Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 25, 2017 | Dec. 28, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Nov. 25, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | PIR | |
Entity Registrant Name | PIER 1 IMPORTS INC/DE | |
Entity Central Index Key | 278,130 | |
Current Fiscal Year End Date | --03-03 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 83,348,017 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2017 | Nov. 26, 2016 | Nov. 25, 2017 | Nov. 26, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 469,161 | $ 475,901 | $ 1,286,293 | $ 1,300,094 |
Cost of sales | 292,485 | 279,508 | 817,856 | 809,698 |
Gross profit | 176,676 | 196,393 | 468,437 | 490,396 |
Selling, general and administrative expenses | 150,395 | 160,833 | 428,677 | 439,334 |
Depreciation | 12,833 | 13,307 | 39,973 | 40,956 |
Operating income (loss) | 13,448 | 22,253 | (213) | 10,106 |
Nonoperating (income) and expenses: | ||||
Interest, investment income and other | (597) | (438) | (1,575) | (1,677) |
Interest expense | 2,960 | 3,113 | 8,991 | 9,177 |
Nonoperating (income) and expenses | 2,363 | 2,675 | 7,416 | 7,500 |
Income (loss) before income taxes | 11,085 | 19,578 | (7,629) | 2,606 |
Income tax provision (benefit) | 3,704 | 6,001 | (4,201) | (882) |
Net income (loss) | $ 7,381 | $ 13,577 | $ (3,428) | $ 3,488 |
Earnings (loss) per share: | ||||
Basic | $ 0.09 | $ 0.17 | $ (0.04) | $ 0.04 |
Diluted | 0.09 | 0.17 | (0.04) | 0.04 |
Dividends declared per share: | $ 0.07 | $ 0.07 | $ 0.21 | $ 0.21 |
Average shares outstanding during period: | ||||
Basic | 79,658 | 80,680 | 80,363 | 80,926 |
Diluted | 79,658 | 80,683 | 80,363 | 80,927 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2017 | Nov. 26, 2016 | Nov. 25, 2017 | Nov. 26, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 7,381 | $ 13,577 | $ (3,428) | $ 3,488 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (685) | (1,207) | 985 | 399 |
Pension adjustments | (57) | 640 | (170) | 1,367 |
Other comprehensive income (loss) | (742) | (567) | 815 | 1,766 |
Comprehensive income (loss), net of tax | $ 6,639 | $ 13,010 | $ (2,613) | $ 5,254 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 25, 2017 | Feb. 25, 2017 | Nov. 26, 2016 |
Current assets: | |||
Cash and cash equivalents, including temporary investments of $67,719, $149,375 and $78,302, respectively | $ 80,234 | $ 154,460 | $ 86,207 |
Accounts receivable, net | 43,062 | 22,945 | 39,089 |
Inventories | 418,868 | 400,976 | 479,832 |
Prepaid expenses and other current assets | 43,960 | 31,607 | 36,378 |
Total current assets | 586,124 | 609,988 | 641,506 |
Properties and equipment, net of accumulated depreciation of $547,520, $505,555 and $498,174, respectively | 178,481 | 191,476 | 189,787 |
Other noncurrent assets | 39,006 | 41,618 | 36,113 |
Assets, Total | 803,611 | 843,082 | 867,406 |
Current liabilities: | |||
Accounts payable | 94,279 | 68,981 | 96,511 |
Gift cards and other deferred revenue | 57,280 | 60,398 | 61,078 |
Borrowings under revolving line of credit | 25,000 | ||
Accrued income taxes payable | 26,058 | 3,964 | |
Current portion of long-term debt | 2,000 | 2,000 | 2,000 |
Other accrued liabilities | 120,274 | 133,866 | 145,198 |
Total current liabilities | 273,833 | 291,303 | 333,751 |
Long-term debt | 198,188 | 199,077 | 199,373 |
Other noncurrent liabilities | 64,058 | 60,674 | 66,050 |
Commitments and contingencies | |||
Shareholders' equity: | |||
Common stock, $0.001 par, 500,000,000 shares authorized, 125,232,000 issued | 125 | 125 | 125 |
Paid-in capital | 162,677 | 191,501 | 192,917 |
Retained earnings | 716,719 | 737,165 | 716,154 |
Cumulative other comprehensive loss | (6,599) | (7,414) | (8,871) |
Less - 41,710,000, 42,050,000 and 42,218,000 common shares in treasury, at cost, respectively | (605,390) | (629,349) | (632,093) |
Total shareholders' equity | 267,532 | 292,028 | 268,232 |
Liabilities and Equity, Total | $ 803,611 | $ 843,082 | $ 867,406 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Nov. 25, 2017 | Feb. 25, 2017 | Nov. 26, 2016 |
Statement of Financial Position [Abstract] | |||
Cash and cash equivalents, temporary investments | $ 67,719 | $ 149,375 | $ 78,302 |
Properties and equipment, accumulated depreciation | $ 547,520 | $ 505,555 | $ 498,174 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares issued | 125,232,000 | 125,232,000 | 125,232,000 |
