Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Feb. 25, 2017 | Apr. 19, 2017 | Aug. 27, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Feb. 25, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | --02-25 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 83,036,126 | ||
Entity Public Float | $ 367,390,075 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 1,828,446 | $ 1,892,230 | $ 1,884,557 |
Cost of sales | 1,131,138 | 1,187,250 | 1,116,076 |
Gross profit | 697,308 | 704,980 | 768,481 |
Selling, general and administrative expenses | 587,843 | 578,828 | 594,906 |
Depreciation | 54,603 | 50,944 | 46,304 |
Operating income | 54,862 | 75,208 | 127,271 |
Nonoperating (income) and expenses: | |||
Interest, investment income and other | (2,470) | (237) | (3,391) |
Interest expense | 12,073 | 12,280 | 10,260 |
Nonoperating (income) and expenses | 9,603 | 12,043 | 6,869 |
Income before income taxes | 45,259 | 63,165 | 120,402 |
Income tax provision | 15,130 | 23,531 | 45,240 |
Net income | $ 30,129 | $ 39,634 | $ 75,162 |
Earnings per share: | |||
Basic | $ 0.37 | $ 0.47 | $ 0.83 |
Diluted | 0.37 | 0.46 | 0.82 |
Dividends declared per share: | $ 0.28 | $ 0.28 | $ 0.24 |
Average shares outstanding during period: | |||
Basic | 80,919 | 84,939 | 91,081 |
Diluted | 80,984 | 85,370 | 92,128 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 30,129 | $ 39,634 | $ 75,162 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments, net of taxes of $60, $801 and $1,339, respectively | 1,274 | (2,299) | (3,729) |
Pension adjustments, net of taxes of $(1,243), $(1,051) and $89, respectively | 1,949 | 1,647 | (142) |
Other comprehensive income (loss) | 3,223 | (652) | (3,871) |
Comprehensive income | $ 33,352 | $ 38,982 | $ 71,291 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, tax | $ 60 | $ 801 | $ 1,339 |
Pension and post-retirement reclassification adjustments,taxes | $ (1,243) | $ (1,051) | $ 89 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 25, 2017 | Feb. 27, 2016 |
Current assets: | ||
Cash and cash equivalents, including temporary investments of $149,375 and $110,413, respectively | $ 154,460 | $ 115,221 |
Accounts receivable, net of allowance for doubtful accounts of $338 and $428, respectively | 22,945 | 22,639 |
Inventories | 400,976 | 405,859 |
Prepaid expenses and other current assets | 31,607 | 31,175 |
Total current assets | 609,988 | 574,894 |
Properties and equipment, net | 191,476 | 207,633 |
Other noncurrent assets | 41,618 | 36,664 |
Assets, Total | 843,082 | 819,191 |
Current liabilities: | ||
Accounts payable | 68,981 | 72,570 |
Gift cards and other deferred revenue | 60,398 | 64,081 |
Accrued income taxes payable | 26,058 | 6,324 |
Current portion of long-term debt | 2,000 | 2,000 |
Other accrued liabilities | 133,866 | 101,712 |
Total current liabilities | 291,303 | 246,687 |
Long-term debt | 199,077 | 200,255 |
Other noncurrent liabilities | 60,674 | 87,492 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock, $0.001 par, 500,000,000 shares authorized 125,232,000 issued | 125 | 125 |
Paid-in capital | 191,501 | 211,019 |
Retained earnings | 737,165 | 729,537 |
Cumulative other comprehensive loss | (7,414) | (10,637) |
Less-42,050,000 and 41,760,000 common shares in treasury, at cost, respectively | (629,349) | (645,287) |
Total shareholders' equity | 292,028 | 284,757 |
Liabilities and Equity, Total | $ 843,082 | $ 819,191 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Feb. 25, 2017 | Feb. 27, 2016 |
Statement of Financial Position [Abstract] | ||
Cash and cash equivalents, temporary investments | $ 149,375 | $ 110,413 |
Accounts receivable, allowance for doubtful accounts | $ 338 | $ 428 |
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 | 42,050,000 | 41,760,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 30,129 | $ 39,634 | $ 75,162 |
Adjustments to reconcile to net cash provided by operating activities: | |||
Depreciation | 60,504 | 55,830 | 49,472 |
Stock-based compensation expense | 8,228 | 5,065 | 7,332 |
Deferred compensation, net | 8,438 | 5,641 | 8,244 |
Deferred income taxes | (19,645) | 4,617 | 7,647 |
Excess tax benefit from stock-based awards | (312) | (585) | (2,936) |
Amortization of deferred gains | (1,073) | (1,907) | (3,575) |
Other | 9,374 | 2,928 | (3,322) |
Change in cash from: | |||
Inventories | 4,883 | 72,984 | (101,193) |
Prepaid expenses and other assets | 863 | 20,560 | 356 |
Accounts payable and other liabilities | (5,697) | (33,611) | 26,330 |
Accrued income taxes payable, net of payments | 20,046 | (7,109) | 2,174 |
Net cash provided by operating activities | 115,738 | 164,047 | 65,691 |
Cash flows from investing activities: | |||
Capital expenditures | (44,181) | (51,813) | (81,859) |
Proceeds from disposition of properties | 74 | 18 | 35 |
Proceeds from sale of restricted investments | 3,409 | 9,020 | 1,715 |
Purchase of restricted investments | (2,375) | (8,914) | (3,192) |
Net cash used in investing activities | (43,073) | (51,689) | (83,301) |
Cash flows from financing activities: | |||
Cash dividends | (22,501) | (23,672) | (21,627) |
Purchases of treasury stock | (10,566) | (75,000) | (185,540) |
Proceeds from stock options exercised, stock purchase plan and other, net | 1,329 | 2,886 | 1,846 |
Excess tax benefit from stock-based awards | 312 | 585 | 2,936 |
Issuance of long-term debt, net of discount | 198,000 | ||
Repayments of long-term debt | (2,000) | (2,000) | (1,000) |
Debt issuance costs | (3,636) | ||
Borrowings under revolving line of credit | 38,000 | 63,000 | 60,000 |
Repayments of borrowings under revolving line of credit | (38,000) | (63,000) | (60,000) |
Net cash used in financing activities | (33,426) | (97,201) | (9,021) |
Change in cash and cash equivalents | 39,239 | 15,157 | (26,631) |
Cash and cash equivalents at beginning of period | 115,221 | 100,064 | 126,695 |
Cash and cash equivalents at end of period | 154,460 | 115,221 | 100,064 |
Supplemental cash flow information: | |||
Interest paid | 12,219 | 12,186 | 10,213 |
Income taxes paid, net of refund | $ 13,077 | $ 26,219 | $ 42,142 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Cumulative Other Comprehensive Income (Loss) | Treasury Stock |
Beginning Balance at Mar. 01, 2014 | $ 449,432 | $ 125 | $ 235,637 | $ 660,040 | $ (6,114) | $ (440,256) | |
Beginning Balance, Common Stock at Mar. 01, 2014 | 98,715 | ||||||
Net income | 75,162 | 75,162 | |||||
Other comprehensive income (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 | 7,332 | (7,605) | 14,937 | ||||
Stock-based compensation expense (in shares) | 875 | ||||||
Exercise of stock options, stock purchase plan, and other | 4,771 | (5,594) | 10,365 | ||||
Exercise of stock options, stock purchase plan, and other (in shares) | 602 | ||||||
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 income (loss) | (652) | (652) | |||||
Purchases of treasury stock | (75,000) | (75,000) | |||||
Purchases of treasury stock (in shares) | (7,461) | ||||||
Stock-based compensation expense | 5,065 | (8,683) | 13,748 | ||||
Stock-based compensation expense (in shares) | 760 | ||||||
Exercise of stock options, stock purchase plan, and other | 2,115 | (2,736) | 4,851 | ||||
Exercise of stock options, stock purchase plan, and other (in shares) | 261 | ||||||
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 | ||||||
Net income | 30,129 | 30,129 | |||||
Other comprehensive income (loss) | 3,223 | 3,223 | |||||
Purchases of treasury stock | (10,566) | (10,566) | |||||
Purchases of treasury stock (in shares) | (1,794) | ||||||
Stock-based compensation expense | 8,228 | (12,077) | 20,305 | ||||
Stock-based compensation expense (in shares) | 1,302 | ||||||
Exercise of stock options, stock purchase plan, and other | (1,242) | (7,441) | 6,199 | ||||
Exercise of stock options, stock purchase plan, and other (in shares) | 202 | ||||||
Cash dividends | (22,501) | (22,501) | |||||
Ending Balance at Feb. 25, 2017 | $ 292,028 | $ 125 | $ 191,501 | $ 737,165 | $ (7,414) | $ (629,349) | |
Ending Balance, Common Stock at Feb. 25, 2017 | 83,182 |
Consolidated Statements of Sha9
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends, per share | $ 0.28 | $ 0.28 | $ 0.24 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 25, 2017 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | NOTE 1 — DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization www.pier1.com. Basis of consolidation Segment information Use of estimates Reclassifications 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 25, 2017 and February 27, 2016, 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 selling, general & administrative (“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 2017 and 2016 were $4,156,000 and $5,312,000, respectively. Properties and equipment, net straight-line 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. For store level long-lived assets, expected cash flows are determined based on management’s estimate of future sales, merchandise margin rates and expenses over the remaining expected terms of the leases. Impairment, if any, is recorded in the period in which the impairment occurred. The Company recorded impairment charges of $2,934,000 in fiscal 2017 which were included in SG&A expenses. The Company recorded no material impairment charges in fiscal 2016 or 2015. As the projection of future cash flows requires the use of judgment and estimates, if actual results differ from the Company’s estimates, additional charges for asset impairments may be recorded in the future. Insurance provision Revenue recognition Cost of sales Gift cards Leases Advertising costs Defined benefit plans Note 5 of the Notes to Consolidated Financial Statements Income taxes Note 7 of the Notes to Consolidated Financial Statements Earnings per share Earnings per share amounts were calculated as follows (in thousands except per share amounts): Year Ended February 25, February 27, February 28, Net income $ 30,129 $ 39,634 $ 75,162 Weighted average shares outstanding: Basic 80,919 84,939 91,081 Effect of dilutive stock options 17 316 696 Effect of dilutive restricted stock 48 115 351 Diluted 80,984 85,370 92,128 Earnings per share: Basic $ 0.37 $ 0.47 $ 0.83 Diluted $ 0.37 $ 0.46 $ 0.82 Outstanding stock options totaling 1,433,771 for fiscal 2017, 402,311 for fiscal 2016 and 114,623 for fiscal 2015 were excluded from the computation of earnings per share, as the effect would be antidilutive. Stock-based compensation Note 6 of the Notes to Consolidated Financial Statements . 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 for the periods presented. New accounting standards “Revenue from Contracts with Customers (Topic 606).” “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” “Revenue from Contracts with Customers: Principal versus Agent Considerations.” “Identifying Performance Obligations and Licensing,” Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers In April 2015, the FASB issued ASU 2015-05, “Customers Accounting for Cloud Computing Costs.” “Technical Corrections and Improvements” Customers Accounting for Cloud Computing Costs” In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” In March 2016, the FASB issued ASU 2016-09, “Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230).” In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230) – Restricted Cash.” In March 2017, the FASB issued ASU 2017-07, “Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” |
