Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Feb. 27, 2016 | Apr. 20, 2016 | Aug. 29, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Feb. 27, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PIR | ||
Entity Registrant Name | PIER 1 IMPORTS INC/DE | ||
Entity Central Index Key | 278,130 | ||
Current Fiscal Year End Date | --02-27 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 83,775,497 | ||
Entity Public Float | $ 853,235,681 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 1,892,230 | $ 1,884,557 | $ 1,791,443 |
Cost of sales | 1,187,250 | 1,116,076 | 1,026,180 |
Gross profit | 704,980 | 768,481 | 765,263 |
Selling, general and administrative expenses | 578,828 | 594,906 | 550,890 |
Depreciation | 50,944 | 46,304 | 38,873 |
Operating income | 75,208 | 127,271 | 175,500 |
Nonoperating (income) and expenses: | |||
Interest, investment income and other | (237) | (3,391) | (1,721) |
Interest expense | 12,280 | 10,260 | 2,572 |
Nonoperating (income) and expenses | 12,043 | 6,869 | 851 |
Income before income taxes | 63,165 | 120,402 | 174,649 |
Income tax provision | 23,531 | 45,240 | 67,118 |
Net income | $ 39,634 | $ 75,162 | $ 107,531 |
Earnings per share: | |||
Basic | $ 0.47 | $ 0.83 | $ 1.03 |
Diluted | 0.46 | 0.82 | 1.01 |
Dividends declared per share: | $ 0.28 | $ 0.24 | $ 0.21 |
Average shares outstanding during period: | |||
Basic | 84,939 | 91,081 | 104,121 |
Diluted | 85,370 | 92,128 | 106,248 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 39,634 | $ 75,162 | $ 107,531 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments, net of taxes of $801, $1,339 and $857, respectively | (2,299) | (3,729) | (2,391) |
Pension adjustments, net of taxes of $(1,051), $89 and $(701), respectively | 1,647 | (142) | 1,105 |
Other comprehensive loss | (652) | (3,871) | (1,286) |
Comprehensive income | $ 38,982 | $ 71,291 | $ 106,245 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, tax | $ 801 | $ 1,339 | $ 857 |
Pension and post-retirement reclassification adjustments,taxes | $ (1,051) | $ 89 | $ (701) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Current assets: | ||
Cash and cash equivalents, including temporary investments of $110,413 and $69,572, respectively | $ 115,221 | $ 100,064 |
Accounts receivable, net of allowance for doubtful accounts of $428 and $396, respectively | 22,639 | 29,405 |
Inventories | 405,859 | 478,843 |
Prepaid expenses and other current assets | 31,175 | 45,273 |
Total current assets | 574,894 | 653,585 |
Properties and equipment, net | 207,633 | 214,048 |
Other noncurrent assets | 36,664 | 39,251 |
Assets, Total | 819,191 | 906,884 |
Current liabilities: | ||
Accounts payable | 72,570 | 102,762 |
Gift cards and other deferred revenue | 64,081 | 63,002 |
Accrued income taxes payable | 6,324 | 13,505 |
Current portion of long-term debt | 2,000 | 2,000 |
Other accrued liabilities | 101,712 | 106,781 |
Total current liabilities | 246,687 | 288,050 |
Long-term debt | 200,255 | 201,426 |
Other noncurrent liabilities | $ 87,492 | $ 80,141 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock, $0.001 par, 500,000,000 shares authorized 125,232,000 issued | $ 125 | $ 125 |
Paid-in capital | 211,019 | 222,438 |
Retained earnings | 729,537 | 713,575 |
Cumulative other comprehensive loss | (10,637) | (9,985) |
Less-41,760,000 and 35,320,000 common shares in treasury, at cost, respectively | (645,287) | (588,886) |
Total shareholders' equity | 284,757 | 337,267 |
Liabilities and Equity, Total | $ 819,191 | $ 906,884 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Statement of Financial Position [Abstract] | ||
Cash and cash equivalents, temporary investments | $ 110,413 | $ 69,572 |
Accounts receivable, allowance for doubtful accounts | $ 428 | $ 396 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 125,232,000 | 125,232,000 |
Treasury stock, shares | 41,760,000 | 35,320,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 39,634 | $ 75,162 | $ 107,531 |
Adjustments to reconcile to net cash provided by operating activities: | |||
Depreciation | 55,830 | 49,472 | 40,990 |
Stock-based compensation expense | 5,065 | 7,332 | 11,984 |
Deferred compensation, net | 5,641 | 8,244 | 6,739 |
Deferred income taxes | 4,617 | 7,647 | 13,907 |
Excess tax benefit from stock-based awards | (585) | (2,936) | (2,265) |
Amortization of deferred gains | (1,907) | (3,575) | (3,180) |
Change in reserve for uncertain tax positions | 1,080 | (1,078) | 6,241 |
Other | 1,848 | (2,244) | (3,665) |
Change in cash from: | |||
Inventories | 72,984 | (101,193) | (21,597) |
Prepaid expenses and other assets | 20,560 | 356 | (3,469) |
Accounts payable and other liabilities | (33,611) | 26,330 | 14,034 |
Accrued income taxes payable, net of payments | (7,109) | 2,174 | (8,018) |
Net cash provided by operating activities | 164,047 | 65,691 | 159,232 |
Cash flows from investing activities: | |||
Capital expenditures | (51,813) | (81,859) | (80,306) |
Proceeds from disposition of properties | 18 | 35 | 12,593 |
Proceeds from sale of restricted investments | 9,020 | 1,715 | 758 |
Purchase of restricted investments | (8,914) | (3,192) | (3,196) |
Net cash used in investing activities | (51,689) | (83,301) | (70,151) |
Cash flows from financing activities: | |||
Cash dividends | (23,672) | (21,627) | (21,697) |
Purchases of treasury stock | (75,000) | (185,540) | (192,284) |
Proceeds from stock options exercised, stock purchase plan and other, net | 2,886 | 1,846 | 18,923 |
Excess tax benefit from stock-based awards | 585 | 2,936 | 2,265 |
Issuance of long-term debt, net of discount | 198,000 | ||
Repayments of long-term debt | (2,000) | (1,000) | |
Debt issuance costs | (3,636) | (1,149) | |
Borrowings under revolving line of credit | 63,000 | 60,000 | |
Repayments of borrowings under revolving line of credit | (63,000) | (60,000) | |
Net cash used in financing activities | (97,201) | (9,021) | (193,942) |
Change in cash and cash equivalents | 15,157 | (26,631) | (104,861) |
Cash and cash equivalents at beginning of period | 100,064 | 126,695 | 231,556 |
Cash and cash equivalents at end of period | 115,221 | 100,064 | 126,695 |
Supplemental cash flow information: | |||
Interest paid | 12,186 | 10,213 | 3,133 |
Income taxes paid, net of refund | $ 26,219 | $ 42,142 | $ 56,659 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Cumulative Other Comprehensive Loss | Treasury Stock |
Beginning Balance at Mar. 02, 2013 | $ 537,131 | $ 125 | $ 233,518 | $ 574,206 | $ (4,828) | $ (265,890) |
Beginning Balance, Common Stock at Mar. 02, 2013 | 106,326 | |||||
Net income | 107,531 | 107,531 | ||||
Other comprehensive loss | (1,286) | (1,286) | ||||
Purchases of treasury stock | (203,892) | (203,892) | ||||
Purchases of treasury stock (in shares) | (9,788) | |||||
Stock-based compensation expense (in shares) | 680 | |||||
Stock-based compensation expense | 11,984 | 2,381 | 9,603 | |||
Exercise of stock options, stock purchase plan, and other (in shares) | 1,497 | |||||
Exercise of stock options, stock purchase plan, and other | 19,661 | (262) | 19,923 | |||
Cash dividends | (21,697) | (21,697) | ||||
Ending Balance at Mar. 01, 2014 | 449,432 | $ 125 | 235,637 | 660,040 | (6,114) | (440,256) |
Ending Balance, Common Stock at Mar. 01, 2014 | 98,715 | |||||
Net income | 75,162 | 75,162 | ||||
Other comprehensive loss | (3,871) | (3,871) | ||||
Purchases of treasury stock | (173,932) | (173,932) | ||||
Purchases of treasury stock (in shares) | (10,280) | |||||
Stock-based compensation expense (in shares) | 875 | |||||
Stock-based compensation expense | 7,332 | (7,605) | 14,937 | |||
Exercise of stock options, stock purchase plan, and other (in shares) | 602 | |||||
Exercise of stock options, stock purchase plan, and other | 4,771 | (5,594) | 10,365 | |||
Cash dividends | (21,627) | (21,627) | ||||
Ending Balance at Feb. 28, 2015 | 337,267 | $ 125 | 222,438 | 713,575 | (9,985) | (588,886) |
Ending Balance, Common Stock at Feb. 28, 2015 | 89,912 | |||||
Net income | 39,634 | 39,634 | ||||
Other comprehensive loss | (652) | (652) | ||||
Purchases of treasury stock | (75,000) | (75,000) | ||||
Purchases of treasury stock (in shares) | (7,461) | |||||
Stock-based compensation expense (in shares) | 760 | |||||
Stock-based compensation expense | 5,065 | (8,683) | 13,748 | |||
Exercise of stock options, stock purchase plan, and other (in shares) | 261 | |||||
Exercise of stock options, stock purchase plan, and other | 2,115 | (2,736) | 4,851 | |||
Cash dividends | (23,672) | (23,672) | ||||
Ending Balance at Feb. 27, 2016 | $ 284,757 | $ 125 | $ 211,019 | $ 729,537 | $ (10,637) | $ (645,287) |
Ending Balance, Common Stock at Feb. 27, 2016 | 83,472 |
Consolidated Statements of Sha9
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends, per share | $ 0.28 | $ 0.24 | $ 0.21 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 27, 2016 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | NOTE 1 — DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Basis of consolidation Segment information Use of estimates Reclassifications Revised presentation of credit card fees The following table shows the revised presentation of net sales and SG&A expenses for the years ended February 27, 2016, February 28, 2015 and March 1, 2014, to illustrate the effect of the revised presentation of Credit Card Fees, net, on the Company’s financial statements (in thousands): Year Ended February 27, 2016 February 28, 2015 March 1, 2014 $ Amount % of Sales $ Amount % of Sales $ Amount % of Sales Net sales (Historical Presentation) $ 1,870,252 100.0% $ 1,865,782 100.0% $ 1,771,743 100.0% Add back: Credit Card Fees, net (1) 21,978 18,775 19,700 Net sales (Revised Presentation) $ 1,892,230 100.0% $ 1,884,557 100.0% $ 1,791,443 100.0% SG&A (Historical Presentation) $ 556,850 29.8% $ 576,131 30.9% $ 531,190 30.0% Add back: Credit Card Fees, net (1) 21,978 18,775 19,700 SG&A (Revised Presentation) $ 578,828 30.6% $ 594,906 31.6% $ 550,890 30.8% (1) Fiscal 2015 included a reduction of Credit Card Fees based upon a settlement agreement. Fiscal periods Cash and cash equivalents, including temporary investments Translation of foreign currencies Concentrations of risk Financial instruments Risk management instruments Periodically, the Company hedges certain commitments denominated in foreign currencies through the purchase of forward contracts. The forward contracts are purchased to cover a portion of commitments to buy merchandise for resale. The Company also, on occasion, uses contracts to hedge its exposure associated with the repatriation of funds from its Canadian operations. As of February 27, 2016 and February 28, 2015, there were no material outstanding contracts to hedge exposure associated with the Company’s merchandise purchases denominated in foreign currencies or the repatriation of Canadian funds. For financial accounting purposes, the Company does not designate such contracts as hedges. Thus, changes in the fair value of both types of forward contracts would be included in the Company’s consolidated statements of operations. The changes in fair value and settlement of these contracts were not material and were included in cost of sales for forward contracts related to merchandise purchases, and in SG&A expenses for forward contracts associated with the repatriation of Canadian funds. When the Company enters into forward foreign currency exchange contracts, it enters into them with major financial institutions and monitors its positions with, and the credit quality of, these counterparties to such financial instruments. Accounts receivable Inventories The Company recognizes known inventory losses, shortages and damages when incurred and maintains a reserve for estimated shrinkage since the last physical count, when actual shrinkage was recorded. The amount of the reserve is estimated based on historical experience from the results of its physical inventories. The reserves for estimated shrinkage at the end of fiscal 2016 and 2015 were $5,312,000 and $5,105,000, respectively. Properties and equipment, net Expenditures for maintenance, repairs and renewals that do not materially prolong the original useful lives of the assets are charged to expense as incurred. In the case of disposals, assets and the related depreciation are removed from the accounts and the net amount, less proceeds from disposal, is credited or charged to income. Long-lived assets are reviewed for impairment at least annually or whenever an event or change in circumstances indicates that their carrying values may not be recoverable. If the impairment analysis indicates that the carrying value of the assets exceeds the sum of the expected undiscounted cash flows, the assets may be considered impaired. Impairment, if any, is recorded in the period in which the impairment occurred. The Company recorded no material impairment charges in fiscal 2016, 2015 or 2014. Insurance provision Revenue recognition Cost of sales Gift cards Leases Advertising costs Defined benefit plans See Note 5 of the Notes to Consolidated Financial Statements for further discussion. Income taxes See Note 7 of the Notes to Consolidated Financial Statements for further discussion. Earnings per share Earnings per share amounts were calculated as follows (in thousands except per share amounts): Year Ended February 27, February 28, March 1, Net income $ 39,634 $ 75,162 $ 107,531 Weighted average shares outstanding: Basic 84,939 91,081 104,121 Effect of dilutive stock options 316 696 1,268 Effect of dilutive restricted stock 115 351 859 Diluted 85,370 92,128 106,248 Earnings per share: Basic $ 0.47 $ 0.83 $ 1.03 Diluted $ 0.46 $ 0.82 $ 1.01 Outstanding stock options totaling 402,311 for fiscal 2016, 114,623 for fiscal 2015 and 6,624 for fiscal 2014 were excluded from the computation of earnings per share, as the effect would be antidilutive. Stock-based compensation The Company estimates forfeitures based on its historical forfeiture experience, and adjusts forfeiture estimates based on actual forfeiture experience for all awards with service conditions. The effect of any forfeiture adjustments was not material. Adoption of new accounting standards “Interest — Imputation of Interest.” “Interest — Imputation of Interest (Subtopic 835-30),” Consolidated Balance Sheets Note 4 of the Notes to Consolidated Financial Statements In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-05, “Customers Accounting for Cloud Computing Costs.” In July 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” In August 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” In November 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” Consolidated Balance Sheets Note 7 of the Notes to Consolidated Financial Statements. In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-02, “Leases (Topic 842),” In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-09, “Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” |
