Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Feb. 03, 2018 | Mar. 23, 2018 | Jul. 28, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | STAGE STORES INC | ||
Entity Central Index Key | 6,885 | ||
Current Fiscal Year End Date | --02-03 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 52,166,748 | ||
Entity Common Stock, Shares Outstanding | 27,633,604 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Feb. 3, 2018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 21,250 | $ 13,803 |
Merchandise inventories, net | 439,735 | 409,384 |
Prepaid expenses and other current assets | 51,049 | 41,574 |
Total current assets | 512,034 | 464,761 |
Property, equipment and leasehold improvements, net | 252,788 | 284,110 |
Intangible assets | 17,135 | 15,235 |
Other non-current assets, net | 24,449 | 22,883 |
Total assets | 806,406 | 786,989 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 145,991 | 101,985 |
Income taxes payable | 176 | 326 |
Current portion of debt obligations | 2,985 | 6,414 |
Accrued expenses and other current liabilities | 64,266 | 59,945 |
Total current liabilities | 213,418 | 168,670 |
Long-term debt obligations | 180,350 | 163,749 |
Deferred taxes | 547 | |
Other long-term liabilities | 68,524 | 73,863 |
Total liabilities | 462,292 | 406,829 |
Commitments and contingencies (Note 8) | ||
Common stock, par value $0.01, 100,000 shares authorized, 32,806 and 32,340 shares issued, respectively | 328 | 323 |
Additional paid-in capital | 418,658 | 410,504 |
Treasury stock, at cost, 5,175 shares, respectively | (43,298) | (43,286) |
Accumulated other comprehensive loss | (5,177) | (5,648) |
(Accumulated deficit) retained earnings | (26,397) | 18,267 |
Total stockholders' equity | 344,114 | 380,160 |
Total liabilities and stockholders' equity | $ 806,406 | $ 786,989 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000 | 100,000 |
Common stock, shares issued (in shares) | 32,806 | 32,340 |
Treasury stock, at cost (in shares) | 5,175 | 5,175 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Net sales | $ 1,592,275 | $ 1,442,718 | $ 1,604,433 |
Cost of sales and related buying, occupancy and distribution expenses | 1,228,780 | 1,144,666 | 1,208,002 |
Gross profit | 363,495 | 298,052 | 396,431 |
Selling, general and administrative expenses | 406,206 | 356,064 | 387,859 |
Interest expense | 7,680 | 5,051 | 2,977 |
(Loss) income before income tax | (50,391) | (63,063) | 5,595 |
Income tax (benefit) expense | (13,068) | (25,166) | 1,815 |
Net income (loss) | (37,323) | (37,897) | 3,780 |
Other comprehensive (loss) income: | |||
Employee benefit related adjustment, net of tax of $233, $112 and ($258), respectively | 733 | 189 | (431) |
Amortization of employee benefit related costs, net of tax of $192, $381 and $290, respectively | 605 | 516 | 484 |
Loss on pension settlement, net of tax of $106, $0 and $280, respectively | 332 | 468 | |
Total other comprehensive income (loss) | 1,670 | 705 | 521 |
Comprehensive (loss) income | $ (35,653) | $ (37,192) | $ 4,301 |
Basic (loss) earnings per share data: | |||
Basic (loss) earnings per share | $ (1.37) | $ (1.40) | $ 0.12 |
Basic weighted average shares outstanding | 27,510 | 27,090 | 31,145 |
Diluted (loss) earnings per share data: | |||
Diluted (loss) earnings per share | $ (1.37) | $ (1.40) | $ 0.12 |
Diluted weighted average shares outstanding | 27,510 | 27,090 | 31,188 |
Consolidated Statements of Ope5
Consolidated Statements of Operations and Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Other comprehensive income, tax: | |||
Employee benefit related adjustment, tax | $ 233 | $ 112 | $ (258) |
Amortization of employee benefit related costs, tax | 192 | $ 381 | 290 |
Loss on pension settlement, tax | $ 106 | $ 280 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (37,323) | $ (37,897) | $ 3,780 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation, amortization and impairment of long-lived assets | 67,161 | 91,656 | 77,599 |
(Gain) loss on retirements of property, equipment and leasehold improvements | (918) | 296 | 719 |
Deferred income taxes | (1,078) | (20,224) | (2,330) |
Tax (deficiency) benefit from stock-based compensation | (4,565) | 409 | |
Stock-based compensation expense | 8,386 | 9,461 | 12,394 |
Amortization of debt issuance costs | 289 | 229 | 218 |
Excess tax benefits from stock-based compensation | (945) | ||
Deferred compensation obligation | 12 | 218 | 881 |
Amortization of employee benefit related costs and pension settlement charges | 1,235 | 897 | 1,522 |
Construction allowances from landlords | 1,228 | 7,079 | 3,444 |
Other changes in operating assets and liabilities: | |||
Decrease (increase) in merchandise inventories | 1,419 | 26,612 | 5,456 |
(Increase) decrease in other assets | (8,532) | 754 | 1,551 |
Increase (decrease) in accounts payable and other liabilities | 43,582 | 9,768 | (64,398) |
Net cash provided by operating activities | 75,461 | 84,284 | 40,300 |
Cash flows from investing activities: | |||
Additions to property, equipment and leasehold improvements | (38,630) | (74,257) | (90,695) |
Proceeds from insurance and disposal of assets | 2,413 | 1,179 | 43 |
Addition to intangible assets | (325) | ||
Payments to Acquire Businesses, Gross | (36,144) | ||
Net cash used in investing activities | (72,361) | (73,078) | (90,977) |
Cash flows from financing activities: | |||
Proceeds from revolving credit facility borrowings | 575,210 | 512,873 | 575,570 |
Payments of revolving credit facility borrowings | (555,624) | (510,011) | (460,640) |
Proceeds from long-term debt obligation | 5,830 | ||
Payments of long-term debt obligations | (6,414) | (4,252) | (1,714) |
Payments of debt issuance costs | (34) | (815) | |
Repurchases of common stock | (41,587) | ||
Payments for stock related compensation | (251) | (859) | (4,465) |
Proceeds from issuance of equity awards | 543 | ||
Excess tax benefits from stock-based compensation | 945 | ||
Cash dividends paid | (8,540) | (16,656) | (18,653) |
Net cash provided by (used in) financing activities | 4,347 | (13,890) | 49,999 |
Net increase (decrease) in cash and cash equivalents | 7,447 | (2,684) | (678) |
Cash and cash equivalents: | |||
Beginning of period | 13,803 | 16,487 | 17,165 |
End of period | 21,250 | 13,803 | 16,487 |
Supplemental disclosures including non-cash investing and financing activities: | |||
Interest paid | 7,282 | 4,816 | 2,705 |
Income taxes (refunded) paid | (8,761) | 1,601 | 15,237 |
Unpaid liabilities for capital expenditures | $ 2,937 | $ 3,943 | $ 11,951 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Treasury Stock | Additional Paid-in Capital | Common Stock | |
Balance, beginning at Jan. 31, 2015 | $ 475,930 | $ 87,693 | $ (6,874) | $ (600) | $ 395,395 | $ 316 | |
Balance, beginning (in shares) at Jan. 31, 2015 | 31,632 | ||||||
Net (loss) income | 3,780 | 3,780 | |||||
Other comprehensive income (loss) | 521 | 521 | |||||
Dividends on common stock, $0.58 per share in 2015, $0.60 per share in 2016 and $0.30 per share in 2017 | (18,653) | (18,653) | |||||
Deferred compensation | (881) | 881 | |||||
Repurchases of common stock | (41,587) | $ (41,587) | |||||
Repurchases of common stock (in shares) | (5,175) | ||||||
Issuance of equity awards, net | 543 | 539 | $ 4 | ||||
Issuance of equity awards, net (in shares) | 398 | ||||||
Tax withholdings paid for net settlement of stock awards | (3,584) | (3,584) | |||||
Stock-based compensation expense | 12,394 | 12,394 | |||||
Tax benefit (deficiency) from stock-based compensation | 409 | 409 | |||||
Balance, ending at Jan. 30, 2016 | 429,753 | 72,820 | (6,353) | $ (43,068) | 406,034 | $ 320 | |
Balance, ending (in shares) at Jan. 30, 2016 | 5,175 | 32,030 | |||||
Net (loss) income | (37,897) | (37,897) | |||||
Other comprehensive income (loss) | 705 | 705 | |||||
Dividends on common stock, $0.58 per share in 2015, $0.60 per share in 2016 and $0.30 per share in 2017 | (16,656) | (16,656) | |||||
Deferred compensation | $ (218) | 218 | |||||
Issuance of equity awards, net | (3) | $ 3 | |||||
Issuance of equity awards, net (in shares) | 310 | ||||||
Tax withholdings paid for net settlement of stock awards | (641) | (641) | |||||
Stock-based compensation expense | 9,461 | 9,461 | |||||
Tax benefit (deficiency) from stock-based compensation | (4,565) | (4,565) | |||||
Balance, ending at Jan. 28, 2017 | 380,160 | 18,267 | (5,648) | $ (43,286) | 410,504 | $ 323 | |
Balance, ending (in shares) at Jan. 28, 2017 | 5,175 | 32,340 | |||||
Net (loss) income | (37,323) | (37,323) | |||||
Other comprehensive income (loss) | 1,670 | 1,670 | |||||
Dividends on common stock, $0.58 per share in 2015, $0.60 per share in 2016 and $0.30 per share in 2017 | (8,540) | (8,540) | |||||
Deferred compensation | $ (12) | 12 | |||||
Issuance of equity awards, net | (5) | $ 5 | |||||
Issuance of equity awards, net (in shares) | 466 | ||||||
Tax withholdings paid for net settlement of stock awards | (239) | (239) | |||||
Stock-based compensation expense | 8,386 | 8,386 | |||||
Reclassification from AOCI, Current Period, Tax | [1] | 1,199 | (1,199) | ||||
Balance, ending at Feb. 03, 2018 | $ 344,114 | $ (26,397) | $ (5,177) | $ (43,298) | $ 418,658 | $ 328 | |
Balance, ending (in shares) at Feb. 03, 2018 | 5,175 | 32,806 | |||||
[1] | See Note 14 - Income Taxes. |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends on common stock (in dollars per share) | $ 0.30 | $ 0.60 | $ 0.58 |
DESCRIPTION OF BUSINESS AND SIG
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Feb. 03, 2018 | |
Description of Business and Significant Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business. We are a retailer of trend-right, moderately priced, name-brand apparel, accessories, cosmetics, footwear and home goods. As of February 3, 2018 , we operated in 42 states through 777 BEALLS, GOODY’S, PALAIS ROYAL, PEEBLES and STAGE specialty department stores and 58 GORDMANS off-price stores. We also operate an e-commerce website. Our department stores are predominantly located in small towns and rural communities. Our off-price stores are predominantly located in mid-sized, non-rural Midwest markets. Principles of Consolidation. The consolidated financial statements include the accounts of Stage Stores, Inc. and its subsidiary. All intercompany transactions have been eliminated in consolidation. We report our department stores, off-price stores and e-commerce website in a single operating segment. Revenues from guests are derived from merchandise sales. We do not rely on any major guest as a source of revenue. Fiscal Year. References to a particular year are to our fiscal year, which is the 52 - or 53 -week period ending on the Saturday closest to January 31st of the following calendar year. Fiscal Year Ended Weeks 2017 February 3, 2018 53 2016 January 28, 2017 52 2015 January 30, 2016 52 Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to inventory, deferred tax assets, intangible assets, long-lived assets, sales returns, gift card breakage, pension obligations, self-insurance and contingent liabilities. Actual results may differ materially from these estimates. We base our estimates on historical experience and on various assumptions which are believed to be reasonable under the circumstances. Cash and Cash Equivalents. We consider highly liquid investments with initial maturities of less than three months to be cash equivalents. Cash and cash equivalents also includes amounts due from credit card sales transactions. Concentration of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk are primarily cash. Our cash management and investment policies restrict investments to low-risk, highly-liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we deal. Merchandise Inventories. We value merchandise inventories using the lower of cost or net realizable value with cost determined using the weighted average cost method. We capitalize distribution center costs associated with preparing inventory for sale, such as distribution payroll, benefits, occupancy, depreciation and other direct operating expenses as part of merchandise inventories. We also include in inventory the cost of freight to our distribution centers and to stores as well as duties and fees related to import purchases. Vendor Allowances. We receive consideration from our merchandise vendors in the form of allowances and reimbursements. Given the promotional nature of our business, the allowances are generally intended to offset our costs of handling, promoting, advertising and selling the vendors’ products in our stores. These allowances are recognized in accordance with ASC Subtopic 605-50, Customer Payments and Incentives . Vendor allowances related to the purchase of inventory are recorded as a reduction to the cost of inventory until sold. Vendor allowances are recognized as a reduction of cost of goods sold or the related selling expense when the purpose for which the vendor funds were intended to be used has been fulfilled and amounts have been authorized by vendors. Stock-Based Compensation. We recognize as compensation expense an amount equal to the fair value of share-based payments granted to employees and independent directors, net of forfeitures. That cost is recognized ratably in SG&A expense over the period during which an employee or independent director is required to provide service in exchange for the award. Property, Equipment and Leasehold Improvements. Additions to property, equipment and leasehold improvements are recorded at cost and depreciated over their estimated useful lives using the straight-line method. The estimated useful lives of leasehold improvements do not exceed the term of the related lease, including applicable available renewal options where appropriate. The estimated useful lives in years are generally as follows: Buildings & improvements 20 Information systems 3 - 10 Store and office fixtures and equipment 5 - 10 Warehouse equipment 5 - 15 Leasehold improvements - stores 5 - 15 Leasehold improvements - corporate office 10 - 12 Impairment of Long-Lived Assets. Property, plant and equipment and other long-lived assets are reviewed to determine whether any events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For long-lived assets to be held and used, we base our evaluation on impairment indicators such as the nature of the asset’s physical condition, the future economic benefit of the asset, any historical or future profitability measurements and other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate the carrying amount of the asset may not be recoverable, we determine whether impairment has occurred through the use of an undiscounted cash flows analysis of the asset at the lowest level for which identifiable cash flows exist. If impairment has occurred, we recognize a loss for the difference between the carrying amount and the estimated fair value of the asset. Management’s judgment is necessary to estimate fair value. Insurance Recoveries. We incurred casualty losses during 2017 , 2016 and 2015 . We received total insurance proceeds of $15.7 million , $3.3 million and $2.5 million during 2017 , 2016 and 2015 , respectively, and recognized net gains of $4.3 million , $0.7 million and $0.8 million in 2017 , 2016 and 2015 , respectively, which are included in selling, general and administrative expenses (“SG&A”). Insurance proceeds and net gains realized in 2017 were predominantly related to inventory claims for stores impacted by Hurricane Harvey and other casualty events such as floods and tornadoes. Intangible Assets and Impairment of Intangible Assets. Indefinite life intangible assets are tested for impairment annually or more frequently when indicators of impairment exist. As a part of the acquisition of Peebles, Inc. in 2003 and the Gordmans Acquisition in 2017, we acquired the rights to the PEEBLES and the GORDMANS trade names and trademarks (collectively the “Trademarks”), which were identified as indefinite life intangibles. The values of the Trademarks were determined to be $14.9 million and $1.9 million , respectively, at the time of acquisition. We completed our annual impairment testing during the fourth quarter of 2017 and determined that the fair value of the Peebles trademarks exceeded the carrying values by greater than 10% . The carrying value of the Gordmans trademarks approximates their fair value. Debt Issuance Costs. Debt issuance costs are accounted for as a deferred charge and amortized on a straight-line basis over the term of the related financing agreement. The balance of debt issuance costs, net of accumulated amortization of $0.3 million and $0.1 million , is $1.1 million and $1.4 million at February 3, 2018 and January 28, 2017 , respectively. Revenue Recognition. Our retail stores record revenue at the point of sale. Sales of merchandise shipped to our guests are recorded based on estimated receipt of merchandise by the guest. Shipping and handling fees charged to guests are included in net sales with the corresponding costs recorded as costs of goods sold. Total revenues do not include sales tax because we are a pass-through conduit for collecting and remitting sales taxes. Revenues are recognized net of expected returns, which we estimate using historical return patterns as a percentage of sales. We record deferred revenue on our balance sheet for gift cards sales and merchandise credits issued related to guest returns. Upon redemption, we recognize this revenue in net sales. Gift Card and Merchandise Credit Liability. Unredeemed gift cards and merchandise credits are recorded as a liability. Our gift cards and merchandise credits do not expire. Based on historical redemption rates, a small and relatively stable percentage of gift cards and merchandise credits will never be redeemed, which is referred to as “breakage.” Estimated breakage income is recognized over time in proportion to actual gift card and merchandise credit redemptions. We recognized breakage income of approximately $0.9 million and $3.0 million in net sales in 2017 and 2016 , respectively, and approximately $1.6 million as an offset to SG&A expenses in 2015 . Guest Loyalty Program. Prior to the third quarter of 2016, guests who spent a required amount within a specified time frame using our private label credit card received reward certificates which could be redeemed for merchandise. We estimated the net cost of the rewards and recorded a liability associated with unredeemed certificates and guest spend toward unissued certificates. The cost of the loyalty rewards program was recorded in cost of sales. In the third quarter of 2016, we expanded our loyalty program to enable all guests to earn benefits regardless of how they choose to pay. We record deferred revenue, net of estimated breakage, for the retail value of certificates earned and as guests make purchases towards earning reward certificates. Self-Insurance Reserves. We maintain self-insured retentions with respect to general liability, workers compensation and health benefits for our employees. We estimate the accruals for the liabilities based on