Properties and Equipment, Net
Properties and Equipment, Net | 12 Months Ended |
Feb. 25, 2017 | |
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 25, 2017 and February 27, 2016 (in thousands): 2017 2016 Land $ 535 $ 535 Buildings 8,077 8,087 Equipment, furniture, fixtures and other 344,893 355,561 Leasehold improvements 210,811 210,546 Computer software 123,855 101,391 Projects in progress 8,860 13,271 697,031 689,391 Less accumulated depreciation 505,555 481,758 Properties and equipment, net $ 191,476 $ 207,633 |
Other Accrued Liabilities and N
Other Accrued Liabilities and Noncurrent Liabilities | 12 Months Ended |
Feb. 25, 2017 | |
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 25, 2017 and February 27, 2016 (in thousands): 2017 2016 Accrued payroll and other employee-related liabilities $ 82,028 $ 54,034 Accrued taxes, other than income 27,818 23,718 Rent-related liabilities 8,655 7,966 Other 15,365 15,994 Other accrued liabilities $ 133,866 $ 101,712 Rent-related liabilities $ 32,420 $ 29,467 Deferred gains 3,522 4,594 Retirement benefits 21,301 42,634 Other 3,431 10,797 Other noncurrent liabilities $ 60,674 $ 87,492 |
Long-Term Debt and Available Cr
Long-Term Debt and Available Credit | 12 Months Ended |
Feb. 25, 2017 | |
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 2017, 2016 and 2015 the Company repaid all 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 $346,157,000 as of February 25, 2017. The borrowing base calculation is subject to advance rates and commercially reasonable availability reserves. As of February 25, 2017, the Company utilized approximately $39,051,000 in letters of credit and bankers’ acceptances against the Revolving Credit Facility. Of the outstanding balance, approximately $21,177,000 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 $8,159,000 related to other miscellaneous standby letters of credit. After excluding the $39,051,000 in utilized letters of credit and bankers’ acceptances from the borrowing base, $307,106,000 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 2018 $ 2,000 2019 2,000 2020 2,000 2021 2,000 Thereafter 187,000 Total 195,000 Debt Issuance Costs (2,149 ) Debt Discount (1,175 ) Total Debt $ 191,676 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Feb. 25, 2017 | |
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 60 days. During fiscal 2017, 2016 and 2015, employees contributing 1% to 5% of their compensation received a matching Company contribution of up to 3%. Company contributions to the plan were $2,958,000, $2,823,000 and $2,455,000 in fiscal 2017, 2016 and 2015, 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 $2,347,000, $13,000 and $1,269,000 for fiscal 2017, 2016 and 2015, respectively. The increase from fiscal 2016 resulted from higher 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 $1,375,000 and used $2,474,000 to satisfy a portion of retirement obligations during fiscal 2017. The Company also contributed $1,223,000 and used $1,344,000 to satisfy a portion of retirement obligations during fiscal 2016. The trusts’ assets included investments and life insurance policies on the lives of former key executives. As of February 25, 2017 and February 27, 2016, the trusts’ investments had an aggregate value of $10,236,000 and $9,853,000, 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 $6,060,000 and $5,912,000, and death benefits of $11,373,000 and $11,355,000 as of February 25, 2017 and February 27, 2016, 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 of Directors 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 $13,739,000 and $13,432,000, and the death benefit was $20,246,000 and $20,100,000 as of February 25, 2017 and February 27, 2016, 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 $6,990,000, $3,555,000 and $5,993,000 in fiscal 2017, 2016 and 2015, respectively. Fiscal 2017 included a curtailment charge related to revised defined benefit plan assumptions of $1,562,000 during the third quarter of fiscal 2017 and a settlement expense of $1,868,000 during the fourth quarter of fiscal 2017 as a result of the departure of the Company’s former Chief Executive Officer (“former CEO”). These supplemental retirement 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 $97,000 and $32,000 as of February 25, 2017 and February 27, 2016, 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 2017, the Company contributed $1,000,000 and used $935,000 to fund tax obligations for retirement benefits related to the departure of the Company’s former CEO. 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. Any future contributions will be made at the discretion of the Company’s Board of Directors. Funds from the trust will be used to fund or partially fund benefit payments. The Company expects to pay $127,000 during fiscal 2018, $4,472,000 during fiscal 2019, $172,000 during fiscal 2020, $246,000 during fiscal 2021, $245,000 during fiscal 2022, and $1,206,000 during fiscal years 2023 through 2027 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 25, 2017 and February 27, 2016 (in thousands): 2017 2016 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 28,191 $ 25,404 Service cost 917 1,468 Interest cost 696 634 Actuarial loss 705 812 Benefits paid (including settlements) (24,355 ) (127 ) Curtailment 1,517 — Projected benefit obligation, end of year $ 7,671 $ 28,191 Reconciliation of funded status: Projected benefit obligation $ 7,671 $ 28,191 Plan assets — — Funded status $ (7,671 ) $ (28,191 ) Accumulated benefit obligation $ (7,671 ) $ (28,191 ) Amounts recognized in the balance sheets: Current liability $ (127 ) $ (127 ) Noncurrent liability (7,544 ) (28,064 ) Accumulated other comprehensive loss, pre-tax 559 3,719 Net amount recognized $ (7,112 ) $ (24,472 ) Cumulative other comprehensive (income) loss, net of taxes of $1,640 and $2,871 in fiscal 2017 and 2016, respectively $ (1,081 ) $ 850 Weighted average assumptions used to determine: Benefit obligation, end of year: Discount rate 3.75 % 2.75% Lump-sum conversion discount rate 3.00 % 3.50% Rate of compensation increase (1) 3.00 % 3.00% Net periodic benefit cost for years ended: Discount rate 2.75 % 2.50% Lump-sum conversion discount rate 3.50 % 4.00% Rate of compensation increase 0.00 % 0.00% (1) The rate of compensation increase shown above assumes an increase of 0% for fiscal year 2018 and 3% for fiscal years thereafter. Employment of the Company’s former CEO ended on December 31, 2016. As of that date, the former CEO had earned an early retirement benefit payment of $24,228,000, under the Pier 1 Imports, Inc. Supplemental Retirement Plan which was not included in the projected benefit obligation at fiscal 2017 year end. The lump sum distribution benefit payment will be paid in fiscal 2018 and was included in other accrued liabilities at fiscal 2017 year end. Net periodic benefit cost included the following actuarially determined components during fiscal 2017, 2016 and 2015 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. 2017 2016 2015 Service cost $ 917 $ 1,468 $ 1,402 Interest cost 696 634 823 Amortization of unrecognized prior service cost 45 59 410 Amortization of net actuarial loss 1,902 1,394 1,329 Settlement 1,868 — 1,248 Curtailment 1,562 — 781 Net periodic benefit cost $ 6,990 $ 3,555 $ 5,993 As of February 25, 2017 and February 27, 2016, cumulative other comprehensive loss included amounts that had not been recognized as components of net periodic benefit cost related to prior service cost of $30,000 and $118,000, and net actuarial loss of $529,000 and $3,601,000, respectively. During fiscal 2017, 2016 and 2015, $(705,000), $(812,000) and $(2,772,000), respectively, were recognized in other comprehensive income (loss) related to net actuarial 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 2018 are $30,000 and $529,000, respectively. |
Matters Concerning Shareholders
Matters Concerning Shareholders' Equity | 12 Months Ended |
Feb. 25, 2017 | |
