |
Future operation and maintenance costs | ' | 126,400 | ' | ' |
Minimum amount of complaint under number of state law theories | 41,000,000 | ' | ' | ' |
Period of complaint under number of state law theories | '70 years | ' | ' | ' |
Amount related to outstanding environmental contingencies | ' | 11,900,000 | 11,900,000 | 13,000,000 |
Pretax accruals for environmental contingencies included in provision for discontinued operations | ' | $500,000 | $800,000 | $1,800,000 |
Legal_Proceedings_Loss_Conting
Legal Proceedings - Loss Contingencies (Details) (USD $) | Dec. 10, 2010 | Mar. 07, 2013 | Feb. 02, 2013 |
In Millions, unless otherwise specified | Claimant | Positive Outcome of Litigation [Member] | Computer Network Intrusion [Member] |
Threatened Litigation [Member] | |||
Loss Contingencies [Line Items] | ' | ' | ' |
Approximate claims asserted against the company's acquiring bank | $15.60 | ' | ' |
Number of claimants | 2 | ' | ' |
Loss in period | ' | ' | 15.4 |
Gain contingency | ' | $13.30 | ' |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | $792,506 | [1] | $666,332 | $574,746 | $591,388 | $796,693 | $664,458 | $543,522 | $600,144 | $2,624,972 | [2] | $2,604,817 | $2,291,987 | |||||||||
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 164,776 | 186,900 | 164,162 | |||||||||||
Asset impairments and other | ' | ' | ' | ' | ' | ' | ' | ' | -1,341 | [3] | -17,037 | [4] | -2,677 | [5] | ||||||||
Earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | 163,435 | 169,863 | 161,485 | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -4,641 | -5,126 | -5,157 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 66 | 95 | 65 | |||||||||||
Earnings from continuing operations before income taxes | 73,998 | [1],[6] | 45,789 | [7] | 14,388 | [8] | 24,685 | [9] | 61,401 | [10] | 52,907 | [11] | 14,638 | [11] | 35,886 | [12] | 158,860 | [2] | 164,832 | 156,393 | ||
Assets | 1,439,284 | [13] | ' | ' | ' | 1,326,072 | [14] | ' | ' | ' | 1,439,284 | [13] | 1,326,072 | [14] | 1,229,761 | [15] | ||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 67,135 | 63,697 | 53,737 | |||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 98,456 | 71,737 | 49,456 | |||||||||||
Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 2,625,964 | 2,606,898 | 2,292,611 | |||||||||||
Intercompany Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | -992 | -2,081 | -624 | |||||||||||
Journeys Group [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,082,241 | 1,111,490 | 1,020,116 | |||||||||||
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 97,377 | 109,953 | 89,045 | |||||||||||
Asset impairments and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [4] | 0 | [5] | ||||||||
Earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | 97,377 | 109,953 | 89,045 | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Earnings from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 97,377 | 109,953 | 89,045 | |||||||||||
Assets | 298,105 | [13] | ' | ' | ' | 280,396 | [14] | ' | ' | ' | 298,105 | [13] | 280,396 | [14] | 259,331 | [15] | ||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 19,400 | 20,190 | 20,742 | |||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 20,223 | 21,852 | 11,125 | |||||||||||
Journeys Group [Member] | Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,082,241 | 1,111,490 | 1,020,116 | |||||||||||
Journeys Group [Member] | Intercompany Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Schuh Group [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 364,732 | 370,480 | 212,262 | |||||||||||
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 3,063 | 11,209 | 11,711 | |||||||||||
Asset impairments and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [4] | 0 | [5] | ||||||||
Earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | 3,063 | 11,209 | 11,711 | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Earnings from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 3,063 | 11,209 | 11,711 | |||||||||||
Assets | 268,514 | [13] | ' | ' | ' | 231,323 | [14] | ' | ' | ' | 268,514 | [13] | 231,323 | [14] | 205,313 | [15] | ||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 11,339 | 10,040 | 4,602 | |||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 29,673 | 16,873 | 7,406 | |||||||||||
Schuh Group [Member] | Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 364,732 | 370,480 | 212,262 | |||||||||||
Schuh Group [Member] | Intercompany Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Lids Sports Group [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 820,996 | 791,255 | 759,324 | |||||||||||
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 63,748 | 82,867 | 86,037 | |||||||||||
Asset impairments and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [4] | 0 | [5] | ||||||||
Earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | 63,748 | 82,867 | 86,037 | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Earnings from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 63,748 | 82,867 | 86,037 | |||||||||||
Assets | 574,664 | [13] | ' | ' | ' | 519,006 | [14] | ' | ' | ' | 574,664 | [13] | 519,006 | [14] | 489,512 | [15] | ||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 28,345 | 26,892 | 22,541 | |||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 35,193 | 21,448 | 24,497 | |||||||||||
Lids Sports Group [Member] | Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 821,779 | 793,016 | 759,671 | |||||||||||
Lids Sports Group [Member] | Intercompany Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | -783 | -1,761 | -347 | |||||||||||
Johnston & Murphy Group [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 245,941 | 221,860 | 201,725 | |||||||||||
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 17,638 | 15,696 | 13,743 | |||||||||||
Asset impairments and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [4] | 0 | [5] | ||||||||
Earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | 17,638 | 15,696 | 13,743 | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Earnings from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 17,638 | 15,696 | 13,743 | |||||||||||
Assets | 97,532 | [13] | ' | ' | ' | 89,505 | [14] | ' | ' | ' | 97,532 | [13] | 89,505 | [14] | 79,321 | [15] | ||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,002 | 3,738 | 3,538 | |||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 9,178 | 6,680 | 1,894 | |||||||||||
Johnston & Murphy Group [Member] | Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 245,941 | 221,870 | 201,725 | |||||||||||
Johnston & Murphy Group [Member] | Intercompany Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -10 | 0 | |||||||||||
Licensed Brands [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 109,780 | 108,498 | 97,444 | |||||||||||
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,614 | 10,078 | 9,451 | |||||||||||
Asset impairments and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [4] | 0 | [5] | ||||||||
Earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | 10,614 | 10,078 | 9,451 | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Earnings from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 10,614 | 10,078 | 9,451 | |||||||||||
Assets | 50,955 | [13] | ' | ' | ' | 43,212 | [14] | ' | ' | ' | 50,955 | [13] | 43,212 | [14] | 34,974 | [15] | ||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 468 | 366 | 285 | |||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,452 | 1,255 | 718 | |||||||||||
Licensed Brands [Member] | Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 109,989 | 108,808 | 97,721 | |||||||||||
Licensed Brands [Member] | Intercompany Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | -209 | -310 | -277 | |||||||||||
Corporate & Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,282 | 1,234 | 1,116 | |||||||||||
Segment operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -27,664 | -42,903 | -45,825 | |||||||||||
Asset impairments and other | ' | ' | ' | ' | ' | ' | ' | ' | -1,341 | [3] | -17,037 | [4] | -2,677 | [5] | ||||||||
Earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | -29,005 | -59,940 | -48,502 | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -4,641 | -5,126 | -5,157 | |||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 66 | 95 | 65 | |||||||||||
Earnings from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -33,580 | -64,971 | -53,594 | |||||||||||
Assets | 149,514 | [13] | ' | ' | ' | 162,630 | [14] | ' | ' | ' | 149,514 | [13] | 162,630 | [14] | 161,310 | [15] | ||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 3,581 | 2,471 | 2,029 | |||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,737 | 3,629 | 3,816 | |||||||||||
Corporate & Other [Member] | Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,282 | 1,234 | 1,116 | |||||||||||
Corporate & Other [Member] | Intercompany Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment reporting information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | |||||||||||
[1] | 14 week period vs. 13 weeks in prior period. | |||||||||||||||||||||
[2] | 53 week period vs. 52 weeks in prior period. | |||||||||||||||||||||
[3] | Asset Impairments and other includes a $2.3 million charge for asset impairments, of which $1.4 million is in the Lids Sports Group, $0.6 million is in the Journeys Group and $0.3 million is in the Johnston & Murphy Group, a $3.3 million charge for network intrusion costs, a $2.4 million charge for other legal matters and a $1.6 million charge for a lease termination partially offset by a gain of $(8.3) million for the lease termination of a New York City Journeys store. | |||||||||||||||||||||