Properties and Equipment, Net
Properties and Equipment, Net | 12 Months Ended |
Feb. 27, 2016 | |
Property, Plant and Equipment [Abstract] | |
Properties and Equipment, Net | NOTE 2 — PROPERTIES AND EQUIPMENT, NET Properties and equipment, net are summarized as follows at February 27, 2016 and February 28, 2015 (in thousands): 2016 2015 Land $ 535 $ 535 Buildings 8,087 8,087 Equipment, furniture, fixtures and other 355,561 342,407 Leasehold improvements 210,546 213,148 Computer software 101,391 89,271 Projects in progress 13,271 6,837 689,391 660,285 Less accumulated depreciation 481,758 446,237 Properties and equipment, net $ 207,633 $ 214,048 |
Other Accrued Liabilities and N
Other Accrued Liabilities and Noncurrent Liabilities | 12 Months Ended |
Feb. 27, 2016 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities and Noncurrent Liabilities | NOTE 3 — OTHER ACCRUED LIABILITIES AND NONCURRENT LIABILITIES The following is a summary of other accrued liabilities and noncurrent liabilities at February 27, 2016 and February 28, 2015 (in thousands): 2016 2015 Accrued payroll and other employee-related liabilities $ 54,034 $ 59,422 Accrued taxes, other than income 23,718 23,160 Rent-related liabilities 7,966 7,854 Other 15,994 16,345 Other accrued liabilities $ 101,712 $ 106,781 Rent-related liabilities $ 29,467 $ 26,263 Deferred gains 4,594 5,666 Retirement benefits 42,634 41,791 Other 10,797 6,421 Other noncurrent liabilities $ 87,492 $ 80,141 |
Long-Term Debt and Available Cr
Long-Term Debt and Available Credit | 12 Months Ended |
Feb. 27, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Available Credit | NOTE 4 — LONG-TERM DEBT AND AVAILABLE CREDIT Industrial Revenue Bonds Revolving Credit Facility — The Revolving Credit Facility includes a requirement that the Company has minimum availability equal to the greater of 10% of the line cap, as defined under the Revolving Credit Facility, or $20,000,000. The Company’s Revolving Credit Facility may limit the ability of the Company to, among other things, incur or guarantee additional indebtedness, pay dividends on, or redeem or repurchase capital stock, make certain acquisitions or investments, incur or permit to exist certain liens, enter into transactions with affiliates or sell the Company’s assets to, or merge or consolidate with or into, another company, in each case, subject to certain exceptions. The Company will not be restricted from paying certain dividends unless credit extensions on the line result in availability over a specified period of time that is projected to be less than 17.5% of the lesser of either $350,000,000 or the calculated borrowing base, subject to the Company meeting a fixed charge coverage requirement when availability over the same specified period of time is projected to be less than 30.0% of the lesser of either $350,000,000 or the calculated borrowing base. During fiscal 2016 and 2015 the Company repaid all cash borrowings under the Revolving Credit Facility. During fiscal 2014 there were no cash borrowings under the Revolving Credit Facility. Credit extensions under the Revolving Credit Facility are limited to the lesser of $350,000,000 or the amount of the calculated borrowing base, as defined by the agreement, which was $341,423,000 as of February 27, 2016. The borrowing base calculation is subject to advance rates and commercially reasonable availability reserves. As of February 27, 2016, the Company utilized approximately $37,606,000 in letters of credit and bankers’ acceptances against the Revolving Credit Facility. Of the outstanding balance, approximately $21,031,000 related to a standby letter of credit for the Company’s workers’ compensation and general liability insurance policies, $9,715,000 related to a standby letter of credit related to the Company’s industrial revenue bonds and $6,860,000 related to other miscellaneous standby letters of credit. After excluding the $37,606,000 in utilized letters of credit and bankers’ acceptances from the borrowing base, $303,817,000 remained available for cash borrowings. Term Loan Facility The Term Loan Facility includes restrictions on the Company’s ability to, among other things, incur or guarantee additional indebtedness, pay dividends on, or redeem or repurchase shares of the Company’s capital stock, make certain acquisitions or investments, materially change the business of the Company, incur or permit to exist certain liens, enter into transactions with affiliates or sell the Company’s assets to, or merge or consolidate with or into, another company, in each case subject to certain exceptions. The Term Loan Facility does not require the Company to comply with any financial maintenance covenants, but contains certain customary representations and warranties, affirmative covenants and provisions relating to events of default. The Term Loan Facility provides for incremental facilities, subject to certain conditions, including the meeting of certain leverage ratio requirements as defined therein, to the extent such facilities exceed an incremental $200,000,000. The Term Loan Facility matures as follows (in thousands): Fiscal Year Amount 2017 $ 2,000 2018 2,000 2019 2,000 2020 2,000 Thereafter 189,000 Total 197,000 Debt Issuance Costs (2,672 ) Debt Discount (1,463 ) Total Debt $ 192,865 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Feb. 27, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 5 – EMPLOYEE BENEFIT PLANS The Company offers a qualified defined contribution employee retirement plan (“Qualified Plan”) to all of its full- and part-time personnel who are at least 18 years old and have been employed for a minimum of six months. During fiscal 2016, 2015 and 2014, employees contributing 1% to 5% of their compensation received a matching Company contribution of up to 3%. Company contributions to the plan were $2,823,000, $2,455,000 and $2,071,000 in fiscal 2016, 2015 and 2014, respectively. In addition, the Company offers non-qualified deferred compensation plans (“Non-Qualified Plans”) for the purpose of providing deferred compensation for certain employees whose benefits under the Qualified Plan may be limited under Section 401(k) of the Internal Revenue Code. The Company’s expense for the Non-Qualified Plans was $13,000, $1,269,000 and $1,381,000 for fiscal 2016, 2015 and 2014, respectively. The decrease from fiscal 2015 resulted from lower earnings on deferrals. The Company has trusts established for the purpose of setting aside funds to be used to settle certain obligations of the Non-Qualified Plans, and contributed $1,223,000 and used $1,344,000 to satisfy a portion of retirement obligations during fiscal 2016. The Company also contributed $3,192,000 and used $1,715,000 to satisfy a portion of retirement obligations during fiscal 2015. The trusts’ assets included investments and life insurance policies on the lives of former key executives. As of February 27, 2016 and February 28, 2015, the trusts’ investments had an aggregate value of $9,853,000 and $10,571,000, respectively. The investments were held primarily in mutual funds and are classified as other noncurrent assets. All investments held in the trusts are valued at fair value using Level 1 Inputs, which are unadjusted quoted prices in active markets for identical assets or liabilities. The Company has accounted for the restricted investments as trading securities. The life insurance policies held in the trusts are carried at fair value and were classified as other noncurrent assets. The policies had cash surrender values of $5,912,000 and $5,736,000, and death benefits of $11,355,000 and $11,336,000 as of February 27, 2016 and February 28, 2015, respectively. The trusts’ assets are restricted and may only be used to satisfy obligations to the Non-Qualified Plans’ participants. The Company also owns and is the beneficiary of a number of life insurance policies on the lives of former key executives that are unrestricted as to use. At the discretion of the Company’s Board such policies could be contributed to the trusts described above or to the trusts established for the purpose of setting aside funds to be used to satisfy obligations arising from supplemental retirement plans described below. The cash surrender value of the unrestricted policies was $13,432,000 and $13,096,000, and the death benefit was $20,100,000 and $19,927,000 as of February 27, 2016 and February 28, 2015, respectively. The cash surrender value of these policies is included in other noncurrent assets. The Company maintains supplemental retirement plans for certain of its current and former executive officers. These plans provide that upon death, disability, reaching retirement age or certain termination events, a participant will receive benefits based on highest compensation, years of service and years of plan participation. The Company recorded expenses related to the plans of $3,555,000, $5,993,000 and $4,023,000 in fiscal 2016, 2015 and 2014, respectively. These plans are not funded and thus have no plan assets. However, a trust has been established for the purpose of setting aside funds to be used to settle the plans’ obligations upon retirement or death of certain participants. The trust assets are consolidated in the Company’s financial statements and consist of interest bearing investments in the amount of $32,000 and $17,000 as of February 27, 2016 and February 28, 2015, respectively, which are included in other noncurrent assets. The investments are restricted and may only be used to satisfy retirement obligations to certain participants. The Company has accounted for the restricted investments as available-for-sale securities. During fiscal 2016, the Company contributed $7,691,000 and used $7,676,000 to fund retirement benefits and taxes for the Company’s former chief financial officer, who retired during fiscal 2015 and received payment during fiscal 2016. During fiscal 2015, there were no cash contributions made to the trust and no restricted investments were sold to fund retirement benefits. Any future contributions will be made at the discretion of the Company’s Board. Funds from the trust will be used to fund or partially fund benefit payments. The Company expects to pay $127,000 during fiscal 2017, $127,000 during fiscal 2018, $28,460,000 during fiscal 2019, $172,000 during fiscal 2020, $246,000 during fiscal 2021 and $1,214,000 during fiscal years 2022 through 2026 under the plans. Measurement of obligations for the plans is calculated as of each fiscal year end. The following provides a reconciliation of benefit obligations and funded status of the plans as of February 27, 2016 and February 28, 2015 (in thousands): 2016 2015 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 25,404 $ 27,481 Service cost 1,468 1,402 Interest cost 634 823 Actuarial loss 812 2,772 Benefits paid (including settlements) (127 ) (7,707 ) Curtailment — 633 Projected benefit obligation, end of year $ 28,191 $ 25,404 Reconciliation of funded status: Projected benefit obligation $ 28,191 $ 25,404 Plan assets — — Funded status $ (28,191 ) $ (25,404 ) Accumulated benefit obligation $ (28,191 ) $ (25,404 ) Amounts recognized in