industry development factors and historical claim trend experience. Although management believes adequate reserves have been provided for expected liabilities arising from our self-insured obligations, projections of future losses are inherently uncertain, and it is reasonably possible that estimates of these liabilities will change over the near term as circumstances develop. Advertising Expenses. Advertising costs are charged to operations when the related advertising first takes place. Advertising costs were $83.6 million , $88.7 million and $91.0 million , in 2017 , 2016 and 2015 , respectively, which are net of advertising allowances received from vendors of $3.1 million , $4.3 million and $4.9 million , respectively. Rent Expense. We record rent expense on a straight-line basis over the lease term, including the build out period, and where appropriate, applicable available lease renewal option periods. The difference between the payment and expense in any period is recorded as deferred rent in other long-term liabilities in the consolidated financial statements. We record construction allowances from landlords when contractually earned as a deferred rent credit in other long-term liabilities. Such deferred rent credit is amortized over the related lease term, commencing on the date we contractually earned the construction allowance, as a reduction of rent expense. Certain leases provide for contingent rents that are not measurable at inception. These contingent rents are primarily based on a percentage of sales that are in excess of a predetermined level. These amounts are excluded from minimum rent and are included in the determination of total rent expense when it is probable that the expense has been incurred and the amount is reasonably estimable. Income Taxes. The provision for income taxes is computed based on the pretax income (loss) included in the consolidated financial statements. The asset and liability approach is used to recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts for financial reporting purposes and the tax basis of assets and liabilities. A valuation allowance is established if it is more likely than not that some portion of the deferred tax asset will not be realized. See Note 14 for additional disclosures regarding income taxes and deferred income taxes. Earnings Per Share. Basic earnings per share is computed using the weighted average number of common shares outstanding during the measurement period. Diluted earnings per share is computed using the weighted average number of common shares as well as all potentially dilutive common share equivalents outstanding during the measurement period. We granted non-vested stock and restricted stock unit awards that contain non-forfeitable dividend rights. Under Accounting Standards Codification (“ASC”) 260-10, Earnings Per Share , non-vested stock awards that contain non-forfeitable dividend or dividend equivalent rights are considered participating securities and are included in the calculation of basic and diluted earnings per share pursuant to the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. See Note 2 for additional disclosures regarding earnings per share. Recently Adopted Accounting Pronouncements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which modifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows, and the option to estimate expected forfeitures or recognize forfeitures as they occur. We adopted this standard on a prospective basis in first quarter of 2017. Under the new standard, excess income tax benefits and deficiencies related to awards that vest or settle are recognized in the provision for income taxes as a discrete event in the period in which they occur, which may create significant volatility in the provision for income taxes and earnings. Historically, these amounts were reflected within additional paid-in capital on the balance sheet. In addition, upon adoption excess tax benefits are reflected within operating activities in the statements of cash flows, whereas historically these amounts were reflected as a financing activity. Cash paid to tax authorities on an employee’s behalf for withheld shares continues to be classified as a financing activity in the statement of cash flows. We made a policy election to recognize forfeitures as they occur. For 2017, we recognized excess tax deficiencies of $2.1 million in the provision for income taxes. The adoption of the other requirements of this guidance did not have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which provides guidance on certain specific cash flow issues including proceeds received from the settlement of insurance claims. This guidance requires cash proceeds received from the settlement of insurance claims to be classified on the statement of cash flows on the basis of the related insurance coverage (that is, the nature of the loss). The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, with early adoption permitted and is to be applied retrospectively. We adopted this guidance in the first quarter of 2017. The adoption of ASU 2016-15 did not change the presentation of our consolidated statements of cash flows. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (“Tax Act”). In addition, the ASU requires certain disclosures regarding stranded tax effects. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. We adopted the new standard in the fourth quarter of 2017 and reclassified $1.2 million from accumulated other comprehensive income to retained earnings. See Note 14 of the Financial Statements for additional disclosures regarding the stranded tax effects. In March 2018, the FASB issued ASU 2018-05, which amends Income Taxes (Topic 740) by incorporating the Securities and Exchange Commission’s (“SEC”) Staff Accounting Bulletin 118 (“SAB 118”) issued on December 22, 2017. SAB 118 provides guidance on accounting for the effects of the Tax Act. We recognized the income tax effects of the Tax Act in our 2017 financial statements in accordance with SAB 118. See Note 14 of the Financial Statements for additional disclosures. Recent Accounting Pronouncements Not Yet Adopted. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which supersedes most existing revenue recognition guidance in GAAP. The core principle of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects what the entity expects to be entitled to in exchange for those goods or services. The guidance establishes a five-step revenue recognition model, which includes (i) identifying the contract with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. The guidance also requires additional disclosures to describe the nature, timing and uncertainty of revenue and cash flows from contracts with customers. ASU 2014-09 may be applied retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of initially applying the guidance recognized in retained earnings at the date of adoption. The new guidance is effective for us in the first quarter of fiscal 2018. We have selected the full retrospective method of adoption. In order to determine the impact of the new guidance on our financial statements, we reviewed representative transactions across our revenue streams and compared our historical accounting practices to the new guidance. We do not expect the adoption to have a material impact on our financial condition, results of operations or cash flows. Our 2018 consolidated financial statements will include incremental disclosures regarding our revenue recognition policies and related amounts. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. The new standard requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. We plan to make a policy election that will keep leases with an initial term of 12 months or less off the balance sheet and will result in recognizing those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Consistent with current GAAP, the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a financing or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, ASU 2016-02 will require both types of leases to be recognized on the balance sheet. As a result, lessees will be required to put most leases on their balance sheets while recognizing expense on their income statements in a manner similar to current accounting. In addition, this guidance requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 specifies a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements and that the new and enhanced disclosures be provided for each period presented (including comparative periods). On March 7, 2018, the FASB affirmed its proposed ASU, Leases (Topic 842): Targeted Improvements, which provides entities with an additional (and optional) transition method to adopt the new lease requirements by allowing entities to initially apply the requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which the entity adopts the new lease requirements would continue to be in accordance with current GAAP, including disclosures. The new standard will be effective for us in the first quarter of fiscal 2019, which begins on February 3, 2019. We continue to evaluate the impact that the adoption of this ASU will have on our consolidated financial statements and disclosures, including the effect of certain optional practical expedients permitted under the transition guidance. Based on our assessment to date, we expect the adoption of ASU 2016-02 will result in a significant increase in lease-related assets and liabilities on our consolidated balance sheets. The ultimate impact of adopting the new standard will depend on our lease portfolio as of the adoption date. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs arising from services rendered during the period. If a subtotal for operating income is shown on the income statement, then the other components of the net periodic benefit cost must be presented separately from the line item that includes the service cost and outside of any subtotal of operating income. ASU 2017-07 also requires disclosure of the line item(s) in the income statement that include net periodic benefit costs. Additionally, only the service cost component of the net periodic benefit cost is eligible for capitalization. The new standard is effective for us in the first quarter of fiscal 2018. The change in presentation of service cost must be applied retrospectively, while the capitalization of service cost must be applied on a prospective basis. The pension plan that we sponsor is frozen, and therefore, service costs no longer accrue under the plan. Upon adoption, we will recognize net periodic pension costs in SG&A expenses, consistent with our current presentation, and we will disclose the financial statement line item presentation in the notes to the financial statements. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Feb. 03, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | EARNINGS PER SHARE Basic earnings (loss) per share is computed using the weighted average number of common shares outstanding during the measurement period. Diluted earnings (loss) per share is computed using the weighted average number of common shares as well as all potentially dilutive common share equivalents outstanding during the measurement period. The following tables show the computation of basic and diluted earnings (loss) per share for each period (in thousands, except per share amounts): Fiscal Year 2017 2016 2015 Basic: Net (loss) income $ (37,323 ) $ (37,897 ) $ 3,780 Less: Allocation of earnings to participating securities — — (48 ) Net (loss) income allocated to common shares (37,323 ) (37,897 ) 3,732 Basic weighted average shares outstanding 27,510 27,090 31,145 Basic (loss) earnings per share $ (1.37 ) $ (1.40 ) $ 0.12 Fiscal Year 2017 2016 2015 Diluted: Net (loss) income $ (37,323 ) $ (37,897 ) $ 3,780 Less: Allocation of earnings to participating securities — — (48 ) Net (loss) income allocated to common shares (37,323 ) (37,897 ) 3,732 Basic weighted average shares outstanding 27,510 27,090 31,145 Add: Dilutive effect of stock awards — — 43 Diluted weighted average shares outstanding 27,510 27,090 31,188 Diluted (loss) earnings per share $ (1.37 ) $ (1.40 ) $ 0.12 The number of shares attributable to stock options, stock appreciation rights (“SARs”) and non-vested stock grants that would have been considered dilutive securities, but were excluded from the calculation of diluted earnings (loss) per share because the effect was anti-dilutive were as follows (in thousands): Fiscal Year 2017 2016 2015 Number of anti-dilutive shares due to net loss for the period — 34 — Number of anti-dilutive stock options, SARs due to exercise price greater than average market price of our common stock 124 192 251 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Feb. 03, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS We recognize or disclose the fair value of our financial and non-financial assets and liabilities on a recurring and non-recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, we assume the highest and best use of the asset by market participants in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. We applied the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Inputs that are both unobservable and significant to the overall fair value measurement reflect our estimates of assumptions that market participants would use in pricing the asset or liability. Financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): February 3, 2018 Balance Quoted Prices in Active Significant Other Significant Unobservable Other assets: Securities held in grantor trust for deferred compensation plans (a)(b) $ 20,293 $ 20,293 $ — $ — January 28, 2017 Balance Quoted Prices in Active Significant Other Significant Unobservable Other assets: Securities held in grantor trust for deferred compensation plans (a)(b) $ 18,094 $ 18,094 $ — $ — (a) The liability for the amount due to participants corresponding in value to the securities held in the grantor trust is recorded in other long-term liabilities. (b) Using the market approach, the fair values of these securities represent quoted market prices multiplied by the quantities held. Net gains and losses related to the changes in fair value in the assets and liabilities under the various deferred compensation plans are recorded in SG&A expenses and were nil during 2017 and 2016 . Non-financial assets measured at fair value on a nonrecurring basis were as follows (in thousands): February 3, 2018 Balance Quoted Prices in Active Significant Other Significant Unobservable Assets: Store property, equipment and leasehold improvements (a) $ 778 $ — $ — $ 778 January 28, 2017 Balance Quoted Prices in Active Significant Other Significant Unobservable Assets: Store property, equipment and leasehold improvements (a) $ 8,795 $ — $ — $ 8,795 (a) Using an undiscounted cash flow model, we evaluate the cash flow trends of our stores at least annually and when events or changes in circumstances, such as a store closure, indicate that property, equipment and leasehold improvements may not be fully recoverable. When a store’s projected undiscounted cash flows indicate its carrying value may not be recoverable, we use a discounted cash flow model, with a 10% discount rate, to estimate the fair value of the underlying long-lived assets. An impairment write-down is recorded if the carrying value of a long-lived asset exceeds its fair value. Key assumptions in estimating future cash flows include, among other things, expected future operating performance, including expected closure date and lease term, and changes in economic conditions. We believe estimated future cash flows are sufficient to support the carrying value of our long-lived assets. Significant changes in the key assumptions used in our cash flow projections may result in additional asset impairments. See Note 4 for additional disclosures on impairments charges. Due to the short-term nature of cash and cash equivalents, payables and short-term debt obligations, the carrying value approximates the fair value of these instruments. In addition, we believe that the Revolving Credit Facility obligation approximates its fair value because interest rates are adjusted daily based on current market rates. |
PROPERTY, EQUIPMENT AND LEASEHO
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS | 12 Months Ended |
Feb. 03, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS | PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS The components of property, equipment and leasehold improvements were as follows (in thousands): February 3, 2018 January 28, 2017 Land $ 1,544 $ 1,842 Buildings and improvements 12,966 15,633 Fixtures and equipment 526,313 548,145 Leasehold improvements 411,753 415,577 Property, equipment and leasehold improvements 952,576 981,197 Less: Accumulated depreciation 699,788 697,087 Property, equipment and leasehold improvements, net $ 252,788 $ 284,110 Depreciation expense and impairment charges were as follows for each period presented (in thousands): Fiscal Year 2017 2016 2015 Depreciation expense $ 65,401 $ 71,779 $ 66,998 Store impairment charges 1,739 19,856 10,580 Total depreciation and impairment $ 67,140 $ 91,635 $ 77,578 Depreciation expense and store impairment charges included in cost of sales and related buying, occupancy and distribution expense for 2017 , 2016 and 2015 were $52.9 million , $77.9 million and $67.9 million , respectively. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Feb. 03, 2018 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES The components of accrued expenses and other current liabilities were as follows (in thousands): February 3, 2018 January 28, 2017 Accrued compensation and benefits $ 11,828 $ 12,165 Gift card and merchandise credit liability 12,122 10,864 Self-insurance liability 9,994 9,437 Accrued occupancy 6,129 10,259 Other 24,193 17,220 Accrued expenses and other current liabilities $ 64,266 $ 59,945 |
DEBT OBLIGATIONS
DEBT OBLIGATIONS | 12 Months Ended |
Feb. 03, 2018 | |
Debt Disclosure [Abstract] | |