[4] | Asset Impairments and other includes a $1.4 million charge for asset impairments, of which $0.9 million is in the Lids Sports Group, $0.4 million is in the Journeys Group, and $0.1 million is in the Johnston & Murphy Group, a $15.6 million charge for network intrusion costs and a $0.1 million charge for other legal matters. | |||||||||||||||||||||
[5] | Asset Impairments and other includes a $1.1 million charge for asset impairments, of which $0.6 million is in the Journeys Group, $0.3 million is in the Lids Sports Group and $0.2 million is in the Johnston & Murphy Group, a $0.7 million charge for network intrusion costs and a $0.9 million charge for other legal matters. | |||||||||||||||||||||
[6] | Includes a net asset impairment and other charge of $5.6 million (see Note 3). | |||||||||||||||||||||
[7] | Includes a net asset impairment and other charge of $1.5 million (see Note 3). | |||||||||||||||||||||
[8] | Includes a net asset impairment and other credit of $(7.1) million (see Note 3). | |||||||||||||||||||||
[9] | Includes a net asset impairment and other charge of $1.3 million (see Note 3). | |||||||||||||||||||||
[10] | Includes a net asset impairment and other charge of $16.1 million (see Note 3). | |||||||||||||||||||||
[11] | Includes a net asset impairment and other charge of $0.4 million (see Note 3). | |||||||||||||||||||||
[12] | Includes a net asset impairment and other charge of $0.1 million (see Note 3). | |||||||||||||||||||||
[13] | Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $182.4 million, $104.9 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $10.1 million of additions in Fiscal 2014 resulting from small acquisitions and the Schuh Group goodwill increased by $4.2 million due to foreign currency translation adjustment. | |||||||||||||||||||||
[14] | Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $172.3 million, $100.7 million and $0.8 million of goodwill, respectively. Goodwill for Lids Sports Group includes $13.2 million of additions in Fiscal 2013 resulting from small acquisitions and the Schuh Group goodwill increased by $0.8 million due to foreign currency translation adjustment. | |||||||||||||||||||||
[15] | Total assets for the Lids Sports Group, Schuh Group and Licensed Brands include $159.1 million, $99.9 million and $0.8 million of goodwill, respectively. Goodwill for the Lids Sports Group includes $6.5 million of additions in Fiscal 2012 resulting from small acquisitions and the Schuh Group goodwill is due to the acquisition of Schuh in the second quarter of Fiscal 2012 of $102.9 million which has been decreased by $3.0 million due to foreign currency translation adjustment. |
Business_Segment_Information_D1
Business Segment Information (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Jul. 28, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Number of reportable business segments | ' | 5 | ' | ' | |||
Asset impairments and other | ' | $1,341,000 | [1] | $17,037,000 | [2] | $2,677,000 | [3] |
Gain on lease termination | ' | 8,300,000 | ' | ' | |||
Goodwill | ' | 288,100,000 | 273,827,000 | ' | |||
Retail Store Asset Impairments [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset impairments and other | ' | 2,300,000 | 1,400,000 | 1,100,000 | |||
Other Legal Matters [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset impairments and other | ' | 2,400,000 | 100,000 | 900,000 | |||
Lease Termination [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset impairments and other | ' | 1,600,000 | ' | ' | |||
Computer Network Intrusion [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset impairments and other | ' | 3,300,000 | 15,600,000 | 700,000 | |||
Journeys Group [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset impairments and other | ' | 0 | [1] | 0 | [2] | 0 | [3] |
Journeys Group [Member] | Retail Store Asset Impairments [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset impairments and other | ' | 600,000 | 400,000 | 600,000 | |||
Schuh Group [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset impairments and other | ' | 0 | [1] | 0 | [2] | 0 | [3] |
Goodwill | ' | 104,900,000 | 100,700,000 | 99,900,000 | |||
Increase in goodwill | 102,900,000 | ' | ' | ' | |||
Goodwill, translation adjustments | 3,000,000 | 4,200,000 | 800,000 | ' | |||
Lids Sports Group [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset impairments and other | ' | 0 | [1] | 0 | [2] | 0 | [3] |
Goodwill | ' | 182,400,000 | 172,300,000 | 159,100,000 | |||
Increase in goodwill | ' | 10,100,000 | 13,200,000 | 6,500,000 | |||
Lids Sports Group [Member] | Retail Store Asset Impairments [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset impairments and other | ' | 1,400,000 | 900,000 | 300,000 | |||
Johnston & Murphy Group [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset impairments and other | ' | 0 | [1] | 0 | [2] | 0 | [3] |
Johnston & Murphy Group [Member] | Retail Store Asset Impairments [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset impairments and other | ' | 300,000 | 100,000 | 200,000 | |||