the balance sheets: Current liability $ (127 ) $ (127 ) Noncurrent liability (28,064 ) (25,277 ) Accumulated other comprehensive loss, pre-tax 3,719 4,361 Net amount recognized $ (24,472 ) $ (21,043 ) Cumulative other comprehensive loss, net of taxes of $2,871 and $3,121 in fiscal 2016 and 2015, respectively $ 850 $ 1,240 Weighted average assumptions used to determine: Benefit obligation, end of year: Discount rate 2.75 % 2.50% Lump-sum conversion discount rate 3.50 % 4.00% Rate of compensation increase (1) 3.00 % 3.00% Net periodic benefit cost for years ended: Discount rate 2.50 % 3.00% Lump-sum conversion discount rate 4.00 % 5.00% Rate of compensation increase 0.00 % 0.00% (1) The rate of compensation increase shown above assumes an increase of 0% for fiscal year 2017 and 3% for fiscal years thereafter, except for the Company’s CEO. The CEO’s rate of compensation is governed by his employment agreement. The Company’s former chief financial officer retired on February 10, 2015. As of his retirement date, he had earned under one of the plans an early retirement benefit payment of $7,573,981, which was not included in the projected benefit obligation at fiscal 2015 year end. The benefit payment was paid during fiscal 2016 and was included in other accrued liabilities at fiscal 2015 year end. Net periodic benefit cost included the following actuarially determined components during fiscal 2016, 2015 and 2014 as shown in the table below (in thousands). The amortization of amounts related to unrecognized prior service costs and net actuarial loss were reclassified out of other comprehensive income as a component of net periodic benefit cost. 2016 2015 2014 Service cost $ 1,468 $ 1,402 $ 1,456 Interest cost 634 823 765 Amortization of unrecognized prior service cost 59 410 410 Amortization of net actuarial loss 1,394 1,329 1,392 Settlement — 1,248 — Curtailment — 781 — Net periodic benefit cost $ 3,555 $ 5,993 $ 4,023 As of February 27, 2016 and February 28, 2015, cumulative other comprehensive loss included amounts that had not been recognized as components of net periodic benefit cost related to prior service cost of $118,000 and $178,000, and net actuarial loss of $3,601,000 and $4,183,000, respectively. During fiscal 2016, 2015 and 2014, $(812,000), $(2,772,000) and $188,000, respectively, were recognized in other comprehensive income related to net actuarial gain (loss) for the period. The estimated prior service cost and net actuarial loss that will be amortized from cumulative other comprehensive loss into net periodic benefit cost in fiscal 2017 are $59,000 and $1,800,000, respectively. |
Matters Concerning Shareholders
Matters Concerning Shareholders' Equity | 12 Months Ended |
Feb. 27, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Matters Concerning Shareholders' Equity | NOTE 6 — MATTERS CONCERNING SHAREHOLDERS’ EQUITY The Pier 1 Imports, Inc. 2015 Stock Incentive Plan (“2015 Plan”) was approved by the shareholders on June 25, 2015. The aggregate number of shares available for issuance under the 2015 Plan included a new authorization of 2,500,000 shares, plus shares (not to exceed 2,507,407 shares) that remained available for grant under the Pier 1 Imports, Inc. 2006 Stock Incentive Plan (“2006 Plan”), increased by the number of shares subject to outstanding awards under the 2006 Plan as of June 25, 2015 (not to exceed 3,009,974 shares), that cease for any reason to be subject to such awards (other than by reason of exercise or settlement of the awards to the extent that they are exercised for or settled in vested and non-forfeitable shares of common stock or that are withheld for payment of applicable employment taxes and/or withholding obligations of an award), subject to adjustment in the event of stock splits and certain other corporate events. As of February 27, 2016, there were a total of 5,283,699 shares available for issuance under the 2015 Plan. Restricted stock awarded to the Chief Executive Officer During fiscal 2016, pursuant to the renewed and extended agreement described above, the CEO received performance-based shares of restricted stock that vest equally over a period of three fiscal years if the Company achieves certain fiscal year targeted levels of a performance measure for each year as defined in his employment agreement and related award agreements. Shares that do not vest because the performance target is not met during one fiscal year may vest in future fiscal years if certain aggregate levels of the performance measure are achieved. The vesting of performance-based shares will occur on the date the Company’s Annual Report on Form 10-K is filed with the Securities and Exchange Commission (“SEC”) for each respective fiscal year. In accordance with accounting guidelines, one-third of the performance-based shares had a grant date in fiscal 2016 and the Company began expensing these shares during fiscal 2016. The remaining two-thirds of the performance shares did not have a grant date in fiscal 2016 because the performance targets for future fiscal years, which are a key term of the award, have not been established and, therefore, both parties did not have a mutual understanding of all key terms of the award. The CEO must be employed by the Company on the last day of each respective fiscal year in order for the performance-based shares to vest. These shares could also vest under certain termination events. During fiscal 2016, the Company also began expensing performance-based restricted shares awarded in previous fiscal years that were based on the fiscal 2016 performance target. These performance-based shares expensed during fiscal 2016 had a grant date fair value of $13.11 per share. However, the fiscal 2016 performance target was not achieved and the related expense was reversed. In addition, the CEO also received an award of performance-based shares during fiscal 2016 that are based on a market condition and may vest following the end of fiscal 2018 if certain annual equivalent returns of total shareholder return targets are achieved in comparison to a peer group. The grant date fair value for these performance-based shares was determined using a lattice valuation model in accordance with accounting guidelines, and the Company began expensing these shares at a value of $6.76 per share during fiscal 2016. Restricted stock awarded to certain employees During fiscal 2016, the Company also awarded performance-based shares based on a market condition which may vest following the end of fiscal 2018 if certain annual equivalent returns of total shareholder return targets are achieved in comparison to a peer group. The fair value for these performance-based shares was determined using a lattice valuation model in accordance with accounting guidelines, and the Company began expensing these shares at a value of $8.07 per share during fiscal 2016. As of February 27, 2016 and February 28, 2015, the Company had 1,333,346 and 1,025,638 unvested shares of restricted stock awards outstanding, respectively (excluding shares unvested with respect to CEO grants). During fiscal 2016, 966,296 shares of restricted stock were awarded, 123,379 shares of restricted stock vested, and 535,209 shares of restricted stock were forfeited. The weighted average fair market value at the date of grant of the restricted stock shares awarded during fiscal 2016 was $12.94 per share and is being expensed over the requisite service period. This amount does not include performance-based restricted shares that the Company will begin expensing in future fiscal years when the targeted performance measures are set, but does include performance-based restricted shares awarded in previous fiscal years that were based on a fiscal 2016 targeted performance measure. Restricted stock compensation expense The Company realized a total tax benefit related to stock-based compensation of $1,270,000, $5,856,000 and $3,993,000 during fiscal years 2016, 2015 and 2014, respectively, of which $585,000, $2,936,000 and $2,265,000 were recorded as excess tax benefits. See Note 7 of the Notes to Consolidated Financial Statements for additional discussion of income taxes. Stock options As of February 27, 2016 and February 28, 2015, outstanding options covering 232,974 and 305,700 shares were exercisable under the 2006 Plan, respectively. Options were granted at exercise prices equal to the fair market value of the Company’s common stock at the date of grant. Options issued under the 2006 Plan vest over a period of four years and have a term of ten years from the grant date. The options will be fully vested upon death, disability or retirement of the associate. The 2006 Plan’s administrative committee also has the discretion to take certain actions with respect to stock options, such as accelerating the vesting, upon certain corporate changes (as defined in the 2006 Plan). Additionally, there were no outstanding options exercisable under the Company’s previous stock plans at fiscal 2016 year end. For fiscal 2015 year end, outstanding options totaling 170,000 shares were exercisable under the Company’s previous stock plans. A summary of stock option transactions related to the Company’s stock option grants during the three fiscal years is as follows: Exercisable Shares Shares Weighted Weighted Number of Weighted Outstanding at March 2, 2013 3,488,125 $ 11.05 3,468,275 $ 11.02 Options granted 13,248 23.19 $ 6.70 Options exercised (1,627,500 ) 12.90 Options cancelled or expired (16,000 ) 17.28 Outstanding at March 1, 2014 1,857,873 9.45 1,830,900 9.31 Options granted 11,300 17.78 4.25 Options exercised (187,625 ) 10.97 Options cancelled or expired (233,000 ) 17.09 Outstanding at February 28, 2015 1,448,548 8.09 1,419,712 7.86 Options granted 15,500 14.04 3.98 Options exercised (77,500 ) 7.46 Options cancelled or expired (176,000 ) 14.06 Outstanding at February 27, 2016 1,210,548 7.34 1,176,974 7.06 For options outstanding at February 27, 2016 Weighted Remaining (in years) Weighted Ranges of Exercise Prices Total Weighted Shares $4.24 — $6.69 954,000 $ 6.66 1.00 954,000 $ 6.66 $7.45 — $11.47 204,600 7.73 1.33 204,600 7.73 $14.04 — $23.19 51,948 18.28 7.71 18,374 20.23 As of February 27, 2016, the weighted average remaining contractual term for outstanding and exercisable options was 1.3 years and 1.1 years, respectively. The aggregate intrinsic value was $5,300 for both outstanding and exercisable options at fiscal 2016 year end. The total intrinsic value of options exercised for fiscal years 2016, 2015 and 2014 was approximately $430,000, $1,101,000 and $16,380,000, respectively. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. At February 27, 2016, there was approximately $113,000 of total unrecognized compensation expense related to unvested stock option awards, which is expected to be recognized over a weighted average period of 2.2 years. The fair value of the stock options is amortized on a straight-line basis as compensation expense over the vesting periods of the options. The Company recorded stock-based compensation expense related to stock options of approximately $87,000, $92,000 and $94,000 in fiscal 2016, 2015 and 2014, respectively. Director deferred stock units Stock purchase plan Preferred Stock Dividends Shares reserved for future issuances Share repurchase plan Shares Purchased Date Program Announced Authorized Date Fiscal Fiscal Fiscal Weighted Remaining Dec. 13, 2012 $ 100,000,000 Sep. 30, 2013 — — 4,525,805 $ 22.10 $ — Oct. 18, 2013 200,000,000 Apr. 10, 2014 — 5,071,812 5,262,452 19.35 — Apr. 10, 2014 200,000,000 — 7,460,935 5,208,500 — 12.06 47,176,224 In fiscal 2016, the Company had cash outflows of $75,000,000 related to repurchases of its common stock which were all settled in fiscal 2016. Subsequent to year end, through April 20, 2016, under the board approved share repurchase program announced on April 10, 2014, the Company utilized a total of $842,000 to repurchase 120,000 shares of the Company’s common stock at a weighted average price per share of $7.01 and $46,335,000 remained available for further repurchases under that program. