Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 30, 2021 | May 25, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Lands’ End, Inc. | |
Document Type | 10-Q | |
Trading Symbol | LE | |
Current Fiscal Year End Date | --01-28 | |
Entity Common Stock, Shares Outstanding | 32,979,988 | |
Amendment Flag | false | |
Entity Central Index Key | 0000799288 | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Apr. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-09769 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-2512786 | |
Entity Address, Address Line One | 1 Lands’ End Lane | |
Entity Address, City or Town | Dodgeville | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53595 | |
City Area Code | 608 | |
Local Phone Number | 935-9341 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
Income Statement [Abstract] | ||
Net revenue | $ 321,297 | $ 217,008 |
Cost of sales (excluding depreciation and amortization) | 173,560 | 122,853 |
Gross profit | 147,737 | 94,155 |
Selling and administrative | 125,522 | 105,796 |
Depreciation and amortization | 9,904 | 8,786 |
Other operating expense, net | 443 | 4,285 |
Operating income (loss) | 11,868 | (24,712) |
Interest expense | 9,060 | 5,311 |
Other income, net | (167) | (173) |
Income (loss) before income taxes | 2,975 | (29,850) |
Income tax expense (benefit) | 336 | (9,207) |
NET INCOME (LOSS) | $ 2,639 | $ (20,643) |
NET INCOME (LOSS) PER COMMON SHARE | ||
Basic: | $ 0.08 | $ (0.64) |
Diluted: | $ 0.08 | $ (0.64) |
Basic weighted average common shares outstanding | 32,769 | 32,448 |
Diluted weighted average common shares outstanding | 33,712 | 32,448 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Operations - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
NET INCOME (LOSS) | $ 2,639 | $ (20,643) |
Other comprehensive income (loss), net of tax, foreign currency translation adjustments | 311 | (1,259) |
COMPREHENSIVE INCOME (LOSS) | $ 2,950 | $ (21,902) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 29, 2021 | May 01, 2020 |
Current assets | |||
Cash and cash equivalents | $ 36,181 | $ 33,933 | $ 59,134 |
Restricted cash | 2,327 | 1,861 | 1,953 |
Accounts receivable, net | 41,350 | 37,574 | 35,381 |
Inventories, net | 394,287 | 382,106 | 383,163 |
Prepaid expenses and other current assets | 36,527 | 40,356 | 46,221 |
Total current assets | 510,672 | 495,830 | 525,852 |
Property and equipment, net | 139,991 | 145,288 | 155,511 |
Operating lease right-of-use asset | 34,258 | 35,475 | 38,621 |
Goodwill | 106,700 | 106,700 | 106,700 |
Intangible asset, net | 257,000 | 257,000 | 257,000 |
Other assets | 4,056 | 5,215 | 4,651 |
TOTAL ASSETS | 1,052,677 | 1,045,508 | 1,088,335 |
Current liabilities | |||
Current borrowings on ABL Facility | 75,000 | ||
Current portion of long-term debt | 13,750 | 13,750 | 382,858 |
Accounts payable | 105,597 | 134,007 | 101,445 |
Lease liability - current | 4,962 | 5,183 | 5,867 |
Other current liabilities | 145,206 | 161,982 | 82,904 |
Total current liabilities | 269,515 | 314,922 | 648,074 |
Long-term borrowings on ABL Facility | 80,000 | 25,000 | |
Long-term debt, net | 242,790 | 245,632 | |
Lease liability - long-term | 36,693 | 37,811 | 41,388 |
Deferred tax liabilities | 47,441 | 47,346 | 65,446 |
Other liabilities | 6,085 | 5,094 | 5,529 |
TOTAL LIABILITIES | 682,524 | 675,805 | 760,437 |
Commitments and contingencies | |||
STOCKHOLDERS’ EQUITY | |||
Common stock, par value $0.01 authorized: 480,000 shares; issued and outstanding: 32,977, 32,596 and 32,614, respectively | 330 | 326 | 326 |
Additional paid-in capital | 366,868 | 369,372 | 362,072 |
Retained earnings (accumulated deficit) | 13,865 | 11,226 | (20,253) |
Accumulated other comprehensive loss | (10,910) | (11,221) | (14,247) |
TOTAL STOCKHOLDERS' EQUITY | 370,153 | 369,703 | 327,898 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,052,677 | $ 1,045,508 | $ 1,088,335 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2021 | Jan. 29, 2021 | May 01, 2020 |
Statement Of Financial Position [Abstract] | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 480,000,000 | 480,000,000 | 480,000,000 |
Common stock, shares issued | 32,977,000 | 32,614,000 | 32,596,000 |
Common stock, shares outstanding | 32,977,000 | 32,614,000 | 32,596,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 2,639 | $ (20,643) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 9,904 | 8,786 |
Amortization of debt issuance costs | 775 | 429 |
Loss on property and equipment | 443 | 842 |
Stock-based compensation | 2,513 | 1,828 |
Deferred income taxes | 8 | 8,132 |
Goodwill impairment | 3,300 | |
Other | 276 | 821 |
Change in operating assets and liabilities: | ||
Accounts receivable | (3,915) | 15,568 |
Inventories | (11,932) | (8,502) |
Accounts payable | (28,545) | (54,084) |
Other operating assets | 4,820 | (8,666) |
Other operating liabilities | (15,688) | (28,009) |
Net cash used in operating activities | (38,702) | (80,198) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (4,942) | (10,789) |
Net cash used in investing activities | (4,942) | (10,789) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from borrowings under ABL Facility | 75,000 | 75,000 |
Payments of borrowings under ABL Facility | (20,000) | |
Principal payments on long-term debt, net | (3,438) | (1,288) |
Payments of employee withholding taxes on share-based compensation | (5,013) | (410) |
Payment of debt-issuance costs | (35) | |
