Cover Page
Cover Page - shares | 9 Months Ended | |
Oct. 30, 2021 | Nov. 27, 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-6140 | |
Entity Registrant Name | DILLARD’S, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 71-0388071 | |
Entity Address, Address Line One | 1600 CANTRELL ROAD | |
Entity Address, City or Town | LITTLE ROCK | |
Entity Address, State or Province | AR | |
Entity Address, Postal Zip Code | 72201 | |
City Area Code | 501 | |
Local Phone Number | 376-5200 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | DDS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0000028917 | |
Entity Shell Company | false | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-29 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Common Stock Class A | ||
Entity Common Stock, Shares Outstanding | 15,447,941 | |
Common Stock Class B | ||
Entity Common Stock, Shares Outstanding | 3,986,233 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 619,721 | $ 360,339 | $ 61,124 |
Accounts receivable | 28,472 | 36,693 | 28,406 |
Merchandise inventories | 1,525,860 | 1,087,763 | 1,545,264 |
Federal and state income taxes | 99,764 | 118,439 | 126,973 |
Other current assets | 102,981 | 58,706 | 65,631 |
Total current assets | 2,376,798 | 1,661,940 | 1,827,398 |
Property and equipment (net of accumulated depreciation and amortization of $2,586,059, $2,466,000 and $2,471,565, respectively) | 1,218,840 | 1,289,302 | 1,348,799 |
Operating lease assets | 41,189 | 47,612 | 40,471 |
Deferred income taxes | 34,809 | 23,453 | 14,740 |
Other assets | 68,560 | 70,208 | 74,581 |
Total assets | 3,740,196 | 3,092,515 | 3,305,989 |
Current liabilities: | |||
Trade accounts payable and accrued expenses | 1,285,786 | 758,363 | 1,031,806 |
Current portion of finance lease liabilities | 180 | 695 | 849 |
Current portion of operating lease liabilities | 11,432 | 13,819 | 12,775 |
Other short-term borrowings | 0 | 0 | 15,000 |
Total current liabilities | 1,297,398 | 772,877 | 1,060,430 |
Long-term debt | 365,982 | 365,849 | 365,814 |
Finance lease liabilities | 0 | 0 | 180 |
Operating lease liabilities | 29,293 | 33,392 | 27,412 |
Other liabilities | 283,323 | 279,389 | 271,324 |
Subordinated debentures | 200,000 | 200,000 | 200,000 |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Common stock | 1,240 | 1,240 | 1,240 |
Additional paid-in capital | 955,198 | 954,131 | 952,522 |
Accumulated other comprehensive loss | (33,350) | (34,935) | (29,768) |
Retained earnings | 5,002,074 | 4,471,269 | 4,407,532 |
Less treasury stock, at cost | (4,360,962) | (3,950,697) | (3,950,697) |
Total stockholders’ equity | 1,564,200 | 1,441,008 | 1,380,829 |
Total liabilities and stockholders’ equity | $ 3,740,196 | $ 3,092,515 | $ 3,305,989 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Statement of Financial Position [Abstract] | |||
Property and equipment, accumulated depreciation and amortization | $ 2,586,059 | $ 2,466,000 | $ 2,471,565 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,480,999 | $ 1,024,899 | $ 4,379,920 | $ 2,730,598 |
Service charges and other income | 30,913 | 27,213 | 90,959 | 88,273 |
Total net sales, service charges and other income | 1,511,912 | 1,052,112 | 4,470,879 | 2,818,871 |
Cost of sales | 796,276 | 658,684 | 2,497,575 | 1,987,000 |
Selling, general and administrative expenses | 393,191 | 318,218 | 1,095,673 | 875,726 |
Depreciation and amortization | 50,188 | 53,377 | 146,639 | 155,229 |
Rentals | 4,947 | 5,115 | 15,157 | 16,304 |
Interest and debt expense, net | 10,550 | 12,162 | 32,856 | 37,305 |
Other expense | 2,134 | 2,105 | 9,232 | 6,313 |
(Gain) loss on disposal of assets | (4) | 2,221 | (24,686) | 2,235 |
Income (loss) before income taxes | 254,630 | 230 | 698,433 | (261,241) |
Income taxes (benefit) | 57,300 | (31,620) | 157,200 | (122,550) |
Net income (loss) | $ 197,330 | $ 31,850 | $ 541,233 | $ (138,691) |
Earnings (loss) per share: | ||||
Earnings (loss) per share: basic and diluted | $ 9.81 | $ 1.43 | $ 25.76 | $ (6.05) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 197,330 | $ 31,850 | $ 541,233 | $ (138,691) |
Other comprehensive income: | ||||
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $168, $138, $505 and $414, respectively) | 528 | 430 | 1,585 | 1,291 |
Comprehensive income (loss) | $ 197,858 | $ 32,280 | $ 542,818 | $ (137,400) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Amortization of retirement plan and other retiree benefit adjustments, tax | $ 168 | $ 138 | $ 505 | $ 414 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] |
Balance at Feb. 01, 2020 | $ 1,623,259 | $ 1,239 | $ 951,726 | $ (31,059) | $ 4,556,494 | $ (3,855,141) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | (138,691) | (138,691) | ||||
Other comprehensive income | 1,291 | 1,291 | ||||
Issuance of 9,000 and 32,000 shares under equity plans during the nine months ended October 30, 2021 and October 31, 2020, respectively | 797 | 1 | 796 | |||
Purchase of 1,230,705 and 645,284 shares of treasury stock during the three months ended and 2,590,065 and 2,230,877 shares during the nine months ended October 30, 2021 and October 31, 2020, respectively | (95,556) | (95,556) | ||||
Cash dividends declared: | ||||||
Common Stock, $0.20 and $0.15 per share for the three months ended and $0.50 and $0.45 per share for the nine months ended October 30, 2021 and October 31, 2020, respectively | (10,271) | (10,271) | ||||
Balance at Oct. 31, 2020 | 1,380,829 | 1,240 | 952,522 | (29,768) | 4,407,532 | (3,950,697) |
Balance at Aug. 01, 2020 | 1,371,314 | 1,240 | 952,522 | (30,198) | 4,378,988 | (3,931,238) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | 31,850 | 31,850 | ||||
Other comprehensive income | 430 | 430 | ||||
Purchase of 1,230,705 and 645,284 shares of treasury stock during the three months ended and 2,590,065 and 2,230,877 shares during the nine months ended October 30, 2021 and October 31, 2020, respectively | (19,459) | (19,459) | ||||
Cash dividends declared: | ||||||
Common Stock, $0.20 and $0.15 per share for the three months ended and $0.50 and $0.45 per share for the nine months ended October 30, 2021 and October 31, 2020, respectively | (3,306) | (3,306) | ||||
Balance at Oct. 31, 2020 | 1,380,829 | 1,240 | 952,522 | (29,768) | 4,407,532 | (3,950,697) |
Balance at Jan. 30, 2021 | 1,441,008 | 1,240 | 954,131 | (34,935) | 4,471,269 | (3,950,697) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | 541,233 | 541,233 | ||||
Other comprehensive income | 1,585 | 1,585 | ||||
Issuance of 9,000 and 32,000 shares under equity plans during the nine months ended October 30, 2021 and October 31, 2020, respectively | 1,067 | 0 | 1,067 | |||