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 27, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7 – INCOME TAXES The components of income before taxes for each of the last three fiscal years, by tax jurisdiction, were as follows (in thousands): 2016 2015 2014 Domestic $ 54,887 $ 111,338 $ 165,658 Foreign 8,278 9,064 8,991 Income before income taxes $ 63,165 $ 120,402 $ 174,649 The provision for income taxes for each of the last three fiscal years consisted of (in thousands): 2016 2015 2014 Federal: Current $ 14,600 $ 30,771 $ 43,325 Deferred 2,352 5,620 16,311 State: Current 2,248 4,402 5,234 Deferred 2,265 2,027 (2,404) Foreign: Current 2,066 2,420 4,652 Deferred — — — Total income tax provision $ 23,531 $ 45,240 $ 67,118 The differences between income taxes at the statutory federal income tax rate of 35% in fiscal 2016, 2015 and 2014, and income tax reported in the consolidated statements of operations were as follows (in thousands): 2016 2015 2014 Tax provision at statutory federal income tax rate $ 22,108 $ 42,141 $ 61,127 State income taxes, net of federal provision 2,703 4,402 3,138 Change in valuation allowance 232 (224) (1,298) Foreign income taxes 2,066 2,420 4,652 Foreign and other tax credits (4,561) (3,436) (5,444) Other, net 983 (63) 4,943 Provision for income taxes $ 23,531 $ 45,240 $ 67,118 Effective tax rate 37.3 % 37.6 % 38.4% Deferred tax assets and liabilities at February 27, 2016 and February 28, 2015, were comprised of the following (in thousands): 2016 2015 Deferred tax assets: Deferred compensation $ 21,750 $ 25,505 Accrued average rent 12,998 11,540 Self insurance reserves 11,245 10,288 Cumulative foreign currency translation 4,205 4,310 Deferred revenue and revenue reserves 5,136 6,375 Foreign and other tax credits 2,403 2,931 Other 4,254 2,378 Total deferred tax assets $ 61,991 $ 63,327 Deferred tax liabilities: Properties and equipment, net $ (28,510 ) $ (21,389) Inventory (23,733 ) (22,231) Store supplies (3,679 ) (3,942) Deferred gain on debt repurchase (11,014 ) (14,716) Other (782 ) (787) Total deferred tax liabilities $ (67,718 ) $ (63,065) Valuation allowance $ (654 ) $ (422) Net deferred tax assets (1) $ (6,381 ) $ (160) (1) The Company adopted retrospectively Accounting Standards Update 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” in the fourth quarter of fiscal 2016. All deferred tax assets and liabilities are classified as noncurrent, accordingly. For fiscal 2016 and 2015, deferred tax assets were $3,199 and $5,604, respectively, and related to state deferred tax assets. Deferred tax assets are included in noncurrent assets. Deferred tax liabilities were $9,580 and $5,764 for fiscal 2016 and 2015, respectively, and related to federal deferred tax liabilities. Deferred tax liabilities are included in other noncurrent liabilities. Deferred tax assets related to state net operating losses at February 27, 2016 and February 28, 2015, were $426,000 and $533,000, respectively. State loss carryforwards vary as to the carryforward period and will expire from fiscal 2017 through fiscal 2030. The Company believes that it is not more likely than not that the benefit from certain state tax credits will be realized. Accordingly, the Company has provided a valuation allowance of $654,000 and $422,000 with respect to the deferred tax assets relating to these state tax credits as of February 27, 2016 and February 28, 2015, respectively. The Company is subject to taxation in the United States and various state, provincial, local and foreign (primarily Canadian) jurisdictions. With few exceptions, as of fiscal 2016, the Company is no longer subject to U.S. federal or state examinations by tax authorities for years before fiscal 2013. Certain tax years prior to fiscal 2013 are subject to examination by certain state and foreign jurisdictions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2016 2015 2014 Unrecognized tax benefits — beginning balance $ 765 $ 6,673 $ 2,194 Gross increases — tax positions in current period 231 — — Gross increases — tax positions in prior period 1,862 282 5,664 Gross decreases — tax positions in prior period (60 ) (1,458 ) — Settlements (81 ) (4,732 ) (1,185) Expiration of statute of limitations (166 ) — — Unrecognized tax benefits — ending balance $ 2,551 $ 765 $ 6,673 As of February 27, 2016, the Company had total unrecognized tax benefits of $2,551,000, the majority of which would, if recognized, affect the Company’s effective tax rate. As of February 28, 2015, the Company had unrecognized tax benefits of $765,000, the majority of which would, if recognized, affect the Company’s effective tax rate. It is reasonably possible a significant portion of the Company’s gross unrecognized tax benefits could decrease within the next twelve months primarily due to audit settlements. Interest associated with unrecognized tax benefits is recorded in nonoperating (income) and expenses. Penalties associated with unrecognized tax benefits are recorded in SG&A expenses. The Company recorded expenses for tax interest and penalties, net of refunds, of $286,000, $3,000 and $536,000 in fiscal 2016, 2015 and 2014, respectively. The Company had accrued penalties and interest of $508,000 and $389,000 at February 27, 2016 and February 28, 2015, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 27, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8 — COMMITMENTS AND CONTINGENCIES Leases Fiscal Year Operating Subtenant 2017 $ 237,436 $ 835 2018 211,580 348 2019 178,541 18 2020 147,617 — 2021 119,248 — Thereafter 359,207 — Total lease commitments $ 1,253,629 $ 1,201 Rental expense, which includes distribution and fulfilment center space and corporate headquarters, was $269,540,000, $263,276,000 and $244,481,000 in fiscal 2016, 2015 and 2014, respectively. These amounts include contingent rentals of $400,000, $508,000 and $546,000, based upon a percentage of sales, and net of sublease incomes totaling $322,000, $285,000 and $285,000 in fiscal 2016, 2015 and 2014, respectively. Legal matters A second related case, captioned Town of Davie Police Pension Plan, Plaintiff, v. Pier 1 Imports, Inc., Alexander W. Smith and Charles H. Turner, Defendants (the “Davie Case”), was filed in the United States District Court for the Northern District of Texas — Dallas Division on October 21, 2015 making similar allegations on behalf of a purported putative class of investors who purchased or otherwise acquired stock of Pier 1 Imports, Inc. between December 19, 2013 and September 24, 2015. The Kenney Case and the Davie Case have been consolidated into a single action, captioned Town of Davie Police Pension Plan, Plaintiff, v. Pier 1 Imports, Inc., Alexander W. Smith and Charles H. Turner, Defendants. The consolidated action is pending in the United States District Court for the Northern District of Texas — Dallas Division. Although the ultimate outcome of litigation cannot be predicted with certainty, the Company believes that this lawsuit is without merit and intends to defend against it vigorously. During fiscal years 2016, 2015 and 2014, there were various claims, lawsuits, inquiries and pending actions against the Company incident to the operations of its business. The Company considers these other matters to be ordinary and routine in nature. The Company maintains insurance against the consolidated class action noted in the preceding paragraphs and liability insurance against most of the other matters noted in this paragraph. It is the opinion of management, after consultation with counsel, that the ultimate resolution of such matters will not have a material adverse effect, either individually or in the aggregate, on the Company’s consolidated financial position, results of operations or liquidity. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Feb. 27, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | NOTE 9 — SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized quarterly financial data for the years ended February 27, 2016 and February 28, 2015, are set forth below (in thousands except per share amounts): Three Months Ended Fiscal 2016 5/30/2015 8/29/2015 11/28/2015 2/27/2016 Net sales (historical presentation) $ 432,004 429,956 472,547 Net sales (revised presentation) (1) $ 436,866 434,992 478,047 542,325 Gross profit (historical presentation) $ 164,677 149,518 178,493 Gross profit (revised presentation) (1) $ 169,539 154,554 183,993 196,894 SG&A expenses (historical presentation) $ 138,725 128,379 146,054 SG&A expenses (revised presentation) (1) $ 143,587 133,415 151,554 150,272 Operating income $ 13,558 8,385 19,657 33,608 Net income $ 6,874 3,166 10,919 18,675 Average shares outstanding — basic 88,295 86,038 83,877 81,546 Average shares outstanding — diluted 89,021 86,717 84,170 81,574 Basic earnings per share $ 0.08 0.04 0.13 0.23 Diluted earnings per share $ 0.08 0.04 0.13 0.23 Three Months Ended Fiscal 2015 5/31/2014 8/30/2014 11/29/2014 2/28/2015 Net sales (historical presentation) $ 419,059 418,622 484,501 543,600 Net sales (revised presentation) (1) $ 423,710 423,475 487,366 550,006 Gross profit (historical presentation) $ 167,714 162,637 204,913 214,442 Gross profit (revised presentation) (1) $ 172,365 167,490 207,778 220,848 SG&A expenses (historical presentation) $ 131,466 134,817 160,820 149,028 SG&A expenses (revised presentation) (1) $ 136,117 139,670 163,685 155,434 Operating income $ 25,830 16,529 31,770 53,142 Net income $ 15,055 9,158 17,860 33,089 Average shares outstanding — basic 94,656 91,503 89,741 88,426 Average shares outstanding — diluted 95,925 92,531 90,635 89,421 Basic earnings per share $ 0.16 0.10 0.20 0.37 Diluted earnings per share $ 0.16 0.10 0.20 0.37 (1) In the table above, the Company has revised the presentation of the reporting of Credit Card Fees for all periods presented. The Company previously reported Credit Card Fees as a reduction to net sales and has revised its presentation to report Credit Card Fees as a component of SG&A expenses. This revised presentation results in an immaterial increase to both net sales and SG&A expenses. There is no impact to operating income, net income, the balance sheet or statement of cash flows. The three months ended November 29, 2014 included a reduction of Credit Card Fees based upon a settlement agreement. |
Description of Business and S19
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 27, 2016 | |
Accounting Policies [Abstract] | |
Organization | Organization |
Basis of consolidation | Basis of consolidation |
Segment information | Segment information |
Use of estimates | Use of estimates |
Reclassifications | Reclassifications |
Revised presentation of credit card fees | Revised presentation of credit card fees The following table shows the revised presentation of net sales and SG&A expenses for the years ended February 27, 2016, February 28, 2015 and March 1, 2014, to illustrate the effect of the revised presentation of Credit Card Fees, net, on the Company’s financial statements (in thousands): Year Ended February 27, 2016 February 28, 2015 March 1, 2014 $ Amount % of Sales $ Amount % of Sales $ Amount % of Sales Net sales (Historical Presentation) $ 1,870,252 100.0% $ 1,865,782 100.0% $ 1,771,743 100.0% Add back: Credit Card Fees, net (1) 21,978 18,775 19,700 Net sales (Revised Presentation) $ 1,892,230 100.0% $ 1,884,557 100.0% $ 1,791,443 100.0% SG&A (Historical Presentation) $ 556,850 29.8% $ 576,131 30.9% $ 531,190 30.0% Add back: Credit Card Fees, net (1) 21,978 18,775 19,700 SG&A (Revised Presentation) $ 578,828 30.6% $ 594,906 31.6% $ 550,890 30.8% (1) Fiscal 2015 included a reduction of Credit Card Fees based upon a settlement agreement. |
Fiscal periods | Fiscal periods |
Cash and cash equivalents, including temporary investments | Cash and cash equivalents, including temporary investments |
Translation of foreign currencies | Translation of foreign currencies |
Concentrations of risk | Concentrations of risk |
Financial instruments | Financial instruments Risk management instruments Periodically, the Company hedges certain commitments denominated in foreign currencies through the purchase of forward contracts. The forward contracts are purchased to cover a portion of commitments to buy merchandise for resale. The Company also, on occasion, uses contracts to hedge its exposure associated with the repatriation of funds from its Canadian operations. As of February 27, 2016 and February 28, 2015, there were no material outstanding contracts to hedge exposure associated with the Company’s merchandise purchases denominated in foreign currencies or the repatriation of Canadian funds. For financial accounting purposes, the Company does not designate such contracts as hedges. Thus, changes in the fair value of both types of forward contracts would be included in the Company’s consolidated statements of operations. The changes in fair value and settlement of these contracts were not material and were included in cost of sales for forward contracts related to merchandise purchases, and in SG&A expenses for forward contracts associated with the repatriation of Canadian funds. When the Company enters into forward foreign currency exchange contracts, it enters into them with major financial institutions and monitors its positions with, and the credit quality of, these counterparties to such financial instruments. |
Accounts receivable | Accounts receivable |
Inventories | Inventories The Company recognizes known inventory losses, shortages and damages when incurred and maintains a reserve for estimated shrinkage since the last physical count, when actual shrinkage was recorded. The amount of the reserve is estimated based on historical experience from the results of its physical inventories. The reserves for estimated shrinkage at the end of fiscal 2016 and 2015 were $5,312,000 and $5,105,000, respectively. |
