Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
May 04, 2019 | Jun. 07, 2019 | |
Document Information [Line Items] | ||
Document Period End Date | May 4, 2019 | |
Entity Registrant Name | BIG LOTS INC | |
Entity Central Index Key | 0000768835 | |
Current Fiscal Year End Date | --01-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,007,867 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Net sales | $ 1,295,796 | $ 1,267,983 |
Cost of sales (exclusive of depreciation expense shown separately below) | 776,749 | 756,025 |
Gross margin | 519,047 | 511,958 |
Selling and administrative expenses | 460,605 | 438,092 |
Depreciation expense | 32,797 | 28,529 |
Operating profit | 25,645 | 45,337 |
Interest expense | (3,733) | (1,576) |
Other income (expense) | 910 | 508 |
Income before income taxes | 22,822 | 44,269 |
Income tax expense | 7,282 | 13,030 |
Net income and comprehensive income | $ 15,540 | $ 31,239 |
Earnings per common share | ||
Earnings per common share - basic (in dollars per share) | $ 0.39 | $ 0.74 |
Earnings per common share - diluted (in dollars per share) | $ 0.39 | $ 0.74 |
Weighted-average common shares outstanding: | ||
Basic | 39,922 | 42,113 |
Dilutive effect of share-based awards | 80 | 105 |
Diluted | 40,002 | 42,218 |
Cash dividends declared per common share | $ 0.30 | $ 0.30 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | May 04, 2019 | Feb. 02, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 63,572 | $ 46,034 |
Inventories | 926,988 | 969,561 |
Other current assets | 78,532 | 112,408 |
Total current assets | 1,069,092 | 1,128,003 |
Operating lease right-of-use assets | 1,156,656 | 0 |
Property and equipment - net | 735,957 | 822,338 |
Deferred income taxes | 15,418 | 8,633 |
Other assets | 68,522 | 64,373 |
Total assets | 3,045,645 | 2,023,347 |
Current liabilities: | ||
Accounts payable | 314,639 | 396,903 |
Current operating lease liabilities | 236,016 | 0 |
Property, payroll, and other taxes | 84,016 | 75,317 |
Accrued operating expenses | 144,058 | 99,422 |
Insurance reserves | 37,492 | 38,883 |
Accrued salaries and wages | 32,697 | 26,798 |
Income taxes payable | 6,551 | 1,237 |
Total current liabilities | 855,469 | 638,560 |
Long-term obligations | 470,400 | 374,100 |
Noncurrent operating lease liabilities | 960,754 | 0 |
Deferred rent | 0 | 60,700 |
Insurance reserves | 53,018 | 54,507 |
Unrecognized tax benefits | 14,002 | 14,189 |
Synthetic lease obligation | 0 | 144,477 |
Other liabilities | 43,671 | 43,773 |
Shareholders' equity: | ||
Preferred shares - authorized 2,000 shares; $0.01 par value; none issued | 0 | 0 |
Common shares - authorized 298,000 shares; $0.01 par value; issued 117,495 shares; outstanding 39,042 shares and 40,042 shares, respectively | 1,175 | 1,175 |
Treasury shares - 78,453 shares and 77,453 shares, respectively, at cost | (2,545,967) | (2,506,086) |
Additional paid-in capital | 614,174 | 622,685 |
Retained earnings | 2,578,949 | 2,575,267 |
Total shareholders' equity | 648,331 | 693,041 |
Total liabilities and shareholders' equity | $ 3,045,645 | $ 2,023,347 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | May 04, 2019 | Feb. 02, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Shares Authorized | 2,000 | 2,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Shares Authorized | 298,000 | 298,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 117,495 | 117,495 |
Common Stock, Shares, Outstanding | 39,042 | 40,042 |
Treasury Stock, Shares | 78,453 | 77,453 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Performance Shares [Member] | Common Stock [Member] | Common Stock [Member]Performance Shares [Member] | Treasury Stock [Member] | Treasury Stock [Member]Performance Shares [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Performance Shares [Member] | Retained Earnings [Member] | Retained Earnings [Member]Performance Shares [Member] |
Balance at Feb. 03, 2018 | $ 669,587 | $ 1,175 | $ (2,422,396) | $ 622,550 | $ 2,468,258 | |||||
Balance (in shares) at Feb. 03, 2018 | 41,925 | |||||||||
Treasury stock (in shares) at Feb. 03, 2018 | 75,570 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | 31,239 | $ 0 | $ 0 | 0 | 31,239 | |||||
Dividends declared | (12,744) | 0 | 0 | 0 | (12,744) | |||||
Purchases of common shares | (11,193) | $ 0 | $ (11,193) | 0 | 0 | |||||
Purchases of common shares, (in shares) | (247) | 247 | ||||||||
Exercise of stock options | 20 | $ 0 | $ 20 | 0 | 0 | |||||
Exercise of stock options (in shares) | 1 | (1) | ||||||||
Restricted shares vested | 0 | $ 0 | $ 11,736 | (11,736) | 0 | |||||
Restricted shares vested, (in shares) | 366 | (366) | ||||||||
Performance shares vested | $ 0 | $ 0 | $ 9,391 | $ (9,391) | $ 0 | |||||
Performance shares vested (in shares) | 293 | (293) | ||||||||
Other | 7 | $ 0 | $ 5 | 2 | 0 | |||||
Other (in shares) | 0 | 0 | ||||||||
Share-based employee compensation expense | 12,196 | $ 0 | $ 0 | 12,196 | 0 | |||||
Balance at May. 05, 2018 | 689,112 | $ 1,175 | $ (2,412,437) | 613,621 | 2,486,753 | |||||
Balance (in shares) at May. 05, 2018 | 42,338 | |||||||||
Treasury stock (in shares) at May. 05, 2018 | 75,157 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | 125,655 | $ 0 | $ 0 | 0 | 125,655 | |||||
Dividends declared | (37,141) | 0 | 0 | 0 | (37,141) | |||||
Purchases of common shares | (100,557) | $ 0 | $ (96,637) | 3,920 | 0 | |||||
Purchases of common shares, (in shares) | (2,388) | 2,388 | ||||||||
Exercise of stock options | 1,839 | $ 0 | $ 1,375 | 464 | 0 | |||||
Exercise of stock options (in shares) | 42 | (42) | ||||||||
Restricted shares vested | 0 | $ 0 | $ 1,535 | (1,535) | 0 | |||||
Restricted shares vested, (in shares) | 47 | (47) | ||||||||
Performance shares vested | 0 | $ 0 | $ 84 | (84) | 0 | |||||
Performance shares vested (in shares) | 3 | (3) | ||||||||
Other | (6) | $ 0 | $ (6) | 0 | 0 | |||||
Other (in shares) | 0 | 0 | ||||||||
Share-based employee compensation expense | 14,139 | $ 0 | $ 0 | 14,139 | 0 | |||||
Balance at Feb. 02, 2019 | $ 693,041 | $ 1,175 | $ (2,506,086) | 622,685 | 2,575,267 | |||||
Balance (in shares) at Feb. 02, 2019 | 40,042 | 40,042 | ||||||||
Treasury stock (in shares) at Feb. 02, 2019 | 77,453 | 77,453 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | $ 15,540 | $ 0 | $ 0 | 0 | 15,540 | |||||
Dividends declared | (12,206) | 0 | 0 | 0 | (12,206) | |||||
Purchases of common shares | (52,925) | $ 0 | $ (52,925) | 0 | 0 | |||||
Purchases of common shares, (in shares) | (1,403) | 1,403 | ||||||||
Exercise of stock options | 200 | $ 0 | $ 202 | (2) | 0 | |||||
Exercise of stock options (in shares) | 6 | (6) | ||||||||
Restricted shares vested | 0 | $ 0 | $ 4,589 | (4,589) | 0 | |||||
Restricted shares vested, (in shares) | 142 | (142) | ||||||||
Performance shares vested | $ 0 | $ 0 | $ 8,255 | $ (8,255) | $ 0 | |||||
Performance shares vested (in shares) | 255 | (255) | ||||||||
Other | (2) | $ 0 | $ (2) | 0 | 0 | |||||
Other (in shares) | 0 | 0 | ||||||||
Share-based employee compensation expense | 4,335 | $ 0 | $ 0 | 4,335 | 0 | |||||
Balance at May. 04, 2019 | $ 648,331 | $ 1,175 | $ (2,545,967) | 614,174 | 2,578,949 | |||||
Balance (in shares) at May. 04, 2019 | 39,042 | 39,042 | ||||||||
Treasury stock (in shares) at May. 04, 2019 | 78,453 | 78,453 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2016-02 [Member] | $ 348 | $ 0 | $ 0 | $ 0 | $ 348 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | |
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared per common share | $ 0.30 | $ 0.30 | $ 0.90 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Operating activities: | ||
Net income | $ 15,540 | $ 31,239 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 33,104 | 26,056 |
Noncash lease amortization expense | 57,093 | 0 |
Deferred income taxes | (6,891) | (7,349) |
Non-cash impairment charge | 234 | 0 |
Loss on disposition of equipment | 110 | 201 |
Non-cash share-based compensation expense | 4,335 | 12,196 |
Unrealized (gain) loss on fuel derivatives | (971) | (530) |
Change in assets and liabilities | ||
Inventories | 42,573 | 23,163 |
Accounts payable | (82,264) | (9,041) |
Operating lease liabilities | (45,688) | 0 |
Current income taxes | 13,411 | 19,742 |
Other current assets | (7,237) | (40,818) |
Other current liabilities | 37,587 | 36,606 |
Other assets | (3,817) | 932 |
Other liabilities | 316 | 4,488 |
Net cash provided by operating activities | 57,435 | 96,885 |
Investing activities: | ||
Capital expenditures | (76,834) | (31,015) |