Purchase of 1,230,705 and 645,284 shares of treasury stock during the three months ended and 2,590,065 and 2,230,877 shares during the nine months ended October 30, 2021 and October 31, 2020, respectively | (410,265) | (410,265) | ||||
Cash dividends declared: | ||||||
Common Stock, $0.20 and $0.15 per share for the three months ended and $0.50 and $0.45 per share for the nine months ended October 30, 2021 and October 31, 2020, respectively | (10,428) | (10,428) | ||||
Balance at Oct. 30, 2021 | 1,564,200 | 1,240 | 955,198 | (33,350) | 5,002,074 | (4,360,962) |
Balance at Jul. 31, 2021 | 1,609,579 | 1,240 | 955,198 | (33,878) | 4,808,737 | (4,121,718) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | 197,330 | 197,330 | ||||
Other comprehensive income | 528 | 528 | ||||
Purchase of 1,230,705 and 645,284 shares of treasury stock during the three months ended and 2,590,065 and 2,230,877 shares during the nine months ended October 30, 2021 and October 31, 2020, respectively | (239,244) | (239,244) | ||||
Cash dividends declared: | ||||||
Common Stock, $0.20 and $0.15 per share for the three months ended and $0.50 and $0.45 per share for the nine months ended October 30, 2021 and October 31, 2020, respectively | (3,993) | (3,993) | ||||
Balance at Oct. 30, 2021 | $ 1,564,200 | $ 1,240 | $ 955,198 | $ (33,350) | $ 5,002,074 | $ (4,360,962) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY [Abstract] | ||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 9,000 | 32,000 | ||
Treasury Stock, Shares, Acquired | 1,230,705 | 645,284 | 2,590,065 | 2,230,877 |
Common Stock, Dividends, Per Share, Declared | $ 0.20 | $ 0.15 | $ 0.50 | $ 0.45 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 30, 2021 | Oct. 31, 2020 | |
Operating activities: | ||
Net income (loss) | $ 541,233 | $ (138,691) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization of property and other deferred cost | 148,319 | 157,335 |
(Gain) loss on disposal of assets | (24,686) | 2,235 |
Proceeds from insurance | 2,902 | 8,659 |
Loss on early extinguishment of debt | 2,830 | 0 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 8,221 | 17,754 |
Increase in merchandise inventories | (438,097) | (80,257) |
Increase in other current assets | (49,214) | (13,680) |
(Increase) decrease in other assets | (2,492) | 456 |
Increase in trade accounts payable and accrued expenses and other liabilities | 528,087 | 145,745 |
Increase (decrease) in income taxes | 10,980 | (162,494) |
Net cash provided by (used in) operating activities | 728,083 | (62,938) |
Investing activities: | ||
Purchase of property and equipment and capitalized software | (79,748) | (52,100) |
Proceeds from disposal of assets | 29,293 | 1,533 |
Proceeds from insurance | 3,801 | 0 |
Distribution from joint venture | 1,475 | 215 |
Net cash used in investing activities | (45,179) | (50,352) |
Financing activities: | ||
Principal payments on long-term debt and finance lease liabilities | (515) | (885) |
Issuance cost of line of credit | (3,008) | (3,230) |
Increase in short-term borrowings | 0 | 15,000 |
Cash dividends paid | (9,734) | (10,669) |
Purchase of treasury stock | (410,265) | (102,879) |
Net cash used in financing activities | (423,522) | (102,663) |
Increase (decrease) in cash and cash equivalents | 259,382 | (215,953) |
Cash and cash equivalents, beginning of period | 360,339 | 277,077 |
Cash and cash equivalents, end of period | 619,721 | 61,124 |
Non-cash transactions: | ||
Accrued capital expenditures | 7,168 | 6,038 |
Stock awards | 1,067 | 797 |
Lease assets obtained in exchange for new operating lease liabilities | $ 4,536 | $ 4,084 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of Dillard’s, Inc. (the “Company”) have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended October 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending January 29, 2022 due to, among other factors, the seasonal nature of the business and the ongoing effect of the COVID-19 pandemic. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2021 filed with the SEC on March 29, 2021. COVID-19 In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic, which continues to impact the United States and global economies. The COVID-19 pandemic has had and may continue to have a significant impact on the Company's business, results of operations and financial position. The Company began closing stores on March 19, 2020 as mandated by state and local governments, and by April 9, 2020, all brick-and-mortar store locations were temporarily closed to the public. Our eCommerce capabilities allowed us to use our closed store locations (with limited staffing) to fill orders from our Internet store. During the month ended May 30, 2020 (fiscal May), we re-opened most of our full-line stores, and by June 2, 2020 all Dillard's store locations had been re-opened. Following our re-opening, a very small number of our locations were temporarily closed to in-store shopping due to government mandate. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Oct. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles | Accounting Standards Recently Adopted Accounting Pronouncements Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , as part of its initiative to reduce complexity in accounting standards. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments within ASU No. 2019-12 are effective for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, and early adoption is permitted. The adoption of this update did not have a material impact on the Company's consolidated financial statements. Facilitation of the Effects of Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. This guidance is optional for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. More specifically, the amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This guidance is effective from March 12, 2020 through December 31, 2022. Entities may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. The adoption of this update did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements Management believes there is no other accounting guidance issued but not yet effective that would be relevant to the Company's current financial statements. |
Business Segments
Business Segments | 9 Months Ended |