Properties and equipment, net | Properties and equipment, net Expenditures for maintenance, repairs and renewals that do not materially prolong the original useful lives of the assets are charged to expense as incurred. In the case of disposals, assets and the related depreciation are removed from the accounts and the net amount, less proceeds from disposal, is credited or charged to income. Long-lived assets are reviewed for impairment at least annually or whenever an event or change in circumstances indicates that their carrying values may not be recoverable. If the impairment analysis indicates that the carrying value of the assets exceeds the sum of the expected undiscounted cash flows, the assets may be considered impaired. Impairment, if any, is recorded in the period in which the impairment occurred. The Company recorded no material impairment charges in fiscal 2016, 2015 or 2014. |
Insurance provision | Insurance provision |
Revenue recognition | Revenue recognition |
Cost of sales | Cost of sales |
Gift cards | Gift cards |
Leases | Leases |
Advertising costs | Advertising costs |
Defined benefit plans | Defined benefit plans See Note 5 of the Notes to Consolidated Financial Statements for further discussion. |
Income taxes | Income taxes See Note 7 of the Notes to Consolidated Financial Statements for further discussion. |
Earnings per share | Earnings per share Earnings per share amounts were calculated as follows (in thousands except per share amounts): Year Ended February 27, February 28, March 1, Net income $ 39,634 $ 75,162 $ 107,531 Weighted average shares outstanding: Basic 84,939 91,081 104,121 Effect of dilutive stock options 316 696 1,268 Effect of dilutive restricted stock 115 351 859 Diluted 85,370 92,128 106,248 Earnings per share: Basic $ 0.47 $ 0.83 $ 1.03 Diluted $ 0.46 $ 0.82 $ 1.01 Outstanding stock options totaling 402,311 for fiscal 2016, 114,623 for fiscal 2015 and 6,624 for fiscal 2014 were excluded from the computation of earnings per share, as the effect would be antidilutive. |
Stock-based compensation | Stock-based compensation The Company estimates forfeitures based on its historical forfeiture experience, and adjusts forfeiture estimates based on actual forfeiture experience for all awards with service conditions. The effect of any forfeiture adjustments was not material. |
Adoption of new accounting standards | Adoption of new accounting standards “Interest — Imputation of Interest.” “Interest — Imputation of Interest (Subtopic 835-30),” Consolidated Balance Sheets Note 4 of the Notes to Consolidated Financial Statements In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-05, “Customers Accounting for Cloud Computing Costs.” In July 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” In August 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” In November 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” Consolidated Balance Sheets Note 7 of the Notes to Consolidated Financial Statements. In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-02, “Leases (Topic 842),” In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-09, “Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” |
Description of Business and S20
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Accounting Policies [Abstract] | |
Summary of Net Sales and SG&A Expenses | The following table shows the revised presentation of net sales and SG&A expenses for the years ended February 27, 2016, February 28, 2015 and March 1, 2014, to illustrate the effect of the revised presentation of Credit Card Fees, net, on the Company’s financial statements (in thousands): Year Ended February 27, 2016 February 28, 2015 March 1, 2014 $ Amount % of Sales $ Amount % of Sales $ Amount % of Sales Net sales (Historical Presentation) $ 1,870,252 100.0% $ 1,865,782 100.0% $ 1,771,743 100.0% Add back: Credit Card Fees, net (1) 21,978 18,775 19,700 Net sales (Revised Presentation) $ 1,892,230 100.0% $ 1,884,557 100.0% $ 1,791,443 100.0% SG&A (Historical Presentation) $ 556,850 29.8% $ 576,131 30.9% $ 531,190 30.0% Add back: Credit Card Fees, net (1) 21,978 18,775 19,700 SG&A (Revised Presentation) $ 578,828 30.6% $ 594,906 31.6% $ 550,890 30.8% (1) Fiscal 2015 included a reduction of Credit Card Fees based upon a settlement agreement. |
Calculation of Earnings Per Share | Earnings per share amounts were calculated as follows (in thousands except per share amounts): Year Ended February 27, February 28, March 1, Net income $ 39,634 $ 75,162 $ 107,531 Weighted average shares outstanding: Basic 84,939 91,081 104,121 Effect of dilutive stock options 316 696 1,268 Effect of dilutive restricted stock 115 351 859 Diluted 85,370 92,128 106,248 Earnings per share: Basic $ 0.47 $ 0.83 $ 1.03 Diluted $ 0.46 $ 0.82 $ 1.01 |
Properties and Equipment, Net (
Properties and Equipment, Net (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary of Properties and Equipment, Net | Properties and equipment, net are summarized as follows at February 27, 2016 and February 28, 2015 (in thousands): 2016 2015 Land $ 535 $ 535 Buildings 8,087 8,087 Equipment, furniture, fixtures and other 355,561 342,407 Leasehold improvements 210,546 213,148 Computer software 101,391 89,271 Projects in progress 13,271 6,837 689,391 660,285 Less accumulated depreciation 481,758 446,237 Properties and equipment, net $ 207,633 $ 214,048 |
Other Accrued Liabilities and22
Other Accrued Liabilities and Noncurrent Liabilities (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Payables and Accruals [Abstract] | |
Summary of Other Accrued Liabilities and Noncurrent Liabilities | The following is a summary of other accrued liabilities and noncurrent liabilities at February 27, 2016 and February 28, 2015 (in thousands): 2016 2015 Accrued payroll and other employee-related liabilities $ 54,034 $ 59,422 Accrued taxes, other than income 23,718 23,160 Rent-related liabilities 7,966 7,854 Other 15,994 16,345 Other accrued liabilities $ 101,712 $ 106,781 Rent-related liabilities $ 29,467 $ 26,263 Deferred gains 4,594 5,666 Retirement benefits 42,634 41,791 Other 10,797 6,421 Other noncurrent liabilities $ 87,492 $ 80,141 |
Long-Term Debt and Available 23
Long-Term Debt and Available Credit (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Debt Disclosure [Abstract] | |
Term loan Facility Maturity | The Term Loan Facility matures as follows (in thousands): Fiscal Year Amount 2017 $ 2,000 2018 2,000 2019 2,000 2020 2,000 Thereafter 189,000 Total 197,000 Debt Issuance Costs (2,672 ) Debt Discount (1,463 ) Total Debt $ 192,865 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Reconciliation of Benefit Obligations and Funded Status of Plans | The following provides a reconciliation of benefit obligations and funded status of the plans as of February 27, 2016 and February 28, 2015 (in thousands): 2016 2015 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 25,404 $ 27,481 Service cost 1,468 1,402 Interest cost 634 823 Actuarial loss 812 2,772 Benefits paid (including settlements) (127 ) (7,707 ) Curtailment — 633 Projected benefit obligation, end of year $ 28,191 $ 25,404 Reconciliation of funded status: Projected benefit obligation $ 28,191 $ 25,404 Plan assets — — Funded status $ (28,191 ) $ (25,404 ) Accumulated benefit obligation $ (28,191 ) $ (25,404 ) Amounts recognized in the balance sheets: Current liability $ (127 ) $ (127 ) Noncurrent liability (28,064 ) (25,277 ) Accumulated other comprehensive loss, pre-tax 3,719 4,361 Net amount recognized $ (24,472 ) $ (21,043 ) Cumulative other comprehensive loss, net of taxes of $2,871 and $3,121 in fiscal 2016 and 2015, respectively $ 850 $ 1,240 Weighted average assumptions used to determine: Benefit obligation, end of year: Discount rate 2.75 % 2.50% Lump-sum conversion discount rate 3.50 % 4.00% Rate of compensation increase (1) 3.00 % 3.00% Net periodic benefit cost for years ended: Discount rate 2.50 % 3.00% Lump-sum conversion discount rate 4.00 % 5.00% Rate of compensation increase 0.00 % 0.00% (1) The rate of compensation increase shown above assumes an increase of 0% for fiscal year 2017 and 3% for fiscal years thereafter, except for the Company’s CEO. The CEO’s rate of compensation is governed by his employment agreement. |
Components of Net Periodic Benefit Cost | Net periodic benefit cost included the following actuarially determined components during fiscal 2016, 2015 and 2014 as shown in the table below (in thousands). The amortization of amounts related to unrecognized prior service costs and net actuarial loss were reclassified out of other comprehensive income as a component of net periodic benefit cost. 2016 2015 2014 Service cost $ 1,468 $ 1,402 $ 1,456 Interest cost 634 823 765 Amortization of unrecognized prior service cost 59 410 410 Amortization of net actuarial loss 1,394 1,329 1,392 Settlement — 1,248 — Curtailment — 781 — Net periodic benefit cost $ 3,555 $ 5,993 $ 4,023 |
Matters Concerning Shareholde25
Matters Concerning Shareholders' Equity (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Grants | A summary of stock option transactions related to the Company’s stock option grants during the three fiscal years is as follows: Exercisable Shares Shares Weighted Weighted Number of Weighted Outstanding at March 2, 2013 3,488,125 $ 11.05 3,468,275 $ 11.02 Options granted 13,248 23.19 $ 6.70 Options exercised (1,627,500 ) 12.90 Options cancelled or expired (16,000 ) 17.28 Outstanding at March 1, 2014 1,857,873 9.45 1,830,900 9.31 Options granted 11,300 17.78 4.25 Options exercised (187,625 ) 10.97 Options cancelled or expired (233,000 ) 17.09 Outstanding at February 28, 2015 1,448,548 8.09 1,419,712 7.86 Options granted 15,500 14.04 3.98 Options exercised (77,500 ) 7.46 Options cancelled or expired (176,000 ) 14.06 Outstanding at February 27, 2016 1,210,548 7.34 1,176,974 7.06 |
Shares Outstanding by Ranges of Exercise Prices | For options outstanding at February 27, 2016 Weighted Remaining (in years) Weighted Ranges of Exercise Prices Total Weighted Shares $4.24 — $6.69 954,000 $ 6.66 1.00 954,000 $ 6.66 $7.45 — $11.47 204,600 7.73 1.33 204,600 7.73 $14.04 — $23.19 51,948 18.28 7.71 18,374 20.23 |
Share Repurchase Plan | The following table summarizes the Company’s total repurchases of its common stock during fiscal 2016, 2015 and 2014: Shares Purchased Date Program Announced Authorized Date Fiscal Fiscal Fiscal Weighted Remaining Dec. 13, 2012 $ 100,000,000 Sep. 30, 2013 — — 4,525,805 $ 22.10 $ — Oct. 18, 2013 200,000,000 Apr. 10, 2014 — 5,071,812 5,262,452 19.35 — Apr. 10, 2014 200,000,000 — 7,460,935 5,208,500 — 12.06 47,176,224 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Taxes | The components of income before taxes for each of the last three fiscal years, by tax jurisdiction, were as follows (in thousands): 2016 2015 2014 Domestic $ 54,887 $ 111,338 $ 165,658 Foreign 8,278 9,064 8,991 Income before income taxes $ 63,165 $ 120,402 $ 174,649 |
Provision for Income Taxes | The provision for income taxes for each of the last three fiscal years consisted of (in thousands): 2016 2015 2014 Federal: Current $ 14,600 $ 30,771 $ 43,325 Deferred 2,352 5,620 16,311 State: Current 2,248 4,402 5,234 Deferred 2,265 2,027 (2,404) Foreign: Current 2,066 2,420 4,652 Deferred — — — Total income tax provision $ 23,531 $ 45,240 $ 67,118 |
Income Tax Reported in Consolidated Statements of Operations | The differences between income taxes at the statutory federal income tax rate of 35% in fiscal 2016, 2015 and 2014, and income tax reported in the consolidated statements of operations were as follows (in thousands): 2016 2015 2014 Tax provision at statutory federal income tax rate $ 22,108 $ 42,141 $ 61,127 State income taxes, net of federal provision 2,703 4,402 3,138 Change in valuation allowance 232 (224) (1,298) Foreign income taxes 2,066 2,420 4,652 Foreign and other tax credits (4,561) (3,436) (5,444) Other, net 983 (63) 4,943 Provision for income taxes $ 23,531 $ 45,240 $ 67,118 Effective tax rate 37.3 % 37.6 % 38.4% |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at February 27, 2016 and February 28, 2015, were comprised of the following (in thousands): 2016 2015 Deferred tax assets: Deferred compensation $ 21,750 $ 25,505 Accrued average rent 12,998 11,540 Self insurance reserves 11,245 10,288 Cumulative foreign currency translation 4,205 4,310 Deferred revenue and revenue reserves 5,136 6,375 Foreign and other tax credits 2,403 2,931 Other 4,254 2,378 Total deferred tax assets $ 61,991 $ 63,327 Deferred tax liabilities: Properties and equipment, net $ (28,510 ) $ (21,389) Inventory (23,733 ) (22,231) Store supplies (3,679 ) (3,942) Deferred gain on debt repurchase (11,014 ) (14,716) Other (782 ) (787) Total deferred tax liabilities $ (67,718 ) $ (63,065) Valuation allowance $ (654 ) $ (422) Net deferred tax assets (1) $ (6,381 ) $ (160) (1) The Company adopted retrospectively Accounting Standards Update 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” in the fourth quarter of fiscal 2016. All deferred tax assets and liabilities are classified as noncurrent, accordingly. For fiscal 2016 and 2015, deferred tax assets were $3,199 and $5,604, respectively, and related to state deferred tax assets. Deferred tax assets are included in noncurrent assets. Deferred tax liabilities were $9,580 and $5,764 for fiscal 2016 and 2015, respectively, and related to federal deferred tax liabilities. Deferred tax liabilities are included in other noncurrent liabilities. |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2016 2015 2014 Unrecognized tax benefits — beginning balance $ 765 $ 6,673 $ 2,194 Gross increases — tax positions in current period 231 — — Gross increases — tax positions in prior period 1,862 282 5,664 Gross decreases — tax positions in prior period (60 ) (1,458 ) — Settlements (81 ) (4,732 ) (1,185) Expiration of statute of limitations (166 ) — — Unrecognized tax benefits — ending balance $ 2,551 $ 765 $ 6,673 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Minimum Lease Commitments and Future Subtenant Receipts | At February 27, 2016, the Company had the following minimum lease commitments and future subtenant receipts in the years indicated (in thousands): Fiscal Year Operating Subtenant 2017 $ 237,436 $ 835 2018 211,580 348 2019 178,541 18 2020 147,617 — 2021 119,248 — Thereafter 359,207 — Total lease commitments $ 1,253,629 $ 1,201 |