DEBT OBLIGATIONS | DEBT OBLIGATIONS Debt obligations consisted of the following (in thousands): February 3, 2018 January 28, 2017 Revolving Credit Facility $ 179,288 $ 159,702 Finance obligations 1,549 2,708 Other financing 2,498 7,753 Total debt obligations 183,335 170,163 Less: Current portion of debt obligations 2,985 6,414 Long-term debt obligations $ 180,350 $ 163,749 On December 16, 2016 , we entered into an amendment to our senior secured revolving credit facility (“Revolving Credit Facility”) that increased total capacity to $400.0 million with a seasonal increase to $450.0 million and a $25.0 million letter of credit sublimit. The Revolving Credit Facility matures on December 16, 2021 . We use the Revolving Credit Facility to provide financing for working capital and general corporate purposes, as well as to finance capital expenditures and to support our letter of credit requirements. Borrowings are limited to the availability under a borrowing base that is determined principally on eligible inventory as defined by the Revolving Credit Facility agreement. Inventory, cash and cash equivalents are pledged as collateral. The daily interest rates are determined by a prime rate or LIBOR, plus an applicable margin, as set forth in the Revolving Credit Facility agreement. During 2017 , the weighted average interest rate on outstanding borrowings and the average daily borrowings under the Revolving Credit Facility were 2.69% and $224.5 million , respectively, as compared to 1.90% and $192.4 million in 2016 . Letters of credit issued under the Revolving Credit Facility support certain merchandise purchases and collateralize retained risks and deductibles under various insurance programs. At February 3, 2018 , we had outstanding letters of credit totaling approximately $7.1 million . These letters of credit expire within 12 months of issuance. Excess availability under the Revolving Credit Facility at February 3, 2018 was $111.9 million . The Revolving Credit Facility agreement contains covenants which, among other things, restrict, based on required levels of excess availability, (i) the amount of additional debt or capital lease obligations, (ii) the payment of dividends to $30.0 million in a fiscal year, and (iii) the repurchase of common stock under certain circumstances. The agreement also contains a fixed charge coverage ratio covenant in the event excess availability is below a defined threshold or an event of default has occurred. At February 3, 2018 , we were in compliance with the financial covenants of the Revolving Credit Facility agreement and expect to continue to be in compliance in 2018 . While infrequent in occurrence, occasionally we are responsible for the construction of leased stores and for paying project costs. ASC 840-40-55 , The Effect of Lessee Involvement in Asset Construction, requires us to be considered the owner (for accounting purposes) of this type of project during the construction period. Such leases are accounted for as finance obligations with the amounts received from the landlord being recorded in debt obligations. Interest expense is recognized at a rate that will amortize the finance obligation over the initial term of the lease. Where ASC 840-40-55 was applicable, we have recorded finance obligations with interest rates ranging from 6.1% to 16.9% on our consolidated financial statements related to four store leases as of February 3, 2018 . Minimum annual payments required under existing finance obligations as of February 3, 2018 are as follows (in thousands): Fiscal Year Minimum Payments Less: Interest Principal Payments 2018 $ 1,096 $ 101 $ 995 2019 580 26 554 Total $ 1,676 $ 127 $ 1,549 At February 3, 2018 , $2.5 million remained outstanding under our 2016 secured equipment financing note, of which $2.0 million and $0.5 million will be paid in 2018 and 2019, respectively. The note bears an effective interest rate of 3.2% . |
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Feb. 03, 2018 | |
Other Liabilities, Noncurrent [Abstract] | |
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES The components of other long-term liabilities were as follows (in thousands): February 3, 2018 January 28, 2017 Deferred rent $ 38,109 $ 43,382 Deferred compensation 20,293 18,180 Pension liability 7,247 8,801 Deferred revenue under ADS agreement (see Note 10) 2,875 3,500 Other long-term liabilities $ 68,524 $ 73,863 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Feb. 03, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES We have numerous contractual commitments for purchases of merchandise inventories, services arising in the ordinary course of business, letters of credit, Revolving Credit Facility and other debt service and leases. Contractual obligations for purchase of goods or services are defined as agreements that are enforceable and legally binding and that specify all significant terms, including: fixed or minimum quantities. In the ordinary course of business, we enter into arrangements with vendors to purchase merchandise typically up to six months in advance of expected delivery. From time to time, we are involved in various legal proceedings arising in the ordinary course of our business. We do not believe that any pending legal proceedings, either individually or in the aggregate, are material to our financial condition, results of operations or cash flows. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Feb. 03, 2018 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Our deferred compensation plan covering executives and certain officers provides an investment option that allows participants to elect to purchase shares of our common stock (“Company Stock Investment Option”). We established a grantor trust to facilitate the collection of funds and purchase our shares on the open market at prevailing market prices. All shares purchased through the grantor trust are held in the trust until the participants are eligible to receive the benefits under the terms of the plan. At the time of the participant’s eligibility, the deferred compensation obligation related to the Company Stock Investment Option is settled by the delivery of the fixed number of shares held by the grantor trust on the participant’s behalf. In 2017 , 2016 and 2015 , participants in our deferred compensation plan elected to invest approximately $0.2 million , $0.3 million and $0.9 million , respectively, of the total amount of deferred compensation withheld, in the Company Stock Investment Option. The purchase of shares made by the grantor trust on behalf of the participants is included in treasury stock and the corresponding deferred compensation obligation is included in additional paid-in capital. On February 22, 2018 , subsequent to year-end, our Board of Directors (“Board”) declared a quarterly cash dividend of $0.05 per share on our common stock, payable on March 21, 2018 , to shareholders of record at the close of business on March 6, 2018 . On March 7, 2011, our Board approved a stock repurchase program (“2011 Stock Repurchase Program”), which authorizes us to repurchase up to $200.0 million of our outstanding common stock. The 2011 Stock Repurchase Program will expire when we have repurchased $200.0 million of our outstanding common stock, unless terminated earlier by our Board. As of February 3, 2018 , we had $58.4 million available under the program. Also in March 2011, our Board authorized us to repurchase shares of our outstanding common stock equal to the amount of the proceeds and related tax benefits from the exercise of stock options, SARs and other equity grants. Purchases of shares of our common stock may be made from time to time, either on the open market or through privately negotiated transactions and are financed by our existing cash, cash flow and other liquidity sources, as appropriate. |
PRIVATE LABEL CREDIT CARD PORTF
PRIVATE LABEL CREDIT CARD PORTFOLIO | 12 Months Ended |
Feb. 03, 2018 | |
PRIVATE LABEL CREDIT CARD PORTFOLIO [Abstract] | |
PRIVATE LABEL CREDIT CARD PORTFOLIO | PRIVATE LABEL CREDIT CARD PROGRAM On August 8, 2012, we entered into an Amended and Restated Private Label Credit Card Plan Agreement (“Agreement”) with World Financial Network Bank (now Comenity Bank) (“Bank”), an affiliate of Alliance Data Systems Corporation (“ADS”). Under the terms of the Agreement, which expires July 31, 2021, the Bank provides credit card services for our private label credit card program, including account activation, receivables funding, card authorization, private label credit card issuance, statement generation, remittance processing and guest service functions. We are required to perform certain duties, including electronic processing and transmitting of transaction records and marketing and promoting the private label credit card program. As consideration, among other payments set forth in the Agreement, the Bank pays us a monthly net portfolio yield payment and an annual portfolio performance bonus, if earned. We received certain upfront payments upon execution of the Agreement that are being recognized over the life of the Agreement, and as of February 3, 2018 , the remaining amount to be amortized is $4.6 million . We realized $58.9 million , $55.3 million and $54.1 million in income related to our private label credit card program during 2017 , 2016 and 2015 , respectively, which have been recorded as a reduction to SG&A expenses. |
OPERATING LEASES
OPERATING LEASES | 12 Months Ended |
Feb. 03, 2018 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES We lease stores, our corporate headquarters, two distribution centers and equipment under operating leases. The majority of store leases, which are typically for an initial 10 -year term and often with two renewal options of five years each, require us to pay base rent plus expenses, such as common area maintenance, utilities, taxes and insurance. Certain store leases provide for contingent rents that are not measurable at inception. These contingent rents are primarily based on a percentage of sales that are in excess of a predetermined level. A number of store leases provide for escalating minimum rent. Minimum rental commitments on long-term, non-cancelable operating leases at February 3, 2018 , are as follows (in thousands): Fiscal Year Commitments Sublease Income Net Minimum Lease Commitments 2018 $ 111,260 $ (1,447 ) $ 109,813 2019 97,401 (1,447 ) 95,954 2020 87,994 (1,492 ) 86,502 2021 73,229 (1,582 ) 71,647 2022 58,650 (1,582 ) 57,068 Thereafter 112,347 (1,054 ) 111,293 Total $ 540,881 $ (8,604 ) $ 532,277 Rental expense for operating leases, net of sublease income, consisted of the following for each period presented (in thousands): Fiscal Year 2017 2016 2015 Minimum rentals $ 104,240 $ 85,538 $ 84,170 Contingent rentals 2,224 2,365 3,067 Sublease income (1,474 ) (1,436 ) (5 ) Total $ 104,990 $ 86,467 $ 87,232 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Feb. 03, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION As approved by our shareholders, we established the Stage Stores, Inc. Amended and Restated 2001 Equity Incentive Plan (“2001 Equity Incentive Plan”), the Stage Stores, Inc. Second Amended and Restated 2008 Equity Incentive Plan (“2008 Equity Incentive Plan”) and the Stage Stores 2017 Long-Term Incentive Plan (“2017 LTIP” and, collectively with the 2001 Equity Incentive Plan and the 2008 Equity Incentive Plan, the “Equity Incentive Plans”) to reward, retain and attract key personnel. The Equity Incentive Plans provide for grants of non-qualified or incentive stock options, SARs, performance shares or units, stock units and stock grants. To fund the 2001 Equity Incentive Plan, the 2008 Equity Incentive Plan and the 2017 LTIP, 12,375,000 , 4,484,346 and 1,365,654 shares of our common stock were reserved for issuance upon exercise of awards, respectively. The 2001 Equity Incentive Plan expired in the second quarter of 2014. On June 1, 2017, the 2017 LTIP replaced the 2008 Equity Incentive Plan and no new awards will be granted under the 2008 Equity Incentive Plan. Stock-based compensation expense by type of grant for each period presented was as follows (in thousands): Fiscal Year 2017 2016 2015 Non-vested stock $ 5,626 $ 6,676 $ 7,171 Restricted stock units 434 — — Performance shares 2,760 2,785 5,193 Stock options and SARs — — 30 Total stock-based compensation expense 8,820 9,461 12,394 Related tax benefit (3,313 ) (3,557 ) (4,660 ) Stock-based compensation expense, net of tax $ 5,507 $ 5,904 $ 7,734 As of February 3, 2018 , we had unrecognized compensation cost of $10.1 million related to stock-based compensation awards granted. That cost is expected to be recognized over a weighted average period of 2.0 years . Non-vested Stock We grant shares of non-vested stock to our employees and non-employee directors. Shares of non-vested stock awarded to employees vest 25% annually over a four -year period from the grant date. Shares of non-vested stock awarded to non-employee directors cliff vest after one year . At the end of the vesting period, shares of non-vested stock convert one for one to common stock . Certain non-vested stock awards have shareholder rights, including the right to vote and to receive dividends. The fair value of non-vested stock awards with dividend rights is based on the closing share price of our common stock on the grant date. The fair value of non-vested stock awards that do not have dividend rights is discounted for the present value of expected dividends during the vesting period. Compensation expense is recognized ratably over the vesting period. The following table summarizes non-vested stock activity during 2017 : Non-vested Stock Number of Shares Weighted Average Grant Date Fair Value Outstanding at January 28, 2017 1,596,410 $ 10.22 Granted 668,371 2.21 Vested (577,897 ) 11.10 Forfeited (49,847 ) 9.30 Outstanding at February 3, 2018 1,637,037 6.67 The aggregate intrinsic value of non-vested stock that vested during 2017 , 2016 and 2015 was $1.2 million , $2.7 million and $5.4 million , respectively. The weighted-average grant date fair value for non-vested stock granted in 2017 , 2016 and 2015 was $2.21 , $6.75 and $18.70 , respectively. The payment of the employees’ tax liability for a portion of the non-vested stock that vested during 2017 was satisfied by withholding shares with a fair value equal to the tax liability. As a result, the actual number of shares issued was 465,007 . Restricted Stock Units (“RSUs”) We grant RSUs to our employees, which vest 25% annually over a four -year period from the grant date. Each vested RSU is settled in cash in an amount equal to the fair market value of one share of our common stock on the vesting date, not to exceed five times the per share fair market value of our common stock on the grant date . Unvested RSUs have the right to receive a dividend equivalent payment equal to cash dividends paid on our common stock. RSUs are accounted for as a liability in accordance with accounting guidance for cash settled stock awards. The liability for RSUs is remeasured based on the closing share price of our common stock at each reporting period until the award vests. Compensation expense is recognized ratably over the vesting period and adjusted with changes in the fair value of the liability. The following table summarizes RSU activity during 2017 : Restricted Stock Units Number of Units Weighted Average Grant Date Fair Value Outstanding at January 28, 2017 — $ — Granted 1,321,250 2.14 Forfeited (37,500 ) 2.09 Outstanding at February 3, 2018 1,283,750 2.14 Performance Share Units (“PSUs”) We grant PSUs as a means of rewarding management for our long-term performance based on total shareholder return relative to a specific group of companies over a three -year performance cycle. PSUs cliff vest following a three -year performance cycle, and if earned, are settled in shares of our common stock. The actual number of shares of our common stock that may be earned ranges from zero to a maximum of twice the number of target units awarded to the recipient. Grant recipients do not have any shareholder rights on unvested or unearned PSUs. The fair value of PSUs is estimated using a Monte Carlo simulation, based on the expected term of the award, a risk-free rate, expected dividends, expected volatility, and share price of our common stock and the specified peer group. The expected term is estimated based on the vesting period of the awards, the risk-free rate is based on the yield on U.S. Treasury securities matching the vesting period, and the volatility is based on the historical volatility over the expected term. Compensation expense is recorded ratably over the corresponding vesting period. The following table summarizes PSU activity during 2017 : Period Granted Target PSUs Outstanding at January 28, 2017 Target PSUs Granted Target PSUs Vested and Earned Target PSUs Vested and Unearned Target Target PSUs Outstanding at February 3, 2018 Weighted Average Grant Date Fair Value per Target PSU 2015 158,490 — — (154,046 ) (4,444 ) — $ 28.33 2016 330,233 — — — (8,527 ) 321,706 8.69 2017 — 600,000 — — — 600,000 1.80 Total 488,723 600,000 — (154,046 ) (12,971 ) 921,706 7.65 No PSUs were earned in 2017 . The aggregate intrinsic value of PSUs that vested and were earned during 2016 and 2015 was $0.1 million and $4.9 million , respectively. SARs Prior to 2012, we granted SARs to our employees, which generally vested 25% annually over a four -year period from the grant date. Outstanding SARs will expire, if not exercised or forfeited, within seven years from the grant date. Exercised SARs are settled by the issuance of common stock in an amount equal to the increase in share price of our common stock between the grant date and the exercise date . The following table summarizes SARs activity during 2017 : Number of Outstanding Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding, vested and exercisable at January 28, 2017 177,900 $ 17.69 Forfeited (80,000 ) 16.29 Outstanding, vested and exercisable at February 3, 2018 97,900 $ 18.83 0.2 $ — No SARs were exercised during 2017 or 2016 . The aggregate intrinsic value of SARs, defined as the amount by which the market price of the underlying stock on the date of exercise exceeds the exercise price of the award, exercised during 2015 was $0.9 million . |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
Feb. 03, 2018 | |