Treasury stock, shares | 41,710,000 | 42,050,000 | 42,218,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 25, 2017 | Nov. 26, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (3,428) | $ 3,488 |
Adjustments to reconcile to net cash provided by (used in) operating activities: | ||
Depreciation | 45,934 | 45,250 |
Stock-based compensation expense | 3,087 | 7,436 |
Deferred compensation, net | 1,940 | 5,738 |
Deferred income taxes | 5,663 | (5,694) |
Amortization of deferred gains | (814) | (804) |
Other | 2,982 | 4,240 |
Changes in cash from: | ||
Inventories | (17,892) | (73,973) |
Prepaid expenses and other assets | (33,366) | (20,194) |
Accounts payable and other liabilities | 14,914 | 41,946 |
Accrued income taxes payable, net of payments | (26,058) | (2,360) |
Net cash provided by (used in) operating activities | (7,038) | 5,073 |
Cash flows from investing activities: | ||
Capital expenditures | (41,057) | (32,019) |
Proceeds from disposition of properties | 71 | 66 |
Proceeds from sale of restricted investments | 27,428 | 2,058 |
Purchase of restricted investments | (25,742) | (1,043) |
Net cash used in investing activities | (39,300) | (30,938) |
Cash flows from financing activities: | ||
Cash dividends | (16,753) | (16,871) |
Purchases of treasury stock | (10,000) | (10,566) |
Stock purchase plan and other, net | 1,626 | 788 |
Repayments of long-term debt | (1,500) | (1,500) |
Debt issuance costs | (1,261) | |
Borrowings under revolving line of credit | 8,000 | 38,000 |
Repayments of borrowings under revolving line of credit | (8,000) | (13,000) |
Net cash used in financing activities | (27,888) | (3,149) |
Change in cash and cash equivalents | (74,226) | (29,014) |
Cash and cash equivalents at beginning of period | 154,460 | 115,221 |
Cash and cash equivalents at end of period | $ 80,234 | $ 86,207 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 9 months ended Nov. 25, 2017 - 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 Feb. 25, 2017 | $ 292,028 | $ 125 | $ 191,501 | $ 737,165 | $ (7,414) | $ (629,349) | |
Beginning Balance, Common Stock at Feb. 25, 2017 | 83,182 | ||||||
Net loss | (3,428) | (3,428) | |||||
Other comprehensive income | 815 | 815 | |||||
Purchases of treasury stock | (10,000) | (10,000) | |||||
Purchases of treasury stock (in shares) | (1,927) | ||||||
Stock-based compensation expense | 3,087 | (26,815) | 29,902 | ||||
Stock-based compensation expense (in shares) | 2,043 | ||||||
Stock purchase plan and other | 1,783 | (2,009) | (265) | 4,057 | |||
Stock purchase plan and other (in shares) | 224 | ||||||
Cash dividends ($0.21 per share) | (16,753) | (16,753) | |||||
Ending Balance at Nov. 25, 2017 | $ 267,532 | $ 125 | $ 162,677 | $ 716,719 | $ (6,599) | $ (605,390) | |
Ending Balance, Common Stock at Nov. 25, 2017 | 83,522 |
Consolidated Statement of Shar8
Consolidated Statement of Shareholders' Equity (Parenthetical) | 9 Months Ended |
Nov. 25, 2017$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends, per share | $ 0.21 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Nov. 25, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | NOTE 1 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share amounts were determined by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share amounts were similarly computed, and include the effect, if dilutive, of the Company’s weighted average number of stock options outstanding and shares of unvested restricted stock. Outstanding stock options totaling 395,269 were excluded from the computation of diluted earnings per share for the three months ended November 25, 2017, as the effect would be antidilutive. Outstanding stock options and shares of unvested restricted stock totaling 1,755,991 were excluded from the computation of diluted loss per share for the nine months ended November 25, 2017, as the effect would be antidilutive. Outstanding stock options totaling 1,129,000 and 1,885,000 were excluded from the computation of diluted earnings per share for the three and nine months ended November 26, 2016, respectively, as the effect would be antidilutive. Earnings (loss) per share amounts were calculated as follows (in thousands except per share amounts): Three Months Ended Nine Months Ended November 25, November 26, November 25, November 26, Net income (loss) $ 7,381 $ 13,577 $ (3,428 ) $ 3,488 Weighted average shares outstanding: Basic 79,658 80,680 80,363 80,926 Effect of dilutive stock options — 2 — 1 Effect of dilutive restricted stock — 1 — — Diluted 79,658 80,683 80,363 80,927 Earnings (loss) per share: Basic $ 0.09 $ 0.17 $ (0.04 ) $ 0.04 Diluted $ 0.09 $ 0.17 $ (0.04 ) $ 0.04 |