Oct. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company operates in two reportable segments: the operation of retail department stores (“retail operations”) and a general contracting construction company (“construction”). For the Company’s retail operations, the Company determined its operating segments on a store by store basis. Each store’s operating performance has been aggregated into one reportable segment. The Company’s operating segments are aggregated for financial reporting purposes because they are similar in each of the following areas: economic characteristics, class of consumer, nature of products and distribution methods. Revenues from external customers are derived from merchandise sales, and the Company does not rely on any major customers as a source of revenue. Across all stores, the Company operates one store format under the Dillard’s name where each store offers the same general mix of merchandise with similar categories and similar customers. The Company believes that disaggregating its operating segments would not provide meaningful additional information. The following table summarizes the percentage of net sales by segment and major product line: Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Retail operations segment Cosmetics 13 % 14 % 13 % 14 % Ladies’ apparel 22 20 23 21 Ladies’ accessories and lingerie 14 15 15 15 Juniors’ and children’s apparel 11 10 10 10 Men’s apparel and accessories 20 18 19 18 Shoes 16 16 15 15 Home and furniture 3 4 3 4 99 97 98 97 Construction segment 1 3 2 3 Total 100 % 100 % 100 % 100 % The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations: (in thousands of dollars) Retail Construction Consolidated Three Months Ended October 30, 2021 Net sales from external customers $ 1,460,184 $ 20,815 $ 1,480,999 Gross profit 682,317 2,406 684,723 Depreciation and amortization 50,122 66 50,188 Interest and debt expense (income), net 10,557 (7) 10,550 Income before income taxes 254,152 478 254,630 Total assets 3,703,257 36,939 3,740,196 Three Months Ended October 31, 2020 Net sales from external customers $ 994,588 $ 30,311 $ 1,024,899 Gross profit 364,232 1,983 366,215 Depreciation and amortization 53,290 87 53,377 Interest and debt expense (income), net 12,167 (5) 12,162 (Loss) income before income taxes (232) 462 230 Total assets 3,279,241 26,748 3,305,989 Nine Months Ended October 30, 2021 Net sales from external customers $ 4,296,316 $ 83,604 $ 4,379,920 Gross profit 1,876,558 5,787 1,882,345 Depreciation and amortization 146,441 198 146,639 Interest and debt expense (income), net 32,889 (33) 32,856 Income before income taxes 697,140 1,293 698,433 Total assets 3,703,257 36,939 3,740,196 Nine Months Ended October 31, 2020 Net sales from external customers $ 2,638,831 $ 91,767 $ 2,730,598 Gross profit 737,673 5,925 743,598 Depreciation and amortization 154,806 423 155,229 Interest and debt expense (income), net 37,343 (38) 37,305 (Loss) income before income taxes (262,598) 1,357 (261,241) Total assets 3,279,241 26,748 3,305,989 Intersegment construction revenues of $12.0 million and $4.1 million for the three months ended October 30, 2021 and October 31, 2020, respectively, and $28.6 million and $22.3 million for the nine months ended October 30, 2021 and October 31, 2020, respectively, were eliminated during consolidation and have been excluded from net sales for the respective periods. The retail operations segment gives rise to contract liabilities through the customer loyalty program associated with Dillard's private label cards and through the issuances of gift cards. The loyalty program liability and a portion of the gift card liability is included in trade accounts payable and accrued expenses, and a portion of the gift card liability is included in other liabilities on the condensed consolidated balance sheets. Our retail operations segment contract liabilities are as follows: Retail (in thousands of dollars) October 30, January 30, October 31, February 1, Contract liabilities $ 59,718 $ 68,021 $ 54,684 $ 75,229 During the nine months ended October 30, 2021 and October 31, 2020, the Company recorded $35.4 million and $39.7 million, respectively, in revenue that was previously included in the retail operations contract liability balances of $68.0 million and $75.2 million at January 30, 2021 and February 1, 2020, respectively. Construction contracts give rise to accounts receivable, contract assets and contract liabilities. We record accounts receivable based on amounts expected to be collected from customers. We also record costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) in other current assets and trade accounts payable and accrued expenses in the condensed consolidated balance sheets, respectively. The amounts included in the condensed consolidated balance sheets are as follows: Construction (in thousands of dollars) October 30, January 30, October 31, February 1, Accounts receivable $ 18,586 $ 25,094 $ 18,689 $ 28,522 Costs and estimated earnings in excess of billings on uncompleted contracts 2,333 450 781 2,179 Billings in excess of costs and estimated earnings on uncompleted contracts 6,521 4,685 5,808 5,737 During the nine months ended October 30, 2021 and October 31, 2020, the Company recorded $4.1 million and $4.9 million, respectively, in revenue that was previously included in billings in excess of costs and estimated earnings on uncompleted contracts of $4.7 million and $5.7 million at January 30, 2021 and February 1, 2020, respectively. The remaining performance obligations related to executed construction contracts totaled $84.2 million, $76.2 million and $97.2 million at October 30, 2021, January 30, 2021 and October 31, 2020, respectively. |
Earnings Per Share Data
Earnings Per Share Data | 9 Months Ended |
Oct. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Data | Earnings (Loss) Per Share Data The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods indicated (in thousands, except per share data). Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Net income (loss) $ 197,330 $ 31,850 $ 541,233 $ (138,691) Weighted average shares of common stock outstanding 20,109 22,264 21,009 22,930 Basic and diluted earnings (loss) per share $ 9.81 $ 1.43 $ 25.76 $ (6.05) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Various legal proceedings, in the form of lawsuits and claims, which occur in the normal course of business, are pending against the Company and its subsidiaries. In the opinion of management, disposition of these matters, individually or in the aggregate, is not expected to have a material adverse effect on the Company’s financial position, cash flows or results of operations. At October 30, 2021, letters of credit totaling $20.1 million were issued under the Company’s revolving credit facility. See Note 7, Revolving Credit Agreement , for additional information. |
Benefit Plans
Benefit Plans | 9 Months Ended |