Retirement Benefits [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS 401(k) Plan. We have a contributory 401(k) savings plan (“401(k) Plan”) generally available to full and part-time employees with 60 days of service, who are age 21 or older. Under the 401(k) Plan, participants may contribute up to 50% of their qualifying earnings on a pre-tax basis, and up to 10% of their qualifying earnings on a post-tax basis, subject to certain restrictions. We currently match 50% of each participant’s pre-tax contributions, limited up to 6% of each participant’s compensation under the Plan. We may make discretionary matching contributions during the year. Our matching contributions expense for the 401(k) Plan were approximately $1.7 million , $1.4 million and $1.5 million in 2017 , 2016 and 2015 , respectively. Deferred Compensation Plans. We have two nonqualified deferred compensation plans (“DC Plans”) which provide executives and other key employees with the opportunity to participate in unfunded, deferred compensation programs that are not qualified under the Internal Revenue Code of 1986, as amended, (“Code”). Generally, the Code and ERISA restrict contributions to a 401(k) plan by highly compensated employees. The DC Plans are intended to allow participants to defer income on a pre-tax basis. Under the DC Plans, participants may defer up to 50% of their base salary and up to 100% of their bonus and earn a rate of return based on actual investments chosen by each participant. We have established grantor trusts for the purposes of holding assets to provide benefits to the participants. For the plan covering executives, we will match 100% of each participant’s contributions, up to 10% of the sum of their base salary and bonus. For the plan covering other key employees, we may make a bi-weekly discretionary matching contribution. We currently match 50% of each participant’s contributions, up to 3% of the participant’s compensation. For both DC Plans, our contributions are vested 100% . In addition, we may, with approval by our Board, make an additional employer contribution in any amount with respect to any participant as is determined in our sole discretion. Our matching contribution expense for the DC Plans was approximately $0.9 million , $1.0 million and $1.1 million for 2017 , 2016 and 2015 , respectively. Non-Employee Director Equity Compensation Plan. In 2003, we adopted, and our shareholders approved, and in 2004 we amended and restated, the Stage Stores, Inc. Amended and Restated 2003 Non-Employee Director Equity Compensation Plan. We reserved 225,000 shares of our common stock to fund this plan. Under this plan, non-employee directors have the option to defer all or a portion of their annual compensation fees and to receive such deferred fees in the form of restricted stock or deferred stock units as defined in this plan. At January 28, 2017 and February 3, 2018 there were no participants in or amounts deferred under this plan. Frozen Defined Benefit Plan. We sponsor a defined benefit plan (“DB Plan”), which covers substantially all employees who had met eligibility requirements and were enrolled prior to June 30, 1998. The DB Plan was frozen effective June 30, 1998. Benefits for the DB Plan are administered through a trust arrangement, which provides monthly payments or lump sum distributions. Benefits under the DB Plan were based upon a percentage of the participant’s earnings during each year of credited service. Any service after the date the DB Plan was frozen will continue to count toward vesting and eligibility for normal and early retirement for existing participants. The measurement dates used to determine pension benefit obligations were February 3, 2018 and January 28, 2017 . Information regarding the DB Plan is as follows (in thousands): Fiscal Year 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 34,962 $ 35,223 Employer service cost 490 340 Interest cost 1,430 1,598 Actuarial loss 1,835 1,067 Settlements (1,989 ) — Plan disbursements (1,979 ) (3,266 ) Projected benefit obligation at end of year 34,749 34,962 Change in plan assets: Fair value of plan assets at beginning of year 26,161 26,310 Actual return on plan assets 4,456 3,117 Employer contributions 853 — Settlements (1,989 ) — Plan disbursements (1,979 ) (3,266 ) Fair value of plan assets at end of year 27,502 26,161 Underfunded status $ (7,247 ) $ (8,801 ) Amounts recognized in the consolidated balance sheet consist of: Accrued benefit liability - included in other long-term liabilities $ (7,247 ) $ (8,801 ) Amount recognized in accumulated other comprehensive loss, pre-tax (a) 6,822 9,023 (a) Consists solely of net actuarial losses as there are no prior service costs. Fiscal Year 2017 2016 Weighted-average assumptions: For determining benefit obligations at year-end: Discount rate 3.98 % 4.33 % Fiscal Year 2017 2016 2015 For determining net periodic pension cost for year: Discount rate 4.33 % 4.79 % 3.90 % Expected return on assets 6.50 % 7.00 % 7.00 % The discount rate was determined using yields on a hypothetical bond portfolio that matches the approximated cash flows of the DB Plan. We develop our long-term rate of return assumptions using long-term historical actual return data considering the mix of investments that comprise plan assets and input from professional advisors. The DB Plan’s trustees have engaged investment advisors to manage and monitor performance of the investments of the DB Plan’s assets and consult with the DB Plan’s trustees. The allocations of DB Plan assets by category are as follows: Fiscal Year 2018 Target Allocation 2017 2016 Equity securities 50% 51% 51% Fixed income securities 50 47 48 Other - primarily cash — 2 1 Total 100% 100% 100% We employ a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return on DB Plan assets for a prudent level of risk. The investment portfolio consists of actively managed and indexed mutual funds of domestic and international equities and investment-grade corporate bonds and U.S. government securities. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and annual liability measurements. The following tables present the DB Plan assets measured at fair value on a recurring basis in the consolidated financial statements (in thousands): February 3, 2018 Balance Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Mutual funds: Equity securities $ 14,162 $ 14,162 $ — $ — Fixed income securities 12,833 12,833 — — Other - primarily cash 507 507 — — Total $ 27,502 $ 27,502 $ — $ — January 28, 2017 Balance Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Mutual funds: Equity securities $ 13,309 $ 13,309 $ — $ — Fixed income securities 12,540 12,540 — — Other - primarily cash 312 312 — — Total $ 26,161 $ 26,161 $ — $ — The components of net periodic benefit cost for the DB Plan were as follows (in thousands): Fiscal Year 2017 2016 2015 Net periodic pension cost for the fiscal year: Employer service cost $ 490 $ 340 $ 350 Interest cost on pension benefit obligation 1,430 1,598 1,566 Expected return on plan assets (1,654 ) (1,749 ) (2,195 ) Amortization of net loss 797 897 774 Settlement charges (a) 438 — 748 Net periodic pension cost $ 1,501 $ 1,086 $ 1,243 (a) Non-cash pension settlement charges were recognized as a result of lump sum distributions exceeding interest cost for the year. Settlement charges are recorded in selling, general and administrative expenses in our consolidated statements of operations. Other changes in DB Plan assets and benefit obligations recognized in other comprehensive loss are as follows (in thousands): Fiscal Year 2017 2016 Amortization of net loss $ (797 ) $ (897 ) Settlement charges (438 ) — Net gain (966 ) (301 ) Net change recognized in other comprehensive loss, pre-tax $ (2,201 ) $ (1,198 ) The estimated net loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next year is $0.5 million . The amortization of net loss is recorded in SG&A expenses. Our funding policy is to make contributions to maintain the minimum funding requirements for our pension obligation in accordance with ERISA. We may elect to contribute additional amounts to maintain a level of funding to minimize the Pension Benefit Guaranty Corporation premium costs or to cover short-term liquidity needs of the DB Plan in order to maintain current invested positions. We contributed $0.9 million in 2017, and we expect to contribute approximately $1.2 million in 2018 . The following benefit payments are expected to be paid (in thousands): Fiscal Year Payments 2018 $ 2,201 2019 2,880 2020 2,722 2021 2,988 2022 3,043 Fiscal Years 2023 - 2027 13,067 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Feb. 03, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES On December 22, 2017, the U.S. government enacted the Tax Act, making broad and complex changes to the U.S. tax code that affect our current fiscal year, including, but not limited to, (1) reducing the U.S. federal corporate tax rate, (2) creating a new limitation on deductible interest expense and (3) changing rules related to uses and limitations of net operating losses generated in tax years ending after December 31, 2017. The Tax Act reduced the federal corporate tax rate from 35.0% to 21.0% effective January 1, 2018. In accordance with Section 15 of the Internal Revenue Code, we have utilized a blended rate of 33.7% for our fiscal 2017 tax year, by applying a prorated percentage of the number of days prior to and after the January 1, 2018 effective date. The Act required the remeasurement of the deferred tax assets at enactment date resulting in an adjustment of $0.3 million to our income tax expense. Existing accounting guidance required remeasurement for amounts recorded through accumulated other comprehensive income to run through tax expense. This impact is commonly referred to as the “stranded tax effect”. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , to address concerns regarding the “stranded tax effect”. ASU 2018-02 provides entities an election to reclassify the difference between the new and old corporate tax rates resulting from the Tax Act between retained earnings and accumulated other comprehensive income for fiscal years beginning after December 15, 2018, with early adoption permitted. We made an election under ASU 2018-02 to reclassify the income tax rate change effects on items originally recorded in accumulated other comprehensive income to retained earnings in the amount of $1.2 million . Currently, only changes to the minimum pension liability are recorded into accumulated other comprehensive income. The amount of the reclassification was determined based on the amount of the federal tax rate change on the deferred tax liability remaining in accumulated other comprehensive income including the federal tax effect on future state tax benefits at the enactment date. Our current accounting policy related to releasing tax effects from accumulated other comprehensive income for minimum pension liability is on a plan approach. On December 22, 2017, the SEC issued SAB 118, which provides guidance on accounting for tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for entities to complete the accounting under ASC 740. In accordance with SAB 118, an entity must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that an entity’s accounting for certain income tax effects of the Tax Act is incomplete, but it is able to determine a reasonable estimate, it must record a provisional estimate to be included in the financial statements. If an entity cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 based on the provision of the tax laws that were in effect immediately before the enactment of the Tax Act. Our accounting for the impact of the reduction in U.S. federal corporate rate is complete. We record valuation allowances when it is more-likely-than-not that some portion or all of our deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character and in the appropriate taxing jurisdictions in the future. If we do not meet our expectations with respect to taxable income, we may not realize the full benefit from our deferred tax assets which would require us to record a valuation allowance in our tax provision in future years. Management assesses all available positive and negative evidence to estimate our ability to generate sufficient future taxable income of the appropriate character, and in the appropriate taxing jurisdictions, to permit use of our existing deferred tax assets. In determining the need for valuation allowances, we have considered and made judgments and estimates regarding estimated future taxable income and ongoing prudent and feasible tax planning strategies. These estimates and judgments include some degree of uncertainty and changes in these estimates and assumptions could require us to adjust the valuation allowances for our deferred tax assets. The ultimate realization of the deferred tax assets depends on the generation of sufficient taxable income in the applicable taxing jurisdictions We believe that the reversal of existing deferred tax liabilities will create taxable income that will allow us to recognize an equal amount of tax assets. In the current year, we have recorded a valuation allowance against net tax assets of $6.1 million . We also generated federal and state net operating losses estimated at $21.0 million which are included in deferred tax assets. Under the Tax Act, the federal losses generated in tax years ending after December 31, 2017, can be carried forward indefinitely; states are still considering conformity with the new law. As of February 3, 2018 , we had no unrecognized tax benefits. We file income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. We recognize penalty and interest accrued related to unrecognized tax benefits, if any, as an income tax expense. We are subject to U.S. federal income tax examinations by tax authorities for 2014 forward. We are also subject to audit by the taxing authorities of 38 states for years generally after 2013 and 3 additional states relating to the Gordmans Acquisition beginning in 2017. The outcome of tax audits cannot be predicted with certainty. If any issues addressed in our tax audits are resolved in a manner not consistent with our expectations, we could be required to adjust our provision for income taxes in the period such resolution occurs. All of our operations are domestic. Income tax (benefit) expense consisted of the following (in thousands): Fiscal Year 2017 2016 2015 Federal income tax (benefit) expense: Current $ (12,216 ) $ (5,234 ) $ 3,380 Deferred 428 (19,052 ) (2,156 ) (11,788 ) (24,286 ) 1,224 State income tax (benefit) expense: Current 193 292 765 Deferred (1,473 ) (1,172 ) (174 ) (1,280 ) (880 ) 591 Total income tax (benefit) expense $ (13,068 ) $ (25,166 ) $ 1,815 A reconciliation between the federal income tax (benefit) expense computed at statutory tax rates and the actual income tax (benefit) expense recorded is as follows (in thousands): Fiscal Year 2017 2016 2015 Federal income tax (benefit) expense at the blended statutory rate $ (16,992 ) $ (22,072 ) $ 1,958 State income taxes, net (1,345 ) (1,084 ) 332 Uncertain tax position — (743 ) 128 Other 1,375 654 474 Tax deficiencies related to share-based payments (a) 1,948 — — Tax credits (4,386 ) (1,921 ) (1,077 ) Valuation allowance on net deferred tax assets 6,077 — — Tax Act 255 — — Total income tax (benefit) expense $ (13,068 ) $ (25,166 ) $ 1,815 (a) We recognized tax deficiencies of $2.1 million related to share-based payments in 2017, of which $0.2 million was for state income taxes. Deferred tax assets (liabilities) consisted of the following (in thousands): February 3, 2018 January 28, 2017 Gross deferred tax assets: Net operating loss $ 6,758 $ 10,184 Accrued expenses 2,203 2,893 Lease obligations 9,355 16,762 Deferred compensation 7,147 12,048 Deferred income 2,583 3,956 Other 4,650 4,434 32,696 50,277 Gross deferred tax liabilities: Inventory (1,862 ) (4,706 ) Depreciation and amortization (24,342 ) (45,703 ) (26,204 ) (50,409 ) Valuation allowance (6,492 ) (415 ) Net deferred tax liabilities $ — $ (547 ) |
GORDMANS ACQUISITION
GORDMANS ACQUISITION | 12 Months Ended |
Feb. 03, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | GORDMANS ACQUISITION On April 7, 2017 , we acquired select assets of Gordmans Stores, Inc. and its subsidiaries (collectively, the “Sellers”) through a bankruptcy auction. The terms of the transaction agreement required us to take assignment of a minimum of 50 of the Sellers’ store leases, with rights to take assignment of the leases for an additional seven stores and a distribution center. We also acquired all of the Sellers’ inventory, furniture, fixtures and equipment at the 57 store locations and distribution center, as well as the trademarks and other intellectual property of the Sellers. The Gordmans stores, which we operate as an off-price concept, add scale to our business, while allowing us to leverage strategic synergies and our current infrastructure. The acquisition also brings beneficial geographic and guest diversification. The purchase price for the inventory and other assets acquired from the Sellers was approximately $36.1 million , all of which was paid by the end of the second quarter 2017 using existing cash and availability under our Revolving Credit Facility. We took assignment of 55 of the 57 store locations and the distribution center, and we renegotiated the terms of many of those leases. We also entered into new leases for three former Gordmans store locations, of which, two were opened in the second quarter 2017 and one opened in the third quarter 2017, for a total of 58 stores. The estimated fair values of the assets acquired at the acquisition date, were as follows (in thousands): April 7, 2017 Inventory $ 31,770 Property, plant and equipment and other assets 4,374 Total $ 36,144 We recognized $9.1 million of acquisition and integration related costs in selling, general and administrative expenses in 2017 . Net sales included in our consolidated statements of operations from our Gordmans stores that we operated beginning on April 7, 2017, were $222.2 million in 2017 . Pro forma net sales and earnings for 2017 and 2016 are not presented due to the impracticability in substantiating this information as the Gordmans Acquisition was limited to select assets and assignment of leases acquired through a bankruptcy auction. Furthermore, the results of operations may be impacted by the Sellers’ liquidation and may not be indicative of future performance. |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (unaudited) | 12 Months Ended |
Feb. 03, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (unaudited) | QUARTERLY FINANCIAL INFORMATION (unaudited) The following table shows quarterly information (in thousands, except per share amounts): Fiscal Year 2017 Q1 Q2 Q3 Q4 (a) (b) Net sales $ 308,607 $ 377,081 $ 357,236 $ 549,351 Gross profit 62,218 92,941 71,694 136,642 Net (loss) income (18,987 ) (6,258 ) (17,722 ) 5,644 Basic (loss) earnings per share $ (0.70 ) $ (0.23 ) $ (0.64 ) $ 0.19 Diluted (loss) earnings per share (0.70 ) (0.23 ) (0.64 ) 0.19 Basic weighted average shares 27,268 27,535 27,602 27,628 Diluted weighted average shares 27,268 27,535 27,602 27,628 Fiscal Year 2016 Q1 Q2 Q3 Q4 (a) (b) Net sales $ 332,750 $ 338,385 $ 317,140 $ 454,443 Gross profit 66,987 85,570 56,590 88,905 Net (loss) income (15,460 ) 41 (15,634 ) (6,844 ) Basic (loss) earnings per share $ (0.57 ) $ — $ (0.58 ) $ (0.25 ) Diluted (loss) earnings per share (0.57 ) — (0.58 ) (0.25 ) Basic weighted average shares 26,932 27,111 27,155 27,163 Diluted weighted average shares 26,932 27,175 27,155 27,163 (a) The fourth quarter 2017 consisted of 14 weeks compared with 13 weeks in the fourth quarter 2016. (b) The fourth quarter 2017 and 2016 included impairment charges recognized in cost of sales and related buying, occupancy and distribution expenses of $1.6 million and $19.4 million , respectively. |
DESCRIPTION OF BUSINESS AND S25
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Feb. 03, 2018 | |
Description of Business and Significant Accounting Policies [Abstract] | |
Description of business | Description of Business. We are a retailer of trend-right, moderately priced, name-brand apparel, accessories, cosmetics, footwear and home goods. As of February 3, 2018 , we operated in 42 states through 777 BEALLS, GOODY’S, PALAIS ROYAL, PEEBLES and STAGE specialty department stores and 58 GORDMANS off-price stores. We also operate an e-commerce website. Our department stores are predominantly located in small towns and rural communities. Our off-price stores are predominantly located in mid-sized, non-rural Midwest markets. |