Selected Quarterly Financial 28
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Feb. 27, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | Summarized quarterly financial data for the years ended February 27, 2016 and February 28, 2015, are set forth below (in thousands except per share amounts): Three Months Ended Fiscal 2016 5/30/2015 8/29/2015 11/28/2015 2/27/2016 Net sales (historical presentation) $ 432,004 429,956 472,547 Net sales (revised presentation) (1) $ 436,866 434,992 478,047 542,325 Gross profit (historical presentation) $ 164,677 149,518 178,493 Gross profit (revised presentation) (1) $ 169,539 154,554 183,993 196,894 SG&A expenses (historical presentation) $ 138,725 128,379 146,054 SG&A expenses (revised presentation) (1) $ 143,587 133,415 151,554 150,272 Operating income $ 13,558 8,385 19,657 33,608 Net income $ 6,874 3,166 10,919 18,675 Average shares outstanding — basic 88,295 86,038 83,877 81,546 Average shares outstanding — diluted 89,021 86,717 84,170 81,574 Basic earnings per share $ 0.08 0.04 0.13 0.23 Diluted earnings per share $ 0.08 0.04 0.13 0.23 Three Months Ended Fiscal 2015 5/31/2014 8/30/2014 11/29/2014 2/28/2015 Net sales (historical presentation) $ 419,059 418,622 484,501 543,600 Net sales (revised presentation) (1) $ 423,710 423,475 487,366 550,006 Gross profit (historical presentation) $ 167,714 162,637 204,913 214,442 Gross profit (revised presentation) (1) $ 172,365 167,490 207,778 220,848 SG&A expenses (historical presentation) $ 131,466 134,817 160,820 149,028 SG&A expenses (revised presentation) (1) $ 136,117 139,670 163,685 155,434 Operating income $ 25,830 16,529 31,770 53,142 Net income $ 15,055 9,158 17,860 33,089 Average shares outstanding — basic 94,656 91,503 89,741 88,426 Average shares outstanding — diluted 95,925 92,531 90,635 89,421 Basic earnings per share $ 0.16 0.10 0.20 0.37 Diluted earnings per share $ 0.16 0.10 0.20 0.37 (1) In the table above, the Company has revised the presentation of the reporting of Credit Card Fees for all periods presented. The Company previously reported Credit Card Fees as a reduction to net sales and has revised its presentation to report Credit Card Fees as a component of SG&A expenses. This revised presentation results in an immaterial increase to both net sales and SG&A expenses. There is no impact to operating income, net income, the balance sheet or statement of cash flows. The three months ended November 29, 2014 included a reduction of Credit Card Fees based upon a settlement agreement. |
Description of Business and S29
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Feb. 27, 2016USD ($)Segmentshares | Feb. 28, 2015USD ($)shares | Mar. 01, 2014USD ($)shares | |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Number of operating segment | Segment | 1 | ||
Cash and cash equivalents, temporary investments | $ 110,413,000 | $ 69,572,000 | |
Cumulative other comprehensive income (loss) related to translation adjustments | (9,724,000) | (7,425,000) | $ (3,696,000) |
Adjustments for currency translation resulted in other comprehensive income (loss), net of tax | (2,299,000) | (3,729,000) | (2,391,000) |
Assets or liabilities with a fair value significantly different from the recorded value | 0 | 0 | |
Life insurance proceeds received | 6,655,000 | ||
Reserves for estimated shrinkage of inventory | 5,312,000 | 5,105,000 | |
Depreciation | 50,944,000 | 46,304,000 | 38,873,000 |
Impairment charges | 0 | 0 | 0 |
Workers compensation and general liability claims deductible | 1,000,000 | ||
Workers compensation liability | 25,399,000 | 22,845,000 | |
General liability insurance claims not settled | 4,585,000 | 4,455,000 | |
Reserves for estimated merchandise returns | $ 4,227,000 | 2,859,000 | |
Gift card breakage recognition period from original issuance, months | 30 months | ||
Gift card breakage recognized | $ 4,925,000 | 3,938,000 | 4,455,000 |
Operating lease expiring year | 2,029 | ||
Lease term | 10 years | ||
Advertising costs | $ 66,289,000 | 81,483,000 | $ 76,071,000 |
Prepaid advertising | $ 3,639,000 | $ 4,269,000 | |
Outstanding stock options excluded from computation of diluted earnings per share | shares | 402,311 | 114,623 | 6,624 |
Buildings | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated remaining useful lives of the assets | 30 years | ||
Furniture, Fixtures and Equipment | Minimum | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated remaining useful lives of the assets | 3 years | ||
Furniture, Fixtures and Equipment | Maximum | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated remaining useful lives of the assets | 10 years | ||
Foreign exchange contract | Long | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Material outstanding contracts to hedge exposure associated with merchandise purchases | $ 0 | $ 0 | |
CANADA | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Long-lived assets | 3,837,000 | 4,707,000 | $ 5,578,000 |
MEXICO | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Long-lived assets | 0 | 0 | 0 |
EL SALVADOR | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Long-lived assets | $ 0 | $ 0 | $ 0 |
Sales Revenue, Net | Product Concentration Risk | UNITED STATES | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 93.10% | 92.40% | 92.00% |
Sales Revenue, Net | Product Concentration Risk | CANADA | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 6.30% | 6.90% | 7.30% |
Sales Revenue, Product Line [Member] | Geographic Concentration Risk | CHINA | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 58.00% | ||
Sales Revenue, Product Line [Member] | Geographic Concentration Risk | INDIA | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 16.00% | ||
Sales Revenue, Product Line [Member] | Geographic Concentration Risk | Vietnam Indonesia And United States | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 17.00% |
Summary of Net Sales and SG&A E
Summary of Net Sales and SG&A Expenses (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May. 30, 2015 | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 30, 2014 | May. 31, 2014 | Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Net sales | $ 542,325,000 | $ 478,047,000 | $ 434,992,000 | $ 436,866,000 | $ 550,006,000 | $ 487,366,000 | $ 423,475,000 | $ 423,710,000 | $ 1,892,230,000 | $ 1,884,557,000 | $ 1,791,443,000 | |
SG&A | $ 150,272,000 | 151,554,000 | 133,415,000 | 143,587,000 | 155,434,000 | 163,685,000 | 139,670,000 | 136,117,000 | 578,828,000 | 594,906,000 | 550,890,000 | |
Net Sales [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Add back: Credit Card Fees, net | [1] | 21,978 | 18,775 | 19,700 | ||||||||
Net sales | $ 1,892,230 | $ 1,884,557 | $ 1,791,443 | |||||||||
Percentage of net sales | 100.00% | 100.00% | 100.00% | |||||||||
Selling, General and Administrative Expenses | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Add back: Credit Card Fees, net | [1] | $ 21,978 | $ 18,775 | $ 19,700 | ||||||||
SG&A | $ 578,828 | $ 594,906 | $ 550,890 | |||||||||
Percentage of net sales | 30.60% | 31.60% | 30.80% | |||||||||
Scenario Previously Reported | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Net sales | 472,547,000 | 429,956,000 | 432,004,000 | 543,600,000 | 484,501,000 | 418,622,000 | 419,059,000 | |||||
SG&A | $ 146,054,000 | $ 128,379,000 | $ 138,725,000 | $ 149,028,000 | $ 160,820,000 | $ 134,817,000 | $ 131,466,000 | |||||
Scenario Previously Reported | Net Sales [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Net sales | $ 1,870,252 | $ 1,865,782 | $ 1,771,743 | |||||||||
Percentage of net sales | 100.00% | 100.00% | 100.00% | |||||||||
Scenario Previously Reported | Selling, General and Administrative Expenses | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
SG&A | $ 556,850 | $ 576,131 | $ 531,190 | |||||||||
Percentage of net sales | 29.80% | 30.90% | 30.00% | |||||||||
[1] | Fiscal 2015 included a reduction of Credit Card Fees based upon a settlement agreement. |
Calculation of Earnings Per Sha
Calculation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May. 30, 2015 | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 30, 2014 | May. 31, 2014 | Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Earnings Per Share Disclosure [Line Items] | |||||||||||
Net income | $ 18,675 | $ 10,919 | $ 3,166 | $ 6,874 | $ 33,089 | $ 17,860 | $ 9,158 | $ 15,055 | $ 39,634 | $ 75,162 | $ 107,531 |
Basic | 81,546 | 83,877 | 86,038 | 88,295 | 88,426 | 89,741 | 91,503 | 94,656 | 84,939 | 91,081 | 104,121 |
Diluted | 81,574 | 84,170 | 86,717 | 89,021 | 89,421 | 90,635 | 92,531 | 95,925 | 85,370 | 92,128 | 106,248 |
Basic | $ 0.23 | $ 0.13 | $ 0.04 | $ 0.08 | $ 0.37 | $ 0.20 | $ 0.10 | $ 0.16 | $ 0.47 | $ 0.83 | $ 1.03 |
Diluted | $ 0.23 | $ 0.13 | $ 0.04 | $ 0.08 | $ 0.37 | $ 0.20 | $ 0.10 | $ 0.16 | $ 0.46 | $ 0.82 | $ 1.01 |
Employee Stock Option | |||||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||||
Effect of dilutive stock | 316 | 696 | 1,268 | ||||||||
Restricted Stock Awards | |||||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||||
Effect of dilutive stock | 115 | 351 | 859 |
Summary of Properties and Equip
Summary of Properties and Equipment, Net (Detail) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 535 | $ 535 |
Buildings | 8,087 | 8,087 |
Equipment, furniture, fixtures and other | 355,561 | 342,407 |
Leasehold improvements | 210,546 | 213,148 |
Computer software | 101,391 | 89,271 |
Projects in progress | 13,271 | 6,837 |
Properties, gross | 689,391 | 660,285 |
Less accumulated depreciation | 481,758 | 446,237 |
Properties and equipment, net | $ 207,633 | $ 214,048 |
Summary of Other Accrued Liabil
Summary of Other Accrued Liabilities and Noncurrent Liabilities (Detail) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued payroll and other employee-related liabilities | $ 54,034 | $ 59,422 |
Accrued taxes, other than income | 23,718 | 23,160 |
Rent-related liabilities | 7,966 | 7,854 |
Other | 15,994 | 16,345 |
Other accrued liabilities | 101,712 | 106,781 |
Rent-related liabilities | 29,467 | 26,263 |
Deferred gains | 4,594 | 5,666 |
Retirement benefits | 42,634 | 41,791 |
Other | 10,797 | 6,421 |
Other noncurrent liabilities | $ 87,492 | $ 80,141 |
Long-Term Debt and Available 34
Long-Term Debt and Available Credit - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Carrying value of long term debt | $ 192,865,000 | ||
Weighted average effective interest rate | 5.10% | ||
Term loan facility, maturity date | Apr. 30, 2021 | ||
Borrowings under term loan facility | $ 197,000,000 | ||
Term loan facility, quarterly amortization of principal amount of loans | 0.25% | ||
Term loan incremental maximum borrowing capacity | $ 200,000,000 | ||
Fair Value, Inputs, Level 2 | Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Fair value of term loan facility | $ 188,135,000 | ||
LIBOR | Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Basis points | 3.50% | ||
Interest floor rate | 1.00% | ||
Base Rate | Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Basis points | 2.50% | ||
Interest floor rate | 2.00% | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility , maximum borrowing capacity | $ 350,000,000 | ||
Credit facility accordion feature | 100,000,000 | ||
Potential increase to credit facility | $ 450,000,000 | ||
Credit facility, maturity date | 2018-06 | ||
Unused portion of credit facility, basis point | 0.25% | ||
Percentage of minimum availability on line cap | 10.00% | ||
Minimum availability on line cap, amount | $ 20,000,000 | ||
Payments of dividends less than 17.5% | 350,000,000 | ||
Fixed charge coverage less than 30% | 350,000,000 | ||
Borrowings outstanding | $ 0 | ||
Credit facility borrowing base | 341,423,000 | ||
Remaining borrowing | $ 303,817,000 | ||
Revolving Credit Facility | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Basis points | 1.25% | ||