Licensed Brands [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset impairments and other | ' | 0 | [1] | 0 | [2] | 0 | [3] |
Goodwill | ' | $800,000 | $800,000 | $800,000 | |||
[1] | Asset Impairments and other includes a $2.3 million charge for asset impairments, of which $1.4 million is in the Lids Sports Group, $0.6 million is in the Journeys Group and $0.3 million is in the Johnston & Murphy Group, a $3.3 million charge for network intrusion costs, a $2.4 million charge for other legal matters and a $1.6 million charge for a lease termination partially offset by a gain of $(8.3) million for the lease termination of a New York City Journeys store. | ||||||
[2] | Asset Impairments and other includes a $1.4 million charge for asset impairments, of which $0.9 million is in the Lids Sports Group, $0.4 million is in the Journeys Group, and $0.1 million is in the Johnston & Murphy Group, a $15.6 million charge for network intrusion costs and a $0.1 million charge for other legal matters. | ||||||
[3] | Asset Impairments and other includes a $1.1 million charge for asset impairments, of which $0.6 million is in the Journeys Group, $0.3 million is in the Lids Sports Group and $0.2 million is in the Johnston & Murphy Group, a $0.7 million charge for network intrusion costs and a $0.9 million charge for other legal matters. |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||||||||
Details of Quarterly financial information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net sales | $792,506 | [1] | $666,332 | $574,746 | $591,388 | $796,693 | $664,458 | $543,522 | $600,144 | $2,624,972 | [2] | $2,604,817 | $2,291,987 | |||||||
Gross margin | 385,644 | [1] | 332,161 | 282,808 | 298,437 | 384,240 | 334,412 | 273,059 | 306,906 | 1,299,050 | [2] | 1,298,617 | ' | |||||||
Earnings from continuing operations before income taxes | 73,998 | [1],[3] | 45,789 | [4] | 14,388 | [5] | 24,685 | [6] | 61,401 | [7] | 52,907 | [8] | 14,638 | [8] | 35,886 | [9] | 158,860 | [2] | 164,832 | 156,393 |
Earnings from continuing operations | 42,212 | [1] | 27,796 | 8,465 | 14,509 | 38,913 | 42,221 | 10,009 | 21,754 | 92,982 | [2] | 112,897 | 93,451 | |||||||
Net earnings | $42,153 | [1],[10] | $27,750 | $8,340 | [10] | $14,410 | [10] | $38,763 | [11] | $42,127 | [10] | $9,968 | $21,577 | [11] | $92,653 | [2] | $112,435 | $92,426 | ||
Diluted earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Continuing operations (USD per share) | $1.79 | [1] | $1.18 | $0.36 | $0.61 | $1.64 | $1.76 | $0.41 | $0.88 | $3.94 | [2] | $4.69 | $3.83 | |||||||
Net earnings (USD per share) | $1.79 | [1] | $1.18 | $0.35 | $0.61 | $1.63 | $1.76 | $0.40 | $0.87 | $3.92 | [2] | $4.68 | $3.79 | |||||||
[1] | 14 week period vs. 13 weeks in prior period. | |||||||||||||||||||
[2] | 53 week period vs. 52 weeks in prior period. | |||||||||||||||||||
[3] | Includes a net asset impairment and other charge of $5.6 million (see Note 3). | |||||||||||||||||||
[4] | Includes a net asset impairment and other charge of $1.5 million (see Note 3). | |||||||||||||||||||
[5] | Includes a net asset impairment and other credit of $(7.1) million (see Note 3). | |||||||||||||||||||
[6] | Includes a net asset impairment and other charge of $1.3 million (see Note 3). | |||||||||||||||||||
[7] | Includes a net asset impairment and other charge of $16.1 million (see Note 3). | |||||||||||||||||||
[8] | Includes a net asset impairment and other charge of $0.4 million (see Note 3). | |||||||||||||||||||
[9] | Includes a net asset impairment and other charge of $0.1 million (see Note 3). | |||||||||||||||||||
[10] | Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note 3). | |||||||||||||||||||
[11] | Includes a loss of $0.2 million, net of tax, from discontinued operations (see Note 3). |
Quarterly_Financial_Informatio3
Quarterly Financial Information (Unaudited) (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Quarterly Financial Information (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net restructuring and other charge | $5,600,000 | $1,500,000 | ($7,100,000) | $1,300,000 | $16,100,000 | $400,000 | $400,000 | $100,000 | ' | ' | ' |
Loss from discontinued operations | $100,000 | ' | $100,000 | $100,000 | $200,000 | $100,000 | ' | $200,000 | $329,000 | $462,000 | $1,025,000 |
Weeks in fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | '364 days | '371 days | '364 days |
Weeks in fiscal quarter | ' | ' | ' | ' | ' | ' | ' | ' | '91 days | '98 days | ' |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (Accounts Receivable Allowances, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accounts Receivable Allowances | ' | ' | ' |
Reserves deducted from assets in the balance sheet: | ' | ' | ' |
Beginning Balance | $6,082 | $6,900 | $3,301 |
Charged to Profit and Loss | -525 | 1,325 | 2,004 |
Increases (Decreases) | -1,137 | -2,143 | 1,595 |
Ending Balance | $4,420 | $6,082 | $6,900 |