Cash proceeds from sale of property and equipment | 80 | 62 |
Assets acquired under synthetic lease | 0 | (34,482) |
Other | (12) | (2) |
Net cash used in investing activities | (76,766) | (65,437) |
Financing activities: | ||
Net proceeds from (repayments of) borrowings under bank credit facility | (96,300) | 25,800 |
Payment of finance lease obligations | 967 | 924 |
Dividends paid | (13,197) | (14,386) |
Proceeds from the exercise of stock options | 200 | 20 |
Payment for treasury shares acquired | (45,465) | (11,193) |
Proceeds from synthetic lease | 0 | 34,482 |
Other | (2) | 7 |
Net cash provided by (used in) financing activities | 36,869 | (17,794) |
Increase in cash and cash equivalents | 17,538 | 13,654 |
Cash and cash equivalents: | ||
Beginning of period | 46,034 | 51,176 |
End of period | $ 63,572 | $ 64,830 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
May 04, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES All references in this report to “we,” “us,” or “our” are to Big Lots, Inc. and its subsidiaries. We are a discount retailer operating in the United States (“U.S.”). At May 4, 2019 , we operated 1,404 stores in 47 states. We make available, free of charge, through the “Investor Relations” section of our website ( www.biglots.com ) under the “SEC Filings” caption, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as reasonably practicable after we file such material with, or furnish it to, the Securities and Exchange Commission (“SEC”). The contents of our websites are not part of this report. The accompanying consolidated financial statements and these notes have been prepared in accordance with the rules and regulations of the SEC for interim financial information. The consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly our financial condition, results of operations, and cash flows for all periods presented. The consolidated financial statements, however, do not include all information necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Interim results may not necessarily be indicative of results that may be expected for, or actually result during, any other interim period or for the year as a whole. We have historically experienced, and expect to continue to experience, seasonal fluctuations, with a larger percentage of our net sales and operating profit realized in our fourth fiscal quarter. The accompanying consolidated financial statements and these notes should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended February 2, 2019 (“2018 Form 10-K”). Fiscal Periods Our fiscal year ends on the Saturday nearest to January 31, which results in fiscal years consisting of 52 or 53 weeks . Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. Fiscal year 2019 (“ 2019 ”) is comprised of the 52 weeks that began on February 3, 2019 and will end on February 1, 2020 . Fiscal year 2018 (“ 2018 ”) was comprised of the 52 weeks that began on February 4, 2018 and ended on February 2, 2019 . The fiscal quarters ended May 4, 2019 (“ first quarter of 2019 ”) and May 5, 2018 (“ first quarter of 2018 ”) were both comprised of 13 weeks. Selling and Administrative Expenses Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing, distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, accepting credit/debit cards, and overhead. Our selling and administrative expense rates may not be comparable to those of other retailers that include warehousing, distribution, and outbound transportation costs in cost of sales. Warehousing, distribution, and outbound transportation costs included in selling and administrative expenses were $45.1 million and $42.9 million for the first quarter of 2019 and the first quarter of 2018 , respectively. Advertising Expense Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, digital, internet and e-mail marketing and advertising, and in-store point-of-purchase signage and presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $22.4 million and $22.0 million for the first quarter of 2019 and the first quarter of 2018 , respectively. Derivative Instruments We use derivative instruments to mitigate the risk of market fluctuations in the price of diesel fuel that we expect to consume to support our outbound transportation of inventory to our stores. We do not enter into derivative instruments for speculative purposes. Our derivative instruments may consist of collar or swap contracts. Our current derivative instruments do not meet the requirements for cash flow hedge accounting. Instead, our derivative instruments are marked-to-market to determine their fair value and any gains or losses are recognized currently in other income (expense) on our consolidated statements of operations and comprehensive income. For further information on our derivative instruments, see note 11. Supplemental Cash Flow Disclosures The following table provides supplemental cash flow information for the first quarter of 2019 and 2018 : Thirteen Weeks Ended (In thousands) May 4, 2019 May 5, 2018 Supplemental disclosure of cash flow information: Cash paid for interest, including capital leases $ 4,097 $ 1,513 Cash paid for income taxes, excluding impact of refunds 1,141 1,071 Gross proceeds from borrowings under bank credit facility 470,400 387,300 Gross payments of borrowings under bank credit facility 374,100 413,100 Cash paid for operating lease liabilities 70,947 — Non-cash activity: Assets acquired under capital leases 11 — Accrued property and equipment 46,503 13,078 Share repurchases payable 7,460 — Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 1,213,777 $ — Reclassifications Merchandise Categories We periodically assess, and make minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) . The update requires a lessee to recognize, on the balance sheet, a liability to make lease payments and a right-of-use asset representing a right to use the underlying asset for the lease term. Additionally, this guidance expanded related disclosure requirements. On February 3, 2019, we adopted the new standard and elected the optional transition method, as allowed by ASU 2018-11, Leases (Topic 842), Targeted Improvements , to apply the new standard as of the effective date. Therefore, we have not applied the new standard to the comparative prior periods presented in the unaudited consolidated financial statements. We elected to apply the following practical expedients and policy elections at adoption: Practical expedient package We have not reassessed whether any expired or existing contracts are, or contain, leases. We have not reassessed the lease classification for any expired or existing leases. We have not reassessed initial direct costs for any expired or existing leases. Hindsight practical expedient We have not elected the hindsight practical expedient, which permits the use of hindsight when determining lease term and impairment of operating lease assets. Separation of lease and non-lease components We have elected to establish an accounting policy to account for lease and non-lease components as a single component for our real estate class of assets. Short-term policy We have elected to establish a short-term lease exception policy, permitting us to not apply the recognition requirements of the new standard to short-term leases (i.e., leases with terms of 12 months or less). Adoption of this standard, in the first quarter of 2019, resulted in the recognition of right-to-use assets and lease liabilities for operating leases of $1,110 million and $1,138 million , respectively, with difference in amounts being primarily comprised of pre-existing deferred rent and prepaid rent. The impact of the adoption was immaterial to the consolidated statements of shareholders' equity. For further discussion on our leases, see note 4. |
Bank Credit Facility
Bank Credit Facility | 3 Months Ended |
May 04, 2019 | |
Debt Disclosure [Abstract] | |