Principles of consolidation | Principles of Consolidation. The consolidated financial statements include the accounts of Stage Stores, Inc. and its subsidiary. All intercompany transactions have been eliminated in consolidation. We report our department stores, off-price stores and e-commerce website in a single operating segment. Revenues from guests are derived from merchandise sales. We do not rely on any major guest as a source of revenue |
Fiscal Year | Fiscal Year. References to a particular year are to our fiscal year, which is the 52 - or 53 -week period ending on the Saturday closest to January 31st of the following calendar year. Fiscal Year Ended Weeks 2017 February 3, 2018 53 2016 January 28, 2017 52 2015 January 30, 2016 52 |
Use of estimates | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to inventory, deferred tax assets, intangible assets, long-lived assets, sales returns, gift card breakage, pension obligations, self-insurance and contingent liabilities. Actual results may differ materially from these estimates. We base our estimates on historical experience and on various assumptions which are believed to be reasonable under the circumstances. |
Cash and cash equivalents | Cash and Cash Equivalents. We consider highly liquid investments with initial maturities of less than three months to be cash equivalents. Cash and cash equivalents also includes amounts due from credit card sales transactions. |
Concentration of credit risk | Concentration of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk are primarily cash. Our cash management and investment policies restrict investments to low-risk, highly-liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we deal. |
Merchandise inventories | Merchandise Inventories. We value merchandise inventories using the lower of cost or net realizable value with cost determined using the weighted average cost method. We capitalize distribution center costs associated with preparing inventory for sale, such as distribution payroll, benefits, occupancy, depreciation and other direct operating expenses as part of merchandise inventories. We also include in inventory the cost of freight to our distribution centers and to stores as well as duties and fees related to import purchases. |
Vendor allowances | Vendor Allowances. We receive consideration from our merchandise vendors in the form of allowances and reimbursements. Given the promotional nature of our business, the allowances are generally intended to offset our costs of handling, promoting, advertising and selling the vendors’ products in our stores. These allowances are recognized in accordance with ASC Subtopic 605-50, Customer Payments and Incentives . Vendor allowances related to the purchase of inventory are recorded as a reduction to the cost of inventory until sold. Vendor allowances are recognized as a reduction of cost of goods sold or the related selling expense when the purpose for which the vendor funds were intended to be used has been fulfilled and amounts have been authorized by vendors. |
Stock-based compensation | Stock-Based Compensation. We recognize as compensation expense an amount equal to the fair value of share-based payments granted to employees and independent directors, net of forfeitures. That cost is recognized ratably in SG&A expense over the period during which an employee or independent director is required to provide service in exchange for the award. |
Stock-based compensation, forfeitures | Forfeitures are recognized as they occur. |
Property, equipment and leasehold improvements | Property, Equipment and Leasehold Improvements. Additions to property, equipment and leasehold improvements are recorded at cost and depreciated over their estimated useful lives using the straight-line method. The estimated useful lives of leasehold improvements do not exceed the term of the related lease, including applicable available renewal options where appropriate. The estimated useful lives in years are generally as follows: Buildings & improvements 20 Information systems 3 - 10 Store and office fixtures and equipment 5 - 10 Warehouse equipment 5 - 15 Leasehold improvements - stores 5 - 15 Leasehold improvements - corporate office 10 - 12 |
Impairment of long-lived assets | Impairment of Long-Lived Assets. Property, plant and equipment and other long-lived assets are reviewed to determine whether any events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For long-lived assets to be held and used, we base our evaluation on impairment indicators such as the nature of the asset’s physical condition, the future economic benefit of the asset, any historical or future profitability measurements and other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate the carrying amount of the asset may not be recoverable, we determine whether impairment has occurred through the use of an undiscounted cash flows analysis of the asset at the lowest level for which identifiable cash flows exist. If impairment has occurred, we recognize a loss for the difference between the carrying amount and the estimated fair value of the asset. Management’s judgment is necessary to estimate fair value. |
Insurance Recoveries | Insurance Recoveries. We incurred casualty losses during 2017 , 2016 and 2015 . We received total insurance proceeds of $15.7 million , $3.3 million and $2.5 million during 2017 , 2016 and 2015 , respectively, and recognized net gains of $4.3 million , $0.7 million and $0.8 million in 2017 , 2016 and 2015 , respectively, which are included in selling, general and administrative expenses (“SG&A”). |
Intangible asset and impairment of intangible assets | Intangible Assets and Impairment of Intangible Assets. Indefinite life intangible assets are tested for impairment annually or more frequently when indicators of impairment exist. As a part of the acquisition of Peebles, Inc. in 2003 and the Gordmans Acquisition in 2017, we acquired the rights to the PEEBLES and the GORDMANS trade names and trademarks (collectively the “Trademarks”), which were identified as indefinite life intangibles. The values of the Trademarks were determined to be $14.9 million and $1.9 million , respectively, at the time of acquisition. We completed our annual impairment testing during the fourth quarter of 2017 and determined that the fair value of the Peebles trademarks exceeded the carrying values by greater than 10% . The carrying value of the Gordmans trademarks approximates their fair value. |
Debt issuance costs | Debt Issuance Costs. Debt issuance costs are accounted for as a deferred charge and amortized on a straight-line basis over the term of the related financing agreement. The balance of debt issuance costs, net of accumulated amortization of $0.3 million and $0.1 million , is $1.1 million and $1.4 million at February 3, 2018 and January 28, 2017 , respectively. |
Revenue recognition | Revenue Recognition. Our retail stores record revenue at the point of sale. Sales of merchandise shipped to our guests are recorded based on estimated receipt of merchandise by the guest. Shipping and handling fees charged to guests are included in net sales with the corresponding costs recorded as costs of goods sold. Total revenues do not include sales tax because we are a pass-through conduit for collecting and remitting sales taxes. Revenues are recognized net of expected returns, which we estimate using historical return patterns as a percentage of sales. We record deferred revenue on our balance sheet for gift cards sales and merchandise credits issued related to guest returns. Upon redemption, we recognize this revenue in net sales. |
Gift Card and Merchandise Credit Liability | Gift Card and Merchandise Credit Liability. Unredeemed gift cards and merchandise credits are recorded as a liability. Our gift cards and merchandise credits do not expire. Based on historical redemption rates, a small and relatively stable percentage of gift cards and merchandise credits will never be redeemed, which is referred to as “breakage.” Estimated breakage income is recognized over time in proportion to actual gift card and merchandise credit redemptions. We recognized breakage income of approximately $0.9 million and $3.0 million in net sales in 2017 and 2016 , respectively, and approximately $1.6 million as an offset to SG&A expenses in 2015 . |
Guest Loyalty Program | Guest Loyalty Program. Prior to the third quarter of 2016, guests who spent a required amount within a specified time frame using our private label credit card received reward certificates which could be redeemed for merchandise. We estimated the net cost of the rewards and recorded a liability associated with unredeemed certificates and guest spend toward unissued certificates. The cost of the loyalty rewards program was recorded in cost of sales. In the third quarter of 2016, we expanded our loyalty program to enable all guests to earn benefits regardless of how they choose to pay. We record deferred revenue, net of estimated breakage, for the retail value of certificates earned and as guests make purchases towards earning reward certificates. |
Self Insurance Reserves | Self-Insurance Reserves. We maintain self-insured retentions with respect to general liability, workers compensation and health benefits for our employees. We estimate the accruals for the liabilities based on industry development factors and historical claim trend experience. Although management believes adequate reserves have been provided for expected liabilities arising from our self-insured obligations, projections of future losses are inherently uncertain, and it is reasonably possible that estimates of these liabilities will change over the near term as circumstances develop. |
Advertising expenses | Advertising Expenses. Advertising costs are charged to operations when the related advertising first takes place. Advertising costs were $83.6 million , $88.7 million and $91.0 million , in 2017 , 2016 and 2015 , respectively, which are net of advertising allowances received from vendors of $3.1 million , $4.3 million and $4.9 million , respectively. |
Rent expense | Rent Expense. We record rent expense on a straight-line basis over the lease term, including the build out period, and where appropriate, applicable available lease renewal option periods. The difference between the payment and expense in any period is recorded as deferred rent in other long-term liabilities in the consolidated financial statements. We record construction allowances from landlords when contractually earned as a deferred rent credit in other long-term liabilities. Such deferred rent credit is amortized over the related lease term, commencing on the date we contractually earned the construction allowance, as a reduction of rent expense. Certain leases provide for contingent rents that are not measurable at inception. These contingent rents are primarily based on a percentage of sales that are in excess of a predetermined level. These amounts are excluded from minimum rent and are included in the determination of total rent expense when it is probable that the expense has been incurred and the amount is reasonably estimable. |
Income taxes | Income Taxes. The provision for income taxes is computed based on the pretax income (loss) included in the consolidated financial statements. The asset and liability approach is used to recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts for financial reporting purposes and the tax basis of assets and liabilities. A valuation allowance is established if it is more likely than not that some portion of the deferred tax asset will not be realized. See Note 14 for additional disclosures regarding income taxes and deferred income taxes. |
Earnings per share | Earnings Per Share. Basic earnings per share is computed using the weighted average number of common shares outstanding during the measurement period. Diluted earnings per share is computed using the weighted average number of common shares as well as all potentially dilutive common share equivalents outstanding during the measurement period. We granted non-vested stock and restricted stock unit awards that contain non-forfeitable dividend rights. Under Accounting Standards Codification (“ASC”) 260-10, Earnings Per Share , non-vested stock awards that contain non-forfeitable dividend or dividend equivalent rights are considered participating securities and are included in the calculation of basic and diluted earnings per share pursuant to the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. See Note 2 for additional disclosures regarding earnings per share. |
Recent Accounting Standards | Recently Adopted Accounting Pronouncements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which modifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows, and the option to estimate expected forfeitures or recognize forfeitures as they occur. We adopted this standard on a prospective basis in first quarter of 2017. Under the new standard, excess income tax benefits and deficiencies related to awards that vest or settle are recognized in the provision for income taxes as a discrete event in the period in which they occur, which may create significant volatility in the provision for income taxes and earnings. Historically, these amounts were reflected within additional paid-in capital on the balance sheet. In addition, upon adoption excess tax benefits are reflected within operating activities in the statements of cash flows, whereas historically these amounts were reflected as a financing activity. Cash paid to tax authorities on an employee’s behalf for withheld shares continues to be classified as a financing activity in the statement of cash flows. We made a policy election to recognize forfeitures as they occur. For 2017, we recognized excess tax deficiencies of $2.1 million in the provision for income taxes. The adoption of the other requirements of this guidance did not have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which provides guidance on certain specific cash flow issues including proceeds received from the settlement of insurance claims. This guidance requires cash proceeds received from the settlement of insurance claims to be classified on the statement of cash flows on the basis of the related insurance coverage (that is, the nature of the loss). The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, with early adoption permitted and is to be applied retrospectively. We adopted this guidance in the first quarter of 2017. The adoption of ASU 2016-15 did not change the presentation of our consolidated statements of cash flows. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (“Tax Act”). In addition, the ASU requires certain disclosures regarding stranded tax effects. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. We adopted the new standard in the fourth quarter of 2017 and reclassified $1.2 million from accumulated other comprehensive income to retained earnings. See Note 14 of the Financial Statements for additional disclosures regarding the stranded tax effects. In March 2018, the FASB issued ASU 2018-05, which amends Income Taxes (Topic 740) by incorporating the Securities and Exchange Commission’s (“SEC”) Staff Accounting Bulletin 118 (“SAB 118”) issued on December 22, 2017. SAB 118 provides guidance on accounting for the effects of the Tax Act. We recognized the income tax effects of the Tax Act in our 2017 financial statements in accordance with SAB 118. See Note 14 of the Financial Statements for additional disclosures. Recent Accounting Pronouncements Not Yet Adopted. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which supersedes most existing revenue recognition guidance in GAAP. The core principle of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects what the entity expects to be entitled to in exchange for those goods or services. The guidance establishes a five-step revenue recognition model, which includes (i) identifying the contract with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. The guidance also requires additional disclosures to describe the nature, timing and uncertainty of revenue and cash flows from contracts with customers. ASU 2014-09 may be applied retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of initially applying the guidance recognized in retained earnings at the date of adoption. The new guidance is effective for us in the first quarter of fiscal 2018. We have selected the full retrospective method of adoption. In order to determine the impact of the new guidance on our financial statements, we reviewed representative transactions across our revenue streams and compared our historical accounting practices to the new guidance. We do not expect the adoption to have a material impact on our financial condition, results of operations or cash flows. Our 2018 consolidated financial statements will include incremental disclosures regarding our revenue recognition policies and related amounts. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. The new standard requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. We plan to make a policy election that will keep leases with an initial term of 12 months or less off the balance sheet and will result in recognizing those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Consistent with current GAAP, the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a financing or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, ASU 2016-02 will require both types of leases to be recognized on the balance sheet. As a result, lessees will be required to put most leases on their balance sheets while recognizing expense on their income statements in a manner similar to current accounting. In addition, this guidance requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 specifies a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements and that the new and enhanced disclosures be provided for each period presented (including comparative periods). On March 7, 2018, the FASB affirmed its proposed ASU, Leases (Topic 842): Targeted Improvements, which provides entities with an additional (and optional) transition method to adopt the new lease requirements by allowing entities to initially apply the requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which the entity adopts the new lease requirements would continue to be in accordance with current GAAP, including disclosures. The new standard will be effective for us in the first quarter of fiscal 2019, which begins on February 3, 2019. We continue to evaluate the impact that the adoption of this ASU will have on our consolidated financial statements and disclosures, including the effect of certain optional practical expedients permitted under the transition guidance. Based on our assessment to date, we expect the adoption of ASU 2016-02 will result in a significant increase in lease-related assets and liabilities on our consolidated balance sheets. The ultimate impact of adopting the new standard will depend on our lease portfolio as of the adoption date. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs arising from services rendered during the period. If a subtotal for operating income is shown on the income statement, then the other components of the net periodic benefit cost must be presented separately from the line item that includes the service cost and outside of any subtotal of operating income. ASU 2017-07 also requires disclosure of the line item(s) in the income statement that include net periodic benefit costs. Additionally, only the service cost component of the net periodic benefit cost is eligible for capitalization. The new standard is effective for us in the first quarter of fiscal 2018. The change in presentation of service cost must be applied retrospectively, while the capitalization of service cost must be applied on a prospective basis. The pension plan that we sponsor is frozen, and therefore, service costs no longer accrue under the plan. Upon adoption, we will recognize net periodic pension costs in SG&A expenses, consistent with our current presentation, and we will disclose the financial statement line item presentation in the notes to the financial statements. |