Matters Concerning Shareholders
Matters Concerning Shareholders' Equity | 9 Months Ended |
Nov. 25, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Matters Concerning Shareholders' Equity | NOTE 2 – MATTERS CONCERNING SHAREHOLDERS’ EQUITY Restricted stock compensation Share repurchase program |
Long-Term Debt and Available Cr
Long-Term Debt and Available Credit | 9 Months Ended |
Nov. 25, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Available Credit | NOTE 3 – LONG-TERM DEBT AND AVAILABLE CREDIT Revolving Credit Facility Credit extensions under the amended Revolving Credit Facility are limited to the lesser of $350,000,000 or the amount of the calculated borrowing base. At the Company’s option, borrowings will bear interest at either (a) the adjusted LIBOR rate plus a spread varying from 125 to 150 basis points per annum, depending on the amount then borrowed under the amended Revolving Credit Facility, or (b) the prime rate plus a spread varying from 25 to 50 basis points per annum, depending on the amount then borrowed under the amended Revolving Credit Facility. Provided that there is no default and no default would occur as a result thereof, the Company may request that the amended Revolving Credit Facility be increased to an amount not to exceed $500,000,000. The amendment did not result in any other material changes to the Revolving Credit Facility. At the end of the third quarter of fiscal 2018, credit extensions under the amended Revolving Credit Facility were limited to the lesser of $350,000,000 or the amount of the calculated borrowing base, which was $404,509,000 as of November 25, 2017. The Company had no cash borrowings and $40,081,000 in letters of credit and bankers’ acceptances outstanding under the amended Revolving Credit Facility, with $309,919,000 remaining available for cash borrowings, all as of November 25, 2017. Term Loan Facility The fair value of the amount outstanding under the Term Loan Facility was approximately $185,760,000 as of November 25, 2017, which was measured at fair value using the quoted market price. The fair value measurement is classified as Level 2 in the fair value hierarchy based on the frequency and volume of trading for which the price was readily available. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. |
Defined Benefit Plans
Defined Benefit Plans | 9 Months Ended |
Nov. 25, 2017 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plans | NOTE 4 – DEFINED BENEFIT PLANS 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 plans are not funded and thus have no plan assets. Benefit costs are determined using actuarial cost methods to estimate the total benefits ultimately payable to executive officers, and this cost is allocated to the respective service periods. The actuarial assumptions used to calculate benefit costs are reviewed annually or in the event of a material change in the plans or participation in the plans. The three and nine months ended November 26, 2016, include a curtailment charge of $1,562,000 for revised defined benefit plan assumptions related to the departure of the Company’s former CEO in fiscal 2017. The components of net periodic benefit cost are shown in the table below (in thousands). The amortization of amounts related to unrecognized prior service cost and net actuarial loss was reclassified out of other comprehensive income (loss) as a component of net periodic benefit cost. Three Months Ended Nine Months Ended November 25, November 26, November 25, November 26, Components of net periodic benefit cost: Service cost $ 72 $ 72 $ 217 $ 845 Interest cost 71 199 214 586 Amortization of unrecognized prior service cost 7 7 22 37 Amortization of net actuarial loss 133 689 397 1,589 Curtailment charge — 1,562 — 1,562 Net periodic benefit cost $ 283 $ 2,529 $ 850 $ 4,619 |
Income Tax
Income Tax | 9 Months Ended |