BANK CREDIT FACILITY | BANK CREDIT FACILITY On August 31, 2018, we entered into a $700 million five -year unsecured credit facility (“2018 Credit Agreement”) that replaced our prior credit facility entered into in July 2011 and most recently amended in May 2015 (“2011 Credit Agreement”). The 2018 Credit Agreement expires on August 31, 2023. In connection with our entry into the 2018 Credit Agreement, we paid bank fees and other expenses in the aggregate amount of $1.5 million , which are being amortized over the term of the agreement. Borrowings under the 2018 Credit Agreement are available for general corporate purposes, working capital, and to repay certain indebtedness. The 2018 Credit Agreement includes a $30 million swing loan sublimit, a $75 million letter of credit sublimit, a $75 million sublimit for loans to foreign borrowers, and a $200 million optional currency sublimit. The interest rates, pricing and fees under the 2018 Credit Agreement fluctuate based on our debt rating. The 2018 Credit Agreement allows us to select our interest rate for each borrowing from multiple interest rate options. The interest rate options are generally derived from the prime rate or LIBOR. We may prepay revolving loans made under the 2018 Credit Agreement. The 2018 Credit Agreement contains financial and other covenants, including, but not limited to, limitations on indebtedness, liens and investments, as well as the maintenance of two financial ratios – a leverage ratio and a fixed charge coverage ratio. Additionally, we are subject to cross-default provisions associated with the synthetic lease for our new distribution center in California. A violation of any of the covenants could result in a default under the 2018 Credit Agreement that would permit the lenders to restrict our ability to further access the 2018 Credit Agreement for loans and letters of credit and require the immediate repayment of any outstanding loans under the 2018 Credit Agreement. At May 4, 2019 , we had $470.4 million of borrowings outstanding under the 2018 Credit Agreement, while $15.4 million was committed to outstanding letters of credit, leaving $214.2 million available under the 2018 Credit Agreement. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
May 04, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS In connection with our nonqualified deferred compensation plan, we had mutual fund investments of $33.8 million and $31.6 million at May 4, 2019 and February 2, 2019 , respectively, which were recorded in other assets. These investments were classified as trading securities and were recorded at their fair value. The fair values of mutual fund investments were Level 1 valuations under the fair value hierarchy because each fund’s quoted market value per share was available in an active market. The fair values of our long-term obligations are estimated based on the quoted market prices for the same or similar issues and the current interest rates offered for similar instruments. These fair value measurements are classified as Level 2 within the fair value hierarchy. Given the variable rate features and relatively short maturity of the instruments underlying our long-term obligations, the carrying value of these instruments approximates their fair value. The carrying value of accounts receivable and accounts payable approximates fair value because of the relatively short maturity of these items. |
Leases
Leases | 3 Months Ended |
May 04, 2019 | |
Disclosure Text Block [Abstract] | |
LEASES | LEASES We determine if an arrangement contains a lease at inception of the agreement. Our leased property consists of our retail stores, our corporate office, and certain information technology, store security, and other office equipment. Certain of our store leases have rent escalations and/or have tenant allowances or other lease incentives, which are fixed in nature and included in our calculation of right-of-use assets. Certain of our store leases provide for contingent rents, which is a variable cost and not included in our calculation of right-of-use assets. Many of our store leases obligate us to pay for our applicable portion of real estate taxes, CAM, and property insurance, which are variable costs and not included in our calculation of right-of-use assets, except for certain fixed CAM charges that are not variable. Many of our leases contain provisions for options to renew, extend the original term for additional periods, or terminate the lease if certain sales thresholds are not attained. We have assessed the reasonable certainty of these provisions to determine the appropriate lease term. Our lease agreements do not contain material residual value guarantees, restrictions, or covenants. In late 2017, we entered into a synthetic lease arrangement for a new distribution center in California. We expect the lease term for this distribution center will commence in the second quarter of 2019, therefore, the lease is not reflected in the amounts in the tables below. Under the prior accounting standard, this lease was accounted for as a capital lease due to certain construction period considerations; therefore, it was reflected in both our balance sheet and our future minimum lease obligations disclosure. Once the commencement date of this lease of the new distribution center in California occurs, we will record an operating lease right-of-use asset and an operating lease liability based on expected annual lease payments of approximately $7 million for the lease duration of five years . Additionally, this arrangement includes a residual value guarantee. Leases were recorded in our consolidated balance sheets as follows: Leases Balance Sheet Location May 4, 2019 Assets (In thousands) Operating Operating lease right-of-use assets $ 1,156,656 Finance Property and equipment - net 10,746 Total right-of-use assets $ 1,167,402 Liabilities Current Operating Current operating lease liabilities $ 236,016 Finance Accrued operating expenses 3,780 Noncurrent Operating Noncurrent operating lease liabilities 960,754 Finance Other liabilities 7,609 Total lease liabilities $ 1,208,159 The components of lease costs were as follows: Statements of Operations and Comprehensive Income Location First Quarter Lease cost 2019 (In thousands) Operating lease cost Selling and administrative expenses $ 69,186 Finance lease cost Amortization of ROU assets Depreciation 988 Interest on lease liabilities Other income (expense) 132 Short-term lease cost Selling and administrative expenses 1,578 Variable lease cost Selling and administrative expenses 133 Total lease cost $ 72,017 Maturity of our lease liabilities at May 4, 2019 , was as follows: Fiscal Year Operating Leases Finance Leases 2019 (excluding the first quarter of 2019) $ 214,623 $ 3,876 2020 255,351 4,442 2021 217,456 3,340 2022 175,326 613 2023 138,440 117 Thereafter 382,884 72 Total lease payments $ 1,384,080 $ 12,460 Less amount to discount to present value $ (187,310 ) $ (1,071 ) Present value of lease liabilities $ 1,196,770 $ 11,389 Lease term and discount rate, for our operating leases, at May 4, 2019 were as follows: May 4, 2019 Weighted average remaining lease term (years) 6.6 Weighted average discount rate 4.4 % Our weighted average discount rate represents our estimated incremental borrowing rate, assuming a secured borrowing, based on the remaining lease term at the time of either adoption of the standard or the period in which the lease term expectation was modified. Our finance leases, and the associated remaining lease term and discount rate, are insignificant. Disclosures Related to Periods Prior to Adoption of ASC 842, Leases Under ASC 840, Leases, future minimum rental commitments for leases, excluding closed store leases, real estate taxes, CAM, and property insurance, and scheduled payments for all capital leases at February 2, 2019, were as follows: Fiscal Year Operating Leases Capital Leases 2019 $ 279,844 $ 9,050 2020 244,978 10,815 2021 204,362 9,725 2022 159,479 6,992 2023 120,023 6,512 Thereafter 310,474 127,864 Total lease payments $ 1,319,160 $ 170,958 Less amount to discount to present value $ (14,758 ) Present value of lease liabilities $ 156,200 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