Oct. 30, 2021 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans The Company has an unfunded, nonqualified defined benefit plan (“Pension Plan”) for its officers. The Pension Plan is noncontributory and provides benefits based on years of service and compensation during employment. The Company determines pension expense using an actuarial cost method to estimate the total benefits ultimately payable to officers and allocates this cost to service periods. The actuarial assumptions used to calculate pension costs are reviewed annually. The Company contributed $1.6 million and $4.8 million to the Pension Plan during the three and nine months ended October 30, 2021, respectively, and expects to make additional contributions to the Pension Plan of approximately $1.6 million during the remainder of fiscal 2021. The components of net periodic benefit costs are as follows (in thousands): Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Components of net periodic benefit costs: Service cost $ 1,067 $ 1,090 $ 3,201 $ 3,270 Interest cost 1,438 1,536 4,312 4,608 Net actuarial loss 696 568 2,090 1,705 Net periodic benefit costs $ 3,201 $ 3,194 $ 9,603 $ 9,583 |
Revolving Credit Agreement
Revolving Credit Agreement | 9 Months Ended |
Oct. 30, 2021 | |
Line of Credit Facility [Abstract] | |
Short-term Debt | Revolving Credit Agreement The Company maintained an unsecured credit facility that provided a borrowing capacity of $800 million with a $200 million expansion option ("credit agreement") until the credit agreement was amended in April 2020 (the "2020 amended credit agreement"). After giving effect to the amendment, the 2020 amended credit agreement became secured by certain deposit accounts of the Company and certain inventory of certain subsidiaries. In April 2021, the Company further amended its secured credit agreement (the "2021 amended credit agreement"). The borrowing capacity remained at $800 million, subject to certain limitations as outlined in the 2021 amended credit agreement, with a $200 million expansion option. The 2021 amended credit agreement is available to the Company for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. The Company pays a variable rate of interest on borrowings under the 2021 amended credit agreement and a commitment fee to the participating banks. The rate of interest on borrowings under the 2021 amended credit agreement is LIBOR plus 1.75% if average quarterly availability is less than 50% of the total commitment, as defined in the 2021 amended credit agreement ("total commitment"), and the rate of interest on borrowings is LIBOR plus 1.50% if average quarterly availability is greater than or equal to 50% of the total commitment. The commitment fee for unused borrowings is 0.30% per annum if average borrowings are less than 35% of the total commitment and 0.25% if average borrowings are greater than or equal to 35% of the total commitment. As long as availability exceeds $80 million and certain events of default have not occurred and are not continuing, there are no financial covenant requirements under the 2021 amended credit agreement. The 2021 amended credit agreement matures on April 28, 2026. At October 30, 2021, no borrowings were outstanding, and letters of credit totaling $20.1 million were issued under the 2021 amended credit agreement leaving unutilized availability under the credit facility of $779.9 million. |
Stock Repurchase Programs
Stock Repurchase Programs | 9 Months Ended |
Oct. 30, 2021 | |
Schedule of Share Repurchase Program Activity [Abstract] | |
Stock Repurchase Programs | Stock Repurchase Programs In March 2018, the Company's Board of Directors authorized the repurchase of up to $500 million of the Company’s Class A Common Stock under an open-ended stock repurchase plan ("March 2018 Plan"). The March 2018 Plan permitted the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 or through privately negotiated transactions and had no expiration date. During the nine months ended October 30, 2021, the Company completed the authorized purchases under the March 2018 Plan. In May 2021, the Company's Board of Directors authorized the repurchase of up to $500 million of the Company’s Class A Common Stock under a new open-ended stock repurchase plan ("May 2021 Plan"). The May 2021 Plan permits the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 or through privately negotiated transactions and has no expiration date. As of October 30, 2021, $262.9 million of authorization remained under the May 2021 Plan. The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data): Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Cost of shares repurchased $ 239,244 $ 19,459 $ 410,265 $ 95,556 Number of shares repurchased 1,231 645 2,590 2,231 Average price per share $ 194.40 $ 30.16 $ 158.40 $ 42.83 All repurchases of the Company’s Class A Common Stock above were made at the market price at the trade date. All amounts paid to reacquire these shares were allocated to treasury stock. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesDuring the three and nine months ended October 30, 2021, income tax expense differed from what would be computed using the statutory federal income tax rate primarily due to the effects of state and local income taxes. The Company was in a net operating loss position for the fiscal year ended January 30, 2021. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act, signed into law on March 27, 2020, allows for net operating loss carryback to years in which the statutory federal income tax rate was 35% rather than the current 21%. During the three and nine months ended October 31, 2020, income tax benefit differed from what would be computed using the current statutory federal income tax rate of 21% primarily due to the recognition of a net tax benefit of $32.4 million and $64.6 million, respectively, related to the rate differential in the carryback year. Income tax benefit for the three and nine months also included the effects of state and local income taxes. |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | 9 Months Ended |
Oct. 30, 2021 | |
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | |
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | Reclassifications from Accumulated Other Comprehensive Loss (“AOCL”) Reclassifications from AOCL are summarized as follows (in thousands): Amount Reclassified from AOCL Three Months Ended Nine Months Ended Affected Line Item in the Statement Where Net Income Is Presented Details about AOCL Components October 30, October 31, October 30, October 31, Defined benefit pension plan items Amortization of actuarial losses $ 696 $ 568 $ 2,090 $ 1,705 Total before tax (1) 168 138 505 414 Income tax expense $ 528 $ 430 $ 1,585 $ 1,291 Total net of tax _______________________________ (1) This item is included in the computation of net periodic pension cost. See Note 6, Benefit Plans |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 9 Months Ended |