DESCRIPTION OF BUSINESS AND S26
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Description of Business and Significant Accounting Policies [Abstract] | |
Schedule Of Fiscal Years [Table Text Block] | Fiscal Year Ended Weeks 2017 February 3, 2018 53 2016 January 28, 2017 52 2015 January 30, 2016 52 |
Schedule of estimated useful lives of property, equipment and leasehold improvements | The estimated useful lives in years are generally as follows: Buildings & improvements 20 Information systems 3 - 10 Store and office fixtures and equipment 5 - 10 Warehouse equipment 5 - 15 Leasehold improvements - stores 5 - 15 Leasehold improvements - corporate office 10 - 12 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted earnings per share | The following tables show the computation of basic and diluted earnings (loss) per share for each period (in thousands, except per share amounts): Fiscal Year 2017 2016 2015 Basic: Net (loss) income $ (37,323 ) $ (37,897 ) $ 3,780 Less: Allocation of earnings to participating securities — — (48 ) Net (loss) income allocated to common shares (37,323 ) (37,897 ) 3,732 Basic weighted average shares outstanding 27,510 27,090 31,145 Basic (loss) earnings per share $ (1.37 ) $ (1.40 ) $ 0.12 Fiscal Year 2017 2016 2015 Diluted: Net (loss) income $ (37,323 ) $ (37,897 ) $ 3,780 Less: Allocation of earnings to participating securities — — (48 ) Net (loss) income allocated to common shares (37,323 ) (37,897 ) 3,732 Basic weighted average shares outstanding 27,510 27,090 31,145 Add: Dilutive effect of stock awards — — 43 Diluted weighted average shares outstanding 27,510 27,090 31,188 Diluted (loss) earnings per share $ (1.37 ) $ (1.40 ) $ 0.12 |
Number of stock options and SARs outstanding excluded from computation of diluted earnings per share | The number of shares attributable to stock options, stock appreciation rights (“SARs”) and non-vested stock grants that would have been considered dilutive securities, but were excluded from the calculation of diluted earnings (loss) per share because the effect was anti-dilutive were as follows (in thousands): Fiscal Year 2017 2016 2015 Number of anti-dilutive shares due to net loss for the period — 34 — Number of anti-dilutive stock options, SARs due to exercise price greater than average market price of our common stock 124 192 251 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | Financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): February 3, 2018 Balance Quoted Prices in Active Significant Other Significant Unobservable Other assets: Securities held in grantor trust for deferred compensation plans (a)(b) $ 20,293 $ 20,293 $ — $ — January 28, 2017 Balance Quoted Prices in Active Significant Other Significant Unobservable Other assets: Securities held in grantor trust for deferred compensation plans (a)(b) $ 18,094 $ 18,094 $ — $ — (a) The liability for the amount due to participants corresponding in value to the securities held in the grantor trust is recorded in other long-term liabilities. (b) Using the market approach, the fair values of these securities represent quoted market prices multiplied by the quantities held. Net gains and losses related to the changes in fair value in the assets and liabilities under the various deferred compensation plans are recorded in SG&A expenses and were nil during 2017 and 2016 . |
Assets and liabilities measured at fair value on a nonrecurring basis | Non-financial assets measured at fair value on a nonrecurring basis were as follows (in thousands): February 3, 2018 Balance Quoted Prices in Active Significant Other Significant Unobservable Assets: Store property, equipment and leasehold improvements (a) $ 778 $ — $ — $ 778 January 28, 2017 Balance Quoted Prices in Active Significant Other Significant Unobservable Assets: Store property, equipment and leasehold improvements (a) $ 8,795 $ — $ — $ 8,795 (a) Using an undiscounted cash flow model, we evaluate the cash flow trends of our stores at least annually and when events or changes in circumstances, such as a store closure, indicate that property, equipment and leasehold improvements may not be fully recoverable. When a store’s projected undiscounted cash flows indicate its carrying value may not be recoverable, we use a discounted cash flow model, with a 10% discount rate, to estimate the fair value of the underlying long-lived assets. An impairment write-down is recorded if the carrying value of a long-lived asset exceeds its fair value. Key assumptions in estimating future cash flows include, among other things, expected future operating performance, including expected closure date and lease term, and changes in economic conditions. We believe estimated future cash flows are sufficient to support the carrying value of our long-lived assets. Significant changes in the key assumptions used in our cash flow projections may result in additional asset impairments. See Note 4 for additional disclosures on impairments charges. |
PROPERTY, EQUIPMENT AND LEASE29
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The components of property, equipment and leasehold improvements were as follows (in thousands): February 3, 2018 January 28, 2017 Land $ 1,544 $ 1,842 Buildings and improvements 12,966 15,633 Fixtures and equipment 526,313 548,145 Leasehold improvements 411,753 415,577 Property, equipment and leasehold improvements 952,576 981,197 Less: Accumulated depreciation 699,788 697,087 Property, equipment and leasehold improvements, net $ 252,788 $ 284,110 |
Depreciation And Impairment [Table Text Block] | Depreciation expense and impairment charges were as follows for each period presented (in thousands): Fiscal Year 2017 2016 2015 Depreciation expense $ 65,401 $ 71,779 $ 66,998 Store impairment charges 1,739 19,856 10,580 Total depreciation and impairment $ 67,140 $ 91,635 $ 77,578 |
ACCRUED EXPENSES AND OTHER CU30
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | The components of accrued expenses and other current liabilities were as follows (in thousands): February 3, 2018 January 28, 2017 Accrued compensation and benefits $ 11,828 $ 12,165 Gift card and merchandise credit liability 12,122 10,864 Self-insurance liability 9,994 9,437 Accrued occupancy 6,129 10,259 Other 24,193 17,220 Accrued expenses and other current liabilities $ 64,266 $ 59,945 |
DEBT OBLIGATIONS (Tables)
DEBT OBLIGATIONS (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Debt Disclosure [Abstract] | |
Debt obligations | Debt obligations consisted of the following (in thousands): February 3, 2018 January 28, 2017 Revolving Credit Facility $ 179,288 $ 159,702 Finance obligations 1,549 2,708 Other financing 2,498 7,753 Total debt obligations 183,335 170,163 Less: Current portion of debt obligations 2,985 6,414 Long-term debt obligations $ 180,350 $ 163,749 |
Schedule of minimum annual payments of existing finance obligations | Minimum annual payments required under existing finance obligations as of February 3, 2018 are as follows (in thousands): Fiscal Year Minimum Payments Less: Interest Principal Payments 2018 $ 1,096 $ 101 $ 995 2019 580 26 554 Total $ 1,676 $ 127 $ 1,549 |
OTHER LONG-TERM LIABILITIES (Ta
OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Other Liabilities, Noncurrent [Abstract] | |
Components of other long-term liabilities | The components of other long-term liabilities were as follows (in thousands): February 3, 2018 January 28, 2017 Deferred rent $ 38,109 $ 43,382 Deferred compensation 20,293 18,180 Pension liability 7,247 8,801 Deferred revenue under ADS agreement (see Note 10) 2,875 3,500 Other long-term liabilities $ 68,524 $ 73,863 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum rental commitments on long-term, non-cancelable operating leases at February 3, 2018 , are as follows (in thousands): Fiscal Year Commitments Sublease Income Net Minimum Lease Commitments 2018 $ 111,260 $ (1,447 ) $ 109,813 2019 97,401 (1,447 ) 95,954 2020 87,994 (1,492 ) 86,502 2021 73,229 (1,582 ) 71,647 2022 58,650 (1,582 ) 57,068 Thereafter 112,347 (1,054 ) 111,293 Total $ 540,881 $ (8,604 ) $ 532,277 |
Schedule of Rent Expense | Rental expense for operating leases, net of sublease income, consisted of the following for each period presented (in thousands): Fiscal Year 2017 2016 2015 Minimum rentals $ 104,240 $ 85,538 $ 84,170 Contingent rentals 2,224 2,365 3,067 Sublease income (1,474 ) (1,436 ) (5 ) Total $ 104,990 $ 86,467 $ 87,232 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation expense by type of grant | Stock-based compensation expense by type of grant for each period presented was as follows (in thousands): Fiscal Year 2017 2016 2015 Non-vested stock $ 5,626 $ 6,676 $ 7,171 Restricted stock units 434 — — Performance shares 2,760 2,785 5,193 Stock options and SARs — — 30 Total stock-based compensation expense 8,820 9,461 12,394 Related tax benefit (3,313 ) (3,557 ) (4,660 ) Stock-based compensation expense, net of tax $ 5,507 $ 5,904 $ 7,734 |
Non-vested stock | The following table summarizes non-vested stock activity during 2017 : Non-vested Stock Number of Shares Weighted Average Grant Date Fair Value Outstanding at January 28, 2017 1,596,410 $ 10.22 Granted 668,371 2.21 Vested (577,897 ) 11.10 Forfeited (49,847 ) 9.30 Outstanding at February 3, 2018 1,637,037 6.67 |
Restricted stock units | The following table summarizes RSU activity during 2017 : Restricted Stock Units Number of Units Weighted Average Grant Date Fair Value Outstanding at January 28, 2017 — $ — Granted 1,321,250 2.14 Forfeited (37,500 ) 2.09 Outstanding at February 3, 2018 1,283,750 2.14 |
Performance share units | The following table summarizes PSU activity during 2017 : Period Granted Target PSUs Outstanding at January 28, 2017 Target PSUs Granted Target PSUs Vested and Earned Target PSUs Vested and Unearned Target Target PSUs Outstanding at February 3, 2018 Weighted Average Grant Date Fair Value per Target PSU 2015 158,490 — — (154,046 ) (4,444 ) — $ 28.33 2016 330,233 — — — (8,527 ) 321,706 8.69 2017 — 600,000 — — — 600,000 1.80 Total 488,723 600,000 — (154,046 ) (12,971 ) 921,706 7.65 |
Stock appreciation rights | The following table summarizes SARs activity during 2017 : Number of Outstanding Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding, vested and exercisable at January 28, 2017 177,900 $ 17.69 Forfeited (80,000 ) 16.29 Outstanding, vested and exercisable at February 3, 2018 97,900 $ 18.83 0.2 $ — |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of information regarding the Plan | Information regarding the DB Plan is as follows (in thousands): Fiscal Year 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 34,962 $ 35,223 Employer service cost 490 340 Interest cost 1,430 1,598 Actuarial loss 1,835 1,067 Settlements (1,989 ) — Plan disbursements (1,979 ) (3,266 ) Projected benefit obligation at end of year 34,749 34,962 Change in plan assets: Fair value of plan assets at beginning of year 26,161 26,310 Actual return on plan assets 4,456 3,117 Employer contributions 853 — Settlements (1,989 ) — Plan disbursements (1,979 ) (3,266 ) Fair value of plan assets at end of year 27,502 26,161 Underfunded status $ (7,247 ) $ (8,801 ) Amounts recognized in the consolidated balance sheet consist of: Accrued benefit liability - included in other long-term liabilities $ (7,247 ) $ (8,801 ) Amount recognized in accumulated other comprehensive loss, pre-tax (a) 6,822 9,023 (a) Consists solely of net actuarial losses as there are no prior service costs. |
Schedule of weighted-average assumptions | Fiscal Year 2017 2016 Weighted-average assumptions: For determining benefit obligations at year-end: Discount rate 3.98 % 4.33 % Fiscal Year 2017 2016 2015 For determining net periodic pension cost for year: Discount rate 4.33 % 4.79 % 3.90 % Expected return on assets 6.50 % 7.00 % 7.00 % |
Schedule of allocations of Plan's assets by category | The allocations of DB Plan assets by category are as follows: Fiscal Year 2018 Target Allocation 2017 2016 Equity securities 50% 51% 51% Fixed income securities 50 47 48 Other - primarily cash — 2 1 Total 100% 100% 100% |
Plan assets measured at fair value | The following tables present the DB Plan assets measured at fair value on a recurring basis in the consolidated financial statements (in thousands): February 3, 2018 Balance Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Mutual funds: Equity securities $ 14,162 $ 14,162 $ — $ — Fixed income securities 12,833 12,833 — — Other - primarily cash 507 507 — — Total $ 27,502 $ 27,502 $ — $ — January 28, 2017 Balance Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Mutual funds: Equity securities $ 13,309 $ 13,309 $ — $ — Fixed income securities 12,540 12,540 — — Other - primarily cash 312 312 — — Total $ 26,161 $ 26,161 $ — $ — |
Components of net periodic benefit cost | The components of net periodic benefit cost for the DB Plan were as follows (in thousands): Fiscal Year 2017 2016 2015 Net periodic pension cost for the fiscal year: Employer service cost $ 490 $ 340 $ 350 Interest cost on pension benefit obligation 1,430 1,598 1,566 Expected return on plan assets (1,654 ) (1,749 ) (2,195 ) Amortization of net loss 797 897 774 Settlement charges (a) 438 — 748 Net periodic pension cost $ 1,501 $ 1,086 $ 1,243 (a) Non-cash pension settlement charges were recognized as a result of lump sum distributions exceeding interest cost for the year. Settlement charges are recorded in selling, general and administrative expenses in our consolidated statements of operations. |
Schedule of other changes in Plan assets and benefit obligations recognized in other comprehensive loss | Other changes in DB Plan assets and benefit obligations recognized in other comprehensive loss are as follows (in thousands): Fiscal Year 2017 2016 Amortization of net loss $ (797 ) $ (897 ) Settlement charges (438 ) — Net gain (966 ) (301 ) Net change recognized in other comprehensive loss, pre-tax $ (2,201 ) $ (1,198 ) |
Schedule of expected benefit payments | The following benefit payments are expected to be paid (in thousands): Fiscal Year Payments 2018 $ 2,201 2019 2,880 2020 2,722 2021 2,988 2022 3,043 Fiscal Years 2023 - 2027 13,067 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax (Benefit) Expense | All of our operations are domestic. Income tax (benefit) expense consisted of the following (in thousands): Fiscal Year 2017 2016 2015 Federal income tax (benefit) expense: Current $ (12,216 ) $ (5,234 ) $ 3,380 Deferred 428 (19,052 ) (2,156 ) (11,788 ) (24,286 ) 1,224 State income tax (benefit) expense: Current 193 292 765 Deferred (1,473 ) (1,172 ) (174 ) (1,280 ) (880 ) 591 Total income tax (benefit) expense $ (13,068 ) $ (25,166 ) $ 1,815 |
Reconciliation between federal income tax (benefit) expense computed at statutory tax rates and actual income tax expense (benefit) recorded | A reconciliation between the federal income tax (benefit) expense computed at statutory tax rates and the actual income tax (benefit) expense recorded is as follows (in thousands): Fiscal Year 2017 2016 2015 Federal income tax (benefit) expense at the blended statutory rate $ (16,992 ) $ (22,072 ) $ 1,958 State income taxes, net (1,345 ) (1,084 ) 332 Uncertain tax position — (743 ) 128 Other 1,375 654 474 Tax deficiencies related to share-based payments (a) 1,948 — — Tax credits (4,386 ) (1,921 ) (1,077 ) Valuation allowance on net deferred tax assets 6,077 — — Tax Act 255 — — Total income tax (benefit) expense $ (13,068 ) $ (25,166 ) $ 1,815 (a) We recognized tax deficiencies of $2.1 million related to share-based payments in 2017, of which $0.2 million was for state income taxes. |
Deferred tax assets (liabilities) | Deferred tax assets (liabilities) consisted of the following (in thousands): February 3, 2018 January 28, 2017 Gross deferred tax assets: Net operating loss $ 6,758 $ 10,184 Accrued expenses 2,203 2,893 Lease obligations 9,355 16,762 Deferred compensation 7,147 12,048 Deferred income 2,583 3,956 Other 4,650 4,434 32,696 50,277 Gross deferred tax liabilities: Inventory (1,862 ) (4,706 ) Depreciation and amortization (24,342 ) (45,703 ) (26,204 ) (50,409 ) Valuation allowance (6,492 ) (415 ) Net deferred tax liabilities $ — $ (547 ) |
GORDMANS ACQUISITION (Tables)
GORDMANS ACQUISITION (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The estimated fair values of the assets acquired at the acquisition date, were as follows (in thousands): April 7, 2017 Inventory $ 31,770 Property, plant and equipment and other assets 4,374 Total $ 36,144 |
QUARTERLY FINANCIAL INFORMATI38
QUARTERLY FINANCIAL INFORMATION (unaudited) (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table shows quarterly information (in thousands, except per share amounts): Fiscal Year 2017 Q1 Q2 Q3 Q4 (a) (b) Net sales $ 308,607 $ 377,081 $ 357,236 $ 549,351 Gross profit 62,218 92,941 71,694 136,642 Net (loss) income (18,987 ) (6,258 ) (17,722 ) 5,644 Basic (loss) earnings per share $ (0.70 ) $ (0.23 ) $ (0.64 ) $ 0.19 Diluted (loss) earnings per share (0.70 ) (0.23 ) (0.64 ) 0.19 Basic weighted average shares 27,268 27,535 27,602 27,628 Diluted weighted average shares 27,268 27,535 27,602 27,628 Fiscal Year 2016 Q1 Q2 Q3 Q4 (a) (b) Net sales $ 332,750 $ 338,385 $ 317,140 $ 454,443 Gross profit 66,987 85,570 56,590 88,905 Net (loss) income (15,460 ) 41 (15,634 ) (6,844 ) Basic (loss) earnings per share $ (0.57 ) $ — $ (0.58 ) $ (0.25 ) Diluted (loss) earnings per share (0.57 ) — (0.58 ) (0.25 ) Basic weighted average shares 26,932 27,111 27,155 27,163 Diluted weighted average shares 26,932 27,175 27,155 27,163 (a) The fourth quarter 2017 consisted of 14 weeks compared with 13 weeks in the fourth quarter 2016. (b) The fourth quarter 2017 and 2016 included impairment charges recognized in cost of sales and related buying, occupancy and distribution expenses of $1.6 million and $19.4 million , respectively. |
DESCRIPTION OF BUSINESS AND S39