Nov. 25, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax | NOTE 5 – INCOME TAX The income tax provision for the third quarter of fiscal 2018 was $3,704,000, compared to $6,001,000 during the same period in the prior fiscal year. The effective tax rate for the third quarter of fiscal 2018 was 33.4%, compared to 30.7% in the same period during fiscal 2017. The income tax benefit for the first nine months of fiscal 2018 was $4,201,000, compared to $882,000 during the same period in the prior fiscal year. The effective tax rate for the first nine months of fiscal 2018 was 55.1%, compared to (33.8%) in the same period during fiscal 2017. The decrease in the income tax provision for the third quarter of fiscal 2018 primarily relates to the Company’s lower pre-tax pre-tax pre-tax one-time non-deductible Note 6 – Commitments and Contingencies pre-tax As of November 25, 2017, the Company had total unrecognized tax benefits of $5,095,000, the majority of which, if recognized, would 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 settlements with certain taxing jurisdictions. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 25, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 6 – COMMITMENTS AND CONTINGENCIES Putative class action complaints were filed in the United States District Court for the Northern District of Texas – Dallas Division against Pier 1 Imports, Inc., Alexander W. Smith and Charles H. Turner in August and October 2015 alleging violations under the Securities Exchange Act of 1934, as amended. The lawsuits, which have been consolidated into a single action captioned Town of Davie Police Pension Plan, Plaintiff, v. Pier 1 Imports, Inc., Alexander W. Smith and Charles H. Turner, Defendants, were filed on behalf of a purported putative class of investors who purchased or otherwise acquired stock of Pier 1 Imports, Inc. between April 10, 2014 and December 17, 2015. The plaintiffs seek to recover damages purportedly caused by the Defendants’ alleged violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 The Company announced in January 2016 a voluntary recall of its Swingasan Chair and Stand in cooperation with the CPSC. In September 2016, the Company received a staff investigatory letter from the CPSC indicating that the CPSC would investigate whether the Company complied with certain reporting requirements of the Consumer Product Safety Act with respect to the recall. The Company responded to the inquiry and cooperated with the CPSC. On September 20, 2017, the Company received a letter from the CPSC proposing to resolve certain alleged violations of the Consumer Product Safety Act relating to the Swingasan recall on terms which would require, among other things, the payment of a civil money penalty. On October 27, 2017, the Company submitted its response to the CPSC letter. The Company disagrees with a number of the allegations and legal conclusions asserted by the CPSC and believes the requested civil money penalty is excessive in view of the circumstances. Given the nature of this matter and the uncertainty as to how and when it will be resolved, the Company believes that a reasonable estimate of the potential range of loss in connection with this matter is $2,000,000 to $6,200,000. While we anticipate that the final settlement will fall within the estimated range of outcomes, the final terms of the resolution of this matter cannot be predicted with certainty and no assurances can be given as to the specific amount that the Company may be required to pay. The Company is a defendant in lawsuits pending in federal courts in California containing various class action allegations under California state wage-and-hour The Company recognized expense of $6,600,000 in the second quarter of fiscal 2018 attributable to the legal and regulatory proceedings described in the two preceding paragraphs as a component of selling, general and administrative expenses. There are 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 described in the first paragraph in this Note and liability insurance against most of the other matters noted in this paragraph. It is the opinion of management, after consultation with counsel, that the ultimate resolution of such matters will not have a material adverse effect, either individually or in the aggregate, on the Company’s financial condition, results of operations or liquidity. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Nov. 25, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | NOTE 7 – NEW ACCOUNTING STANDARDS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” 2015-14 revenue standard ASU 2014-09 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations.” 2016-08 2016-10, “Identifying Performance Obligations and Licensing,” 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” 2016-20 2016-20 In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” 2016-02, 2016-02 2016-02 2016-02 2016-02 In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement 2015-05 2015-05 2015-05 2016-19, Technical Corrections and Improvements 2016-19 350-40 2015-05 2016-19 2016-19 In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09 2016-09 2016-09 2016-09 2016-09 2016-09, In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting. 2017-09 2017-09, 2017-09 2017-09 |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 9 Months Ended |
Nov. 25, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” 2015-14 revenue standard ASU 2014-09 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations.” 2016-08 2016-10, “Identifying Performance Obligations and Licensing,” 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” 2016-20 2016-20 In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” 2016-02, 2016-02 2016-02 2016-02 2016-02 In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement 2015-05 2015-05 2015-05 2016-19, Technical Corrections and Improvements 2016-19 350-40 2015-05 2016-19 2016-19 In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09 2016-09 2016-09 2016-09 2016-09 2016-09, In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting. 2017-09 2017-09, 2017-09 2017-09 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Nov. 25, 2017 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings (Loss) Per Share Amounts | Earnings (loss) per share amounts were calculated as follows (in thousands except per share amounts): Three Months Ended Nine Months Ended November 25, November 26, November 25, November 26, Net income (loss) $ 7,381 $ 13,577 $ (3,428 ) $ 3,488 Weighted average shares outstanding: Basic 79,658 80,680 80,363 80,926 Effect of dilutive stock options — 2 — 1 Effect of dilutive restricted stock — 1 — — Diluted 79,658 80,683 80,363 80,927 Earnings (loss) per share: Basic $ 0.09 $ 0.17 $ (0.04 ) $ 0.04 Diluted $ 0.09 $ 0.17 $ (0.04 ) $ 0.04 |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 9 Months Ended |
Nov. 25, 2017 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost are shown in the table below (in thousands). The amortization of amounts related to unrecognized prior service cost and net actuarial loss was reclassified out of other comprehensive income (loss) as a component of net periodic benefit cost. Three Months Ended Nine Months Ended November 25, November 26, November 25, November 26, Components of net periodic benefit cost: Service cost $ 72 $ 72 $ 217 $ 845 Interest cost 71 199 214 586 Amortization of unrecognized prior service cost 7 7 22 37 Amortization of net actuarial loss 133 689 397 1,589 Curtailment charge — 1,562 — 1,562 Net periodic benefit cost $ 283 $ 2,529 $ 850 $ 4,619 |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2017 | Nov. 26, 2016 | Nov. 25, 2017 | Nov. 26, 2016 | |
Earnings Per Share [Abstract] | ||||
Outstanding stock options and shares excluded from computation of diluted earnings (loss) per share | 395,269 | 1,129,000 | 1,755,991 | 1,885,000 |
Calculation of Earnings (Loss)
Calculation of Earnings (Loss) Per Share Amounts (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2017 | Nov. 26, 2016 | Nov. 25, 2017 | Nov. 26, 2016 | |
Earnings Per Share Disclosure [Line Items] | ||||
Net income (loss) | $ 7,381 | $ 13,577 | $ (3,428) | $ 3,488 |
Basic | 79,658 | 80,680 | 80,363 | 80,926 |
Diluted | 79,658 | 80,683 | 80,363 | 80,927 |
Basic | $ 0.09 | $ 0.17 | $ (0.04) | $ 0.04 |
Diluted | $ 0.09 | $ 0.17 | $ (0.04) | $ 0.04 |
Employee Stock Option | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Effect of dilutive stock | 2 | 1 | ||
Restricted Stock Awards | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Effect of dilutive stock | 1 |
Matters Concerning Shareholde21
Matters Concerning Shareholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2017 | Nov. 26, 2016 | Nov. 25, 2017 | Nov. 26, 2016 | |
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | ||||