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 2,507,407 shares that remained available for grant under the Pier 1 Imports, Inc. 2006 Stock Incentive Plan (“2006 Plan”) as of June 25, 2015, increased by the number of shares subject to outstanding awards under the 2006 Plan as of June 25, 2015, which was 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 25, 2017, there were a total of 3,951,914 shares available for issuance under the 2015 Plan. Restricted stock awarded to the former CEO Equity awarded to the newly appointed President and Chief Executive Officer The restricted stock grant will consist of two awards. The first award will be time-based shares that cliff vest after three years. Compensation expense will be measured using the closing price of the Company’s stock on the date of grant and will have a grant date fair value of approximately $500,000. The second award of restricted stock will consist of 25% time-based shares and 75% performance-based shares with a grant date fair value of approximately $2,000,000. Vesting terms, performance measures, and the allocation of performance-based shares among specific measures will be determined by the Compensation Committee of the Board of Directors. Restricted stock awarded to certain employees As of February 25, 2017 and February 27, 2016, the Company had 2,710,011 and 1,333,346 unvested shares of restricted stock awards outstanding, respectively. During fiscal 2017, 1,913,388 shares of restricted stock were awarded, 160,904 shares of restricted stock vested, and 375,819 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 2017 was $6.00 per share and will be expensed over the requisite service period. This amount includes performance-based restricted shares awarded in a previous fiscal year that were based on a fiscal 2017 targeted performance measure. Restricted stock compensation expense The Company realized a total tax benefit related to stock-based compensation of $1,783,000, $1,270,000 and $5,856,000 during fiscal years 2017, 2016 and 2015, respectively, of which $312,000, $585,000 and $2,936,000 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 25, 2017 and February 27, 2016, outstanding options covering 107,800 and 232,974 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 currently exercisable issued under both the 2006 Plan and the 2015 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 Compensation Committee of the Board of Directors serves as the administrative committee of the 2006 Plan and 2015 Plan and 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 and 2015 Plan). 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 Weighted 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 Options granted 23,000 6.99 2.85 Options exercised (966,500 ) 6.71 Options cancelled or expired (142,248 ) 10.57 Outstanding at February 25, 2017 124,800 8.50 107,800 8.22 For options outstanding at February 25, 2017 Ranges of Exercise Prices Total Weighted Weighted Shares Weighted $4.24 — $6.99 20,500 $ 5.65 5.44 10,000 $ 4.24 $7.45 — $11.47 90,100 7.74 0.82 90,100 7.74 $14.04 — $23.19 14,200 17.43 6.96 7,700 18.93 As of February 25, 2017, the weighted average remaining contractual term for outstanding and exercisable options was 2.3 years and 1.3 years, respectively. The aggregate intrinsic value was $26,300 for both outstanding and exercisable options at fiscal 2017 year end. The total intrinsic value of options exercised for fiscal years 2017, 2016 and 2015 was approximately $1,137,000, $430,000 and $1,101,000, 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 25, 2017, there was approximately $30,000 of total unrecognized compensation expense related to unvested stock option awards, which is expected to be recognized over a weighted average period of 2.4 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 $48,000, $87,000 and $92,000 in fiscal 2017, 2016 and 2015, 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 Oct. 18, 2013 $ 200,000,000 Apr. 10, 2014 — — 5,071,812 $ 19.35 (1) $ — Apr. 10, 2014 200,000,000 — 1,794,053 7,460,935 5,208,500 11.30 36,610,131 (1) Represents weighted average cost for all share repurchases under the October 18, 2013 program. Subsequent to year end, through April 19, 2017, under the $200 million board-approved share repurchase program announced on April 10, 2014, the Company utilized a total of $311,000 to repurchase 45,000 shares of the Company’s common stock at a weighted average price per share of $6.91 and $36,299,000 remained available for further repurchases under that program. Rights Agreement In general terms, the Rights restrict any person or group from acquiring beneficial ownership of 10% or more of the Company’s outstanding common stock (including certain derivative securities whose value is based on the common stock) after the date of the announcement of the adoption of the Rights Agreement. The Rights will not prevent a takeover of the Company, but may cause substantial dilution to acquirers of 10% or more of the Company’s common stock, which may block or render more difficult a merger, tender offer or other business combination involving the Company that is not supported by the Board of Directors. Each Right entitles the holder to purchase a fraction of a share of the Company’s participating junior preferred stock having economic and voting terms similar to one share of the Company’s common stock at an exercise price of $17.50 per Right after the Rights become exercisable or, in the alternative, to purchase a number of shares of common stock from the Company having an aggregate market value (as defined in the Rights Agreement) equal to twice the exercise price for an amount in cash equal to the exercise price. The Rights become exercisable if any person or group acquires 10% or more of the Company’s common stock (in which case, they would become an “acquiring person”) or announces a tender offer for the Company, subject to certain exceptions set forth in the Rights Agreement. Shareholders who beneficially owned 10% or more of the Company’s common stock immediately prior to the announcement of the Rights Agreement will not be an “acquiring person” unless they acquire beneficial ownership of an additional 1% of the Company’s outstanding common stock. The Rights will expire on the close of business following the Company’s 2017 annual meeting of shareholders, unless earlier redeemed or exchanged, and unless the Rights Agreement is approved for extension by the shareholders, in which case the Rights would expire on a later date approved by the shareholders. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 25, 2017 | |
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): 2017 2016 2015 Domestic $ 39,818 $ 54,887 $ 111,338 Foreign 5,441 8,278 9,064 Income before income taxes $ 45,259 $ 63,165 $ 120,402 The provision for income taxes for each of the last three fiscal years consisted of (in thousands): 2017 2016 2015 Federal: Current $ 30,062 $ 14,600 $ 30,771 Deferred (17,842 ) 2,352 5,620 State: Current 3,491 2,248 4,402 Deferred (1,803 ) 2,265 2,027 Foreign: Current 1,222 2,066 2,420 Deferred — — — Total income tax provision $ 15,130 $ 23,531 $ 45,240 The differences between income taxes at the statutory federal income tax rate of 35% in fiscal 2017, 2016 and 2015, and income tax reported in the consolidated statements of operations were as follows (in thousands): 2017 2016 2015 Tax provision at statutory federal income tax rate $ 15,841 $ 22,108 $ 42,141 State income taxes, net of federal provision 929 2,703 4,402 Change in valuation allowance 168 232 (224) Foreign income taxes 1,222 2,066 2,420 Foreign and other tax credits (2,161) (4,561) (3,436) Other, net (869) 983 (63) Provision for income taxes $ 15,130 $ 23,531 $ 45,240 Effective tax rate 33.4% 37.3% 37.6% Deferred tax assets and liabilities at February 25, 2017 and February 27, 2016, were comprised of the following (in thousands): 2017 2016 Deferred tax assets: Deferred compensation $ 23,692 $ 21,750 Accrued average rent 14,130 12,998 Self insurance reserves 11,719 11,245 Cumulative foreign currency translation 3,316 4,205 Deferred revenue and revenue reserves 5,224 5,136 Foreign and other tax credits 2,655 2,403 Other 4,033 4,254 Total deferred tax assets $ 64,769 $ 61,991 Deferred tax liabilities: Properties and equipment, net $ (24,084 ) $ (28,510) Inventory (18,613 ) (23,733) Store supplies (3,629 ) (3,679) Deferred gain on debt repurchase (7,342 ) (11,014) Other (1,082 ) (782) Total deferred tax liabilities $ (54,750 ) $ (67,718) Valuation allowance $ (822 ) $ (654) Net deferred tax assets (1) $ 9,197 $ (6,381) (1) The Company adopted retrospectively ASU 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 2017 and 2016, state deferred tax assets were $4,590 and $3,199, respectively, and federal deferred tax assets were $4,607 and $0, respectively. Deferred tax assets are included in noncurrent assets. Deferred tax liabilities were $0 and $9,580 for fiscal 2017 and 2016, respectively, and the balance in fiscal 2016 was 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 25, 2017 and February 27, 2016, were $236,000 and $426,000, respectively. State loss carryforwards vary as to the carryforward period and will expire from fiscal 2020 through fiscal 2033. The Company believes that it is not more likely than not that the benefit from certain state tax credits, which will expire from fiscal 2024 through fiscal 2037, will be realized. Accordingly, the Company has provided a valuation allowance of $822,000 and $654,000 with respect to the deferred tax assets relating to these state tax credits as of February 25, 2017 and February 27, 2016, 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 2017, the Company is no longer subject to U.S. federal or state examinations by tax authorities for years before fiscal 2014. Certain tax years prior to fiscal 2014 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): 2017 2016 2015 Unrecognized tax benefits — beginning balance $ 2,551 $ 765 $ 6,673 Gross increases — tax positions in current period 4,643 231 — Gross increases — tax positions in prior period 225 1,862 282 Gross decreases — tax positions in prior period (320 ) (60 ) (1,458 ) Settlements (83 ) (81 ) (4,732 ) Expiration of statute of limitations (26 ) (166 ) — Unrecognized tax benefits — ending balance $ 6,990 $ 2,551 $ 765 As of February 25, 2017, the Company had total unrecognized tax benefits of $6,990,000, the majority of which would, if recognized, affect the Company’s effective tax rate. As of February 27, 2016, the Company had unrecognized tax benefits of $2,551,000, 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 state 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 $142,000, $286,000 and $3,000 in fiscal 2017, 2016 and 2015, respectively. The Company had accrued penalties and interest of $379,000 