Net cash provided by financing activities | 46,514 | 73,302 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (156) | (525) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 2,714 | (18,210) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 35,794 | 79,297 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 38,508 | 61,087 |
SUPPLEMENTAL CASH FLOW DATA | ||
Unpaid liability to acquire property and equipment | 3,227 | 4,707 |
Income taxes paid, net of refunds | (5,152) | (1,210) |
Interest paid | $ 7,911 | 4,667 |
Lease liabilities arising from obtaining Operating lease right-of-use assets | $ 3,074 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock Issued | Additional Paid-In Capital | Retained Earnings/ (Accumulated Deficit) | Accumulated Other Comprehensive Loss |
Balance at Jan. 31, 2020 | $ 348,382 | $ 324 | $ 360,656 | $ 390 | $ (12,988) |
Balance, shares at Jan. 31, 2020 | 32,382,000 | ||||
NET INCOME (LOSS) | (20,643) | (20,643) | |||
Cumulative translation adjustment, net of tax | (1,259) | (1,259) | |||
Stock-based compensation expense | 1,828 | 1,828 | |||
Vesting of restricted shares | $ 2 | (2) | |||
Vesting of restricted shares, shares | 275,000 | ||||
Restricted stock shares surrendered for taxes | (410) | (410) | |||
Restricted stock shares surrendered for taxes, shares | (61,000) | ||||
Balance at May. 01, 2020 | 327,898 | $ 326 | 362,072 | (20,253) | (14,247) |
Balance, shares at May. 01, 2020 | 32,596,000 | ||||
Balance at Jan. 29, 2021 | 369,703 | $ 326 | 369,372 | 11,226 | (11,221) |
Balance, shares at Jan. 29, 2021 | 32,614,000 | ||||
NET INCOME (LOSS) | 2,639 | 2,639 | |||
Cumulative translation adjustment, net of tax | 311 | 311 | |||
Stock-based compensation expense | 2,513 | 2,513 | |||
Vesting of restricted shares | $ 4 | (4) | |||
Vesting of restricted shares, shares | 553,000 | ||||
Restricted stock shares surrendered for taxes | (5,013) | (5,013) | |||
Restricted stock shares surrendered for taxes, shares | (190,000) | ||||
Balance at Apr. 30, 2021 | $ 370,153 | $ 330 | $ 366,868 | $ 13,865 | $ (10,910) |
Balance, shares at Apr. 30, 2021 | 32,977,000 |
Background and Basis of Present
Background and Basis of Presentation | 3 Months Ended |
Apr. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Background and Basis of Presentation | NOTE 1. BACKGROUND AND BASIS OF PRESENTATION Description of Business Lands' End, Inc. ("Lands' End" or the "Company") is a leading uni-channel retailer of casual clothing, accessories, footwear and home products. Lands’ End offers products online at www.landsend.com Terms that are commonly used in the Company's Notes to Condensed Consolidated Financial Statements are defined as follows: • ABL Facility - Asset-based senior secured credit agreements, providing for a revolving facility, dated as of November 16, 2017, with Wells Fargo Bank, N.A. and certain other lenders, as amended to date • Adjusted EBITDA - Net income (loss) appearing on the Condensed Consolidated Statements of Operations net of Income tax expense/(benefit), Interest expense, Depreciation and amortization and certain significant items • ASC – Financial Accounting Standards Board Accounting Standards Codification, which serves as the source for authoritative GAAP, as supplemented by rules and interpretive releases by the SEC which are also sources of authoritative GAAP for SEC registrants • ASU – Financial Accounting Standards Board Accounting Standards Update • CARES Act – The Coronavirus Aid, Relief and Economic Security Act signed into law on March 27, 2020 • Company Operated stores – Lands’ End retail stores in the Retail channel • Current Term Loan Facility – Term loan credit agreement, dated as of September 9, 2020, among the Company, Fortress Credit Corp., as Administrative Agent and Collateral Agent, and the lenders party thereto • Debt Facilities - Collectively, the Current Term Loan Facility and ABL Facility • Deferred Awards - Time vesting stock awards • EPS - Earnings per share • ESL - ESL Investments, Inc. and its investment affiliates, including Edward S. Lampert • FASB - Financial Accounting Standards Board • First Quarter 2021 – The 13 weeks ended April 30, 2021 • First Quarter 2020 - The 13 weeks ended May 1, 2020 • Fiscal 2019 - The 52 weeks ended January 31, 2020 • Fiscal 2020 - The 52 weeks ended January 29, 2021 • Former Term Loan Facility - Term loan credit agreements, dated as of April 4, 2014, with Bank of America, N.A. and certain other lenders, and replaced by the Current Term Loan Facility on September 9, 2020 • GAAP - Accounting principles generally accepted in the United States • LIBOR - London inter-bank offered rate • Option Awards - Stock option awards • Performance Awards - Performance-based stock awards • Sears Holdings - Sears Holdings Corporation, a Delaware corporation, and its consolidated subsidiaries • SEC – United States Securities and Exchange Commission • Second Quarter 2020 – The 13 weeks ended July 31, 2020 • Separation - On April 4, 2014 Sears Holdings distributed 100% of the outstanding common stock of Lands' End to its shareholders • Third Quarter 2020 – The 13 weeks ended October 30, 2020 • Transform Holdco - Transform Holdco LLC, an affiliate of ESL, which on February 11, 2019 acquired from Sears Holdings substantially all of the go-forward retail footprint, and other assets and component businesses of Sears Holdings as a going concern • Year-to-Date 2021 - The 13 weeks ended April 30, 2021 • Year-to-Date 2020 - The 13 weeks ended May 1, 2020 Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of Lands' End, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all material adjustments which are of a normal and recurring nature necessary for a fair presentation of the results for the periods presented have been reflected. Dollar amounts are reported in thousands, except per share data, unless otherwise noted. Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with information included in the Lands' End Annual Report on Form 10-K filed with the SEC on March 25, 2021. Impact of the COVID-19 Pandemic COVID-19 surfaced in late 2019 and in March 2020, the World Health Organization declared COVID-19 a pandemic. During First Quarter 2020 the COVID-19 pandemic had a disruptive impact on the Company’s business operations and an unfavorable impact on the Company’s results of operations. Health and Safety of Employees and Consumers From the beginning of the COVID-19 pandemic, the Company’s priority has been the safety of employees and customers. On March 16, 2020, the Company temporarily closed its U.S. stores. These stores remained closed at the end of First Quarter 2020 with a phased reopening in Second Quarter 2020. Additionally, the Company has implemented extra precautions in its offices and distribution centers. These precautions were Supply Chain The COVID-19 pandemic continues to cause supply chain disruptions across all industries, and the Company continually monitors its supply chain for manufacturing and transportation delays caused or exacerbated by the pandemic. The Company continues to place a priority on business continuity and contingency planning. The Company may experience disruptions in the supply chain as the COVID-19 pandemic continues, though the Company cannot reasonably estimate the potential impact or timing of those events, and the Company may not be able to mitigate such impact. Expense Reduction Beginning in First Quarter 2020, the Company took the following actions to reduce overall expenses as a response to decreased customer demand due to the COVID-19 pandemic: • Temporarily reduced base salaries, including a reduction of 50% in the base salary of its Chief Executive Officer, 20% reductions in the base salaries of the Company’s other senior management members and scaled salary reductions throughout the Company. All salaries were reinstated during the Third Quarter 2020. • Furloughed approximately 70% of corporate employees beginning on March 28, 2020. Some personnel returned to work on April 13, 2020 and as work demand increased, the remaining workforce returned to work on an as needed basis with all work furloughs ending by mid-Second Quarter 2020. When the Company Operated stores temporarily closed, nearly 100% of the Company Operated store employees were furloughed until reopening. • Fiscal 2020 merit increases were eliminated. • The Board of Directors compensation was temporarily reduced. • The Company's 401(k) matching contribution was suspended temporarily. • Other discretionary operating expenses were significantly reduced. In response to the COVID-19 pandemic, the Company’s planned capital expenditures for Fiscal 2020 were significantly reduced. Goodwill and Indefinite-Lived Intangible Asset The Company considered the COVID-19 pandemic to be a triggering event in First Quarter 2020 for the Company’s Outfitters and Japan eCommerce reporting units and therefore completed an interim test for impairment of goodwill for these reporting units as of May 1, 2020. The testing resulted in no impairment of the Company’s Outfitters reporting unit and full impairment of the $3.3 million of goodwill allocated to the Company’s Japan eCommerce reporting unit. There was not a triggering event or impairment charge in First Quarter 2021. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Apr. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): “Simplifying the Accounting for Income Taxes”, which is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Certain amendments within this ASU are required to be applied on a retrospective basis, certain other amendments are required to be applied on a modified retrospective basis and all other amendments on a prospective basis. The Company adopted this standard in First Quarter 2021 and the adoption did not have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Apr. 30, 2021 | |
Earnings Per Share Basic And Diluted [Abstract] | |
Earnings (Loss) Per Share | NOTE 3. EARNINGS (LOSS) PER SHARE The numerator for both basic and diluted EPS is net income (loss). The denominator for basic EPS is based upon the number of weighted average shares of Lands’ End common stock outstanding during the reporting periods. The denominator for diluted EPS is based upon the number of weighted average shares of Lands' End common stock and common stock equivalents outstanding during the reporting periods using the treasury stock method in accordance with U.S. GAAP. Potentially dilutive securities for the diluted EPS calculations consist of non-vested equity shares of common stock and in-the-money outstanding options where the current stock price exceeds the option strike price. The following table summarizes the components of basic and diluted EPS: 13 Weeks Ended (in thousands, except per share amounts) April 30, 2021 May 1, 2020 Net income (loss) $ 2,639 $ (20,643 ) Basic weighted average common shares outstanding 32,769 32,448 Dilutive effect of stock awards 943 — Diluted weighted average common shares outstanding 33,712 32,448 Basic earnings (loss) per share $ 0.08 $ (0.64 ) Diluted earnings (loss) per share $ 0.08 $ (0.64 ) Stock awards are considered anti-dilutive based on the application of the treasury stock method or in the event of a net loss. There were 115,345 and 1,205,821 anti-dilutive shares excluded from the diluted weighted average shares outstanding for First Quarter 2021 and First Quarter 2020, respectively. |