Cost of shares repurchased | $ 10,000,000 | |||
Share Repurchase Program April 2014 | ||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | ||||
Common stock repurchased under Share repurchase plan | 1,926,602 | |||
Weighted average cost | $ 5.19 | |||
Amount remained for repurchase | $ 26,610,000 | $ 26,610,000 | ||
Cost of shares repurchased | 10,000,000 | |||
Share repurchase program authorized amount | 200,000,000 | 200,000,000 | ||
Restricted Stock Awards | ||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | ||||
Recorded stock-based compensation expense | 489,000 | $ 4,664,000 | 2,948,000 | $ 7,392,000 |
Reversal of share based compensation expense | 400,000 | |||
Total unrecognized compensation expense related to unvested stock awards | $ 28,063,000 | $ 28,063,000 | ||
Weighted average period for recognizing unrecognized compensation expense, in years | 1 year 6 months | |||
Restricted Stock Awards | Former Chief Executive Officer | ||||
Share Based Compensation Arrangements and Share Repurchase Plan [Line Items] | ||||
Additional expense for accelerated vesting of certain restricted stock awards | $ 3,900,000 |
Long-Term Debt and Available 22
Long-Term Debt and Available Credit - Additional Information (Detail) - USD ($) | Jun. 02, 2017 | May 27, 2017 | Nov. 25, 2017 | Feb. 25, 2017 | Nov. 26, 2016 |
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $ 25,000,000 | ||||
Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Borrowings under term loan facility | $ 193,500,000 | $ 195,000,000 | 195,500,000 | ||
Carrying value of long term debt | 190,780,000 | $ 191,676,000 | $ 191,974,000 | ||
Fair Value, Inputs, Level 2 | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Fair value of term loan facility | 185,760,000 | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility , maximum borrowing capacity | $ 350,000,000 | $ 350,000,000 | 350,000,000 | ||
Credit facility accordion feature | $ 150,000,000 | $ 100,000,000 | |||
Extended maturity date of revolving credit facility | Jun. 2, 2022 | ||||
Potential increase to credit facility | $ 500,000,000 | ||||
Credit facility borrowing base | 404,509,000 | ||||
Borrowings outstanding | 0 | ||||
Remaining borrowing | 309,919,000 | ||||
Revolving Credit Facility | LIBOR | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis points | 1.25% | ||||
Revolving Credit Facility | LIBOR | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis points | 1.50% | ||||
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 | 0.50% | ||||
Letters of Credit And Bankers' Acceptances | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $ 40,081,000 |
Defined Benefit Plans - Additio
Defined Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Nov. 26, 2016 | Nov. 26, 2016 | |
Supplemental Employee Retirement Plans, Defined Benefit | Former Chief Executive Officer | ||
Schedule Of Defined Benefit Plans Disclosures [Line Items] | ||
Curtailment charge for revised defined benefit plan | $ 1,562 | $ 1,562 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2017 | Nov. 26, 2016 | Nov. 25, 2017 | Nov. 26, 2016 | |
Components of net periodic benefit cost: | ||||
Service cost | $ 72 | $ 72 | $ 217 | $ 845 |
Interest cost | 71 | 199 | 214 | 586 |
Amortization of unrecognized prior service cost | 7 | 7 | 22 | 37 |
Amortization of net actuarial loss | 133 | 689 | 397 | 1,589 |
Curtailment charge | 1,562 | 1,562 | ||
Net periodic benefit cost | $ 283 | $ 2,529 | $ 850 | $ 4,619 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2017 | Nov. 26, 2016 | Nov. 25, 2017 | Nov. 26, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision (benefit) | $ 3,704 | $ 6,001 | $ (4,201) | $ (882) |
Effective tax rate | 33.40% | 30.70% | 55.10% | (33.80%) |
Unrecognized tax benefits | $ 5,095 | $ 5,095 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Aug. 26, 2017 | Nov. 25, 2017 | |
Selling, General and Administrative Expenses | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Legal and regulatory expenses | $ 6,600,000 | |
Minimum | Swingasan Chair and Stand | Voluntary Product Recall | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Estimate of potential loss | $ 2,000,000 | |
Maximum | Swingasan Chair and Stand | Voluntary Product Recall | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Estimate of potential loss | $ 6,200,000 |