and $508,000 at February 25, 2017 and February 27, 2016, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 25, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8 — COMMITMENTS AND CONTINGENCIES Leases Fiscal Year Operating Subtenant 2018 $ 235,719 $ 1,309 2019 205,952 1,100 2020 173,130 1,088 2021 144,161 1,102 2022 120,769 1,113 Thereafter 283,455 1,315 Total lease commitments $ 1,163,186 $ 7,027 Rental expense, which includes distribution and fulfillment center space and corporate headquarters, was $264,735,000, $269,540,000 and $263,276,000 in fiscal 2017, 2016 and 2015, respectively. These amounts include contingent rentals of $223,000, $400,000 and $508,000, based upon a percentage of sales, and net of sublease incomes totaling $646,000, $322,000 and $285,000 in fiscal 2017, 2016 and 2015, respectively. Legal matters The Company announced in January 2016 a voluntary recall of its Swingasan Chair and Stand in cooperation with the Consumer Products Safety Commission (“CPSC”). In September 2016, the Company received a staff investigatory letter from the CPSC indicating that the CPSC is investigating whether the Company complied with certain reporting requirements of the Consumer Product Safety Act with respect to the recall. The Company is responding to the inquiry and cooperating with the CPSC. It is not possible at this time to determine what, if any, actions will be taken by the CPSC as a consequence of the inquiry, whether a civil penalty will be assessed or, if assessed, the amount thereof. Given the nature of this matter and the uncertainty as to whether the matter will progress beyond the investigative phase, a reasonable estimate of potential loss or range of loss cannot be made at this time and no assurances can be given that a penalty, if assessed, would not have a material adverse effect on the Company’s financial condition, results of operations or liquidity. The Company is a defendant in lawsuits pending in federal courts in California containing various class action allegations under California state wage-and-hour laws. These lawsuits seek unspecified monetary damages, injunctive relief and attorneys’ fees. While it is not possible to predict the outcome of these lawsuits, as of the date of this report, the Company does not believe any reasonably foreseeable resolution of these matters would have a material adverse effect on the Company’s financial condition, results of operations or liquidity. During fiscal years 2017, 2016 and 2015, there were various other claims, lawsuits, inquiries, investigations 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 first paragraph under this section Legal matters |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Feb. 25, 2017 | |
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 25, 2017 and February 27, 2016, are set forth below (in thousands except per share amounts): Three Months Ended Fiscal 2017 5/28/2016 8/27/2016 11/26/2016 2/25/2017 Net sales $ 418,370 405,823 475,901 528,352 Gross profit $ 148,967 145,036 196,393 206,912 SG&A expenses $ 142,724 135,777 160,833 148,509 Operating income (loss) $ (7,808 ) (4,339 ) 22,253 44,756 Net income (loss) $ (6,020 ) (4,069 ) 13,577 26,641 Average shares outstanding — basic 81,663 80,437 80,680 80,898 Average shares outstanding — diluted 81,663 80,437 80,683 81,156 Basic earnings (loss) per share $ (0.07 ) (0.05 ) 0.17 0.33 Diluted earnings (loss) per share $ (0.07 ) (0.05 ) 0.17 0.33 Three Months Ended Fiscal 2016 5/30/2015 8/29/2015 11/28/2015 2/27/2016 Net sales $ 436,866 434,992 478,047 542,325 Gross profit $ 169,539 154,554 183,993 196,894 SG&A expenses $ 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 |
Description of Business and S19
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 25, 2017 | |
Accounting Policies [Abstract] | |
Organization | Organization www.pier1.com. |
Basis of consolidation | Basis of consolidation |
Segment information | Segment information |
Use of estimates | Use of estimates |
Reclassifications | Reclassifications |
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 25, 2017 and February 27, 2016, 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 selling, general & administrative (“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 2017 and 2016 were $4,156,000 and $5,312,000, respectively. |
Properties and equipment, net | Properties and equipment, net straight-line 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. For store level long-lived assets, expected cash flows are determined based on management’s estimate of future sales, merchandise margin rates and expenses over the remaining expected terms of the leases. Impairment, if any, is recorded in the period in which the impairment occurred. The Company recorded impairment charges of $2,934,000 in fiscal 2017 which were included in SG&A expenses. The Company recorded no material impairment charges in fiscal 2016 or 2015. As the projection of future cash flows requires the use of judgment and estimates, if actual results differ from the Company’s estimates, additional charges for asset impairments may be recorded in the future. |
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 Note 5 of the Notes to Consolidated Financial Statements |
Income taxes | Income taxes Note 7 of the Notes to Consolidated Financial Statements |
Earnings per share | Earnings per share Earnings per share amounts were calculated as follows (in thousands except per share amounts): Year Ended February 25, February 27, February 28, Net income $ 30,129 $ 39,634 $ 75,162 Weighted average shares outstanding: Basic 80,919 84,939 91,081 Effect of dilutive stock options 17 316 696 Effect of dilutive restricted stock 48 115 351 Diluted 80,984 85,370 92,128 Earnings per share: Basic $ 0.37 $ 0.47 $ 0.83 Diluted $ 0.37 $ 0.46 $ 0.82 Outstanding stock options totaling 1,433,771 for fiscal 2017, 402,311 for fiscal 2016 and 114,623 for fiscal 2015 were excluded from the computation of earnings per share, as the effect would be antidilutive. |
Stock-based compensation | Stock-based compensation Note 6 of the Notes to Consolidated Financial Statements . 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 for the periods presented. |
New accounting standards | New accounting standards “Revenue from Contracts with Customers (Topic 606).” “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” “Revenue from Contracts with Customers: Principal versus Agent Considerations.” “Identifying Performance Obligations and Licensing,” Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers In April 2015, the FASB issued ASU 2015-05, “Customers Accounting for Cloud Computing Costs.” “Technical Corrections and Improvements” Customers Accounting for Cloud Computing Costs” In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” In March 2016, the FASB issued ASU 2016-09, “Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230).” In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230) – Restricted Cash.” In March 2017, the FASB issued ASU 2017-07, “Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” |
Description of Business and S20
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
Accounting Policies [Abstract] | |
Calculation of Earnings Per Share | Earnings per share amounts were calculated as follows (in thousands except per share amounts): Year Ended February 25, February 27, February 28, Net income $ 30,129 $ 39,634 $ 75,162 Weighted average shares outstanding: Basic 80,919 84,939 91,081 Effect of dilutive stock options 17 316 696 Effect of dilutive restricted stock 48 115 351 Diluted 80,984 85,370 92,128 Earnings per share: Basic $ 0.37 $ 0.47 $ 0.83 Diluted $ 0.37 $ 0.46 $ 0.82 |
Properties and Equipment, Net (
Properties and Equipment, Net (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Properties and Equipment, Net | Properties and equipment, net are summarized as follows at February 25, 2017 and February 27, 2016 (in thousands): 2017 2016 Land $ 535 $ 535 Buildings 8,077 8,087 Equipment, furniture, fixtures and other 344,893 355,561 Leasehold improvements 210,811 210,546 Computer software 123,855 101,391 Projects in progress 8,860 13,271 697,031 689,391 Less accumulated depreciation 505,555 481,758 Properties and equipment, net $ 191,476 $ 207,633 |
Other Accrued Liabilities and22
Other Accrued Liabilities and Noncurrent Liabilities (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
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 25, 2017 and February 27, 2016 (in thousands): 2017 2016 Accrued payroll and other employee-related liabilities $ 82,028 $ 54,034 Accrued taxes, other than income 27,818 23,718 Rent-related liabilities 8,655 7,966 Other 15,365 15,994 Other accrued liabilities $ 133,866 $ 101,712 Rent-related liabilities $ 32,420 $ 29,467 Deferred gains 3,522 4,594 Retirement benefits 21,301 42,634 Other 3,431 10,797 Other noncurrent liabilities $ 60,674 $ 87,492 |
Long-Term Debt and Available 23
Long-Term Debt and Available Credit (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
Debt Disclosure [Abstract] | |
Term loan Facility Maturity | The Term Loan Facility matures as follows (in thousands): Fiscal Year Amount 2018 $ 2,000 2019 2,000 2020 2,000 2021 2,000 Thereafter 187,000 Total 195,000 Debt Issuance Costs (2,149 ) Debt Discount (1,175 ) Total Debt $ 191,676 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
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 25, 2017 and February 27, 2016 (in thousands): 2017 2016 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 28,191 $ 25,404 Service cost 917 1,468 Interest cost 696 634 Actuarial loss 705 812 Benefits paid (including settlements) (24,355 ) (127 ) Curtailment 1,517 — Projected benefit obligation, end of year $ 7,671 $ 28,191 Reconciliation of funded status: Projected benefit obligation $ 7,671 $ 28,191 Plan assets — — Funded status $ (7,671 ) $ (28,191 ) Accumulated benefit obligation $ (7,671 ) $ (28,191 ) Amounts recognized in the balance sheets: Current liability $ (127 ) $ (127 ) Noncurrent liability (7,544 ) (28,064 ) Accumulated other comprehensive loss, pre-tax 559 3,719 Net amount recognized $ (7,112 ) $ (24,472 ) Cumulative other comprehensive (income) loss, net of taxes of $1,640 and $2,871 in fiscal 2017 and 2016, respectively $ (1,081 ) $ 850 Weighted average assumptions used to determine: Benefit obligation, end of year: Discount rate 3.75 % 2.75% Lump-sum conversion discount rate 3.00 % 3.50% Rate of compensation increase (1) 3.00 % 3.00% Net periodic benefit cost for years ended: Discount rate 2.75 % 2.50% Lump-sum conversion discount rate 3.50 % 4.00% Rate of compensation increase 0.00 % 0.00% (1) The rate of compensation increase shown above assumes an increase of 0% for fiscal year 2018 and 3% for fiscal years thereafter. |