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Feb. 03, 2018USD ($)Statesstores | Jan. 28, 2017USD ($) | Feb. 03, 2018USD ($)Statesstores | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | |
States in which stores located | States | 42 | 42 | |||
Fiscal Year [Line Items] | |||||
Fiscal Period Duration | 98 days | 91 days | 371 days | 364 days | 364 days |
Insurance Recoveries [Abstract] | |||||
Insurance proceeds received | $ 15,700 | $ 3,300 | |||
Net gains from insurance claims | 4,300 | 700 | $ 800 | ||
Debt Issuance Costs [Abstract] | |||||
Net accumulated amortization of debt issuance costs | $ 300 | $ 100 | 300 | 100 | |
Debt issuance costs | 1,100 | 1,400 | 1,100 | 1,400 | |
Gift Card and Merchandise Credit Liability [Abstract] | |||||
Gift cards, breakage income | 900 | 3,000 | 1,600 | ||
Advertising Expense [Abstract] | |||||
Advertising costs | 83,600 | 88,700 | 91,000 | ||
Advertising allowances received from vendors | 3,100 | 4,300 | $ 4,900 | ||
Rent Expenses [Abstract] | |||||
Deferred rent credit | $ 38,109 | $ 43,382 | 38,109 | $ 43,382 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||
Tax deficiencies related to share-based payments | $ 2,100 | ||||
Building and Improvements | |||||
Summary of estimated useful lives [Abstract] | |||||
Estimated useful life | 20 years | ||||
Information Systems | Minimum | |||||
Summary of estimated useful lives [Abstract] | |||||
Estimated useful life | 3 years | ||||
Information Systems | Maximum | |||||
Summary of estimated useful lives [Abstract] | |||||
Estimated useful life | 10 years | ||||
Store and Office Fixtures and Equipment | Minimum | |||||
Summary of estimated useful lives [Abstract] | |||||
Estimated useful life | 5 years | ||||
Store and Office Fixtures and Equipment | Maximum | |||||
Summary of estimated useful lives [Abstract] | |||||
Estimated useful life | 10 years | ||||
Warehouse Equipment | Minimum | |||||
Summary of estimated useful lives [Abstract] | |||||
Estimated useful life | 5 years | ||||
Warehouse Equipment | Maximum | |||||
Summary of estimated useful lives [Abstract] | |||||
Estimated useful life | 15 years | ||||
Leasehold Improvements - Stores | Minimum | |||||
Summary of estimated useful lives [Abstract] | |||||
Estimated useful life | 5 years | ||||
Leasehold Improvements - Stores | Maximum | |||||
Summary of estimated useful lives [Abstract] | |||||
Estimated useful life | 15 years | ||||
Leasehold Improvements - Corporate Office | Minimum | |||||
Summary of estimated useful lives [Abstract] | |||||
Estimated useful life | 10 years | ||||
Leasehold Improvements - Corporate Office | Maximum | |||||
Summary of estimated useful lives [Abstract] | |||||
Estimated useful life | 12 years | ||||
Department Stores | |||||
Entity operated stores | stores | 777 | 777 | |||
Gordmans | |||||
Entity operated stores | stores | 58 | 58 | |||
Length of some fiscal years [Member] | Minimum | |||||
Fiscal Year [Line Items] | |||||
Fiscal Period Duration | 364 days | ||||
Length of some fiscal years [Member] | Maximum | |||||
Fiscal Year [Line Items] | |||||
Fiscal Period Duration | 371 days | ||||
Peebles Trade Name and Trademark | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Tradename intangible asset | $ 14,900 | $ 14,900 | |||
Tradename, fair value in exceeds of carrying amount | 10.00% | 10.00% | |||
Gordmans Trade Name and Trademark | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Tradename intangible asset | $ 1,900 | $ 1,900 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Basic: | |||||||||||
Net (loss) income | $ 5,644 | $ (17,722) | $ (6,258) | $ (18,987) | $ (6,844) | $ (15,634) | $ 41 | $ (15,460) | $ (37,323) | $ (37,897) | $ 3,780 |
Less: Allocation of earnings to participating securities | (48) | ||||||||||
Net (loss) income allocated to common shares | $ (37,323) | $ (37,897) | $ 3,732 | ||||||||
Basic weighted average shares outstanding | 27,628 | 27,602 | 27,535 | 27,268 | 27,163 | 27,155 | 27,111 | 26,932 | 27,510 | 27,090 | 31,145 |
Basic (loss) earnings per share | $ 0.19 | $ (0.64) | $ (0.23) | $ (0.70) | $ (0.25) | $ (0.58) | $ 0 | $ (0.57) | $ (1.37) | $ (1.40) | $ 0.12 |
Diluted: | |||||||||||
Net (loss) income | $ 5,644 | $ (17,722) | $ (6,258) | $ (18,987) | $ (6,844) | $ (15,634) | $ 41 | $ (15,460) | $ (37,323) | $ (37,897) | $ 3,780 |
Less: Allocation of earnings to participating securities | (48) | ||||||||||
Net (loss) income allocated to common shares | $ (37,323) | $ (37,897) | $ 3,732 | ||||||||
Basic weighted average shares outstanding | 27,628 | 27,602 | 27,535 | 27,268 | 27,163 | 27,155 | 27,111 | 26,932 | 27,510 | 27,090 | 31,145 |
Add: Dilutive effect of stock awards | 43 | ||||||||||
Diluted weighted average shares outstanding | 27,628 | 27,602 | 27,535 | 27,268 | 27,163 | 27,155 | 27,175 | 26,932 | 27,510 | 27,090 | 31,188 |
Diluted (loss) earnings per share | $ 0.19 | $ (0.64) | $ (0.23) | $ (0.70) | $ (0.25) | $ (0.58) | $ 0 | $ (0.57) | $ (1.37) | $ (1.40) | $ 0.12 |
Number of anti-dilutive shares due to net loss for the period | Non-vested Stock | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Number of anti-dilutive securities excluded from computation of diluted earnings (loss) per share | 34 | ||||||||||
Number of anti-dilutive securities due to exercise price greater than average market price of our common stock | Stock Appreciation Rights (SARs) | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Number of anti-dilutive securities excluded from computation of diluted earnings (loss) per share | 124 | 192 | |||||||||
Number of anti-dilutive securities due to exercise price greater than average market price of our common stock | Stock option and SARs | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Number of anti-dilutive securities excluded from computation of diluted earnings (loss) per share | 251 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | ||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | |||
Securities held in grantor trust for deferred compensation plans | [1],[2] | $ 20,293 | $ 18,094 |
Assets and liabilities measured at fair value on a nonrecurring basis [Abstract] | |||
Store property, equipment and leasehold improvements | [3] | $ 778 | $ 8,795 |
Fair Value Inputs, Discount Rate | 10.00% | 0.00% | |
Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member] | |||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | |||
Securities held in grantor trust for deferred compensation plans | [1],[2] | $ 20,293 | $ 18,094 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Assets and liabilities measured at fair value on a nonrecurring basis [Abstract] | |||
Store property, equipment and leasehold improvements | [3] | $ 778 | $ 8,795 |
[1] | The liability for the amount due to participants corresponding in value to the securities held in the grantor trust is recorded in other long-term liabilities. | ||
[2] | Using the market approach, the fair values of these securities represent quoted market prices multiplied by the quantities held. Net gains and losses related to the changes in fair value in the assets and liabilities under the various deferred compensation plans are recorded in SG&A expenses and were nil during 2017 and 2016. | ||
[3] | Using an undiscounted cash flow model, we evaluate the cash flow trends of our stores at least annually and when events or changes in circumstances, such as a store closure, indicate that property, equipment and leasehold improvements may not be fully recoverable. When a store’s projected undiscounted cash flows indicate its carrying value may not be recoverable, we use a discounted cash flow model, with a 10% discount rate, to estimate the fair value of the underlying long-lived assets. An impairment write-down is recorded if the carrying value of a long-lived asset exceeds its fair value. Key assumptions in estimating future cash flows include, among other things, expected future operating performance, including expected closure date and lease term, and changes in economic conditions. We believe estimated future cash flows are sufficient to support the carrying value of our long-lived assets. Significant changes in the key assumptions used in our cash flow projections may result in additional asset impairments. See Note 4 for additional disclosures on impairments charges. |
PROPERTY, EQUIPMENT AND LEASE42
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Feb. 03, 2018 | Jan. 28, 2017 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Components of property, equipment and leasehold improvements [Abstract] | |||||
Property, equipment and leasehold improvements | $ 952,576 | $ 981,197 | $ 952,576 | $ 981,197 | |
Accumulated depreciation | 699,788 | 697,087 | 699,788 | 697,087 | |
Property, equipment and leasehold improvements, net | 252,788 | 284,110 | 252,788 | 284,110 | |
Depreciation expense | 65,401 | 71,779 | $ 66,998 | ||
Impairment charges | 1,600 | 19,400 | 1,739 | 19,856 | 10,580 |
Depreciation And Impairment | 67,140 | 91,635 | 77,578 | ||
Depreciation and impairment charges in cost of sales | 52,900 | 77,900 | $ 67,900 | ||
Land [Member] | |||||
Components of property, equipment and leasehold improvements [Abstract] | |||||
Property, equipment and leasehold improvements | 1,544 | 1,842 | 1,544 | 1,842 | |
Building and Improvements | |||||
Components of property, equipment and leasehold improvements [Abstract] | |||||
Property, equipment and leasehold improvements | 12,966 | 15,633 | 12,966 | 15,633 | |
Store and Office Fixtures and Equipment | |||||
Components of property, equipment and leasehold improvements [Abstract] | |||||
Property, equipment and leasehold improvements | 526,313 | 548,145 | 526,313 | 548,145 | |
Leasehold Improvements [Member] | |||||
Components of property, equipment and leasehold improvements [Abstract] | |||||
Property, equipment and leasehold improvements | $ 411,753 | $ 415,577 | $ 411,753 | $ 415,577 |
ACCRUED EXPENSES AND OTHER CU43
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Components of accrued expenses and other current liabilities [Abstract] | ||
Accrued compensation and benefits | $ 11,828 | $ 12,165 |
Gift card and merchandise credit liability | 12,122 | 10,864 |
Self-insurance liability | 9,994 | 9,437 |
Accrued occupancy | 6,129 | 10,259 |
Other | 24,193 | 17,220 |
Accrued expenses and other current liabilities | $ 64,266 | $ 59,945 |
DEBT OBLIGATIONS, (Schedule of
DEBT OBLIGATIONS, (Schedule of Debt) (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Debt Instrument [Line Items] | ||
Total debt obligations | $ 183,335 | $ 170,163 |
Current portion of debt obligations | 2,985 | 6,414 |
Long-term debt obligations | 180,350 | 163,749 |
Line of Credit [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt obligations | 179,288 | 159,702 |
Finance Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total debt obligations | 1,549 | 2,708 |
Other financing [Member] | ||
Debt Instrument [Line Items] | ||
Total debt obligations | $ 2,498 | $ 7,753 |
DEBT OBLIGATIONS DEBT OBLIGATIO
DEBT OBLIGATIONS DEBT OBLIGATIONS, (Revolving Credit Facility) (Details) $ in Millions | 12 Months Ended | |
Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | |
Finance Obligations [Member] | ||
Revolving Credit Facility [Line Items] | ||
Number of store leases | 4 | |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Revolving Credit Facility [Line Items] | ||
Revolving credit facility, initiation date | Dec. 16, 2016 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 | |
Revolving credit facility, higher borrowing capacity, seasonal increase | $ 450 | |
Revolving credit facility, expiration date | Dec. 16, 2021 | |
Revolving credit facility, weighted average interest rate during period | 2.69% | 1.90% |
Revolving credit facility, average daily borrowings | $ 224.5 | $ 192.4 |
Revolving credit facility, excess borrowing availability | 111.9 | |
Revolving credit facility, dividend restriction amount | 30 | |
Letter of Credit [Member] | Line of Credit [Member] | ||
Revolving Credit Facility [Line Items] | ||
Letter of credit subfacility, maximum borrowing capacity | 25 | |
Letters of credit outstanding, amount | $ 7.1 | |
Line of Credit Facility, Expiration Period | 12 months | |
Minimum | Finance Obligations [Member] | ||
Revolving Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 6.10% | |
Maximum | Finance Obligations [Member] | ||
Revolving Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 16.90% |
DEBT OBLIGATIONS, (Finance Obli
DEBT OBLIGATIONS, (Finance Obligations) (Details) $ in Thousands | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) |
Principal Payments [Abstract] | ||
Total debt obligations | $ 183,335 | $ 170,163 |
Finance Obligations [Member] | ||
Future Minimum Payments Due [Abstract] | ||
2,018 | 1,096 | |
2,019 | 580 | |
Total | 1,676 | |
Less: Interest [Abstract] | ||
2,018 | 101 | |
2,019 | 26 | |
Total | 127 | |
Principal Payments [Abstract] | ||
2,018 | 995 | |
2,019 | 554 | |
Total debt obligations | $ 1,549 | $ 2,708 |
Debt Instrument, Interest Rate, Effective Percentage [Abstract] | ||
Number of store leases | 4 | |
Finance Obligations [Member] | Minimum | ||
Debt Instrument, Interest Rate, Effective Percentage [Abstract] | ||
Debt Instrument, Interest Rate, Effective Percentage | 6.10% | |
Finance Obligations [Member] | Maximum | ||
Debt Instrument, Interest Rate, Effective Percentage [Abstract] | ||
Debt Instrument, Interest Rate, Effective Percentage | 16.90% |
DEBT OBLIGATIONS DEBT OBLIGAT47
DEBT OBLIGATIONS DEBT OBLIGATIONS, (Other Financing) (Details) - Equipment Financing [Member] $ in Millions | Feb. 03, 2018USD ($) |
Secured Debt [Abstract] | |
Equipment financing note, carrying value | $ 2.5 |
Debt Instrument, Interest Rate, Effective Percentage | 3.20% |
Principal payments, 2018 | |
Secured Debt [Abstract] | |
Debt Instrument, Annual Principal Payment | $ 2 |
Principal payments, 2019 | |
Secured Debt [Abstract] | |
Debt Instrument, Annual Principal Payment | $ 0.5 |
OTHER LONG-TERM LIABILITIES (De
OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Other long-term liabilities schedule [Abstract] | ||
Deferred rent | $ 38,109 | $ 43,382 |
Deferred compensation | 20,293 | 18,180 |
Pension liability | 7,247 | 8,801 |
Deferred revenue under ADS agreement (see Note 10) | 2,875 | 3,500 |
Other long-term liabilities | $ 68,524 | $ 73,863 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 22, 2018 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | Mar. 21, 2018 | |
Equity [Abstract] | |||||
Deferred compensation plan, amount invested in our stock | $ 0.2 | $ 0.3 | $ 0.9 | ||
Stock repurchase program, maximum authorized amount | 200 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 58.4 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends Payable, Date Declared | Feb. 22, 2018 | ||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.05 | ||||
Dividends Payable, Date to be Paid | Mar. 21, 2018 | ||||
Dividends Payable, Date of Record | Mar. 6, 2018 |
PRIVATE LABEL CREDIT CARD POR50
PRIVATE LABEL CREDIT CARD PORTFOLIO (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Deferred Credits [Line Items] | |||
Credit Income | $ 58.9 | $ 55.3 | $ 54.1 |
Upfront payments received upon execution of private label credit card agreement | |||
Deferred Credits [Line Items] | |||
Unamortized upfront payments received upon execution of private label credit card agreement | $ 4.6 |
OPERATING LEASES (Details)
OPERATING LEASES (Details) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | |
Leases [Abstract] | |||
Minimum rentals | $ 104,240 | $ 85,538 | $ 84,170 |
Contingent rentals | 2,224 | 2,365 | 3,067 |
Sublease income | (1,474) | (1,436) | (5) |
Rent expense for operating leases | 104,990 | $ 86,467 | $ 87,232 |
Minimum rental commitments on long-term, non-cancelable operating leases, net of sub-lease rental income [Abstract] | |||
2018, commitments | 111,260 | ||
2018, sublease income | (1,447) | ||
2018, net minimum lease commitments | 109,813 | ||
2019, commitments | 97,401 | ||
2019, sublease income | (1,447) | ||
2019, net minimum lease commitments | 95,954 | ||
2020, commitments | 87,994 | ||
2020, sublease income | (1,492) | ||
2020, net minimum lease commitments | 86,502 | ||
2021, commitments | 73,229 | ||
2021, sublease income | (1,582) | ||
2021, net minimum lease commitments | 71,647 | ||
2022, commitments | 58,650 | ||
2022, sublease income | (1,582) | ||
2022, net minimum lease commitments | 57,068 | ||
After 2022, commitments | 112,347 | ||
After 2022, sublease income | (1,054) | ||
After 2022, net minimum lease commitments | 111,293 | ||
Total commitments | 540,881 | ||
Total sublease income | (8,604) | ||
Total minimum lease commitments | $ 532,277 | ||
Terms of majority of store leases [Abstract] | |||
Typical length of initial term | 10 years | ||
Typical number of renewal options available after initial term | 2 | ||
Typical length of each renewal option | 5 years |
STOCK-BASED COMPENSATION, (Narr
STOCK-BASED COMPENSATION, (Narrative) (Details) | Feb. 03, 2018shares |
2001 Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares reserved for issuance upon exercise of awards | 12,375,000 |
2008 Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares reserved for issuance upon exercise of awards | 4,484,346 |
2017 Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares reserved for issuance upon exercise of awards | 1,365,654 |
STOCK-BASED COMPENSATION, (Stoc
STOCK-BASED COMPENSATION, (Stock Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 8,820 | $ 9,461 | $ 12,394 |
Related tax benefit | (3,313) | (3,557) | (4,660) |
Stock-based compensation expense, net of tax | 5,507 | 5,904 | 7,734 |
Aggregate unrecognized compensation cost | |||
Unrecognized compensation cost | $ 10,100 | ||
Unrecognized compensation cost, period for recognition | 2 years 7 days | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 434 | ||
Non-vested Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 5,626 | 6,676 | 7,171 |
Performance Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 2,760 | $ 2,785 | 5,193 |
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 30 |
STOCK-BASED COMPENSATION, (Non-
STOCK-BASED COMPENSATION, (Non-vested Stock) (Details) - Non-vested Stock - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award annual vesting rights, percentage | 25.00% | ||
Settlement at the end of vesting period | one for one to common stock | ||
Number of shares issued in period | 465,007 | ||
Number of shares | |||
Outstanding at January 28, 2017 | 1,596,410 | ||
Granted | 668,371 | ||
Vested | (577,897) | ||
Forfeited | (49,847) | ||
Outstanding at February 3, 2018 | 1,637,037 | 1,596,410 | |
Weighted average grant date fair value (in dollars per share) | |||
Outstanding at January 28, 2017 | $ 10.22 | ||
Granted | 2.21 | $ 6.75 | $ 18.70 |
Vested | 11.10 | ||
Forfeited | 9.30 | ||
Outstanding at February 3, 2018 | $ 6.67 | $ 10.22 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | |||
Aggregate intrinsic value, vested | $ 1.2 | $ 2.7 | $ 5.4 |
Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Non-employee directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year |