May 04, 2019 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY Earnings per Share There were no adjustments required to be made to the weighted-average common shares outstanding for purposes of computing basic and diluted earnings per share. At May 4, 2019 and May 5, 2018, we excluded from securities outstanding for the computation of earnings per share performance share units, for which the minimum applicable performance conditions had not been attained as of May 4, 2019 and May 5, 2018, respectively, and antidilutive stock options and restricted stock units. For the first quarter of 2019 , there were 0.1 million stock options outstanding that were antidilutive and excluded from the computation of diluted earnings, and for the first quarter of 2018 , the amount was immaterial. Antidilutive stock options generally consist of outstanding stock options where the exercise price per share is greater than the weighted-average market price per share for our common shares for each period. Antidilutive stock options, restricted stock units and performance share units are excluded from the calculation because they decrease the number of diluted shares outstanding under the treasury stock method. The restricted stock units and performance share units that were antidilutive, as determined under the treasury stock method, were 0.4 million for the first quarter of 2019 and 0.1 million for the first quarter of 2018 . Share Repurchase Programs On March 6, 2019, our Board of Directors authorized a share repurchase program providing for the repurchase of $50 million of our common shares (“2019 Repurchase Program”). Pursuant to the 2019 Repurchase Program, we may repurchase common shares in the open market and/or in privately negotiated transactions at our discretion, subject to market conditions and other factors. Common shares acquired through the 2019 Repurchase Program will be available to meet obligations under our equity compensation plans and for general corporate purposes. The 2019 Repurchase Program has no scheduled termination date and will be funded with cash and cash equivalents, cash generated from operations or, if needed, by drawing on the 2018 Credit Agreement. During the first quarter of 2019 , we acquired approximately 1.3 million of our outstanding common shares for $48.0 million under the 2019 Repurchase Program. Dividends The Company declared and paid cash dividends per common share during the first quarter of 2019 as follows: Dividends Amount Declared Amount Paid 2019: (In thousands) (In thousands) First quarter $ 0.30 $ 12,206 $ 13,197 Total $ 0.30 $ 12,206 $ 13,197 The amount of dividends declared may vary from the amount of dividends paid in a period due to the vesting of restricted stock awards, restricted stock units, and performance share units. The payment of future dividends will be at the discretion of our Board of Directors and will depend on our financial condition, results of operations, capital requirements, compliance with applicable laws and agreements and any other factors deemed relevant by our Board of Directors. |
Share-Based Plans
Share-Based Plans | 3 Months Ended |
May 04, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED PLANS | SHARE-BASED PLANS We have issued nonqualified stock options, restricted stock awards, restricted stock units, and performance share units under our shareholder-approved equity compensation plans. Our restricted stock units and performance share units, as described below, are expensed and reported as non-vested shares. We recognized share-based compensation expense of $4.3 million and $12.2 million in the first quarter of 2019 and the first quarter of 2018 , respectively. Non-vested Restricted Stock The following table summarizes the non-vested restricted stock units activity for the first quarter of 2019: Number of Shares Weighted Average Grant-Date Fair Value Per Share Outstanding non-vested restricted stock units at February 2, 2019 483,182 $ 46.50 Granted 333,222 36.45 Vested (141,820 ) 47.72 Forfeited (20,418 ) 42.73 Outstanding non-vested restricted stock units at May 4, 2019 654,166 $ 41.25 The non-vested restricted stock units granted in the first quarter of 2019 generally vest and are expensed on a ratable basis over three years from the grant date of the award, if certain threshold financial performance objectives are achieved and the grantee remains employed by us through the vesting dates. Performance Share Units In the first quarter of 2019, we issued performance share units (“PSUs”) to certain members of management, which will vest if certain financial performance objectives are achieved over a three-year performance period and the grantee remains employed by us during the performance period. The financial performance objectives for each fiscal year within the three-year performance period will be approved by the Compensation Committee of our Board of Directors during the first quarter of the respective fiscal year. As a result of the process used to establish the financial performance objectives, we will only meet the requirements for establishing a grant date for the PSUs when we communicate the financial performance objectives for the third fiscal year of the award to the award recipients, which will then trigger the service inception date, the fair value of the awards, and the associated expense recognition period. If we meet the applicable threshold financial performance objectives over the three-year performance period and the grantee remains employed by us through the end of the performance period, the PSUs will vest on the first trading day after we file our Annual Report on Form 10-K for the last fiscal year in the performance period. We have begun or expect to begin recognizing expense related to PSUs as follows: Issue Year Outstanding PSUs at May 4, 2019 Actual Grant Date Expected Valuation (Grant) Date Actual or Expected Expense Period 2016 6,775 March 2018 Fiscal 2018 2017 209,374 March 2019 Fiscal 2019 2018 223,927 March 2020 Fiscal 2020 2019 323,759 March 2021 Fiscal 2021 Total 763,835 The number of shares to be distributed upon vesting of the PSUs depends on the average performance attained during the three-year performance period compared to the performance targets established by the Compensation Committee, and may result in the distribution of an amount of shares that is greater or less than the number of PSUs granted, as defined in the award agreement. During the first quarter of 2019, the PSUs issued in 2016 vested with an average performance attainment lower than the targets established. At May 4, 2019 , we estimate the attainment of an average performance that is lower than the targets established for the PSUs issued in 2017. During the first quarters of 2019 and 2018, we recognized $1.2 million and $8.6 million in share-based compensation expense related to PSUs, respectively. The following table summarizes the activity related to PSUs for the first quarter of 2019: Number of Units Weighted Average Grant-Date Fair Value Per Share Outstanding PSUs at February 2, 2019 282,083 $ 55.67 Granted 217,518 31.89 Vested (275,308 ) 55.67 Forfeited (8,144 ) 31.89 Outstanding PSUs at May 4, 2019 216,149 $ 32.51 Stock Options The following table summarizes stock option activity for the first quarter of 2019: Number of Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (000's) Outstanding stock options at February 2, 2019 237,501 $ 38.30 Exercised (6,250 ) 32.04 Forfeited (77,500 ) 43.85 Outstanding stock options at May 4, 2019 153,751 $ 35.76 0.9 $ 288 Vested or expected to vest at May 4, 2019 153,751 $ 35.76 0.9 $ 288 Exercisable at May 4, 2019 153,751 $ 35.76 0.9 $ 288 The stock options granted in prior years vest in equal amounts on the first four anniversaries of the grant date and have a contractual term of seven years . The following activity occurred under our share-based plans during the respective periods shown: First Quarter (In thousands) 2019 2018 Total intrinsic value of stock options exercised $ 42 $ 8 Total fair value of restricted stock vested 5,042 17,245 Total fair value of performance shares vested $ 9,706 $ 12,683 The total unearned compensation cost related to all share-based awards outstanding, excluding PSUs issued in 2018 and 2019, at May 4, 2019 was approximately $23.9 million . This compensation cost is expected to be recognized through March 2022 based on existing vesting terms with the weighted-average remaining expense recognition period being approximately 2.2 years from May 4, 2019 . |
Income Taxes
Income Taxes | 3 Months Ended |
May 04, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES We have estimated the reasonably possible expected net change in unrecognized tax benefits through May 2, 2020, based on (1) expected cash and noncash settlements or payments of uncertain tax positions, and (2) lapses of the applicable statutes of limitations for unrecognized tax benefits. The estimated net decrease in unrecognized tax benefits for the next 12 months is approximately $4.0 million . Actual results may differ materially from this estimate. |
Contingencies
Contingencies | 3 Months Ended |