Components of Net Periodic Benefit Cost | Net periodic benefit cost included the following actuarially determined components during fiscal 2017, 2016 and 2015 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. 2017 2016 2015 Service cost $ 917 $ 1,468 $ 1,402 Interest cost 696 634 823 Amortization of unrecognized prior service cost 45 59 410 Amortization of net actuarial loss 1,902 1,394 1,329 Settlement 1,868 — 1,248 Curtailment 1,562 — 781 Net periodic benefit cost $ 6,990 $ 3,555 $ 5,993 |
Matters Concerning Shareholde25
Matters Concerning Shareholders' Equity (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
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 Weighted 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 Options granted 23,000 6.99 2.85 Options exercised (966,500 ) 6.71 Options cancelled or expired (142,248 ) 10.57 Outstanding at February 25, 2017 124,800 8.50 107,800 8.22 |
Shares Outstanding by Ranges of Exercise Prices | For options outstanding at February 25, 2017 Ranges of Exercise Prices Total Weighted Weighted Shares Weighted $4.24 — $6.99 20,500 $ 5.65 5.44 10,000 $ 4.24 $7.45 — $11.47 90,100 7.74 0.82 90,100 7.74 $14.04 — $23.19 14,200 17.43 6.96 7,700 18.93 |
Share Repurchase Plan | The following table summarizes the Company’s total repurchases of its common stock during fiscal 2017, 2016 and 2015: Shares Purchased Date Program Announced Authorized Date Fiscal Fiscal Fiscal Weighted Remaining Oct. 18, 2013 $ 200,000,000 Apr. 10, 2014 — — 5,071,812 $ 19.35 (1) $ — Apr. 10, 2014 200,000,000 — 1,794,053 7,460,935 5,208,500 11.30 36,610,131 (1) Represents weighted average cost for all share repurchases under the October 18, 2013 program. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
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): 2017 2016 2015 Domestic $ 39,818 $ 54,887 $ 111,338 Foreign 5,441 8,278 9,064 Income before income taxes $ 45,259 $ 63,165 $ 120,402 |
Provision for Income Taxes | The provision for income taxes for each of the last three fiscal years consisted of (in thousands): 2017 2016 2015 Federal: Current $ 30,062 $ 14,600 $ 30,771 Deferred (17,842 ) 2,352 5,620 State: Current 3,491 2,248 4,402 Deferred (1,803 ) 2,265 2,027 Foreign: Current 1,222 2,066 2,420 Deferred — — — Total income tax provision $ 15,130 $ 23,531 $ 45,240 |
Income Tax Reported in Consolidated Statements of Operations | The differences between income taxes at the statutory federal income tax rate of 35% in fiscal 2017, 2016 and 2015, and income tax reported in the consolidated statements of operations were as follows (in thousands): 2017 2016 2015 Tax provision at statutory federal income tax rate $ 15,841 $ 22,108 $ 42,141 State income taxes, net of federal provision 929 2,703 4,402 Change in valuation allowance 168 232 (224) Foreign income taxes 1,222 2,066 2,420 Foreign and other tax credits (2,161) (4,561) (3,436) Other, net (869) 983 (63) Provision for income taxes $ 15,130 $ 23,531 $ 45,240 Effective tax rate 33.4% 37.3% 37.6% |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at February 25, 2017 and February 27, 2016, were comprised of the following (in thousands): 2017 2016 Deferred tax assets: Deferred compensation $ 23,692 $ 21,750 Accrued average rent 14,130 12,998 Self insurance reserves 11,719 11,245 Cumulative foreign currency translation 3,316 4,205 Deferred revenue and revenue reserves 5,224 5,136 Foreign and other tax credits 2,655 2,403 Other 4,033 4,254 Total deferred tax assets $ 64,769 $ 61,991 Deferred tax liabilities: Properties and equipment, net $ (24,084 ) $ (28,510) Inventory (18,613 ) (23,733) Store supplies (3,629 ) (3,679) Deferred gain on debt repurchase (7,342 ) (11,014) Other (1,082 ) (782) Total deferred tax liabilities $ (54,750 ) $ (67,718) Valuation allowance $ (822 ) $ (654) Net deferred tax assets (1) $ 9,197 $ (6,381) (1) The Company adopted retrospectively ASU 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 2017 and 2016, state deferred tax assets were $4,590 and $3,199, respectively, and federal deferred tax assets were $4,607 and $0, respectively. Deferred tax assets are included in noncurrent assets. Deferred tax liabilities were $0 and $9,580 for fiscal 2017 and 2016, respectively, and the balance in fiscal 2016 was 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): 2017 2016 2015 Unrecognized tax benefits — beginning balance $ 2,551 $ 765 $ 6,673 Gross increases — tax positions in current period 4,643 231 — Gross increases — tax positions in prior period 225 1,862 282 Gross decreases — tax positions in prior period (320 ) (60 ) (1,458 ) Settlements (83 ) (81 ) (4,732 ) Expiration of statute of limitations (26 ) (166 ) — Unrecognized tax benefits — ending balance $ 6,990 $ 2,551 $ 765 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Minimum Lease Commitments and Future Subtenant Receipts | At February 25, 2017, the Company had the following minimum lease commitments and future subtenant receipts in the years indicated (in thousands): Fiscal Year Operating Subtenant 2018 $ 235,719 $ 1,309 2019 205,952 1,100 2020 173,130 1,088 2021 144,161 1,102 2022 120,769 1,113 Thereafter 283,455 1,315 Total lease commitments $ 1,163,186 $ 7,027 |
Selected Quarterly Financial 28
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Feb. 25, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | Summarized quarterly financial data for the years ended February 25, 2017 and February 27, 2016, are set forth below (in thousands except per share amounts): Three Months Ended Fiscal 2017 5/28/2016 8/27/2016 11/26/2016 2/25/2017 Net sales $ 418,370 405,823 475,901 528,352 Gross profit $ 148,967 145,036 196,393 206,912 SG&A expenses $ 142,724 135,777 160,833 148,509 Operating income (loss) $ (7,808 ) (4,339 ) 22,253 44,756 Net income (loss) $ (6,020 ) (4,069 ) 13,577 26,641 Average shares outstanding — basic 81,663 80,437 80,680 80,898 Average shares outstanding — diluted 81,663 80,437 80,683 81,156 Basic earnings (loss) per share $ (0.07 ) (0.05 ) 0.17 0.33 Diluted earnings (loss) per share $ (0.07 ) (0.05 ) 0.17 0.33 Three Months Ended Fiscal 2016 5/30/2015 8/29/2015 11/28/2015 2/27/2016 Net sales $ 436,866 434,992 478,047 542,325 Gross profit $ 169,539 154,554 183,993 196,894 SG&A expenses $ 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 |
Description of Business and S29
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Feb. 25, 2017USD ($)Segmentshares | Feb. 27, 2016USD ($)shares | Feb. 28, 2015USD ($)shares | Mar. 03, 2018USD ($) | |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of operating segment | Segment | 1 | |||
Cash and cash equivalents, temporary investments | $ 149,375,000 | $ 110,413,000 | ||
Cumulative other comprehensive income (loss) related to translation adjustments | (8,450,000) | (9,724,000) | $ (7,425,000) | |
Adjustments for currency translation resulted in other comprehensive income (loss), net of tax | 1,274,000 | (2,299,000) | (3,729,000) | |
Assets or liabilities with a fair value significantly different from the recorded value | 0 | 0 | ||
Reserves for estimated shrinkage of inventory | 4,156,000 | 5,312,000 | ||
Depreciation | 54,603,000 | 50,944,000 | 46,304,000 | |
Impairment charges | 2,934,000 | 0 | 0 | |
Workers compensation and general liability claims deductible | 1,000,000 | |||
Workers compensation liability | 25,632,000 | 25,399,000 | ||
General liability insurance claims not settled | 5,559,000 | 4,585,000 | ||
Reserves for estimated merchandise returns | $ 3,068,000 | 4,227,000 | ||
Gift card breakage recognition period from original issuance, months | 30 months | |||
Gift card breakage recognized | $ 4,825,000 | 4,925,000 | 3,938,000 | |
Operating lease expiring year | 2,030 | |||
Lease term | 10 years | |||
Advertising costs | $ 101,780,000 | 88,405,000 | $ 98,103,000 | |
Prepaid advertising | $ 3,216,000 | $ 3,639,000 | ||
Outstanding stock options excluded from computation of diluted earnings per share | shares | 1,433,771 | 402,311 | 114,623 | |
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 | |||
Computer Software [Member] | Minimum | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated remaining useful lives of the assets | 3 years | |||
Computer Software [Member] | Maximum | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated remaining useful lives of the assets | 5 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 | 3,244,000 | 3,837,000 | $ 4,707,000 | |
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 | |
Subsequent to current year end | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Workers compensation and general liability claims deductible | $ 500,000 | |||
Sales Revenue, Net | Product Concentration Risk | UNITED STATES | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 93.20% | 93.10% | 92.40% | |
Sales Revenue, Net | Product Concentration Risk | CANADA | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 6.50% | 6.30% | 6.90% | |
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 | 17.00% | |||
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% |
Calculation of Earnings Per Sha
Calculation of Earnings Per Share Amounts (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 25, 2017 | Nov. 26, 2016 | Aug. 27, 2016 | May 28, 2016 | Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May 30, 2015 | Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Earnings Per Share Disclosure [Line Items] | |||||||||||