Other Comprehensive Loss
Other Comprehensive Loss | 3 Months Ended |
Apr. 30, 2021 | |
Equity [Abstract] | |
Other Comprehensive Loss | NOTE 4. OTHER COMPREHENSIVE LOSS Other comprehensive loss encompasses all changes in equity other than those arising from transactions with stockholders and is comprised solely of foreign currency translation adjustments. 13 Weeks Ended (in thousands) April 30, 2021 May 1, 2020 Beginning balance: Accumulated other comprehensive loss (net of tax of $2,987 and $3,453, respectively) $ (11,221 ) $ (12,988 ) Other comprehensive loss: Foreign currency translation adjustments (net of tax of $87 and tax benefit of $337, respectively) 311 (1,259 ) Ending balance: Accumulated other comprehensive loss (net of tax of $2,900 and $3,790, respectively) $ (10,910 ) $ (14,247 ) No amounts were reclassified out of Accumulated other comprehensive loss during any of the periods presented. |
Debt
Debt | 3 Months Ended |
Apr. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 5. DEBT ABL Facility During Fiscal 2020, the Company exercised the “accordion” feature under the ABL Facility increasing the maximum borrowings available under the facility from $175 million to $275 million, subject to a borrowing base (the “Loan Cap”). This was completed in two separate transactions. The first was a $25 million increase effective March 19, 2020 and the second was a $75 million increase effective September 9, 2020. The latter was completed through the Second Amendment to the ABL Facility executed on August 12, 2020. The ABL Facility includes a $70 million sublimit for letters of credit and is available for working capital and other general corporate liquidity needs. The balance outstanding on April 30, 2021 and May 1, 2020 was $80 million and $75 million, respectively. The balance of outstanding letters of credit was $16.9 million and $8.7 million on April 30, 2021 and May 1, 2020, respectively. Long-Term Debt On September 9, 2020, the Company entered into the Current Term Loan Facility which provides a term loan facility of $275 million, the proceeds of which were used, along with borrowings of $125 million under the ABL Facility, to repay all of the indebtedness under the Former Term Loan Facility and to pay fees and expenses in connection with the financing. Origination costs, including an Original Issue Discount (“OID”) of 3% and $5.0 million in debt origination fees, were paid upon entering into the Current Term Loan Facility. The OID and the debt origination fees are presented as a direct deduction from the carrying value of the Current Term Loan Facility and are amortized over the term of the loan to Interest expense in the Condensed Consolidated Statements of Operations. The Company's long-term debt consisted of the following: April 30, 2021 May 1, 2020 January 29, 2021 (in thousands) Amount Interest Rate Amount Interest Rate Amount Interest Rate Former Term Loan Facility $ — — % $ 384,100 4.25 % $ — — % Current Term Loan Facility, maturing September 9, 2025 268,125 10.75 % — — % 271,563 10.75 % 268,125 384,100 271,563 Less: Current portion of long-term debt 13,750 382,858 13,750 Less: Unamortized debt issuance costs 11,585 1,242 12,181 Long-term debt, net $ 242,790 $ — $ 245,632 The following table summarizes the Company's borrowing availability under the ABL Facility: April 30, 2021 May 1, 2020 January 29, 2021 (in thousands) Amount Interest Rate Amount Interest Rate Amount Interest Rate ABL Facility maximum borrowing $ 275,000 $ 200,000 $ 275,000 Less: Outstanding borrowings 80,000 2.75% 75,000 2.07% 25,000 3.00% Less: Outstanding letters of credit 16,920 8,656 27,131 Borrowing availability under ABL Facility $ 178,080 $ 116,344 $ 222,869 Interest; Fees The borrowing margin under the ABL Facility is subject to adjustment based on the average daily total loans outstanding under the ABL Facility for the preceding fiscal quarter. For LIBOR loans, the interest rate is LIBOR (subject to an interest rate floor of 0.75%) plus a borrowing margin which is, where the average daily total loans outstanding for the previous quarter are (i) less than $50.0 million, 1.75%, (ii) equal to or greater than $50.0 million but less than $100.0 million, 2.00%, (iii) equal to or greater than $100.0 million but less than $200.0 million, 2.25%, and (iv) greater than $200.0 million, 3.50%. For Base Rate loans, the borrowing margin is, where the average daily total loans outstanding for the previous quarter are (i) less than $50.0 million for the previous quarter, 1.00%, (ii) equal to or greater than $50.0 million but less than $100.0 million, 1.25%, (iii) equal to or greater than $100.0 million but less than $200.0 million, 1.50%, and (iv) greater than $200.0 million, 2.75%. The interest rates per annum applicable to the loans under the Current Term Loan Facility are based on a fluctuating rate of interest measured by reference to, at the borrowers’ election, either (1) an adjusted LIBOR rate (with a minimum rate of 1%) plus 9.75%, or (2) an alternative base rate (which is the greater of (i) the prime rate published in the Wall Street Journal, (ii) the federal funds rate, which shall be no lower than 0% plus ½ of 1 The ABL Facility fees also include (i) commitment fees which range from 0.25% to 0.375% based upon the average daily unused commitment (aggregate commitment less loans and letter of credit outstanding) under the ABL Facility for the preceding fiscal quarter and (ii) customary letter of credit fees. As of the end of First Quarter 2021 the Company had borrowings of $80.0 million on the ABL Facility. Customary agency fees are payable in respect of the Debt Facilities. Maturity; Amortization and Prepayments The ABL Facility matures on November 16, 2022, subject to customary extension provisions provided for therein. The Current Term Loan Facility matures on September 9, 2025 and amortizes at a rate equal to 1.25% per quarter. It is subject to mandatory prepayments in an amount equal to a percentage of the borrower’s excess cash flows in each fiscal year, ranging from 0% to 75% depending on the Company’s total leverage ratio, and with the proceeds of certain asset sales, casualty events and extraordinary receipts. The loan may not be voluntarily prepaid during the first two years of its term, without significant penalties. A prepayment premium is applicable to voluntary prepayments and certain mandatory prepayments made prior to the fourth anniversary of the closing date of the Current Term Loan Facility. Guarantees; Security All obligations under the Debt Facilities are unconditionally guaranteed by Lands’ End, Inc. and, subject to certain exceptions, each of its existing and future direct and indirect subsidiaries. The ABL Facility is secured by a first priority security interest in certain working capital of the borrowers and guarantors consisting primarily of accounts receivable and inventory. The Current Term Loan Facility is secured by a second priority security interest in the same collateral with certain exceptions. The Current Term Loan Facility is secured by a first priority security interest in certain property and assets of the borrowers and guarantors, including certain fixed assets such as real estate, stock of the subsidiaries and intellectual property, in each case, subject to certain exceptions. The ABL Facility is secured by a second priority interest in the same collateral, with certain exceptions. Representations and Warranties; Covenants Subject to specified exceptions, the Debt Facilities contain various representations and warranties, and restrictive covenants that, among other things and subject to specified exceptions, restrict Lands’ End, Inc.’s and its subsidiaries’ ability to incur indebtedness (including guarantees), grant liens, make investments, make dividends or distributions with respect to capital stock, make prepayments on other indebtedness, engage in mergers or change the nature of their business. The Current Term Loan Facility is subject to certain financial covenants, including a quarterly maximum total leverage ratio test, a weekly minimum liquidity test and an annual maximum capital expenditure amount. If excess availability under the ABL Facility falls below the greater of 10% of the Loan Cap amount or $15.0 million, the Company will be required to comply with a minimum fixed charge coverage ratio of 1.0 to 1.0. The ABL Facility also has a cash maintenance provision which applies a limit of $75 million on the amount of cash and cash equivalents (subject to certain exceptions) that the Company may hold when outstanding loans under the ABL Facility are equal to or exceed $125 million. The Debt Facilities contain certain affirmative covenants, including reporting requirements such as delivery of financial statements, certificates and notices of certain events, maintaining insurance, and providing additional guarantees and collateral in certain circumstances. As of April 30, 2021, the Company was in compliance with all of its covenants in the Debt Facilities. Events of Default The Debt Facilities include customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross defaults related to certain other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of guarantees or security interests, and material judgments and change of control. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 6. STOCK-BASED COMPENSATION The Company expenses the fair value of all stock awards over their respective vesting periods, ensuring that, the amount of cumulative compensation cost recognized at any date is at least equal to the portion of the grant-date fair value of the award that is vested at that date. The Company has elected to adjust compensation expense for an estimated forfeiture rate for those shares not expected to vest and to recognize compensation cost on a straight-line basis for awards that only have a service requirement with multiple vest dates. The Company has granted the following types of stock awards to employees at management levels and above, each of which are granted under the Company’s stockholder approved stock plans, other than March 6, 2017 grants to the Company’s Chief Executive Officer which were made as inducement grants outside of the Company’s stockholder approved stock plans in accordance with NASDAQ Listing Rule 5635(c)(4): i. Time vesting stock awards ("Deferred Awards") are in the form of restricted stock units and only require each recipient to complete a service period for the award to be earned. Deferred Awards generally vest over three years. The fair value of Deferred Awards is based on the closing price of the Company's common stock on the grant date and is reduced for estimated forfeitures of those awards not