STOCK-BASED COMPENSATION, (Rest
STOCK-BASED COMPENSATION, (Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Feb. 03, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award annual vesting rights, percentage | 25.00% |
Award vesting period | 4 years |
Settlement at the end of vesting period | Each vested RSU is settled in cash in an amount equal to the fair market value of one share of our common stock on the vesting date, not to exceed five times the per share fair market value of our common stock on the grant date |
Number of shares | |
Granted | shares | 1,321,250 |
Forfeited | shares | (37,500) |
Outstanding at February 3, 2018 | shares | 1,283,750 |
Weighted average grant date fair value (in dollars per share) | |
Granted | $ / shares | $ 2.14 |
Forfeited | $ / shares | 2.09 |
Outstanding at February 3, 2018 | $ / shares | $ 2.14 |
STOCK-BASED COMPENSATION, (Perf
STOCK-BASED COMPENSATION, (Performance Share Units) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Feb. 03, 2018shares$ / shares | Jan. 28, 2017USD ($)shares | Jan. 30, 2016USD ($) | |
Performance Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance cycle | 3 years | ||
Settlement at the end of vesting period | Converts to common stock ranging from zero to a maximum of twice the number of granted shares outstanding on the vesting date | ||
Number of shares | |||
Outstanding at January 28, 2017 | 488,723 | ||
Granted | 600,000 | ||
Vested and unearned | (154,046) | ||
Forfeited | (12,971) | ||
Outstanding at February 3, 2018 | 921,706 | 488,723 | |
Weighted average grant date fair value (in dollars per share) | |||
Weighted Average Grant Date Fair Value per Share (in dollars per share) | $ / shares | $ 7.65 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | |||
Aggregate intrinsic value, vested | $ | $ 0.1 | $ 4.9 | |
Performance Share Units (PSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Multiple of the number of granted shares outstanding for issuable shares | 0 | ||
Performance Share Units (PSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Multiple of the number of granted shares outstanding for issuable shares | 2 | ||
Performance Share Units Grant 2015 | |||
Number of shares | |||
Outstanding at January 28, 2017 | 158,490 | ||
Vested and unearned | (154,046) | ||
Forfeited | (4,444) | ||
Outstanding at February 3, 2018 | 158,490 | ||
Weighted average grant date fair value (in dollars per share) | |||
Weighted Average Grant Date Fair Value per Share (in dollars per share) | $ / shares | $ 28.33 | ||
Performance Share Units Grant 2016 | |||
Number of shares | |||
Outstanding at January 28, 2017 | 330,233 | ||
Forfeited | (8,527) | ||
Outstanding at February 3, 2018 | 321,706 | 330,233 | |
Weighted average grant date fair value (in dollars per share) | |||
Weighted Average Grant Date Fair Value per Share (in dollars per share) | $ / shares | $ 8.69 | ||
Performance Share Units Grant 2017 | |||
Number of shares | |||
Granted | 600,000 | ||
Outstanding at February 3, 2018 | 600,000 | ||
Weighted average grant date fair value (in dollars per share) | |||
Weighted Average Grant Date Fair Value per Share (in dollars per share) | $ / shares | $ 1.80 |
STOCK-BASED COMPENSATION, (SARs
STOCK-BASED COMPENSATION, (SARs) (Details) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Feb. 03, 2018 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 4 years | |
Expiration period if not exercised or forfeited | 7 years | |
Settlement at the end of vesting period | issuance of common stock in an amount equal to the increase in share price of our common stock between the grant date and the exercise date | |
Number of shares | ||
Outstanding, vested and exercisable at January 28, 2017 | 177,900 | |
Number of shares, forfeited and expired | ||
Forfeited | (80,000) | |
Outstanding, vested and exercisable at February 3, 2018 | 97,900 | |
Weighted average exercise price (in dollars per share) | ||
Outstanding, vested and exercisable at January 28, 2017 | $ 17.69 | |
Forfeited | 16.29 | |
Outstanding, vested and exercisable at February 3, 2018 | $ 18.83 | |
Weighted average remaining contractual term | ||
Outstanding, vested and exercisable at February 3, 2018 | 1 month 30 days | |
Aggregate intrinsic value | ||
Aggregate intrinsic value, vested and exercisable | $ 0 | |
Aggregate intrinsic value, exercised Options and SARs | $ 900 |
BENEFIT PLANS (Details)
BENEFIT PLANS (Details) - USD ($) | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Nonqualified Plan [Member] | Key employees [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Each participant's compensation under the plan (in hundredths) | 3.00% | ||
Pension Plan [Member] | Qualified Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Number of days of service to the entity | 60 | ||
Minimum required age to be covered under the Plan | 21 | ||
Maximum percentage of employee contribution on pre-tax basis (in hundredths) | 50.00% | ||
Maximum percentage of employee contribution on post-tax basis (in hundredths) | 10.00% | ||
Matching pre-tax contribution by employer (in hundredths) | 50.00% | ||
Each participant's compensation under the plan (in hundredths) | 6.00% | ||
Matching contributions expense | $ 1,700,000 | $ 1,400,000 | $ 1,500,000 |
Deferred Compensation Plans [Member] | Nonqualified Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Matching contributions expense | $ 900,000 | 1,000,000 | $ 1,100,000 |
Number of deferred compensation plans | 2 | ||
Maximum deferment as percentage of base salary under plan (in hundredths) | 50.00% | ||
Maximum deferment as percentage of bonus under plan (in hundredths) | 100.00% | ||
Employers contribution vested in percentage (in hundredths) | 100.00% | ||
Deferred Compensation Plans [Member] | Nonqualified Plan [Member] | Executives and Officers [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum percentage of employee contribution on pre-tax basis (in hundredths) | 10.00% | ||
Matching pre-tax contribution by employer (in hundredths) | 100.00% | ||
Deferred Compensation Plans [Member] | Nonqualified Plan [Member] | Key employees [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Matching pre-tax contribution by employer (in hundredths) | 50.00% | ||
Non Employee Director Equity Compensation Plan [Member] | Nonqualified Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Entity's stock reserved to fund under this plan (in shares) | 225,000 | ||
Deferred compensation liability under this plan | $ 0 | $ 0 |
BENEFIT PLANS, (Information reg
BENEFIT PLANS, (Information regarding the plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | ||
Change in benefit obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | $ 34,962 | $ 35,223 | ||
Employer service cost | 490 | 340 | $ 350 | |
Interest cost | 1,430 | 1,598 | 1,566 | |
Actuarial (gain) loss | 1,835 | 1,067 | ||
Settlement | (1,989) | 0 | ||
Benefit Obligation, Plan Disbursements | (1,979) | (3,266) | ||
Projected benefit obligation at end of year | 34,749 | 34,962 | 35,223 | |
Change in plan assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 26,161 | 26,310 | ||
Actual return (loss) on plan assets | 4,456 | 3,117 | ||
Employer contributions | 853 | 0 | ||
Settlement | (1,989) | 0 | ||
Plan Assets, Plan Disbursements | (1,979) | (3,266) | ||
Fair value of plan assets at end of year | 27,502 | 26,161 | $ 26,310 | |
Underfunded status | (7,247) | (8,801) | ||
Amounts recognized in the consolidated balance sheet consist of [Abstract] | ||||
Accrued benefit liability - included in other long-term liabilities | (7,247) | (8,801) | ||
Amount recognized in accumulated other comprehensive loss, pre-tax | [1] | $ 6,822 | $ 9,023 | |
[1] | Consists solely of net actuarial losses as there are no prior service costs. |
BENEFIT PLANS, (Weighted-averag
BENEFIT PLANS, (Weighted-average assumptions) (Details) | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
For determining benefit obligations at year-end [Abstract] | |||
Discount rate (in hundredths) | 3.98% | 4.33% | |
For determining net periodic pension cost for year [Abstract] | |||
Discount rate (in hundredths) | 4.33% | 4.79% | 3.90% |
Expected return on assets (in hundredths) | 6.50% | 7.00% | 7.00% |
BENEFIT PLANS, (Allocation of p
BENEFIT PLANS, (Allocation of plan assets and assets at fair value) (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 |
Schedule of allocations of Plan's assets by category [Abstract] | |||
2018 Target Allocations (in hundredths) | 100.00% | ||
Total (in hundredths) | 100.00% | 100.00% | |
Schedule of plan assets are measured at fair value on a recurring basis [Abstract] | |||
Fair value on a recurring basis | $ 27,502 | $ 26,161 | $ 26,310 |
Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member] | |||
Schedule of plan assets are measured at fair value on a recurring basis [Abstract] | |||
Fair value on a recurring basis | $ 27,502 | $ 26,161 | |
Equity Securities [Member] | |||
Schedule of allocations of Plan's assets by category [Abstract] | |||
2018 Target Allocations (in hundredths) | 50.00% | ||
Total (in hundredths) | 51.00% | 51.00% | |
Schedule of plan assets are measured at fair value on a recurring basis [Abstract] | |||
Fair value on a recurring basis | $ 14,162 | $ 13,309 | |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member] | |||
Schedule of plan assets are measured at fair value on a recurring basis [Abstract] | |||
Fair value on a recurring basis | $ 14,162 | $ 13,309 | |
Fixed Income Securities [Member] | |||
Schedule of allocations of Plan's assets by category [Abstract] | |||
2018 Target Allocations (in hundredths) | 50.00% | ||
Total (in hundredths) | 47.00% | 48.00% | |
Schedule of plan assets are measured at fair value on a recurring basis [Abstract] | |||
Fair value on a recurring basis | $ 12,833 | $ 12,540 | |
Fixed Income Securities [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member] | |||
Schedule of plan assets are measured at fair value on a recurring basis [Abstract] | |||
Fair value on a recurring basis | $ 12,833 | $ 12,540 | |
Other - Primarily Cash [Member] | |||
Schedule of allocations of Plan's assets by category [Abstract] | |||
Total (in hundredths) | 2.00% | 1.00% | |
Schedule of plan assets are measured at fair value on a recurring basis [Abstract] | |||
Fair value on a recurring basis | $ 507 | $ 312 | |
Other - Primarily Cash [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member] | |||
Schedule of plan assets are measured at fair value on a recurring basis [Abstract] | |||
Fair value on a recurring basis | $ 507 | $ 312 |
BENEFIT PLANS, (Net periodic be
BENEFIT PLANS, (Net periodic benefit cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | ||
Components of net periodic benefit cost [Abstract] | ||||
Employer service cost | $ 490 | $ 340 | $ 350 | |
Interest cost | 1,430 | 1,598 | 1,566 | |
Expected return on plan assets | (1,654) | (1,749) | (2,195) | |
Net loss amortization | 797 | 897 | 774 | |
Loss on pension settlement | [1] | 438 | 748 | |
Net pension cost | $ 1,501 | $ 1,086 | $ 1,243 | |
[1] | Non-cash pension settlement charges were recognized as a result of lump sum distributions exceeding interest cost for the year. Settlement charges are recorded in selling, general and administrative expenses in our consolidated statements of operations. |
BENEFIT PLANS, (Changes in plan
BENEFIT PLANS, (Changes in plan assets and benefit obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2018 | Jan. 28, 2017 | |
Summary of other changes in Plan assets and benefit obligations recognized in other comprehensive loss [Abstract] | ||
Amortization of net loss | $ (797) | $ (897) |
Loss on pension settlement | (438) | 0 |
Net (gain) loss | (966) | (301) |
Net change recognized in other comprehensive loss, pre-tax | (2,201) | (1,198) |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year [Abstract] | ||
Estimated net loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next year | 500 | |
Employer contributions | 853 | $ 0 |
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Expected employer contributions during 2018 | $ 1,200 |
BENEFIT PLANS, (Benefit plan pa
BENEFIT PLANS, (Benefit plan payments) (Details) $ in Thousands | Feb. 03, 2018USD ($) |
Summary of expected benefit payments [Abstract] | |
2,018 | $ 2,201 |
2,019 | 2,880 |
2,020 | 2,722 |
2,021 | 2,988 |
2,022 | 3,043 |
Fiscal years 2023 - 2027 | $ 13,067 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Fiscal Year [Line Items] | |||
Valuation allowance on net deferred tax asset, increase (decrease), amount | $ 6,077 | ||
Operating Loss Carryforwards | 21,000 | ||
Jobs and Tax Cuts Act [Abstract] | |||
Income tax expense (benefit), adjustment of deferred tax assets, Tax Act | 255 | ||
Federal income tax (benefit) expense [Abstract] | |||
Current | (12,216) | $ (5,234) | $ 3,380 |
Deferred | 428 | (19,052) | (2,156) |
Total | (11,788) | (24,286) | 1,224 |
State income tax (benefit) expense [Abstract] | |||
Current | 193 | 292 | 765 |
Deferred | (1,473) | (1,172) | (174) |
Total | (1,280) | (880) | 591 |
Total income tax (benefit) expense | (13,068) | $ (25,166) | $ 1,815 |
Unrecognized Tax Benefits | $ 0 | ||
Prior to January 1, 2018 | |||
Fiscal Year [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
January 1, 2018 onwards | |||
Fiscal Year [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Tax Year 2017 | |||
Fiscal Year [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 33.70% |
INCOME TAXES, (Tax expense reco
INCOME TAXES, (Tax expense reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Reconciliation between federal income tax (benefit) expense charged to income before income tax computed at statutory tax rates and actual income tax expense recorded [Abstract] | |||
Federal income tax (benefit) expense at the statutory rate | $ (16,992) | $ (22,072) | $ 1,958 |
State income taxes, net | (1,345) | (1,084) | 332 |
Uncertain tax position | (743) | 128 | |
Other | 1,375 | 654 | 474 |
Tax deficiencies related to share-based payments, federal | 1,948 | ||
Tax credits | (4,386) | (1,921) | (1,077) |
Valuation allowance on net deferred tax asset, increase (decrease), amount | 6,077 | ||
Income tax expense (benefit), adjustment of deferred tax assets, Tax Act | 255 | ||
Total income tax (benefit) expense | (13,068) | $ (25,166) | $ 1,815 |
Tax deficiencies related to share-based payments | 2,100 | ||
Tax deficiencies related to share-based payments, state | $ 200 |
INCOME TAXES, (Deferred tax ass
INCOME TAXES, (Deferred tax assets and liabilities) (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Liabilities, Net | $ (547) | |
Gross deferred tax assets [Abstract] | ||
Net operating loss, deferred tax assets | $ 6,758 | 10,184 |
Accrued expenses | 2,203 | 2,893 |
Lease obligations | 9,355 | 16,762 |
Deferred compensation | 7,147 | 12,048 |
Deferred income | 2,583 | 3,956 |
Other | 4,650 | 4,434 |
Total | 32,696 | 50,277 |
Gross deferred tax liabilities [Abstract] | ||
Inventory | (1,862) | (4,706) |
Depreciation and amortization | (24,342) | (45,703) |
Total | (26,204) | (50,409) |
Valuation allowance | $ (6,492) | $ (415) |
INCOME TAXES INCOME TAXES, (Unr
INCOME TAXES INCOME TAXES, (Unrecognized Tax Benefit) (Details) | Feb. 03, 2018States |
Department Stores | |
Number of State Taxing Authorities | 38 |
Gordmans | |
Number of State Taxing Authorities | 3 |
GORDMANS ACQUISITION (Details)
GORDMANS ACQUISITION (Details) $ in Thousands | 12 Months Ended | |
Feb. 03, 2018USD ($)stores | Apr. 07, 2017USD ($) | |
Business Combination, Description [Abstract] | ||
Business Acquisition, Effective Date of Acquisition | Apr. 7, 2017 | |
Business Acquisition, Name of Acquired Entity | Gordmans Stores, Inc. | |
Incremental Number Of Store Locations With Acquisition Rights | 7 | |
Business Combination, Reason for Business Combination | The Gordmans stores, which we operate as an off-price concept, add scale to our business, while allowing us to leverage strategic synergies and our current infrastructure. The acquisition also brings beneficial geographic and guest diversification. | |
Payments to Acquire Businesses, Gross | $ 36,144 | |
Number Of Stores Acquired | stores | 55 | |
Number Of Stores Available To Be Acquired | 57 | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 222,200 | |
Business Combination, Pro Forma Information, Disclosure Impracticable | Pro forma net sales and earnings for 2017 and 2016 are not presented due to the impracticability in substantiating this information as the Gordmans Acquisition was limited to select assets and assignment of leases acquired through a bankruptcy auction. Furthermore, the results of operations may be impacted by the Sellers’ liquidation and may not be indicative of future performance. | |
New Leases, Former Gordmans Store Locations [Abstract] | ||
New leases, Former Gordmans Store Locations | stores | 3 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 31,770 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, Equipment, and Other Assets | 4,374 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 36,144 | |
Second Quarter 2017 [Member] | ||
New Leases, Former Gordmans Store Locations [Abstract] | ||
New leases, Former Gordmans Store Locations | stores | 2 | |
Third Quarter 2017 [Member] | ||
New Leases, Former Gordmans Store Locations [Abstract] | ||
New leases, Former Gordmans Store Locations | stores | 1 | |
Minimum | ||
Business Combination, Description [Abstract] | ||
NumberOfStoreLocationsWithAcquisitionRights | 50 | |
Maximum | ||
Business Combination, Description [Abstract] | ||
NumberOfStoreLocationsWithAcquisitionRights | 57 | |
Selling, General and Administrative Expenses [Member] | ||
Business Combination, Description [Abstract] | ||
Business Combination, Acquisition Related Costs | $ 9,100 |
QUARTERLY FINANCIAL INFORMATI70
QUARTERLY FINANCIAL INFORMATION (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 549,351 | $ 357,236 | $ 377,081 | $ 308,607 | $ 454,443 | $ 317,140 | $ 338,385 | $ 332,750 | $ 1,592,275 | $ 1,442,718 | $ 1,604,433 |
Gross profit | 136,642 | 71,694 | 92,941 | 62,218 | 88,905 | 56,590 | 85,570 | 66,987 | 363,495 | 298,052 | 396,431 |
Net (loss) income | $ 5,644 | $ (17,722) | $ (6,258) | $ (18,987) | $ (6,844) | $ (15,634) | $ 41 | $ (15,460) | $ (37,323) | $ (37,897) | $ 3,780 |
Basic (loss) earnings per share | $ 0.19 | $ (0.64) | $ (0.23) | $ (0.70) | $ (0.25) | $ (0.58) | $ 0 | $ (0.57) | $ (1.37) | $ (1.40) | $ 0.12 |
Diluted (loss) earnings per share | $ 0.19 | $ (0.64) | $ (0.23) | $ (0.70) | $ (0.25) | $ (0.58) | $ 0 | $ (0.57) | $ (1.37) | $ (1.40) | $ 0.12 |
Basic weighted average shares outstanding | 27,628 | 27,602 | 27,535 | 27,268 | 27,163 | 27,155 | 27,111 | 26,932 | 27,510 | 27,090 | 31,145 |
Diluted weighted average shares outstanding | 27,628 | 27,602 | 27,535 | 27,268 | 27,163 | 27,155 | 27,175 | 26,932 | 27,510 | 27,090 | 31,188 |
Fiscal Period Duration | 98 days | 91 days | 371 days | 364 days | 364 days | ||||||
Impairment charges | $ 1,600 | $ 19,400 | $ 1,739 | $ 19,856 | $ 10,580 |