Net income | $ 26,641 | $ 13,577 | $ (4,069) | $ (6,020) | $ 18,675 | $ 10,919 | $ 3,166 | $ 6,874 | $ 30,129 | $ 39,634 | $ 75,162 |
Basic | 80,898 | 80,680 | 80,437 | 81,663 | 81,546 | 83,877 | 86,038 | 88,295 | 80,919 | 84,939 | 91,081 |
Diluted | 81,156 | 80,683 | 80,437 | 81,663 | 81,574 | 84,170 | 86,717 | 89,021 | 80,984 | 85,370 | 92,128 |
Basic | $ 0.33 | $ 0.17 | $ (0.05) | $ (0.07) | $ 0.23 | $ 0.13 | $ 0.04 | $ 0.08 | $ 0.37 | $ 0.47 | $ 0.83 |
Diluted | $ 0.33 | $ 0.17 | $ (0.05) | $ (0.07) | $ 0.23 | $ 0.13 | $ 0.04 | $ 0.08 | $ 0.37 | $ 0.46 | $ 0.82 |
Employee Stock Option | |||||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||||
Effect of dilutive stock | 17 | 316 | 696 | ||||||||
Restricted Stock Awards | |||||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||||
Effect of dilutive stock | 48 | 115 | 351 |
Summary of Properties and Equip
Summary of Properties and Equipment, Net (Detail) - USD ($) $ in Thousands | Feb. 25, 2017 | Feb. 27, 2016 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 535 | $ 535 |
Buildings | 8,077 | 8,087 |
Equipment, furniture, fixtures and other | 344,893 | 355,561 |
Leasehold improvements | 210,811 | 210,546 |
Computer software | 123,855 | 101,391 |
Projects in progress | 8,860 | 13,271 |
Properties, gross | 697,031 | 689,391 |
Less accumulated depreciation | 505,555 | 481,758 |
Properties and equipment, net | $ 191,476 | $ 207,633 |
Summary of Other Accrued Liabil
Summary of Other Accrued Liabilities and Noncurrent Liabilities (Detail) - USD ($) $ in Thousands | Feb. 25, 2017 | Feb. 27, 2016 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued payroll and other employee-related liabilities | $ 82,028 | $ 54,034 |
Accrued taxes, other than income | 27,818 | 23,718 |
Rent-related liabilities | 8,655 | 7,966 |
Other | 15,365 | 15,994 |
Other accrued liabilities | 133,866 | 101,712 |
Rent-related liabilities | 32,420 | 29,467 |
Deferred gains | 3,522 | 4,594 |
Retirement benefits | 21,301 | 42,634 |
Other | 3,431 | 10,797 |
Other noncurrent liabilities | $ 60,674 | $ 87,492 |
Long-Term Debt and Available 33
Long-Term Debt and Available Credit - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Carrying value of long term debt | $ 191,676,000 | ||
Weighted average effective interest rate | 5.10% | ||
Term loan facility, maturity date | Apr. 30, 2021 | ||
Borrowings under term loan facility | $ 195,000,000 | ||
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 | $ 183,179,000 | ||
LIBOR | Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Basis points | 3.50% | ||
LIBOR | Term Loan Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Interest floor rate | 1.00% | ||
Base Rate | Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Basis points | 2.50% | ||
Base Rate | Term Loan Facility | Minimum | |||
Debt Instrument [Line Items] | |||
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 | ||
Credit facility borrowing base | 346,157,000 | ||
Remaining borrowing | $ 307,106,000 | ||
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% | ||
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 | $ 21,177,000 | ||
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% | ||
Trade Letters Of Credit And Bankers Acceptances | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | $ 39,051,000 | ||
Other Miscellaneous Standby Letters Of Credit | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | $ 8,159,000 | ||
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 | 2.20% | 1.70% | 1.70% |
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 $ in Thousands | Feb. 25, 2017USD ($) |
Debt Instrument [Line Items] | |
2,018 | $ 2,000 |
2,019 | 2,000 |
2,020 | 2,000 |
2,021 | 2,000 |
Thereafter | 187,000 |
Total | 195,000 |
Debt Issuance Costs | (2,149) |
Debt Discount | (1,175) |
Total Debt | $ 191,676 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Feb. 25, 2017 | Nov. 26, 2016 | Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Minimum age eligibility, years | 18 years | ||||
Minimum employment period for eligibility, days | 60 days | ||||
Company matching contribution | 3.00% | 3.00% | 3.00% | ||
Contributions by Company to the plan | $ 2,958,000 | $ 2,823,000 | $ 2,455,000 | ||
Interest bearing investments included in other noncurrent assets | $ 97,000 | 97,000 | 32,000 | ||
Company's expense for the plans | 6,990,000 | 3,555,000 | 5,993,000 | ||
Curtailment charge related to revised defined benefit plan | (1,562,000) | (781,000) | |||
Defined benefit plan settlement expense | (1,868,000) | (1,248,000) | |||
Benefit payments expected in fiscal 2018 | 127,000 | 127,000 | |||
Benefit payments expected in fiscal 2019 | 4,472,000 | 4,472,000 | |||
Benefit payments expected in fiscal 2020 | 172,000 | 172,000 | |||
Benefit payments expected in fiscal 2021 | 246,000 | 246,000 | |||
Benefit payments expected in fiscal 2022 | 245,000 | 245,000 | |||
Benefit payments expected during fiscal years 2023 through 2027 | 1,206,000 | 1,206,000 | |||
Amounts of cumulative other comprehensive loss not recognized as components of net periodic benefit cost related to prior service cost | 30,000 | 30,000 | 118,000 | ||
Amounts of cumulative other comprehensive loss not recognized as components of net periodic benefit cost related to net actuarial gain | 529,000 | 3,601,000 | |||
Net actuarial loss recognized in other comprehensive income (loss) | (705,000) | (812,000) | $ (2,772,000) | ||
Estimated amortization of prior service cost from cumulative other comprehensive loss into net periodic cost in 2018 | 30,000 | ||||
Estimated amortization of net actuarial loss from cumulative other comprehensive loss into net periodic cost in 2018 | 529,000 | ||||
Former Chief Executive Officer | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Cash contributions to trust | 1,000,000 | ||||
Amount used to fund tax obligations for retirements benefits | 935,000 | ||||
Retirement benefit payment | 24,228,000 | 24,228,000 | |||
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 | ||||
Life insurance policies | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Cash surrender value of life insurance policy | 13,739,000 | 13,739,000 | 13,432,000 | ||
Death benefit of life insurance policy | 20,246,000 | $ 20,246,000 | $ 20,100,000 | ||
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 | $ 2,347,000 | $ 13,000 | $ 1,269,000 | ||
Cash contributions to trust | 1,375,000 | 1,223,000 | |||
Restricted investments sold to fund retirement benefits | 2,474,000 | 1,344,000 | |||
Interest bearing investments included in other noncurrent assets | 10,236,000 | 10,236,000 | 9,853,000 | ||
Cash surrender values of life insurance policies | 6,060,000 | 5,912,000 | |||
Nonqualified deferred compensation plans | Death benefit plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Death benefits of life insurance policy | 11,373,000 | 11,355,000 | |||
Supplemental Employee Retirement Plans, Defined Benefit | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Company's expense for the plans | $ 6,990,000 | $ 3,555,000 | $ 5,993,000 | ||
Curtailment charge related to revised defined benefit plan | $ 1,562,000 | ||||
Supplemental Employee Retirement Plans, Defined Benefit | Former Chief Executive Officer | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan settlement expense | $ 1,868,000 |
Reconciliation of Benefit Oblig
Reconciliation of Benefit Obligations and Funded Status of Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | Feb. 25, 2017 | Feb. 27, 2016 | ||
Change in projected benefit obligation: | ||||||
Projected benefit obligation, beginning of year | $ 28,191 | $ 25,404 | ||||
Service cost | 917 | 1,468 | $ 1,402 | |||
Interest cost | 696 | 634 | 823 | |||
Actuarial loss | 705 | 812 | ||||
Benefits paid (including settlements) | (24,355) | (127) | ||||
Curtailment | 1,517 | |||||
Projected benefit obligation, end of year | 7,671 | 28,191 | 25,404 | |||
Reconciliation of funded status: | ||||||
Projected benefit obligation | 28,191 | 25,404 | $ 25,404 | $ 7,671 | $ 28,191 | |
Plan assets | 0 | 0 | ||||
Funded status | (7,671) | (28,191) | ||||
Accumulated benefit obligation | (7,671) | (28,191) | ||||
Amounts recognized in the balance sheets: | ||||||
Current liability | (127) | (127) | ||||
Noncurrent liability | (7,544) | (28,064) | ||||
Accumulated other comprehensive loss, pre-tax | 559 | 3,719 | ||||
Net amount recognized | $ (7,112) | $ (24,472) | ||||
Cumulative other comprehensive (income) loss, net of taxes of $1,640 and $2,871 in fiscal 2017 and 2016, respectively | $ (1,081) | $ 850 | ||||
Benefit obligation, end of year: | ||||||
Discount rate | 3.75% | 2.75% | ||||
Lump-sum conversion discount rate | 3.00% | 3.50% | ||||
Rate of compensation increase | [1] | 3.00% | 3.00% | |||
Net periodic benefit cost for years ended: | ||||||
Discount rate | 2.75% | 2.50% | ||||
Lump-sum conversion discount rate | 3.50% | 4.00% | ||||
Rate of compensation increase | 0.00% | 0.00% | ||||
[1] | The rate of compensation increase shown above assumes an increase of 0% for fiscal year 2018 and 3% for fiscal years thereafter. |
Reconciliation of Benefit Obl37
Reconciliation of Benefit Obligations and Funded Status of Plans (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 25, 2017 | Feb. 27, 2016 | |
Compensation and Retirement Disclosure [Abstract] | ||
Cumulative other comprehensive (income) loss, taxes | $ 1,640 | $ 2,871 |
Anticipated increase for fiscal years, 2018 | 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. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 917 | $ 1,468 | $ 1,402 |
Interest cost | 696 | 634 | 823 |
Amortization of unrecognized prior service cost | 45 | 59 | 410 |
Amortization of net actuarial loss | 1,902 | 1,394 | 1,329 |
Settlement | 1,868 | 1,248 | |
Curtailment | 1,562 | 781 | |
Net periodic benefit cost | $ 6,990 | $ 3,555 | $ 5,993 |
Matters Concerning Shareholde39