expected to vest due to employee turnover. ii. Performance-based stock awards ("Performance Awards") are in the form of restricted stock units and have, in addition to a service requirement, performance criteria that must be achieved for the awards to be earned. For Performance Awards the Target Shares earned can range from 50% to 200% once minimum thresholds have been reached, and depend on the achievement of Adjusted EBITDA and revenue performance measures for the cumulative three-fiscal year performance period beginning with the fiscal year of the grant date. The applicable percentage of the Target Shares, as determined by performance, vest after the completion of the applicable three-year iii. Stock option awards ("Option Awards") provide the recipient with the option to purchase a set number of shares at a stated exercise price over the term of the contract, which is ten years for all Option Awards currently outstanding. Options are granted with a strike price equal to the stock price on the date of grant and vest ratably over a four-year The following table provides a summary of the Company's stock-based compensation expense, which is included in Selling and administrative expense in the Condensed Consolidated Statements of Operations: 13 Weeks Ended (in thousands) April 30, 2021 May 1, 2020 Deferred awards $ 1,361 $ 1,641 Performance awards 1,049 — Option awards 103 187 Total stock-based compensation expense $ 2,513 $ 1,828 The following table provides a summary of the Deferred Awards activity for Year-to-Date 2021: Deferred Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of January 29, 2021 1,093 $ 10.86 Granted 245 29.93 Vested (388 ) 13.67 Forfeited or expired (5 ) 10.09 Unvested as of April 30, 2021 945 14.65 Total unrecognized stock-based compensation expense related to unvested Deferred Awards was approximately $12.1 million as of April 30, 2021, which is expected to be recognized ratably over a weighted average period of 2.4 years. Deferred Awards granted to employees during Fiscal 2021 vest ratably over a period of three years. The following table provides a summary of the Performance Awards activity for Year-to-Date 2021: Performance Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of January 29, 2021 393 $ 18.32 Granted (1) 166 29.95 Vested (165 ) 21.90 Forfeited or expired — — Unvested as of April 30, 2021 394 21.72 (1) Performance shares granted Total unrecognized stock-based compensation expense related to unvested Performance Awards was approximately $6.1 million as of April 30, 2021, which is expected to be recognized ratably over a weighted average period of 2.5 years. Performance Awards granted to employees during Fiscal 2021 and Fiscal 2019 vest, if earned, after completion of the applicable three-year performance period. The following table provides a summary of the Options Award activity for Year-to-Date 2021: Option Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of January 29, 2021 85 $ 8.73 Granted — — Vested (74 ) 8.49 Forfeited or expired — — Unvested as of April 30, 2021 11 10.20 As of April 30, 2021, there was no unrecognized stock-based compensation expense related to unvested Option Awards that fully vest on May 8, 2021. The Option Awards have a contractual term of ten years and vest ratably over the first four years. As of April 30, 2021, 330,880 shares related to Option Awards were exercisable. No options have been exercised as of April 30, 2021. |
Fair Value Measurements of Fina
Fair Value Measurements of Financial Assets and Liabilities | 3 Months Ended |
Apr. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Financial Assets and Liabilities | NOTE 7. FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS AND LIABILITIES Restricted cash is reflected on the Condensed Consolidated Balance Sheets at fair value. The fair value of restricted cash was $2.3 million, $2.0 million and $1.9 million as of April 30, 2021, May 1, 2020 and January 29, 2021, respectively based on Level 1 inputs. Restricted cash amounts are valued based upon statements received from financial institutions. Carrying values and fair values of long-term debt, including current portion, in the Condensed Consolidated Balance Sheets are as follows: April 30, 2021 May 1, 2020 * January 29, 2021 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 268,125 $ 265,410 $ 384,100 $ 299,118 $ 271,563 $ 277,265 * At May 1, 2020 all debt is short-term. Long-term debt, including current portion, was valued utilizing Level 3 valuation techniques based on a third-party analysis on April 30, 2021 and January 29, 2021. The fair value of the debt on May 1, 2020 was determined utilizing Level 2 techniques based on the closing inactive market bid price on May 1, 2020. There were no nonfinancial assets or nonfinancial liabilities recognized at fair value on a nonrecurring basis as of April 30, 2021, May 1, 2020, and January 29, 2021. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 8. INCOME TAXES Provision for Income Taxes At the end of each quarter, the Company estimates its effective income tax rate pursuant to ASC 740. The rate for the period consists of the tax rate expected to be applied for the full year to ordinary income adjusted for any discrete items recorded in the period. The Company recorded a tax expense at an overall effective tax rate of 11.3% for the First Quarter 2021 and a tax benefit of 30.8% for First Quarter 2020. The First Quarter 2021 rate reflects a tax benefit as a result of stock-based compensation. The First Quarter 2020 rate reflects the estimated tax benefits as a result of the CARES Act. In response to the COVID-19 pandemic, the CARES Act was signed into law on March 27, 2020. The CARES Act, among other things, includes provisions related to refundable payroll tax credits, deferment of employer side social security payments, net operating loss utilization and carryback periods, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is party to various claims, legal proceedings and investigations arising in the ordinary course of business. Some of these actions involve complex factual and legal issues and are subject to uncertainties. At this time, the Company is not able to either predict the outcome of these legal proceedings or reasonably estimate a potential range of loss with respect to the proceedings. While it is not feasible to predict the outcome of such pending claims, proceedings and investigations with certainty, management is of the opinion that their ultimate resolution should not have a material adverse effect on results of operations, cash flows or financial position taken as a whole. As disclosed in the Company’s Annual Report on Form 10-K for the year ended January 29, 2021, the Company is the defendant in three separate lawsuits, each of which allege adverse health events and personal property damage as a result of wearing uniforms manufactured by Lands’ End: (1) Gilbert et al. v. Lands' End, Inc ., United States District Court for the Western District of Wisconsin, Civil Action No. 3:19-cv-00823-JDP, complaint filed October 3, 2019; (2) Andrews et al. v. Lands' End, Inc. , United States District Court for the Western District of Wisconsin, Civil Action No. 3:19-cv-01066-JDP, complaint filed on December 31, 2019, on behalf of 521 named plaintiffs, later amended to include 1,089 named plaintiffs; and (3) Davis et al. v. Lands' End, Inc. and Lands' End Business Outfitters, Inc. , United States District Court for the Western District of Wisconsin, Case No. 3:20-cv-00195, complaint filed on March 4, 2020. Plaintiffs in Gilbert, Andrews, and Davis seek nationwide class certification on behalf of similarly situated Delta employees . By order dated April 20, 2020, the Court consolidated the Gilbert Andrews Davis Plaintiffs in the Consolidated Wisconsin Action and Davis each assert that the damages sustained by the members of the proposed class exceed $5,000,000. Plaintiffs in each case seek damages for personal injuries, pain and suffering, severe emotional distress, financial or economic loss, including medical services and expenses, lost income and other compensable injuries. Plaintiffs in the Consolidated Wisconsin Action seek class certification with respect to performance of the uniforms and warranty claims and maintain individual claims for personal injury by numerous named plaintiffs. The Consolidated Wisconsin Action has several motions pending before the Court and continues to be in discovery. Lands' End is vigorously defending these lawsuits and believes they are without merit. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Apr. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 10. RELATED PARTY TRANSACTIONS At the time of the Separation, ESL beneficially owned significant portions of both the Company's and Sears Holdings’ outstanding shares of common stock and therefore, Sears Holdings, the Company's former parent company, is considered a related party. On February 11, 2019, Transform Holdco acquired from Sears Holdings substantially all of the go-forward retail footprint and other assets and component businesses of Sears Holdings as a going concern. The Company believes that ESL holds a significant portion of the membership interest of Transform Holdco and therefore considers that entity to be a related party as well. Sourcing The Company contracted with a subsidiary of Sears Holdings, which became a subsidiary of Transform Holdco, to provide agreed upon buying agency services, on a non-exclusive basis, in foreign territories from where the Company purchases merchandise. These sourcing services, primarily based upon quantities purchased, included quality-control functions, regulatory compliance, product claims management and new vendor selection and setup assistance. The Company’s contract for these services expired on June 30, 2020, therefore there was no expense from these sourcing services in First Quarter 2021 compared to $1.4 million in First Quarter 2020. These amounts are capitalized into inventory and are expensed through cost of goods sold over the course of inventory turns and included in Cost of sales in the Condensed Consolidated Statements of Operations. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 11. SEGMENT REPORTING The Company’s operating segments consist of: U.S. eCommerce, Europe eCommerce, Japan eCommerce, Outfitters, Third Party and Retail. The Company determined that each of the operating segments have similar economic and other qualitative characteristics thus the results of the operating segments are aggregated into one reportable external segment, consistent with the Company’s multi-channel business approach. Lands’ End identifies five separate distribution channels for revenue reporting purposes: • U.S. eCommerce offers products through the Company’s eCommerce website utilizing digital marketing and direct mail catalogs. • International offers products primarily to consumers located in Europe and Japan through eCommerce international websites and third-party affiliates. • Outfitters sells products to end consumers, located primarily in the U.S., through negotiated arrangements to make specific styles or customized products available to employees of businesses and school families through the Company’s eCommerce websites. • Third Party sells the same products as U.S. eCommerce but direct to consumers through third-party marketplace websites and through domestic wholesale customers. • Retail sells products through Company Operated stores. Net revenue is presented by distribution channel in the following table: 13 Weeks Ended (in thousands) April 30, 2021 May 1, 2020 Net revenue: U.S. eCommerce $ 203,573 $ 138,837 International 56,444 41,199 Outfitters 40,680 31,799 Third Party 11,804 1,505 Retail 8,796 3,668 Total net revenue $ 321,297 $ 217,008 |