Oct. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Defined Benefit Pension Plan Items | Changes in Accumulated Other Comprehensive Loss Changes in AOCL by component (net of tax) are summarized as follows (in thousands): Defined Benefit Pension Plan Items Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Beginning balance $ 33,878 $ 30,198 $ 34,935 $ 31,059 Amounts reclassified from AOCL (528) (430) (1,585) (1,291) Ending balance $ 33,350 $ 29,768 $ 33,350 $ 29,768 |
Leases
Leases | 9 Months Ended |
Oct. 30, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases The Company leases retail stores, office space and equipment under operating leases. As of October 30, 2021, January 30, 2021 and October 31, 2020, right-of-use operating lease assets, which are recorded in operating lease assets in the condensed consolidated balance sheets, totaled $41.2 million, $47.6 million and $40.5 million, respectively, and operating lease liabilities, which are recorded in current portion of operating lease liabilities and operating lease liabilities, totaled $40.7 million, $47.2 million and $40.2 million, respectively. In determining our operating lease assets and operating lease liabilities, we apply an incremental borrowing rate to the minimum lease payments within each lease agreement. GAAP requires the use of the rate implicit in the lease whenever that rate is readily determinable; furthermore, if the implicit rate is not readily determinable, a lessee may use its incremental borrowing rate. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. To estimate our specific incremental borrowing rates that align with applicable lease terms, we utilize a model consistent with the credit quality of our outstanding debt instruments. Renewal options of five Contingent rentals on certain leases are based on a percentage of annual sales in excess of specified amounts. Other contingent rentals are based entirely on a percentage of sales. The Company's operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table summarizes the Company's operating and finance leases: (in thousands of dollars) Classification - Condensed Consolidated Balance Sheets October 30, January 30, October 31, Assets Finance lease assets Property and equipment, net (a) $ 62 $ 247 $ 353 Operating lease assets Operating lease assets 41,189 47,612 40,471 Total leased assets $ 41,251 $ 47,859 $ 40,824 Liabilities Current Finance Current portion of finance lease liabilities $ 180 $ 695 $ 849 Operating Current portion of operating lease liabilities 11,432 13,819 12,775 Noncurrent Finance Finance lease liabilities — — 180 Operating Operating lease liabilities 29,293 33,392 27,412 Total lease liabilities $ 40,905 $ 47,906 $ 41,216 (a) Finance lease assets are recorded net of accumulated amortization of $14.5 million, $14.3 million and $14.2 million as of October 30, 2021, January 30, 2021 and October 31, 2020, respectively. Lease Cost Three Months Ended Nine Months Ended (in thousands of dollars) Classification - Condensed Consolidated Statements of Operations October 30, October 31, October 30, October 31, Operating lease cost (a) Rentals $ 4,947 $ 5,115 $ 15,157 $ 16,304 Finance lease cost Amortization of leased assets Depreciation and amortization 61 106 185 317 Interest on lease liabilities Interest and debt expense, net 5 44 29 186 Net lease cost $ 5,013 $ 5,265 $ 15,371 $ 16,807 (a) Includes short term lease costs of $0.5 million and $0.5 million for the three months and $1.4 million and $1.5 million for the nine months ended October 30, 2021 and October 31, 2020, respectively, and variable lease costs, including contingent rent, of $0.3 million and $0.4 million for the three months and $1.0 million and $1.1 million for the nine months ended October 30, 2021 and October 31, 2020, respectively. Maturities of Lease Liabilities (in thousands of dollars) Fiscal Year Operating Finance Total 2021 (excluding the nine months ended October 30, 2021) $ 3,153 $ 181 $ 3,334 2022 13,174 — 13,174 2023 9,500 — 9,500 2024 4,830 — 4,830 2025 4,170 — 4,170 After 2025 14,296 — 14,296 Total minimum lease payments 49,123 181 49,304 Less amount representing interest (8,398) (1) (8,399) Present value of lease liabilities $ 40,725 $ 180 $ 40,905 Lease Term and Discount Rate October 30, Weighted-average remaining lease term Operating leases 6.0 years Finance leases 0.3 years Weighted-average discount rate Operating leases 6.2 % Finance leases 9.5 % Other Information Nine Months Ended (in thousands of dollars) October 30, October 31, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 12,962 $ 14,490 Operating cash flows from finance leases 29 186 Financing cash flows from finance leases 515 885 |
Gain on Disposal of Assets
Gain on Disposal of Assets | 9 Months Ended |
Oct. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
(Gain) Loss on Disposal of Fixed Assets | (Gain) Loss on Disposal of Assets During the nine months ended October 30, 2021, the Company recorded proceeds of $29.3 million primarily from the sale of three store properties, resulting in a gain of $24.7 million that was recorded in (gain) loss on disposal of assets. During the three and nine months ended October 31, 2020, the Company recorded proceeds of $1.5 million primarily from the sale of one store property, resulting in a loss of $2.2 million that was recorded in (gain) loss on disposal of assets. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Oct. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The estimated fair values of financial instruments presented herein have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of amounts the Company could realize in a current market exchange. The fair value of the Company’s long-term debt and subordinated debentures is based on market prices and is categorized as Level 1 in the fair value hierarchy. The fair value of the Company’s cash and cash equivalents and accounts receivable approximates their carrying values at October 30, 2021 due to the short-term maturities of these instruments. The fair value of the Company’s long-term debt at October 30, 2021 was approximately $429 million. The carrying value of the Company’s long-term debt at October 30, 2021 was $366 million. The fair value of the Company’s subordinated debentures at October 30, 2021 was approximately $217 million. The carrying value of the Company’s subordinated debentures at October 30, 2021 was $200 million. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Oct. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent EventOn November 18, 2021, the Company announced that its Board of Directors declared a special dividend of $15.00 per share. The dividend is payable on the Class A and Class B Common Stock of the Company on December 15, 2021 to shareholders of record as of November 29, 2021. |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Entity Wide Information Percentage of Revenue from External Customers by Product and Segment [Table Text Block] | Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Retail operations segment Cosmetics 13 % 14 % 13 % 14 % Ladies’ apparel 22 20 23 21 Ladies’ accessories and lingerie 14 15 15 15 Juniors’ and children’s apparel 11 10 10 10 Men’s apparel and accessories 20 18 19 18 Shoes 16 16 15 15 Home and furniture 3 4 3 4 99 97 98 97 Construction segment 1 3 2 3 Total 100 % 100 % 100 % 100 % |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations: (in thousands of dollars) Retail Construction Consolidated Three Months Ended October 30, 2021 Net sales from external customers $ 1,460,184 $ 20,815 $ 1,480,999 Gross profit 682,317 2,406 684,723 Depreciation and amortization 50,122 66 50,188 Interest and debt expense (income), net 10,557 (7) 10,550 Income before income taxes 254,152 478 254,630 Total assets 3,703,257 36,939 3,740,196 Three Months Ended October 31, 2020 Net sales from external customers $ 994,588 $ 30,311 $ 1,024,899 Gross profit 364,232 1,983 366,215 Depreciation and amortization 53,290 87 53,377 Interest and debt expense (income), net 12,167 (5) 12,162 (Loss) income before income taxes (232) 462 230 Total assets 3,279,241 26,748 3,305,989 Nine Months Ended October 30, 2021 Net sales from external customers $ 4,296,316 $ 83,604 $ 4,379,920 Gross profit 1,876,558 5,787 1,882,345 Depreciation and amortization 146,441 198 146,639 Interest and debt expense (income), net 32,889 (33) 32,856 Income before income taxes 697,140 1,293 698,433 Total assets 3,703,257 36,939 3,740,196 Nine Months Ended October 31, 2020 Net sales from external customers $ 2,638,831 $ 91,767 $ 2,730,598 Gross profit 737,673 5,925 743,598 Depreciation and amortization 154,806 423 155,229 Interest and debt expense (income), net 37,343 (38) 37,305 (Loss) income before income taxes (262,598) 1,357 (261,241) Total assets 3,279,241 26,748 3,305,989 |
Schedule of Contract Liabilities - Retail [Table Text Block] | Retail (in thousands of dollars) October 30, January 30, October 31, February 1, Contract liabilities $ 59,718 $ 68,021 $ 54,684 $ 75,229 |
Schedule of AR, Contract Assets and Liabilities - Construction [Table Text Block] | Construction (in thousands of dollars) October 30, January 30, October 31, February 1, Accounts receivable $ 18,586 $ 25,094 $ 18,689 $ 28,522 Costs and estimated earnings in excess of billings on uncompleted contracts 2,333 450 781 2,179 Billings in excess of costs and estimated earnings on uncompleted contracts 6,521 4,685 5,808 5,737 |
Earnings Per Share Data (Tables
Earnings Per Share Data (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods indicated (in thousands, except per share data). Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Net income (loss) $ 197,330 $ 31,850 $ 541,233 $ (138,691) Weighted average shares of common stock outstanding 20,109 22,264 21,009 22,930 Basic and diluted earnings (loss) per share $ 9.81 $ 1.43 $ 25.76 $ (6.05) |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of components of net periodic benefit costs | The components of net periodic benefit costs are as follows (in thousands): Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Components of net periodic benefit costs: Service cost $ 1,067 $ 1,090 $ 3,201 $ 3,270 Interest cost 1,438 1,536 4,312 4,608 Net actuarial loss 696 568 2,090 1,705 Net periodic benefit costs $ 3,201 $ 3,194 $ 9,603 $ 9,583 |
Stock Repurchase Programs Sched
Stock Repurchase Programs Schedule of Repurchase Program Activity (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Schedule of Share Repurchase Program Activity [Abstract] | |
Schedule of Repurchase Agreements [Table Text Block] | The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data): Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Cost of shares repurchased $ 239,244 $ 19,459 $ 410,265 $ 95,556 Number of shares repurchased 1,231 645 2,590 2,231 Average price per share $ 194.40 $ 30.16 $ 158.40 $ 42.83 |
Reclassifications from Accumu_2
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | |
Summary of reclassifications from AOCL | Reclassifications from AOCL are summarized as follows (in thousands): Amount Reclassified from AOCL Three Months Ended Nine Months Ended Affected Line Item in the Statement Where Net Income Is Presented Details about AOCL Components October 30, October 31, October 30, October 31, Defined benefit pension plan items Amortization of actuarial losses $ 696 $ 568 $ 2,090 $ 1,705 Total before tax (1) 168 138 505 414 Income tax expense $ 528 $ 430 $ 1,585 $ 1,291 Total net of tax _______________________________ (1) This item is included in the computation of net periodic pension cost. See Note 6, Benefit Plans |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of changes in AOCL by component (net of tax) | Changes in AOCL by component (net of tax) are summarized as follows (in thousands): Defined Benefit Pension Plan Items Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Beginning balance $ 33,878 $ 30,198 $ 34,935 $ 31,059 Amounts reclassified from AOCL (528) (430) (1,585) (1,291) Ending balance $ 33,350 $ 29,768 $ 33,350 $ 29,768 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Leases [Abstract] | |
Operating and Finance Lease Assets and Liabilities [Table Text Block] | (in thousands of dollars) Classification - Condensed Consolidated Balance Sheets October 30, January 30, October 31, Assets Finance lease assets Property and equipment, net (a) $ 62 $ 247 $ 353 Operating lease assets Operating lease assets 41,189 47,612 40,471 Total leased assets $ 41,251 $ 47,859 $ 40,824 Liabilities Current Finance Current portion of finance lease liabilities $ 180 $ 695 $ 849 Operating Current portion of operating lease liabilities 11,432 13,819 12,775 Noncurrent Finance Finance lease liabilities — — 180 Operating Operating lease liabilities 29,293 33,392 27,412 Total lease liabilities $ 40,905 $ 47,906 $ 41,216 |
Lease, Cost [Table Text Block] | Lease Cost Three Months Ended Nine Months Ended (in thousands of dollars) Classification - Condensed Consolidated Statements of Operations October 30, October 31, October 30, October 31, Operating lease cost (a) Rentals $ 4,947 $ 5,115 $ 15,157 $ 16,304 Finance lease cost Amortization of leased assets Depreciation and amortization 61 106 185 317 Interest on lease liabilities Interest and debt expense, net 5 44 29 186 Net lease cost $ 5,013 $ 5,265 $ 15,371 $ 16,807 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (in thousands of dollars) Fiscal Year Operating Finance Total 2021 (excluding the nine months ended October 30, 2021) $ 3,153 $ 181 $ 3,334 2022 13,174 — 13,174 2023 9,500 — 9,500 2024 4,830 — 4,830 2025 4,170 — 4,170 After 2025 14,296 — 14,296 Total minimum lease payments 49,123 181 49,304 Less amount representing interest (8,398) (1) (8,399) Present value of lease liabilities $ 40,725 $ 180 $ 40,905 |