May 04, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES California Wage and Hour Matters We currently are defending five purported wage and hour class actions in California, including several that have been brought since January 2018. The cases were brought by various current and/or former California associates alleging various violations of California wage and hour laws. Upon further consideration of these matters, including outcomes of cases against other retailers, during the first quarter of 2019, we determined a loss from these matters was probable and we increased our accrual for litigation by recording a $7.3 million charge as our best estimate for these matters in aggregate. We intend to defend ourselves vigorously against the allegations levied in these lawsuits. Other Matters We are involved in other legal actions and claims arising in the ordinary course of business. We currently believe that each such action and claim will be resolved without a material effect on our financial condition, results of operations, or liquidity. However, litigation involves an element of uncertainty. Future developments could cause these actions or claims to have a material effect on our financial condition, results of operations, and liquidity. |
Restructuring
Restructuring | 3 Months Ended |
May 04, 2019 | |
Restructuring [Abstract] | |
RESTRUCTURING | RESTRUCTURING COSTS In March 2019, we announced a transformational restructuring initiative to both drive growth in our net sales and reduce costs within our business. We expect to generate costs savings from this initiative through improved markdown and merchandise management, reduced management layers, optimization of store labor, improved efficiencies in our supply chain, and reduced centralized costs. As we implement this initiative, we will incur upfront costs, including employee severance costs and consultancy fees, and make payments to execute the initiative. We incurred $15.3 million in costs associated with our transformational restructuring initiative during the first quarter of 2019. We estimate that we will incur, at minimum, an additional $12 million in costs during the remainder of 2019 related to our transformational restructuring initiative, which will principally be focused on consultancy fees. The changes in our liabilities associated with severance and postemployment benefits during the first quarter of 2019 were as follows (in thousands): Balance at February 2, 2019 $ — Charges 7,253 Payments (803 ) Other — Balance at May 4, 2019 $ 6,450 |
Business Segment Data
Business Segment Data | 3 Months Ended |
May 04, 2019 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT DATA | BUSINESS SEGMENT DATA We use the following seven merchandise categories, which match our internal management and reporting of merchandise net sales: Food, Consumables, Soft Home, Hard Home, Furniture, Seasonal, and Electronics, Toys, & Accessories. The Food category includes our beverage & grocery, candy & snacks, and specialty foods departments. The Consumables category includes our health, beauty and cosmetics, plastics, paper, chemical, and pet departments. The Soft Home category includes the home décor, frames, fashion bedding, utility bedding, bath, window, decorative textile, home organization and area rugs departments. The Hard Home category includes our small appliances, table top, food preparation, stationery, greeting cards, and home maintenance departments. The Furniture category includes our upholstery, mattress, ready-to-assemble, and case goods departments. The Seasonal category includes our lawn & garden, summer, Christmas, and other holiday departments. The Electronics, Toys, & Accessories category includes our electronics, jewelry, hosiery, and toys departments. We periodically assess, and potentially enact minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. The following table presents net sales data by merchandise category: First Quarter (In thousands) 2019 2018 Furniture $ 383,897 $ 356,401 Soft Home 209,138 199,726 Consumables 186,502 186,034 Seasonal 183,491 175,601 Food 181,125 189,424 Hard Home 81,860 87,686 Electronics, Toys, & Accessories 69,783 73,111 Net sales $ 1,295,796 $ 1,267,983 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
May 04, 2019 | |
Derivative [Line Items] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS We enter into derivative instruments, particularly collar contracts designed to mitigate our risk associated with market fluctuations in diesel fuel prices. These contracts are used strictly to limit our risk exposure and not as speculative transactions. Our derivative instruments associated with diesel fuel do not meet the requirements for cash flow hedge accounting. Therefore, our derivative instruments associated with diesel fuel will be marked-to-market to determine their fair value and the associated gains and losses will be recognized currently in other income (expense) on our consolidated statements of operations and comprehensive income. Our outstanding derivative instrument contracts were comprised of the following: (In thousands) May 4, 2019 February 2, 2019 Diesel fuel collars 6,300 7,200 The fair value of our outstanding derivative instrument contracts was as follows: (In thousands) Assets (Liabilities) Derivative Instrument Balance Sheet Location May 4, 2019 February 2, 2019 Diesel fuel collars Other current assets $ 553 $ 523 Other assets 829 203 Accrued operating expenses (331 ) (586 ) Other liabilities (765 ) (825 ) Total derivative instruments $ 286 $ (685 ) The effect of derivative instruments on the consolidated statements of operations and comprehensive income was as follows: Amount of Gain (Loss) (In thousands) First Quarter Derivative Instrument Statements of Operations and Comprehensive Income Location 2019 2018 Diesel fuel collars Realized Other income (expense) $ (47 ) $ 6 Unrealized Other income (expense) 971 530 Total derivative instruments $ 924 $ 536 The fair values of our derivative instruments are determined using observable inputs from commonly quoted markets. These fair value measurements are classified as Level 2 within the fair value hierarchy. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
May 04, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | Fiscal Periods Our fiscal year ends on the Saturday nearest to January 31, which results in fiscal years consisting of 52 or 53 weeks . Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. Fiscal year 2019 (“ 2019 ”) is comprised of the 52 weeks that began on February 3, 2019 and will end on February 1, 2020 . Fiscal year 2018 (“ 2018 ”) was comprised of the 52 weeks that began on February 4, 2018 and ended on February 2, 2019 . The fiscal quarters ended May 4, 2019 (“ first quarter of 2019 ”) and May 5, 2018 (“ first quarter of 2018 ”) were both comprised of 13 weeks. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling and Administrative Expenses Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing, distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, accepting credit/debit cards, and overhead. Our selling and administrative expense rates may not be comparable to those of other retailers that include warehousing, distribution, and outbound transportation costs in cost of sales. Warehousing, distribution, and outbound transportation costs included in selling and administrative expenses were $45.1 million and $42.9 million for the first quarter of 2019 and the first quarter of 2018 , respectively. |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, digital, internet and e-mail marketing and advertising, and in-store point-of-purchase signage and presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $22.4 million and $22.0 million for the first quarter of 2019 and the first quarter of 2018 , respectively. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments We use derivative instruments to mitigate the risk of market fluctuations in the price of diesel fuel that we expect to consume to support our outbound transportation of inventory to our stores. We do not enter into derivative instruments for speculative purposes. Our derivative instruments may consist of collar or swap contracts. Our current derivative instruments do not meet the requirements for cash flow hedge accounting. Instead, our derivative instruments are marked-to-market to determine their fair value and any gains or losses are recognized currently in other income (expense) on our consolidated statements of operations and comprehensive income. For further information on our derivative instruments, see note 11. |