Matters Concerning Shareholders' Equity - Additional Information (Detail) | Apr. 19, 2017USD ($)$ / sharesshares | Apr. 12, 2017$ / shares | Apr. 03, 2017USD ($)Award_plan | Sep. 27, 2016Right$ / shares | Nov. 26, 2016USD ($)shares | Feb. 25, 2017USD ($)$ / sharesshares | Feb. 27, 2016USD ($)$ / sharesshares | Feb. 28, 2015USD ($)$ / sharesshares | Jun. 25, 2015shares | Mar. 01, 2014shares | Mar. 23, 2006shares |
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Prior period authorized aggregate number of shares available for issuance | shares | 4,608,808 | ||||||||||
Realized tax benefit related to stock-based compensation | $ | $ 1,783,000 | $ 1,270,000 | $ 5,856,000 | ||||||||
Excess tax benefit related to stock-based compensation | $ | $ 312,000 | $ 585,000 | $ 2,936,000 | ||||||||
Outstanding options exercisable | shares | 107,800 | 1,176,974 | 1,419,712 | 1,830,900 | |||||||
Options exercised, Shares | shares | 966,500 | 77,500 | 187,625 | ||||||||
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 | $ | $ 363,000 | $ 424,000 | $ 465,000 | ||||||||
Preferred stock, restated certificate of incorporation authorized | shares | 20,000,000 | ||||||||||
Par value of preferred stock | $ / shares | $ 1 | ||||||||||
Preferred stock issued, shares | shares | 0 | ||||||||||
Cash dividends paid | $ | $ 22,501,000 | $ 23,672,000 | $ 21,627,000 | ||||||||
Common stock, dividends, per share | $ / shares | $ 0.28 | $ 0.28 | $ 0.24 | ||||||||
Dividend right payable record date | Oct. 7, 2016 | Apr. 26, 2017 | |||||||||
Dividends payable, date to be paid | May 10, 2017 | ||||||||||
Cost of shares repurchased | $ | $ 10,566,000 | $ 75,000,000 | $ 173,932,000 | ||||||||
Number of dividend right declared to common stock holders | Right | 1 | ||||||||||
Exercise price per right | $ / shares | $ 17.50 | ||||||||||
Rights exercisable conditions | The Rights become exercisable if any person or group acquires 10% or more of the Company's common stock (in which case, they would become an "acquiring person") or announces a tender offer for the Company, subject to certain exceptions set forth in the Rights Agreement. Shareholders who beneficially owned 10% or more of the Company's common stock immediately prior to the announcement of the Rights Agreement will not be an "acquiring person" unless they acquire beneficial ownership of an additional 1% of the Company's outstanding common stock. | ||||||||||
Additional conditions for beneficial ownership percentage | 1.00% | ||||||||||
Conditions for beneficial ownership percentage | 10.00% | ||||||||||
Maximum | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Percentage of associate contribution to stock purchase plan | 20.00% | ||||||||||
Maximum acquiring beneficial ownership percentage without right restrictions | 10.00% | ||||||||||
Subsequent Event | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Number of restricted stock award forms | Award_plan | 2 | ||||||||||
Common stock, dividends, per share | $ / shares | $ 0.07 | ||||||||||
Share Repurchase Program April 2014 | Subsequent Event | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Share repurchase program authorized amount | $ | $ 200,000,000 | ||||||||||
Common stock repurchased under Share repurchase plan | shares | 45,000 | ||||||||||
Weighted Average Cost | $ / shares | $ 6.91 | ||||||||||
Amount remained for repurchase | $ | $ 36,299,000 | ||||||||||
Cost of shares repurchased | $ | $ 311,000 | ||||||||||
President And Chief Executive Officer | Subsequent Event | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Grant date fair value of the stock options | $ | $ 1,000,000 | ||||||||||
Grant date fair value of the stock options pricing model | Black-Scholes option pricing model | ||||||||||
Grant date fair value of the stock options, Term | 10 years | ||||||||||
President And Chief Executive Officer | Subsequent Event | Third Anniversary | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Stock option vesting percentage | 25.00% | ||||||||||
President And Chief Executive Officer | Subsequent Event | Fourth Anniversary | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Stock option vesting percentage | 25.00% | ||||||||||
President And Chief Executive Officer | Subsequent Event | Fifth Anniversary | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Stock option vesting percentage | 50.00% | ||||||||||
Restricted Stock Two | Subsequent Event | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Restricted stock award grand date fair value | $ | $ 2,000,000 | ||||||||||
Restricted Stock Awards | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Weighted average grant date fair value | $ / shares | $ 6 | ||||||||||
Unvested shares of restricted stock awards outstanding | shares | 2,710,011 | 1,333,346 | |||||||||
Shares awarded | shares | 1,913,388 | ||||||||||
Awards other than options vested in period | shares | 160,904 | ||||||||||
Awards other than options forfeited in period | shares | 375,819 | ||||||||||
Recorded stock-based compensation expense | $ | $ 8,180,000 | $ 4,978,000 | 7,240,000 | ||||||||
Total unrecognized compensation expense related to unvested stock option awards | $ | $ 20,038,000 | ||||||||||
Weighted average period for recognizing unrecognized compensation expense, in years | 1 year 6 months | ||||||||||
Total fair value of awards vested | $ | $ 3,671,000 | 2,510,000 | 7,098,000 | ||||||||
Restricted Stock Awards | Former Chief Executive Officer | Termination Agreement | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Additional expense for accelerated vesting of unvested restricted stock awards | $ | $ 3,908,000 | ||||||||||
Restricted stock awards, accelerated vesting, shares | shares | 570,000 | ||||||||||
Employee Stock Option | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Recorded stock-based compensation expense | $ | 48,000 | 87,000 | 92,000 | ||||||||
Total unrecognized compensation expense related to unvested stock option awards | $ | $ 30,000 | ||||||||||
Weighted average period for recognizing unrecognized compensation expense, in years | 2 years 4 months 24 days | ||||||||||
Weighted average remaining contractual term for outstanding options, in years | 2 years 3 months 18 days | ||||||||||
Weighted average remaining contractual term for exercisable options, in years | 1 year 3 months 18 days | ||||||||||
Aggregate intrinsic value for outstanding options | $ | $ 26,300 | ||||||||||
Aggregate intrinsic value for exercisable options | $ | 26,300 | ||||||||||
Total intrinsic value of options exercised | $ | $ 1,137,000 | $ 430,000 | 1,101,000 | ||||||||
Time-Based Long-Term Incentive Awards | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Vesting period, years | 3 years | ||||||||||
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% | ||||||||||
Expense per share | $ / shares | $ 6.99 | ||||||||||
Performance-Based Long-Term Incentive Awards | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Weighted average grant date fair value | $ / shares | $ 5.60 | ||||||||||
Performance-Based Long-Term Incentive Awards | Performance Based Granted in Prior Period | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Stock option vesting percentage | 80.00% | ||||||||||
Weighted average grant date fair value | $ / shares | $ 6.41 | ||||||||||
Performance Shares | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Expense per share | $ / shares | $ 4.98 | ||||||||||
Percentage of increase or decrease on total shareholder return | 10.00% | ||||||||||
Performance Shares | Former Chief Executive Officer | Termination Agreement | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Restricted stock awards, accelerated vesting, shares | shares | 240,000 | ||||||||||
Performance Shares | Restricted Stock Two | Subsequent Event | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Percentage of restricted stock award forms | 75.00% | ||||||||||
Director Deferred Stock Units | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Shares awarded | shares | 146,850 | ||||||||||
Percentage of matching contribution to annual retainer fees deferred | 25.00% | ||||||||||
Deferred compensation arrangement shares deferred, but not delivered | shares | 532,100 | 385,250 | |||||||||
Stock units delivered | shares | 0 | ||||||||||
Compensation expense for director deferred stock awards | $ | $ 834,000 | $ 800,000 | $ 826,000 | ||||||||
Time-Based Restricted Shares | Former Chief Executive Officer | Termination Agreement | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Restricted stock awards, accelerated vesting, shares | shares | 180,000 | ||||||||||
Time-Based Restricted Shares | Restricted Stock One | Subsequent Event | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Vesting period, years | 3 years | ||||||||||
Restricted stock award grand date fair value | $ | $ 500,000 | ||||||||||
Time-Based Restricted Shares | Restricted Stock Two | Subsequent Event | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Percentage of restricted stock award forms | 25.00% | ||||||||||
Employment Inducement Award | Former Chief Executive Officer | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Outstanding options exercisable | shares | 944,000 | ||||||||||
Options exercised, Shares | shares | 944,000 | ||||||||||
2015 Stock Incentive Plan | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Prior period authorized aggregate number of shares available for issuance | shares | 3,951,914 | 2,500,000 | |||||||||
2015 Stock Incentive Plan | Employee Stock Option | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Vesting period, years | 4 years | ||||||||||
Term from date of grant, years | 10 years | ||||||||||
2006 Stock Incentive Plan | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Outstanding options exercisable | shares | 107,800 | 232,974 | |||||||||
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 | shares | 3,009,974 | 2,507,407 | |||||||||
2006 Stock Incentive Plan | Employee Stock Option | |||||||||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | |||||||||||
Vesting period, years | 4 years | ||||||||||
Term from date of grant, years | 10 years |
Summary of Stock Option Grants
Summary of Stock Option Grants (Detail) - $ / shares | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options Outstanding, Shares, Beginning Balance | 1,210,548 | 1,448,548 | 1,857,873 |