Lease Term and Discount Rate [Table Text Block] | October 30, Weighted-average remaining lease term Operating leases 6.0 years Finance leases 0.3 years Weighted-average discount rate Operating leases 6.2 % Finance leases 9.5 % |
Cash Flow, Operating Activities, Lessee [Abstract] | Nine Months Ended (in thousands of dollars) October 30, October 31, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 12,962 $ 14,490 Operating cash flows from finance leases 29 186 Financing cash flows from finance leases 515 885 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 30, 2021USD ($) | Oct. 31, 2020USD ($) | Oct. 30, 2021USD ($)segment | Oct. 31, 2020USD ($) | Jan. 30, 2021USD ($) | Feb. 01, 2020USD ($) | |
Business Segments | ||||||
Number of Reportable Segments | segment | 2 | |||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% | ||
Net sales | $ 1,480,999 | $ 1,024,899 | $ 4,379,920 | $ 2,730,598 | ||
Gross profit | 684,723 | 366,215 | 1,882,345 | 743,598 | ||
Depreciation and amortization | 50,188 | 53,377 | 146,639 | 155,229 | ||
Interest and debt expense (income), net | 10,550 | 12,162 | 32,856 | 37,305 | ||
Income (loss) before income taxes | 254,630 | 230 | 698,433 | (261,241) | ||
Total assets | 3,740,196 | 3,305,989 | 3,740,196 | 3,305,989 | $ 3,092,515 | |
Contract with Customer, Liability | 59,718 | 54,684 | 59,718 | 54,684 | 68,021 | $ 75,229 |
Contract with Customer, Liability, Revenue Recognized | 35,400 | 39,700 | ||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||||
Accounts Receivable, Construction Segment | 18,586 | 18,689 | 18,586 | 18,689 | 25,094 | 28,522 |
Costs and estimated earnings in excess of billings on uncompleted contracts, construction segment | 2,333 | 781 | 2,333 | 781 | 450 | 2,179 |
Billings in excess of costs and estimated earnings on uncompleted contracts, construction segment | 6,521 | 5,808 | 6,521 | 5,808 | 4,685 | $ 5,737 |
Revenue Recognized, previously recorded in Billings in excess of costs and estimated earnings, construction segment | 4,100 | 4,900 | ||||
Revenue, Remaining Performance Obligation, Amount, construction segment | 84,200 | 97,200 | $ 84,200 | 97,200 | $ 76,200 | |
Retail operations | ||||||
Business Segments | ||||||
Number of Reportable Segments | segment | 1 | |||||
Number of store formats | segment | 1 | |||||
Net sales | 1,460,184 | 994,588 | $ 4,296,316 | 2,638,831 | ||
Gross profit | 682,317 | 364,232 | 1,876,558 | 737,673 | ||
Depreciation and amortization | 50,122 | 53,290 | 146,441 | 154,806 | ||
Interest and debt expense (income), net | 10,557 | 12,167 | 32,889 | 37,343 | ||
Income (loss) before income taxes | 254,152 | (232) | 697,140 | (262,598) | ||
Total assets | $ 3,703,257 | $ 3,279,241 | $ 3,703,257 | $ 3,279,241 | ||
Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||||
Business Segments | ||||||
Concentration Risk, Percentage | 99.00% | 97.00% | 98.00% | 97.00% | ||
Construction | ||||||
Business Segments | ||||||
Net sales | $ 20,815 | $ 30,311 | $ 83,604 | $ 91,767 | ||
Gross profit | 2,406 | 1,983 | 5,787 | 5,925 | ||
Depreciation and amortization | 66 | 87 | 198 | 423 | ||
Interest and debt expense (income), net | (7) | (5) | (33) | (38) | ||
Income (loss) before income taxes | 478 | 462 | 1,293 | 1,357 | ||
Total assets | $ 36,939 | $ 26,748 | $ 36,939 | $ 26,748 | ||
Construction | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||||
Business Segments | ||||||
Concentration Risk, Percentage | 1.00% | 3.00% | 2.00% | 3.00% | ||
Intersegment Eliminations [Member] | ||||||
Business Segments | ||||||
Net sales | $ 12,000 | $ 4,100 | $ 28,600 | $ 22,300 | ||
Cosmetics [Member] | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||||
Business Segments | ||||||
Concentration Risk, Percentage | 13.00% | 14.00% | 13.00% | 14.00% | ||
Ladies Apparel [Member] | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||||
Business Segments | ||||||
Concentration Risk, Percentage | 22.00% | 20.00% | 23.00% | 21.00% | ||
Ladies Accessories and Lingerie [Member] | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||||
Business Segments | ||||||
Concentration Risk, Percentage | 14.00% | 15.00% | 15.00% | 15.00% | ||
Juniors and Children's Apparel [Member] | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||||
Business Segments | ||||||
Concentration Risk, Percentage | 11.00% | 10.00% | 10.00% | 10.00% | ||
Mens Apparel and Accessories [Member] | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||||
Business Segments | ||||||
Concentration Risk, Percentage | 20.00% | 18.00% | 19.00% | 18.00% | ||
Shoes [Member] | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||||
Business Segments | ||||||
Concentration Risk, Percentage | 16.00% | 16.00% | 15.00% | 15.00% | ||
Home and Furniture [Member] | Retail operations | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||||
Business Segments | ||||||
Concentration Risk, Percentage | 3.00% | 4.00% | 3.00% | 4.00% |
Earnings Per Share Data - Sched
Earnings Per Share Data - Schedule (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 197,330 | $ 31,850 | $ 541,233 | $ (138,691) |
Weighted average shares of common stock outstanding | 20,109 | 22,264 | 21,009 | 22,930 |
Basic and diluted earnings (loss) per share | $ 9.81 | $ 1.43 | $ 25.76 | $ (6.05) |
Earnings Per Share Data - Narra
Earnings Per Share Data - Narrative (Details) - shares | Oct. 30, 2021 | Oct. 31, 2020 |
Earnings Per Share [Abstract] | ||
Total dilutive and potentially dilutive securities outstanding (in shares) | 0 | 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Oct. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding letters of credit under the Company's revolving credit facility | $ 20.1 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Retirement Benefits [Abstract] | ||||
Employer contributions to pension plan | $ 1,600 | $ 4,800 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Year | 1,600 | 1,600 | ||
Components of net periodic benefit costs: | ||||
Service cost | 1,067 | $ 1,090 | 3,201 | $ 3,270 |
Interest cost | 1,438 | 1,536 | 4,312 | 4,608 |
Net actuarial loss | 696 | 568 | 2,090 | 1,705 |
Net periodic benefit costs | $ 3,201 | $ 3,194 | $ 9,603 | $ 9,583 |
Revolving Credit Agreement (Det
Revolving Credit Agreement (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2021 | Oct. 30, 2021 | Apr. 30, 2020 | |
Line of Credit Facility [Abstract] | |||
Borrowing capacity | $ 800,000,000 | $ 800,000,000 | |
Expansion option | $ 200,000,000 | $ 200,000,000 | |
Reference rate | LIBOR | ||
Basis spread on variable rate, condition one | 1.75% | ||