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | Reclassifications Merchandise Categories We periodically assess, and make minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) . The update requires a lessee to recognize, on the balance sheet, a liability to make lease payments and a right-of-use asset representing a right to use the underlying asset for the lease term. Additionally, this guidance expanded related disclosure requirements. On February 3, 2019, we adopted the new standard and elected the optional transition method, as allowed by ASU 2018-11, Leases (Topic 842), Targeted Improvements , to apply the new standard as of the effective date. Therefore, we have not applied the new standard to the comparative prior periods presented in the unaudited consolidated financial statements. We elected to apply the following practical expedients and policy elections at adoption: Practical expedient package We have not reassessed whether any expired or existing contracts are, or contain, leases. We have not reassessed the lease classification for any expired or existing leases. We have not reassessed initial direct costs for any expired or existing leases. Hindsight practical expedient We have not elected the hindsight practical expedient, which permits the use of hindsight when determining lease term and impairment of operating lease assets. Separation of lease and non-lease components We have elected to establish an accounting policy to account for lease and non-lease components as a single component for our real estate class of assets. Short-term policy We have elected to establish a short-term lease exception policy, permitting us to not apply the recognition requirements of the new standard to short-term leases (i.e., leases with terms of 12 months or less). Adoption of this standard, in the first quarter of 2019, resulted in the recognition of right-to-use assets and lease liabilities for operating leases of $1,110 million and $1,138 million , respectively, with difference in amounts being primarily comprised of pre-existing deferred rent and prepaid rent. The impact of the adoption was immaterial to the consolidated statements of shareholders' equity. For further discussion on our leases, see note 4. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies Supplemental Cash Flow Disclosures (Tables) | 3 Months Ended |
May 04, 2019 | |
Other Significant Noncash Transactions [Line Items] | |
Schedule of Other Significant Noncash Transactions [Table Text Block] | The following table provides supplemental cash flow information for the first quarter of 2019 and 2018 : Thirteen Weeks Ended (In thousands) May 4, 2019 May 5, 2018 Supplemental disclosure of cash flow information: Cash paid for interest, including capital leases $ 4,097 $ 1,513 Cash paid for income taxes, excluding impact of refunds 1,141 1,071 Gross proceeds from borrowings under bank credit facility 470,400 387,300 Gross payments of borrowings under bank credit facility 374,100 413,100 Cash paid for operating lease liabilities 70,947 — Non-cash activity: Assets acquired under capital leases 11 — Accrued property and equipment 46,503 13,078 Share repurchases payable 7,460 — Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 1,213,777 $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 04, 2019 | |
Leases, Assets and Liabilities [Abstract] | |
Assets and Liabilities, Lessee [Table Text Block] | Leases were recorded in our consolidated balance sheets as follows: Leases Balance Sheet Location May 4, 2019 Assets (In thousands) Operating Operating lease right-of-use assets $ 1,156,656 Finance Property and equipment - net 10,746 Total right-of-use assets $ 1,167,402 Liabilities Current Operating Current operating lease liabilities $ 236,016 Finance Accrued operating expenses 3,780 Noncurrent Operating Noncurrent operating lease liabilities 960,754 Finance Other liabilities 7,609 Total lease liabilities $ 1,208,159 |
Lease, Cost [Table Text Block] | The components of lease costs were as follows: Statements of Operations and Comprehensive Income Location First Quarter Lease cost 2019 (In thousands) Operating lease cost Selling and administrative expenses $ 69,186 Finance lease cost Amortization of ROU assets Depreciation 988 Interest on lease liabilities Other income (expense) 132 Short-term lease cost Selling and administrative expenses 1,578 Variable lease cost Selling and administrative expenses 133 Total lease cost $ 72,017 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity of our lease liabilities at May 4, 2019 , was as follows: Fiscal Year Operating Leases Finance Leases 2019 (excluding the first quarter of 2019) $ 214,623 $ 3,876 2020 255,351 4,442 2021 217,456 3,340 2022 175,326 613 2023 138,440 117 Thereafter 382,884 72 Total lease payments $ 1,384,080 $ 12,460 Less amount to discount to present value $ (187,310 ) $ (1,071 ) Present value of lease liabilities $ 1,196,770 $ 11,389 |
Lessee, Operating Lease, Disclosure [Table Text Block] | Lease term and discount rate, for our operating leases, at May 4, 2019 were as follows: May 4, 2019 Weighted average remaining lease term (years) 6.6 Weighted average discount rate 4.4 % |
Lessee, Operating Lease, Disclosure and Schedule of Capital Leased Assets [Table Text Block] | uture minimum rental commitments for leases, excluding closed store leases, real estate taxes, CAM, and property insurance, and scheduled payments for all capital leases at February 2, 2019, were as follows: Fiscal Year Operating Leases Capital Leases 2019 $ 279,844 $ 9,050 2020 244,978 10,815 2021 204,362 9,725 2022 159,479 6,992 2023 120,023 6,512 Thereafter 310,474 127,864 Total lease payments $ 1,319,160 $ 170,958 Less amount to discount to present value $ (14,758 ) Present value of lease liabilities $ 156,200 |
Shareholders' Equity Dividends
Shareholders' Equity Dividends Declared (Tables) | 3 Months Ended |
May 04, 2019 | |
Equity [Abstract] | |
Dividends Declared [Table Text Block] | The Company declared and paid cash dividends per common share during the first quarter of 2019 as follows: Dividends Amount Declared Amount Paid 2019: (In thousands) (In thousands) First quarter $ 0.30 $ 12,206 $ 13,197 Total $ 0.30 $ 12,206 $ 13,197 |
Share-Based Plans (Tables)
Share-Based Plans (Tables) | 3 Months Ended |
May 04, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes the non-vested restricted stock units activity for the first quarter of 2019: Number of Shares Weighted Average Grant-Date Fair Value Per Share Outstanding non-vested restricted stock units at February 2, 2019 483,182 $ 46.50 Granted 333,222 36.45 Vested (141,820 ) 47.72 Forfeited (20,418 ) 42.73 Outstanding non-vested restricted stock units at May 4, 2019 654,166 $ 41.25 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following table summarizes the activity related to PSUs for the first quarter of 2019: Number of Units Weighted Average Grant-Date Fair Value Per Share Outstanding PSUs at February 2, 2019 282,083 $ 55.67 Granted 217,518 31.89 Vested (275,308 ) 55.67 Forfeited (8,144 ) 31.89 Outstanding PSUs at May 4, 2019 216,149 $ 32.51 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity for the first quarter of 2019: Number of Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (000's) Outstanding stock options at February 2, 2019 237,501 $ 38.30 Exercised (6,250 ) 32.04 Forfeited (77,500 ) 43.85 Outstanding stock options at May 4, 2019 153,751 $ 35.76 0.9 $ 288 Vested or expected to vest at May 4, 2019 153,751 $ 35.76 0.9 $ 288 Exercisable at May 4, 2019 153,751 $ 35.76 0.9 $ 288 |
Schedule of Share Based Compensation, Additional Information [Table Text Block] | The following activity occurred under our share-based plans during the respective periods shown: First Quarter (In thousands) 2019 2018 Total intrinsic value of stock options exercised $ 42 $ 8 Total fair value of restricted stock vested 5,042 17,245 Total fair value of performance shares vested $ 9,706 $ 12,683 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share Based Compensation, Additional Information [Table Text Block] | We have begun or expect to begin recognizing expense related to PSUs as follows: Issue Year Outstanding PSUs at May 4, 2019 Actual Grant Date Expected Valuation (Grant) Date Actual or Expected Expense Period 2016 6,775 March 2018 Fiscal 2018 2017 209,374 March 2019 Fiscal 2019 2018 223,927 March 2020 Fiscal 2020 2019 323,759 March 2021 Fiscal 2021 Total 763,835 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