Revolving Credit Facility | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Basis points | 1.75% | ||
Revolving Credit Facility | Prime Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Basis points | 0.25% | ||
Revolving Credit Facility | Prime Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Basis points | 0.75% | ||
Trade Letters Of Credit And Bankers Acceptances | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | $ 37,606,000 | ||
Standby letters of credit | |||
Debt Instrument [Line Items] | |||
Commitment fee | 1.25% | 1.25% | |
Standby letters of credit | Minimum | |||
Debt Instrument [Line Items] | |||
Basis points | 1.25% | ||
Standby letters of credit | Maximum | |||
Debt Instrument [Line Items] | |||
Basis points | 1.75% | ||
Standby letters of credit | Workers' Compensation And General Liability Insurance Policies | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | $ 21,031,000 | ||
Other Miscellaneous Standby Letters Of Credit | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | $ 6,860,000 | ||
Trade letter of credit | |||
Debt Instrument [Line Items] | |||
Commitment fee | 0.625% | 0.625% | |
Trade letter of credit | Minimum | |||
Debt Instrument [Line Items] | |||
Basis points | 0.625% | ||
Trade letter of credit | Maximum | |||
Debt Instrument [Line Items] | |||
Basis points | 0.875% | ||
Industrial Revenue Bonds | |||
Debt Instrument [Line Items] | |||
Industrial revenue bonds, maturity date | 2,026 | ||
Carrying value of long term debt | $ 9,500,000 | $ 9,500,000 | |
Weighted average effective interest rate | 1.70% | 1.70% | 1.90% |
Industrial Revenue Bonds | Standby letters of credit | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | $ 9,715,000 |
Term Loan Facility Maturity (De
Term Loan Facility Maturity (Detail) - Term Loan Facility | Feb. 27, 2016USD ($) |
Debt Instrument [Line Items] | |
2,017 | $ 2,000,000 |
2,018 | 2,000,000 |
2,019 | 2,000,000 |
2,020 | 2,000,000 |
Thereafter | 189,000,000 |
Total | 197,000,000 |
Debt Issuance Costs | (2,672,000) |
Debt Discount | (1,463,000) |
Total Debt | $ 192,865,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum age eligibility, years | 18 years | ||
Minimum employment period for eligibility, months | 6 months | ||
Company matching contribution | 3.00% | 3.00% | 3.00% |
Contributions by Company to the plan | $ 2,823,000 | $ 2,455,000 | $ 2,071,000 |
Cash contributions to trust | 0 | ||
Restricted investments sold to fund retirement benefits | 0 | ||
Interest bearing investments included in other noncurrent assets | 32,000 | 17,000 | |
Benefit payments expected in fiscal 2017 | 127,000 | ||
Benefit payments expected in fiscal 2018 | 127,000 | ||
Benefit payments expected in fiscal 2019 | 28,460,000 | ||
Benefit payments expected in fiscal 2020 | 172,000 | ||
Benefit payments expected in fiscal 2021 | 246,000 | ||
Benefit payments expected during fiscal years 2022 through 2026 | 1,214,000 | ||
Amounts of cumulative other comprehensive loss not recognized as components of net periodic benefit cost related to prior service cost | 118,000 | 178,000 | |
Amounts of cumulative other comprehensive loss not recognized as components of net periodic benefit cost related to net actuarial gain | 3,601,000 | 4,183,000 | |
Net actuarial gain (loss) recognized in other comprehensive income | (812,000) | (2,772,000) | $ 188,000 |
Estimated amortization of prior service cost from cumulative other comprehensive loss into net periodic cost in 2017 | 59,000 | ||
Estimated amortization of net actuarial loss from cumulative other comprehensive loss into net periodic cost in 2017 | 1,800,000 | ||
Former Chief Financial Officer | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash contributions to trust | 7,691,000 | ||
Amount used to fund retirements benefits and taxes | 7,676,000 | ||
Chief Financial Officer | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Retirement benefit payment | 7,573,981 | ||
Life insurance policies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash surrender value of life insurance policy | 13,432,000 | 13,096,000 | |
Death benefit of life insurance policy | $ 20,100,000 | $ 19,927,000 | |
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employees contribution for Company match | 1.00% | 1.00% | 1.00% |
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employees contribution for Company match | 5.00% | 5.00% | 5.00% |
Nonqualified deferred compensation plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company's expense for the plans | $ 13,000 | $ 1,269,000 | $ 1,381,000 |
Cash contributions to trust | 1,223,000 | 3,192,000 | |
Restricted investments sold to fund retirement benefits | 1,344,000 | 1,715,000 | |
Interest bearing investments included in other noncurrent assets | 9,853,000 | 10,571,000 | |
Cash surrender values of life insurance policies | 5,912,000 | 5,736,000 | |
Nonqualified deferred compensation plans | Death benefit plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Death benefits of life insurance policy | 11,355,000 | 11,336,000 | |
Supplemental Employee Retirement Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company's expense for the plans | $ 3,555,000 | $ 5,993,000 | $ 4,023,000 |
Reconciliation of Benefit Oblig
Reconciliation of Benefit Obligations and Funded Status of Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | Feb. 27, 2016 | Feb. 28, 2015 | ||
Change in projected benefit obligation: | ||||||
Projected benefit obligation, beginning of year | $ 25,404 | $ 27,481 | ||||
Service cost | 1,468 | 1,402 | $ 1,456 | |||
Interest cost | 634 | 823 | 765 | |||
Actuarial loss | 812 | 2,772 | ||||
Benefits paid (including settlements) | (127) | (7,707) | ||||
Curtailment | 633 | |||||
Projected benefit obligation, end of year | 28,191 | 25,404 | 27,481 | |||
Reconciliation of funded status: | ||||||
Projected benefit obligation | 25,404 | 27,481 | $ 27,481 | $ 28,191 | $ 25,404 | |
Plan assets | 0 | 0 | ||||
Funded status | (28,191) | (25,404) | ||||
Accumulated benefit obligation | (28,191) | (25,404) | ||||
Amounts recognized in the balance sheets: | ||||||
Current liability | (127) | (127) | ||||
Noncurrent liability | (28,064) | (25,277) | ||||
Accumulated other comprehensive loss, pre-tax | 3,719 | 4,361 | ||||
Net amount recognized | $ (24,472) | $ (21,043) | ||||
Cumulative other comprehensive loss, net of taxes of $2,871 and $3,121 in fiscal 2016 and 2015, respectively | $ 850 | $ 1,240 | ||||
Benefit obligation, end of year: | ||||||
Discount rate | 2.75% | 2.50% | ||||
Lump-sum conversion discount rate | 3.50% | 4.00% | ||||
Rate of compensation increase | [1] | 3.00% | 3.00% | |||
Net periodic benefit cost for years ended: | ||||||
Discount rate | 2.50% | 3.00% | ||||
Lump-sum conversion discount rate | 4.00% | 5.00% | ||||
Rate of compensation increase | 0.00% | 0.00% | ||||
[1] | The rate of compensation increase shown above assumes an increase of 0% for fiscal year 2017 and 3% for fiscal years thereafter, except for the Company's CEO. The CEO's rate of compensation is governed by his employment agreement. |
Reconciliation of Benefit Obl38
Reconciliation of Benefit Obligations and Funded Status of Plans (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Cumulative other comprehensive loss, taxes | $ 2,871 | $ 3,121 |
Anticipated increase for fiscal years, 2017 | 0.00% | |
Anticipated increase for fiscal years, thereafter | 3.00% |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 1,468 | $ 1,402 | $ 1,456 |
Interest cost | 634 | 823 | 765 |
Amortization of unrecognized prior service cost | 59 | 410 | 410 |
Amortization of net actuarial loss | 1,394 | 1,329 | 1,392 |
Settlement | 1,248 | ||
Curtailment | 781 | ||
Net periodic benefit cost | $ 3,555 | $ 5,993 | $ 4,023 |
Matters Concerning Shareholde40
Matters Concerning Shareholders' Equity - Additional Information (Detail) - USD ($) | Apr. 20, 2016 | Apr. 13, 2016 | Jun. 13, 2012 | Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | Jun. 25, 2015 | Mar. 02, 2013 | Mar. 23, 2006 |
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Prior period authorized aggregate number of shares available for issuance | 6,879,497 | ||||||||
Share-based compensation expense, adjustments | $ 3,200,000 | $ 1,475,000 | |||||||
Realized tax benefit related to stock-based compensation | $ 1,270,000 | 5,856,000 | 3,993,000 | ||||||
Excess tax benefit related to stock-based compensation | $ 585,000 | $ 2,936,000 | $ 2,265,000 | ||||||
Outstanding options exercisable | 1,176,974 | 1,419,712 | 1,830,900 | 3,468,275 | |||||
Percentage of non-employee directors contribution to stock purchase plan | 100.00% | ||||||||
Percentage of company contributes to stock purchase plan | 25.00% | ||||||||
Company contributions to the plan | $ 424,000 | $ 465,000 | $ 492,000 | ||||||
Preferred stock, restated certificate of incorporation authorized | 20,000,000 | ||||||||
Par value of preferred stock | $ 1 | ||||||||
Preferred stock issued, shares | 0 | ||||||||
Cash dividends paid | $ 23,672,000 | $ 21,627,000 | $ 21,697,000 | ||||||
Common stock, dividends, per share | $ 0.28 | $ 0.24 | $ 0.21 | ||||||
Dividends payable, date of record | Apr. 27, 2016 | ||||||||
Dividends payable, date to be paid | May 11, 2016 | ||||||||
Payment for repurchased shares | $ 75,000,000 | $ 185,540,000 | $ 192,284,000 | ||||||
Maximum | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Percentage of associate contribution to stock purchase plan | 20.00% | ||||||||
Subsequent Event | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Common stock, dividends, per share | $ 0.07 | ||||||||
Share Repurchase Program April 2014 | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Common stock repurchased under Share repurchase plan | 75,000,000 | ||||||||
Share Repurchase Program April 2014 | Subsequent Event | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Payment for repurchased shares | $ 842,000 | ||||||||
Common stock repurchased under Share repurchase plan | 120,000 | ||||||||
Weighted Average Cost | $ 7.01 | ||||||||
Amount remained for repurchase | $ 46,335,000 | ||||||||
Restricted Stock Awards | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Weighted average grant date fair value | $ 12.94 | ||||||||
Unvested shares of restricted stock awards outstanding | 1,333,346 | 1,025,638 | |||||||
Shares awarded | 966,296 | ||||||||
Awards other than options vested in period | 123,379 | ||||||||
Awards other than options forfeited in period | 535,209 | ||||||||
Recorded stock-based compensation expense | $ 4,978,000 | $ 7,240,000 | 11,890,000 | ||||||
Total unrecognized compensation expense related to unvested stock option awards | $ 21,309,000 | ||||||||
Weighted average period for recognizing unrecognized compensation expense, in years | 1 year 6 months | ||||||||
Total fair value of awards vested | $ 2,510,000 | 7,098,000 | 17,810,000 | ||||||
Restricted Stock Awards | Minimum | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Term from date of grant, years | 3 years | ||||||||
Restricted Stock Awards | CEO | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Shares of restricted stock that will be awarded during 3 year period beginning in 2014 | 1,125,000 | ||||||||
Time-Based Restricted Shares | CEO | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Shares of restricted stock that will be awarded during 3 year period beginning in 2014 | 540,000 | ||||||||
Weighted average grant date fair value | $ 15.58 | ||||||||
Performance Shares | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Expense per share | $ 8.07 | ||||||||
Share-based compensation expense, adjustments | $ 2,200,000 | 650,000 | |||||||
Performance Shares | CEO | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Shares of restricted stock that will be awarded during 3 year period beginning in 2014 | 585,000 | ||||||||
Weighted average grant date fair value | $ 13.11 | ||||||||
Expense per share | $ 6.76 | ||||||||
Employment Inducement Award | CEO | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Outstanding options exercisable | 944,000 | ||||||||
Employee Stock Option | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Recorded stock-based compensation expense | $ 87,000 | $ 92,000 | 94,000 | ||||||
Total unrecognized compensation expense related to unvested stock option awards | $ 113,000 | ||||||||
Weighted average period for recognizing unrecognized compensation expense, in years | 2 years 2 months 12 days | ||||||||
Outstanding options exercisable | 170,000 | ||||||||
Weighted average remaining contractual term for outstanding options, in years | 1 year 3 months 18 days | ||||||||
Weighted average remaining contractual term for exercisable options, in years | 1 year 1 month 6 days | ||||||||
Aggregate intrinsic value for outstanding options | $ 5,300 | ||||||||
Aggregate intrinsic value for exercisable options | 5,300 | ||||||||
Total intrinsic value of options exercised | $ 430,000 | $ 1,101,000 | 16,380,000 | ||||||
Time-Based Long-Term Incentive Awards | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Expense per share | $ 14.04 | ||||||||