Options granted, Shares | 23,000 | 15,500 | 11,300 |
Options exercised, Shares | (966,500) | (77,500) | (187,625) |
Options cancelled or expired, Shares | (142,248) | (176,000) | (233,000) |
Options Outstanding, Shares, Ending Balance | 124,800 | 1,210,548 | 1,448,548 |
Options outstanding, Weighted Average Exercise Price, Beginning Balance | $ 7.34 | $ 8.09 | $ 9.45 |
Options granted, Weighted Average Exercise Price | 6.99 | 14.04 | 17.78 |
Options exercised, Weighted Average Exercise Price | 6.71 | 7.46 | 10.97 |
Options cancelled or expired, Weighted Average Exercise Price | 10.57 | 14.06 | 17.09 |
Options outstanding, Weighted Average Exercise Price, Ending Balance | $ 8.50 | $ 7.34 | $ 8.09 |
Options outstanding, Exercisable Shares, Number of Shares, Beginning Balance | 1,176,974 | 1,419,712 | 1,830,900 |
Options granted, Weighted Average Fair Value at Date of Grant | $ 2.85 | $ 3.98 | $ 4.25 |
Options outstanding, Exercisable Shares, Number of Shares, Ending Balance | 107,800 | 1,176,974 | 1,419,712 |
Options outstanding, Exercisable Shares, Weighted Average Exercise Price, Beginning Balance | $ 7.06 | $ 7.86 | $ 9.31 |
Options outstanding, Exercisable Shares, Weighted Average Exercise Price, Ending Balance | $ 8.22 | $ 7.06 | $ 7.86 |
Shares Outstanding by Ranges of
Shares Outstanding by Ranges of Exercise Prices (Detail) | 12 Months Ended |
Feb. 25, 2017$ / sharesshares | |
$4.24 - $6.99 | |
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 | $ 6.99 |
Total Shares | shares | 20,500 |
Weighted Average Exercise Price | $ 5.65 |
Weighted Average Remaining Contractual Life (in years) | 5 years 5 months 9 days |
Shares Currently Exercisable | shares | 10,000 |
Weighted Average Exercise Price- Exercisable Shares | $ 4.24 |
$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 | 90,100 |
Weighted Average Exercise Price | $ 7.74 |
Weighted Average Remaining Contractual Life (in years) | 9 months 26 days |
Shares Currently Exercisable | shares | 90,100 |
Weighted Average Exercise Price- Exercisable Shares | $ 7.74 |
$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 | 14,200 |
Weighted Average Exercise Price | $ 17.43 |
Weighted Average Remaining Contractual Life (in years) | 6 years 11 months 16 days |
Shares Currently Exercisable | shares | 7,700 |
Weighted Average Exercise Price- Exercisable Shares | $ 18.93 |
Share Repurchase Plan (Detail)
Share Repurchase Plan (Detail) - USD ($) | 12 Months Ended | |||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | ||
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 | |||
Weighted Average Cost | [1] | $ 19.35 | ||
Apr. 10, 2014 | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Date Announced | Apr. 10, 2014 | |||
Authorized Amount | $ 200,000,000 | |||
Shares Purchased | 1,794,053 | 7,460,935 | 5,208,500 | |
Weighted Average Cost | $ 11.30 | |||
Remaining | $ 36,610,131 | |||
[1] | Represents weighted average cost for all share repurchases under the October 18, 2013 program. |
Components of Income Before Tax
Components of Income Before Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income before income taxes, Domestic | $ 39,818 | $ 54,887 | $ 111,338 |
Income before income taxes, Foreign | 5,441 | 8,278 | 9,064 |
Income before income taxes | $ 45,259 | $ 63,165 | $ 120,402 |
Provision for Income Taxes (Det
Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal, Current | $ 30,062 | $ 14,600 | $ 30,771 |
Federal, Deferred | (17,842) | 2,352 | 5,620 |
State, Current | 3,491 | 2,248 | 4,402 |
State, Deferred | (1,803) | 2,265 | 2,027 |
Foreign, Current | 1,222 | 2,066 | 2,420 |
Foreign, Deferred | 0 | 0 | 0 |
Provision for income taxes | $ 15,130 | $ 23,531 | $ 45,240 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | Mar. 01, 2014 | |
Income Taxes [Line Items] | ||||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% | |
Unrecognized tax benefits | $ 6,990 | $ 2,551 | $ 765 | $ 6,673 |
Unrecognized tax benefits, income tax penalties and interest | 142 | 286 | $ 3 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 379 | 508 | ||
State | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforward | 236 | 426 | ||
Valuation allowance, deferred tax assets | $ 822 | $ 654 | ||
State | Earliest Tax Year | ||||
Income Taxes [Line Items] | ||||
State net operating loss carryforwards expiration year | 2,020 | |||
Tax credit carryforwards expiration year | 2,024 | |||
State | Latest Tax Year | ||||
Income Taxes [Line Items] | ||||
State net operating loss carryforwards expiration year | 2,033 | |||
Tax credit carryforwards expiration year | 2,037 |
Income Tax Reported in Consolid
Income Tax Reported in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Income Tax Disclosure [Abstract] | |||
Tax provision at statutory federal income tax rate | $ 15,841 | $ 22,108 | $ 42,141 |
State income taxes, net of federal provision | 929 | 2,703 | 4,402 |
Change in valuation allowance | 168 | 232 | (224) |
Foreign income taxes | 1,222 | 2,066 | 2,420 |
Foreign and other tax credits | (2,161) | (4,561) | (3,436) |
Other, net | (869) | 983 | (63) |
Provision for income taxes | $ 15,130 | $ 23,531 | $ 45,240 |
Effective tax rate | 33.40% | 37.30% | 37.60% |
Deferred Tax Assets and Liabili
Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Feb. 25, 2017 | Feb. 27, 2016 | |
Income Tax Disclosure [Abstract] | |||
Deferred compensation | $ 23,692 | $ 21,750 | |
Accrued average rent | 14,130 | 12,998 | |
Self insurance reserves | 11,719 | 11,245 | |
Cumulative foreign currency translation | 3,316 | 4,205 | |
Deferred revenue and revenue reserves | 5,224 | 5,136 | |
Foreign and other tax credits | 2,655 | 2,403 | |
Other | 4,033 | 4,254 | |
Total deferred tax assets | 64,769 | 61,991 | |
Properties and equipment, net | (24,084) | (28,510) | |
Inventory | (18,613) | (23,733) | |
Store supplies | (3,629) | (3,679) | |
Deferred gain on debt repurchase | (7,342) | (11,014) | |
Other | (1,082) | (782) | |
Total deferred tax liabilities | (54,750) | (67,718) | |
Valuation allowance | (822) | (654) | |
Net deferred tax liability | [1] | $ (6,381) | |
Net deferred tax assets | [1] | $ 9,197 | |
[1] | The Company adopted retrospectively ASU 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 2017 and 2016, state deferred tax assets were $4,590 and $3,199, respectively, and federal deferred tax assets were $4,607 and $0, respectively. Deferred tax assets are included in noncurrent assets. Deferred tax liabilities were $0 and $9,580 for fiscal 2017 and 2016, respectively, and the balance in fiscal 2016 was related to federal deferred tax liabilities. Deferred tax liabilities are included in other noncurrent liabilities. |
Deferred Tax Assets and Liabi48
Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | Feb. 25, 2017 | Feb. 27, 2016 |
Federal | ||
Components Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Deferred tax liabilities, noncurrent | $ 0 | $ 9,580 |
State | ||
Components Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Deferred tax assets net noncurrent | 4,590 | 3,199 |
Federal | ||
Components Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Deferred tax assets net noncurrent | $ 4,607 | $ 0 |
Reconciliation of Unrecognized
Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits - beginning balance | $ 2,551 | $ 765 | $ 6,673 |
Gross increases - tax positions in current period | 4,643 | 231 | |
Gross increases - tax positions in prior period | 225 | 1,862 | 282 |
Gross decreases - tax positions in prior period | (320) | (60) | (1,458) |
Settlements | (83) | (81) | (4,732) |
Expiration of statute of limitations | (26) | (166) | |
Unrecognized tax benefits - ending balance | $ 6,990 | $ 2,551 | $ 765 |
Schedule of Minimum Lease Commi
Schedule of Minimum Lease Commitments and Future Subtenant Receipts (Detail) $ in Thousands | Feb. 25, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, 2018 | $ 235,719 |
Operating Leases, 2019 | 205,952 |
Operating Leases, 2020 | 173,130 |
Operating Leases, 2021 | 144,161 |
Operating Leases, 2022 | 120,769 |
Operating Leases, Thereafter | 283,455 |
Total lease commitments | 1,163,186 |
Subtenant Income, 2018 | 1,309 |
Subtenant Income, 2019 | 1,100 |
Subtenant Income, 2020 | 1,088 |
Subtenant Income, 2021 | 1,102 |
Subtenant Income, 2022 | 1,113 |
Subtenant Income, Thereafter | 1,315 |
Total lease commitments | $ 7,027 |
Commitments And Contingencies -
Commitments And Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rental expense | $ 264,735 | $ 269,540 | $ 263,276 |
Contingent rentals expense | 223 | 400 | 508 |
Sublease incomes | $ 646 | $ 322 | $ 285 |
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. 25, 2017 | Nov. 26, 2016 | Aug. 27, 2016 | May 28, 2016 | Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May 30, 2015 | Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 528,352 | $ 475,901 | $ 405,823 | $ 418,370 | $ 542,325 | $ 478,047 | $ 434,992 | $ 436,866 | $ 1,828,446 | $ 1,892,230 | $ 1,884,557 |
Gross profit | 206,912 | 196,393 | 145,036 | 148,967 | 196,894 | 183,993 | 154,554 | 169,539 | 697,308 | 704,980 | 768,481 |
SG&A expenses | 148,509 | 160,833 | 135,777 | 142,724 | 150,272 | 151,554 | 133,415 | 143,587 | 587,843 | 578,828 | 594,906 |
Operating income (loss) | 44,756 | 22,253 | (4,339) | (7,808) | 33,608 | 19,657 | 8,385 | 13,558 | 54,862 | 75,208 | 127,271 |
Net income (loss) | $ 26,641 | $ 13,577 | $ (4,069) | $ (6,020) | $ 18,675 | $ 10,919 | $ 3,166 | $ 6,874 | $ 30,129 | $ 39,634 | $ 75,162 |
Average shares outstanding - basic | 80,898 | 80,680 | 80,437 | 81,663 | 81,546 | 83,877 | 86,038 | 88,295 | 80,919 | 84,939 | 91,081 |
Average shares outstanding - diluted | 81,156 | 80,683 | 80,437 | 81,663 | 81,574 | 84,170 | 86,717 | 89,021 | 80,984 | 85,370 | 92,128 |
Basic earnings (loss) per share | $ 0.33 | $ 0.17 | $ (0.05) | $ (0.07) | $ 0.23 | $ 0.13 | $ 0.04 | $ 0.08 | $ 0.37 | $ 0.47 | $ 0.83 |
Diluted earnings (loss) per share | $ 0.33 | $ 0.17 | $ (0.05) | $ (0.07) | $ 0.23 | $ 0.13 | $ 0.04 | $ 0.08 | $ 0.37 | $ 0.46 | $ 0.82 |