May 04, 2019 | |
Employee Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | The changes in our liabilities associated with severance and postemployment benefits during the first quarter of 2019 were as follows (in thousands): Balance at February 2, 2019 $ — Charges 7,253 Payments (803 ) Other — Balance at May 4, 2019 $ 6,450 |
Business Segment Data (Tables)
Business Segment Data (Tables) | 3 Months Ended |
May 04, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales by Category [Table Text Block] | The following table presents net sales data by merchandise category: First Quarter (In thousands) 2019 2018 Furniture $ 383,897 $ 356,401 Soft Home 209,138 199,726 Consumables 186,502 186,034 Seasonal 183,491 175,601 Food 181,125 189,424 Hard Home 81,860 87,686 Electronics, Toys, & Accessories 69,783 73,111 Net sales $ 1,295,796 $ 1,267,983 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
May 04, 2019 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Our outstanding derivative instrument contracts were comprised of the following: (In thousands) May 4, 2019 February 2, 2019 Diesel fuel collars 6,300 7,200 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The fair value of our outstanding derivative instrument contracts was as follows: (In thousands) Assets (Liabilities) Derivative Instrument Balance Sheet Location May 4, 2019 February 2, 2019 Diesel fuel collars Other current assets $ 553 $ 523 Other assets 829 203 Accrued operating expenses (331 ) (586 ) Other liabilities (765 ) (825 ) Total derivative instruments $ 286 $ (685 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | The effect of derivative instruments on the consolidated statements of operations and comprehensive income was as follows: Amount of Gain (Loss) (In thousands) First Quarter Derivative Instrument Statements of Operations and Comprehensive Income Location 2019 2018 Diesel fuel collars Realized Other income (expense) $ (47 ) $ 6 Unrealized Other income (expense) 971 530 Total derivative instruments $ 924 $ 536 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
May 04, 2019USD ($)store | May 05, 2018USD ($) | Feb. 01, 2020 | Feb. 02, 2019USD ($) | Feb. 03, 2019USD ($) | |
Components of Operating Cost and Expense [Abstract] | |||||
Document Period End Date | May 4, 2019 | ||||
Number of Stores | store | 1,404 | ||||
Number of States in which Entity Operates | 47 | ||||
Operating Cycle | 52 or 53 weeks | ||||
Fiscal Period Duration | 91 days | 91 days | 364 days | 364 days | |
Distribution and Outbound Transportation Costs | $ 45,100 | $ 42,900 | |||
Advertising Expense | 22,400 | $ 22,000 | |||
Item Effected [Line Items] | |||||
Operating lease right-of-use assets | 1,156,656 | $ 0 | $ 1,110,000 | ||
Operating Lease, Liability | $ 1,196,770 | $ 1,138,000 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest, including capital leases | $ 4,097 | $ 1,513 |
Cash paid for income taxes, excluding impact of refunds | 1,141 | 1,071 |
Gross proceeds from from borrowings under bank credit facility | 470,400 | 387,300 |
Gross payments of borrowings under bank credit facility | 374,100 | 413,100 |
Cash paid for operating lease liabilities | 70,947 | 0 |
Non-cash activity: | ||
Assets acquired under finance leases | 11 | 0 |
Accrued property and equipment | 46,503 | 13,078 |
Share repurchases payable | 7,460 | 0 |
Operating lease assets obtained in exchange for operating lease liabilities | $ 1,213,777 | $ 0 |
Bank Credit Facility (Details)
Bank Credit Facility (Details) - 2018 Credit Agreement [Member] - USD ($) $ in Millions | 1 Months Ended | |
Aug. 31, 2018 | May 04, 2019 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 700 | |
Debt Instrument, Term | 5 years | |
Deferred Finance Costs, Gross | $ 1.5 | |
Line of Credit Facility, Swing Loan Sublimit | 30 | |
Line of Credit Facility, Letter of Credit Sublimit | 75 | |
Line of Credit Facility, Amount Outstanding | $ 470.4 | |
Line of Credit Facility, Letters of Credit Outstanding | 15.4 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 214.2 | |
Line of Credit Facility, Foreign Borrower Sublimit | 75 | |
Line of Credit Facility, Optional Currency Sublimit | $ 200 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | May 04, 2019 | Feb. 02, 2019 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities, Fair Value Disclosure | $ 33.8 | $ 31.6 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 04, 2019 | Feb. 03, 2019 | Feb. 02, 2019 | |
Assets and Liabilities, Lessee [Abstract] | |||
Operating lease right-of-use assets | $ 1,156,656 | $ 1,110,000 | $ 0 |
Finance Lease, Right-of-Use Asset | 10,746 | ||
Right-of-use assets, total | 1,167,402 | ||
Current operating lease liabilities | 236,016 | 0 | |
Finance Lease, Liability, Current | 3,780 | ||
Noncurrent operating lease liabilities | 960,754 | $ 0 | |
Finance Lease, Liability, Noncurrent | 7,609 | ||
Lease liabilities, total | $ 1,208,159 | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 7 months 6 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.40% | ||
California Distribution Center [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Lease Not yet Commenced, Description | In late 2017, we entered into a synthetic lease arrangement for a new distribution center in California. We expect the lease term for this distribution center will commence in the second quarter of 2019, therefore, the lease is not reflected in the amounts in the tables below. Under the prior accounting standard, this lease was accounted for as a capital lease due to certain construction period considerations; therefore, it was reflected in both our balance sheet and our future minimum lease obligations disclosure. Once the commencement date of this lease of the new distribution center in California occurs, we will record an operating lease right-of-use asset and an operating lease liability based on expected annual lease payments of approximately $7 million for the lease duration of five years. Additionally, this arrangement includes a residual value guarantee. | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 5 years |
Leases Lease, Cost (Details)
Leases Lease, Cost (Details) $ in Thousands | 3 Months Ended |
May 04, 2019USD ($) | |
Lease, Cost [Abstract] | |
Operating Lease, Cost | $ 69,186 |
Finance Lease, Right-of-Use Asset, Amortization | 988 |
Finance Lease, Interest Expense | 132 |
Short-term Lease, Cost | 1,578 |
Variable Lease, Cost | 133 |
Lease, Cost | $ 72,017 |
Leases Lessee, Maturity (Detail
Leases Lessee, Maturity (Details) - USD ($) $ in Thousands | May 04, 2019 | Feb. 03, 2019 |
Finance Lease Liabilities, Payments, Due [Abstract] | ||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | $ 3,876 | |
Finance Lease, Liability, Payments, Due Year Two | 4,442 | |
Finance Lease, Liability, Payments, Due Year Three | 3,340 | |
Finance Lease, Liability, Payments, Due Year Four | 613 | |
Finance Lease, Liability, Payments, Due Year Five | 117 | |
Finance Lease, Liability, Payments, Due after Year Five | 72 | |
Finance Lease, Liability, Payments, Due | 12,460 | |
Finance Lease, Liability, Undiscounted Excess Amount | (1,071) | |
Finance Lease, Liability | 11,389 | |
Operating Lease Liabilities, Payments Due [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 214,623 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 255,351 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 217,456 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 175,326 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 138,440 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 382,884 | |
Lessee, Operating Lease, Liability, Payments, Due | 1,384,080 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (187,310) | |
Operating Lease, Liability | $ 1,196,770 | $ 1,138,000 |
Leases Leases, Operating and Ca
Leases Leases, Operating and Capital (Details) $ in Thousands | Feb. 02, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 279,844 |
Operating Leases, Future Minimum Payments, Due in Two Years | 244,978 |
Operating Leases, Future Minimum Payments, Due in Three Years | 204,362 |
Operating Leases, Future Minimum Payments, Due in Four Years | 159,479 |
Operating Leases, Future Minimum Payments, Due in Five Years | 120,023 |
Operating Leases, Future Minimum Payments, Due Thereafter | 310,474 |
Operating Leases, Future Minimum Payments Due | 1,319,160 |
Capital Leases, Future Minimum Payments, Net Minimum Payments, Fiscal Year Maturity [Abstract] | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 9,050 |