Percentage of award vested in year one | 33.00% | ||||||||
Percentage of award vested in year two | 33.00% | ||||||||
Percentage of award vested in year three | 34.00% | ||||||||
Vesting period, years | 3 years | ||||||||
Performance-Based Long-Term Incentive Awards | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Weighted average grant date fair value | $ 13.06 | ||||||||
Performance-Based Long-Term Incentive Awards | Performance Based Granted in Prior Period | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Weighted average grant date fair value | $ 13.11 | ||||||||
Director Deferred Stock Units | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Shares awarded | 105,710 | ||||||||
Percentage of matching contribution to annual retainer fees deferred | 25.00% | ||||||||
Deferred compensation arrangement shares deferred, but not delivered | 385,250 | 279,540 | |||||||
Stock units delivered | 0 | ||||||||
Compensation expense for director deferred stock awards | $ 800,000 | $ 826,000 | $ 821,000 | ||||||
2015 Stock Incentive Plan | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Prior period authorized aggregate number of shares available for issuance | 5,283,699 | 2,500,000 | |||||||
2006 Stock Incentive Plan | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Outstanding options exercisable | 232,974 | 305,700 | |||||||
2006 Stock Incentive Plan | Maximum | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Prior period authorized aggregate number of shares available for issuance | 3,009,974 | 2,507,407 | |||||||
2006 Stock Incentive Plan | Employee Stock Option | |||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||
Term from date of grant, years | 10 years | ||||||||
Vesting period, years | 4 years |
Summary of Stock Option Grants
Summary of Stock Option Grants (Detail) - $ / shares | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options Outstanding, Shares, Beginning Balance | 1,448,548 | 1,857,873 | 3,488,125 |
Options granted, Shares | 15,500 | 11,300 | 13,248 |
Options exercised, Shares | (77,500) | (187,625) | (1,627,500) |
Options cancelled or expired, Shares | (176,000) | (233,000) | (16,000) |
Options Outstanding, Shares, Ending Balance | 1,210,548 | 1,448,548 | 1,857,873 |
Options outstanding, Weighted Average Exercise Price, Beginning Balance | $ 8.09 | $ 9.45 | $ 11.05 |
Options granted, Weighted Average Exercise Price | 14.04 | 17.78 | 23.19 |
Options exercised, Weighted Average Exercise Price | 7.46 | 10.97 | 12.90 |
Options cancelled or expired, Weighted Average Exercise Price | 14.06 | 17.09 | 17.28 |
Options outstanding, Weighted Average Exercise Price, Ending Balance | $ 7.34 | $ 8.09 | $ 9.45 |
Options outstanding, Exercisable Shares, Number of Shares, Beginning Balance | 1,419,712 | 1,830,900 | 3,468,275 |
Options granted, Weighted Average Fair Value at Date of Grant | $ 3.98 | $ 4.25 | $ 6.70 |
Options outstanding, Exercisable Shares, Number of Shares, Ending Balance | 1,176,974 | 1,419,712 | 1,830,900 |
Options outstanding, Exercisable Shares, Weighted Average Exercise Price, Beginning Balance | $ 7.86 | $ 9.31 | $ 11.02 |
Options outstanding, Exercisable Shares, Weighted Average Exercise Price, Ending Balance | $ 7.06 | $ 7.86 | $ 9.31 |
Shares Outstanding by Ranges of
Shares Outstanding by Ranges of Exercise Prices (Detail) | 12 Months Ended |
Feb. 27, 2016$ / sharesshares | |
$4.24 - $6.69 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares outstanding, Ranges of Exercise Prices, Lower Range Limit | $ 4.24 |
Shares outstanding, Ranges of Exercise Prices, Upper Range Limit | $ 6.69 |
Total Shares | shares | 954,000 |
Weighted Average Exercise Price | $ 6.66 |
Weighted Average Remaining Contractual Life (in years) | 1 year |
Shares Currently Exercisable | shares | 954,000 |
Weighted Average Exercise Price- Exercisable Shares | $ 6.66 |
$7.45 - $11.47 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares outstanding, Ranges of Exercise Prices, Lower Range Limit | 7.45 |
Shares outstanding, Ranges of Exercise Prices, Upper Range Limit | $ 11.47 |
Total Shares | shares | 204,600 |
Weighted Average Exercise Price | $ 7.73 |
Weighted Average Remaining Contractual Life (in years) | 1 year 3 months 29 days |
Shares Currently Exercisable | shares | 204,600 |
Weighted Average Exercise Price- Exercisable Shares | $ 7.73 |
$14.04 - $23.19 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares outstanding, Ranges of Exercise Prices, Lower Range Limit | 14.04 |
Shares outstanding, Ranges of Exercise Prices, Upper Range Limit | $ 23.19 |
Total Shares | shares | 51,948 |
Weighted Average Exercise Price | $ 18.28 |
Weighted Average Remaining Contractual Life (in years) | 7 years 8 months 1 day |
Shares Currently Exercisable | shares | 18,374 |
Weighted Average Exercise Price- Exercisable Shares | $ 20.23 |
Share Repurchase Plan (Detail)
Share Repurchase Plan (Detail) - USD ($) | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Dec. 13, 2012 | |||
Equity, Class of Treasury Stock [Line Items] | |||
Date Announced | Dec. 13, 2012 | ||
Authorized Amount | $ 100,000,000 | ||
Date Completed | Sep. 30, 2013 | ||
Shares Purchased | 4,525,805 | ||
Weighted Average Cost | $ 22.10 | ||
Oct. 18, 2013 | |||
Equity, Class of Treasury Stock [Line Items] | |||
Date Announced | Oct. 18, 2013 | ||
Authorized Amount | $ 200,000,000 | ||
Date Completed | Apr. 10, 2014 | ||
Shares Purchased | 5,071,812 | 5,262,452 | |
Weighted Average Cost | $ 19.35 | ||
Apr. 10, 2014 | |||
Equity, Class of Treasury Stock [Line Items] | |||
Date Announced | Apr. 10, 2014 | ||
Authorized Amount | $ 200,000,000 | ||
Shares Purchased | 7,460,935 | 5,208,500 | |
Weighted Average Cost | $ 12.06 | ||
Remaining | $ 47,176,224 |
Components of Income Before Tax
Components of Income Before Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income before income taxes, Domestic | $ 54,887 | $ 111,338 | $ 165,658 |
Income before income taxes, Foreign | 8,278 | 9,064 | 8,991 |
Income before income taxes | $ 63,165 | $ 120,402 | $ 174,649 |
Provision (Benefit) for Income
Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal, Current | $ 14,600 | $ 30,771 | $ 43,325 |
Federal, Deferred | 2,352 | 5,620 | 16,311 |
State, Current | 2,248 | 4,402 | 5,234 |
State, Deferred | 2,265 | 2,027 | (2,404) |
Foreign, Current | 2,066 | 2,420 | 4,652 |
Foreign, Deferred | 0 | 0 | 0 |
Provision for income taxes | $ 23,531 | $ 45,240 | $ 67,118 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | Mar. 02, 2013 | |
Income Taxes [Line Items] | ||||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% | |
Unrecognized tax benefits | $ 2,551,000 | $ 765,000 | $ 6,673,000 | $ 2,194,000 |
Unrecognized tax benefits, income tax penalties and interest | 286,000 | 3,000 | $ 536,000 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 508,000 | 389,000 | ||
State | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforward | 426,000 | 533,000 | ||
Valuation allowance, deferred tax assets | $ 654,000 | $ 422,000 | ||
State | Minimum | ||||
Income Taxes [Line Items] | ||||
State net operating loss carryforwards expiration year | 2,017 | |||
State | Maximum | ||||
Income Taxes [Line Items] | ||||
State net operating loss carryforwards expiration year | 2,030 |
Income Tax Reported in Consolid
Income Tax Reported in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Tax provision at statutory federal income tax rate | $ 22,108 | $ 42,141 | $ 61,127 |
State income taxes, net of federal provision | 2,703 | 4,402 | 3,138 |
Change in valuation allowance | 232 | (224) | (1,298) |
Foreign income taxes | 2,066 | 2,420 | 4,652 |
Foreign and other tax credits | (4,561) | (3,436) | (5,444) |
Other, net | 983 | (63) | 4,943 |
Provision for income taxes | $ 23,531 | $ 45,240 | $ 67,118 |
Effective tax rate | 37.30% | 37.60% | 38.40% |
Deferred Tax Assets and Liabili
Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 | |
Income Tax Disclosure [Abstract] | |||
Deferred compensation | $ 21,750 | $ 25,505 | |
Accrued average rent | 12,998 | 11,540 | |
Self insurance reserves | 11,245 | 10,288 | |
Cumulative foreign currency translation | 4,205 | 4,310 | |
Deferred revenue and revenue reserves | 5,136 | 6,375 | |
Foreign and other tax credits | 2,403 | 2,931 | |
Other | 4,254 | 2,378 | |
Total deferred tax assets | 61,991 | 63,327 | |
Properties and equipment, net | (28,510) | (21,389) | |
Inventory | (23,733) | (22,231) | |
Store supplies | (3,679) | (3,942) | |
Deferred gain on debt repurchase | (11,014) | (14,716) | |
Other | (782) | (787) | |
Total deferred tax liabilities | (67,718) | (63,065) | |
Valuation allowance | (654) | (422) | |
Net deferred tax assets | [1] | $ (6,381) | $ (160) |
[1] | The Company adopted retrospectively Accounting Standards Update 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes" in the fourth quarter of fiscal 2016. All deferred tax assets and liabilities are classified as noncurrent, accordingly. For fiscal 2016 and 2015, deferred tax assets were $3,199 and $5,604, respectively, and related to state deferred tax assets. Deferred tax assets are included in noncurrent assets. Deferred tax liabilities were $9,580 and $5,764 for fiscal 2016 and 2015, respectively, and related to federal deferred tax liabilities. Deferred tax liabilities are included in other noncurrent liabilities. |
Deferred Tax Assets and Liabi49
Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | Feb. 27, 2016 | Feb. 28, 2015 |
State | ||
Components Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Deferred tax assets net noncurrent | $ 3,199 | $ 5,604 |
Federal | ||
Components Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Deferred tax liabilities, noncurrent | $ 9,580 | $ 5,764 |
Reconciliation of Unrecognized
Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits - beginning balance | $ 765 | $ 6,673 | $ 2,194 |
Gross increases - tax positions in current period | 231 | ||
Gross increases - tax positions in prior period | 1,862 | 282 | 5,664 |
Gross decreases - tax positions in prior period | (60) | (1,458) | |
Settlements | (81) | (4,732) | (1,185) |
Expiration of statute of limitations | (166) | ||
Unrecognized tax benefits - ending balance | $ 2,551 | $ 765 | $ 6,673 |
Schedule of Minimum Lease Commi
Schedule of Minimum Lease Commitments and Future Subtenant Receipts (Detail) $ in Thousands | Feb. 27, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, 2017 | $ 237,436 |
Operating Leases, 2018 | 211,580 |
Operating Leases, 2019 | 178,541 |
Operating Leases, 2020 | 147,617 |
Operating Leases, 2021 | 119,248 |
Operating Leases, Thereafter | 359,207 |
Total lease commitments | 1,253,629 |
Subtenant Income, 2017 | 835 |
Subtenant Income, 2018 | 348 |
Subtenant Income, 2019 | 18 |
Subtenant Income, 2020 | 0 |
Subtenant Income, 2021 | 0 |
Subtenant Income, Thereafter | 0 |
Total lease commitments | $ 1,201 |
Commitments And Contingencies -
Commitments And Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rental expense | $ 269,540,000 | $ 263,276,000 | $ 244,481,000 |
Contingent rentals expense | 400,000 | 508,000 | 546,000 |
Sublease incomes | $ 322,000 | $ 285,000 | $ 285,000 |
Schedule of Quarterly Financial
Schedule of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May. 30, 2015 | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 30, 2014 | May. 31, 2014 | Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Selected Quarterly Financial Data [Line Items] | |||||||||||
Net sales | $ 542,325 | $ 478,047 | $ 434,992 | $ 436,866 | $ 550,006 | $ 487,366 | $ 423,475 | $ 423,710 | $ 1,892,230 | $ 1,884,557 | $ 1,791,443 |
Gross profit | 196,894 | 183,993 | 154,554 | 169,539 | 220,848 | 207,778 | 167,490 | 172,365 | 704,980 | 768,481 | 765,263 |
SG&A expenses | 150,272 | 151,554 | 133,415 | 143,587 | 155,434 | 163,685 | 139,670 | 136,117 | 578,828 | 594,906 | 550,890 |
Operating income | 33,608 | 19,657 | 8,385 | 13,558 | 53,142 | 31,770 | 16,529 | 25,830 | 75,208 | 127,271 | 175,500 |
Net income | $ 18,675 | $ 10,919 | $ 3,166 | $ 6,874 | $ 33,089 | $ 17,860 | $ 9,158 | $ 15,055 | $ 39,634 | $ 75,162 | $ 107,531 |
Average shares outstanding - basic | 81,546 | 83,877 | 86,038 | 88,295 | 88,426 | 89,741 | 91,503 | 94,656 | 84,939 | 91,081 | 104,121 |
Average shares outstanding - diluted | 81,574 | 84,170 | 86,717 | 89,021 | 89,421 | 90,635 | 92,531 | 95,925 | 85,370 | 92,128 | 106,248 |
Basic earnings per share | $ 0.23 | $ 0.13 | $ 0.04 | $ 0.08 | $ 0.37 | $ 0.20 | $ 0.10 | $ 0.16 | $ 0.47 | $ 0.83 | $ 1.03 |
Diluted earnings per share | $ 0.23 | $ 0.13 | $ 0.04 | $ 0.08 | $ 0.37 | $ 0.20 | $ 0.10 | $ 0.16 | $ 0.46 | $ 0.82 | $ 1.01 |
Scenario Previously Reported | |||||||||||
Selected Quarterly Financial Data [Line Items] | |||||||||||
Net sales | $ 472,547 | $ 429,956 | $ 432,004 | $ 543,600 | $ 484,501 | $ 418,622 | $ 419,059 | ||||
Gross profit | 178,493 | 149,518 | 164,677 | 214,442 | 204,913 | 162,637 | 167,714 | ||||
SG&A expenses | $ 146,054 | $ 128,379 | $ 138,725 | $ 149,028 | $ 160,820 | $ 134,817 | $ 131,466 |