Quarterly availability, percentage of commitment fee maximum for condition one | 50.00% | ||
Basis spread on variable rate, condition two | 1.50% | ||
Quarterly availability, percentage of commitment fee minimum for condition two | 50.00% | ||
Commitment fee for unused borrowings, condition one | 0.30% | ||
Unused borrowings, percentage of total commitment maximum for condition one | 35.00% | ||
Commitment fee for unused borrowings, condition two | 0.25% | ||
Unused borrowings, percentage of total commitment minimum for condition two | 35.00% | ||
Minimum line of credit availability for no financial covenant requirements | $ 80,000,000 | ||
Borrowings outstanding | 0 | ||
Letters of credit issued | 20,100,000 | ||
Unutilized credit facility borrowing capacity | $ 779,900,000 |
Stock Repurchase Programs (Deta
Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | May 15, 2021 | Mar. 01, 2018 | |
Schedule of Share Repurchase Program Activity [Abstract] | ||||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | $ 500,000 | ||||
Repurchase of common stock remaining authorization | $ 262,900 | $ 262,900 | ||||
Cost of shares repurchased | $ 239,244 | $ 19,459 | $ 410,265 | $ 95,556 | ||
Treasury Stock, Shares, Acquired | 1,230,705 | 645,284 | 2,590,065 | 2,230,877 | ||
Average price per share | $ 194.40 | $ 30.16 | $ 158.40 | $ 42.83 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Oct. 30, 2021 | Oct. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Tax benefit related to carryback provision of the CARES Act | $ 32.4 | $ 64.6 |
Reclassifications from Accumu_3
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Amount Reclassified from AOCL | ||||
Amortization of actuarial losses | $ (254,630) | $ (230) | $ (698,433) | $ 261,241 |
Income tax expense | (57,300) | 31,620 | (157,200) | 122,550 |
Total net of tax | (197,330) | (31,850) | (541,233) | 138,691 |
Defined benefit pension plan items [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Amount Reclassified from AOCL | ||||
Amortization of actuarial losses | 696 | 568 | 2,090 | 1,705 |
Income tax expense | 168 | 138 | 505 | 414 |
Total net of tax | $ 528 | $ 430 | $ 1,585 | $ 1,291 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Defined Benefit Pension Plan Items | ||||
Beginning balance | $ 34,935 | |||
Ending balance | $ 33,350 | $ 29,768 | 33,350 | $ 29,768 |
Defined benefit pension plan items [Member] | ||||
Defined Benefit Pension Plan Items | ||||
Beginning balance | 33,878 | 30,198 | 34,935 | 31,059 |
Amounts reclassified from AOCL | (528) | (430) | (1,585) | (1,291) |
Ending balance | $ 33,350 | $ 29,768 | $ 33,350 | $ 29,768 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Lessee, Lease, Description [Line Items] | |||
Operating lease assets | $ 41,189 | $ 47,612 | $ 40,471 |
Operating lease liability | $ 40,725 | $ 47,200 | $ 40,200 |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Renewal options | 5 years | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Renewal options | 10 years |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Assets | |||
Finance lease assets | $ 62 | $ 247 | $ 353 |
Operating lease assets | 41,189 | 47,612 | 40,471 |
Total leased assets | 41,251 | 47,859 | 40,824 |
Current | |||
Current portion of finance lease liabilities | 180 | 695 | 849 |
Operating lease liability | 11,432 | 13,819 | 12,775 |
Noncurrent | |||
Finance lease liabilities | 0 | 0 | 180 |
Operating lease liability | 29,293 | 33,392 | 27,412 |
Total lease liabilities | 40,905 | 47,906 | 41,216 |
Accumulated amortization, finance leases | $ 14,500 | $ 14,300 | $ 14,200 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Leases [Abstract] | ||||
Rentals | $ 4,947 | $ 5,115 | $ 15,157 | $ 16,304 |
Finance lease cost | ||||
Amortization of leased assets | 61 | 106 | 185 | 317 |
Interest on lease liabilities | 5 | 44 | 29 | 186 |
Net lease cost | 5,013 | 5,265 | 15,371 | 16,807 |
Short-term lease cost | 500 | 500 | 1,400 | 1,500 |
Variable lease cost | $ 300 | $ 400 | $ 1,000 | $ 1,100 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Operating Leases | |||
2021 (excluding the nine months ended October 30, 2021) | $ 3,153 | ||
2022 | 13,174 | ||
2023 | 9,500 | ||
2024 | 4,830 | ||
2025 | 4,170 | ||
After 2025 | 14,296 | ||
Total minimum lease payments | 49,123 | ||
Less amount representing interest | (8,398) | ||
Present value of lease liabilities | 40,725 | $ 47,200 | $ 40,200 |
Finance Leases | |||
2021 (excluding the nine months ended October 30, 2021) | 181 | ||
2022 | 0 | ||
2023 | 0 | ||
2024 | 0 | ||
2025 | 0 | ||
After 2025 | 0 | ||
Total minimum lease payments | 181 | ||
Less amount representing interest | (1) | ||
Present value of lease liabilities | 180 | ||
Total | |||
2021 (excluding the nine months ended October 30, 2021) | 3,334 | ||
2022 | 13,174 | ||
2023 | 9,500 | ||
2024 | 4,830 | ||
2025 | 4,170 | ||
After 2025 | 14,296 | ||
Total minimum lease payments | 49,304 | ||
Less amount representing interest | (8,399) | ||
Present value of lease liabilities | $ 40,905 | $ 47,906 | $ 41,216 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate (Details) | Oct. 30, 2021 |
Weighted-average remaining lease term | |
Operating leases | 6 years |
Finance leases | 3 months 18 days |
Weighted-average discount rate | |
Operating leases | 6.20% |
Finance leases | 9.50% |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 30, 2021 | Oct. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 12,962 | $ 14,490 |
Operating cash flows from finance leases | 29 | 186 |
Financing cash flows from finance leases | 515 | 885 |
Lease assets obtained in exchange for new operating lease liabilities | $ 4,536 | $ 4,084 |
Gain on Disposal of Assets (Det
Gain on Disposal of Assets (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021USD ($) | Oct. 31, 2020USD ($) | Oct. 30, 2021USD ($)store | Oct. 31, 2020USD ($)store | |
(Gain) Loss on Disposal of Assets | ||||
Proceeds from disposal of assets | $ 29,293 | $ 1,533 | ||
(Gain) loss on disposal of assets | $ (4) | $ 2,221 | $ (24,686) | $ 2,235 |
Number of former retail stores sold | store | 3 | 1 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Fair value disclosures | |||
Subordinated debentures | $ 200,000 | $ 200,000 | $ 200,000 |
Fair Value of Assets | |||
Fair value disclosures | |||
Long-term debt, including current portion, fair value | 429,000 | ||
Subordinated debentures | 217,000 | ||
Carrying value | |||
Fair value disclosures | |||
Long-term debt, including current portion | 366,000 | ||
Subordinated debentures | $ 200,000 |
Subsequent Event (Details)
Subsequent Event (Details) | Nov. 18, 2021$ / shares |
Subsequent Event [Member] | |
Subsequent Event | |
Special Dividends Payable, Amount Per Share | $ 15 |