Capital Leases, Future Minimum Payments Due in Two Years | 10,815 |
Capital Leases, Future Minimum Payments Due in Three Years | 9,725 |
Capital Leases, Future Minimum Payments Due in Four Years | 6,992 |
Capital Leases, Future Minimum Payments Due in Five Years | 6,512 |
Capital Leases, Future Minimum Payments Due Thereafter | 127,864 |
Capital Leases, Future Minimum Payments Due | 170,958 |
Capital Leases, Future Minimum Payments, Interest Included in Payments | (14,758) |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | $ 156,200 |
Shareholders' Equity - Earnings
Shareholders' Equity - Earnings Per Share (Details) - shares | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Class of Stock [Line Items] | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Other Than Stock Options and Restricted Stock Awards, Amount | 0 | 0 |
Stock Options [Member] | ||
Class of Stock [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 100,000 | 0 |
Restricted Stock [Member] | ||
Class of Stock [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 400,000 | 100,000 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchase Programs (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | ||
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | Mar. 28, 2019 | |
Class of Stock [Line Items] | ||||
Stock Repurchased During Period, Value | $ 52,925 | $ 11,193 | $ 100,557 | |
Common Stock [Member] | 2019 Repurchase Program [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | |||
Stock Repurchased During Period, Shares | 1.3 | |||
Stock Repurchased During Period, Value | $ 48,000 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.30 | ||
Amount declared (Dividends) | $ 12,206 | $ 12,744 | $ 37,141 |
Amount paid (Dividends) | $ (13,197) | $ (14,386) |
Share-Based Plans - General and
Share-Based Plans - General and Other than Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Expense | $ 4,300 | $ 12,200 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 23,900 | ||
Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Nonvested, Weighted Average Grant Date Fair Value | $ 41.25 | $ 46.50 | |
Grants in Period, Weighted Average Grant Date Fair Value | 36.45 | ||
Vested in Period, Weighted Average Grant Date Fair Value | 47.72 | ||
Forfeited in Period, Weighted Average Grant Date Fair Value | $ 42.73 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Total fair value of other than options vested | $ 5,042 | 17,245 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, beginning balance | 483,182 | ||
Granted | 333,222 | ||
Vested | (141,820) | ||
Forfeited | (20,418) | ||
Nonvested, ending balance | 654,166 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Award Requisite Service Period | 3 years | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Expense | $ 1,200 | 8,600 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, beginning balance | 282,083 | ||
Granted | 217,518 | ||
Vested | (275,308) | ||
Forfeited | (8,144) | ||
Nonvested, ending balance | 216,149 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Nonvested, Weighted Average Grant Date Fair Value | $ 32.51 | $ 55.67 | |
Grants in Period, Weighted Average Grant Date Fair Value | 31.89 | ||
Vested in Period, Weighted Average Grant Date Fair Value | 55.67 | ||
Forfeited in Period, Weighted Average Grant Date Fair Value | $ 31.89 | ||
Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number | 763,835 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Total fair value of other than options vested | $ 9,706 | 12,683 | |
2016 PSU Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number | 6,775 | ||
2017 PSU Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number | 209,374 | ||
2018 PSU Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number | 223,927 | ||
2019 PSU Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number | 323,759 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Award Requisite Service Period | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Total intrinsic value of stock options exercised | $ 42 | $ 8 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Term | 7 years |
Share-Based Plans Share-Based P
Share-Based Plans Share-Based Plans - Options (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
May 04, 2019 | Feb. 02, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding stock options, beginning balance | 237,501 | |
Exercised | (6,250) | |
Forfeited | (77,500) | |
Outstanding stock options, ending balance | 153,751 | 237,501 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Options, Vested and Expected to Vest, Outstanding, Number | 153,751 | |
Options, Exercisable, Number | 153,751 | |
Options, Outstanding, Weighted Average Exercise Price | $ 35.76 | $ 38.30 |
Options, Exercises in Period, Weighted Average Exercise Price | 32.04 | |
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 43.85 | |
Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 35.76 | |
Options, Exercisable, Weighted Average Exercise Price | $ 35.76 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 10 months 24 days | |
Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 10 months 24 days | |
Options, Exercisable, Weighted Average Remaining Contractual Term | 10 months 24 days | |
Options, Outstanding, Intrinsic Value | $ 288 | |
Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 288 | |
Options, Exercisable, Intrinsic Value | $ 288 | |
Award Requisite Service Period | 4 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Term | 7 years |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | May 04, 2019USD ($) |
Income Tax Contingency [Line Items] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ (4) |
Contingencies (Details)
Contingencies (Details) $ in Millions | 3 Months Ended |
May 04, 2019USD ($) | |
California Wage and Hour Matters [Member] | Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Loss in Period | $ 7.3 |
Restructuring (Details)
Restructuring (Details) $ in Thousands | 3 Months Ended |
May 04, 2019USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring Charges | $ 15,300 |
Minimum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost Remaining | 12,000 |
Employee Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve | 0 |
Restructuring Charges | 7,253 |
Payments for Restructuring | (803) |
Restructuring Reserve, Accrual Adjustment | 0 |
Restructuring Reserve | $ 6,450 |
Business Segment Data (Details)
Business Segment Data (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 1,295,796 | $ 1,267,983 |
Furniture [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 383,897 | 356,401 |
Soft Home [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 209,138 | 199,726 |
Consumables [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 186,502 | 186,034 |
Seasonal [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 183,491 | 175,601 |
Food [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 181,125 | 189,424 |
Hard Home [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 81,860 | 87,686 |
Electronics, Toys, & Accessories [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 69,783 | $ 73,111 |
Derivative Instruments (Details
Derivative Instruments (Details) number in Thousands, $ in Thousands | 3 Months Ended | ||
May 04, 2019USD ($) | May 05, 2018USD ($) | Feb. 02, 2019USD ($) | |
Fuel [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 6,300 | 7,200 | |
Energy Related Derivative [Member] | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative, Fair Value, Net | $ 286 | $ (685) | |
Energy Related Derivative [Member] | Other Nonoperating Income (Expense) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Sale of Commodity Contracts | (47) | $ 6 | |
Unrealized Gain (Loss) on Commodity Contracts | 971 | 530 | |
Derivative, Gain (Loss) on Derivative, Net | 924 | $ 536 | |
Energy Related Derivative [Member] | Other Current Assets [Member] | |||
Derivative Asset [Abstract] | |||
Derivative Asset, Current | 553 | 523 | |
Energy Related Derivative [Member] | Other Assets [Member] | |||
Derivative Asset [Abstract] | |||
Derivative asset, Other assets | 829 | 203 | |
Energy Related Derivative [Member] | Accrued Operating Expenses [Member] | |||
Derivative Liability [Abstract] | |||
Derivative Liability, Current | (331) | (586) | |
Energy Related Derivative [Member] | Other Liabilities [Member] | |||
Derivative Liability [Abstract] | |||
Derivative Liability, Other Liabilities | $ (765) | $ (825) |