Revenue
Revenue | 3 Months Ended |
Apr. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 12. REVENUE Revenue includes sales of merchandise and delivery revenue related to merchandise sold. Substantially all of the Company's revenue is recognized when control of product passes to customers, which for the eCommerce, Outfitters and Third Party channels is when the merchandise is expected to be received by the customer and for the Retail channel is at the time of sale in the store. The Company recognizes revenue, including shipping and handling fees billed to customers, in the amount expected to be received when control of the Company's products transfers to customers, and is presented net of various forms of promotions, which range from contractually-fixed percentage price reductions to sales returns, discounts, and other incentives that may vary in amount. Variable amounts are estimated based on an analysis of historical experience and adjusted as better estimates become available. The Company's revenue is disaggregated by distribution channel and geographic location. Revenue by distribution channel is presented in Note 11, Segment Reporting 13 Weeks Ended (in thousands) April 30, 2021 May 1, 2020 Net revenue: United States $ 260,406 $ 172,746 Europe 46,887 30,376 Asia 10,059 11,348 Other 3,945 2,538 Total net revenue $ 321,297 $ 217,008 Contract Liabilities Contract liabilities consist of payments received in advance of the transfer of control to the customer. As products are delivered and control transfers, the Company recognizes the deferred revenue in Net revenue in the Condensed Consolidated Statements of Operations. The following table summarizes the deferred revenue associated with payments received in advance of the transfer of control to the customer, which is reported in Other current liabilities in the Condensed Consolidated Balance Sheets, as well as amounts recognized through Net revenue for each period presented. The majority of deferred revenue as of April 30, 2021 is expected to be recognized in Net revenue in the fiscal quarter ending July 30, 2021, as products are delivered to customers. 13 Weeks Ended (in thousands) April 30, 2021 May 1, 2020 Deferred revenue beginning of period $ 17,187 $ 8,096 Deferred revenue recognized in period (16,973 ) (8,096 ) Revenue deferred in period 25,160 15,896 Deferred revenue end of period $ 25,374 $ 15,896 Revenue from gift cards is recognized when (i) the gift card is redeemed by the customer for merchandise, or (ii) as gift card breakage, an estimate of gift cards which will not be redeemed where the Company does not have a legal obligation to remit the value of the unredeemed gift cards to the relevant jurisdictions. Gift card breakage is recorded within Net revenue in the Condensed Consolidated Statements of Operations. Prior to their redemption, gift cards are recorded as a liability, included within Other current liabilities in the Condensed Consolidated Balance Sheets. The liability is estimated based on expected breakage that considers historical patterns of redemption. The following table provides the reconciliation of the contract liability related to gift cards: 13 Weeks Ended (in thousands) April 30, 2021 May 1, 2020 Balance as of beginning of period $ 26,798 $ 22,592 Gift cards sold 11,047 8,831 Gift cards redeemed (10,265 ) (8,127 ) Gift card breakage (114 ) (94 ) Balance as of end of period $ 27,466 $ 23,202 Refund Liabilities Refund liabilities, primarily associated with product sales returns and retrospective volume rebates, represent variable consideration and are estimated and recorded as a reduction to Net revenue based on historical experience. As of April 30, 2021, May 1, 2020 and January 29, 2021, $18.7 million, $16.7 million and $25.7 million, respectively, of refund liabilities, primarily associated with product returns, were reported in Other current liabilities in the Condensed Consolidated Balance Sheets. An asset for product returns is recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Apr. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): “Simplifying the Accounting for Income Taxes”, which is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Certain amendments within this ASU are required to be applied on a retrospective basis, certain other amendments are required to be applied on a modified retrospective basis and all other amendments on a prospective basis. The Company adopted this standard in First Quarter 2021 and the adoption did not have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Earnings Per Share Basic And Diluted [Abstract] | |
Schedule of Components of Basic and Diluted EPS | The following table summarizes the components of basic and diluted EPS: 13 Weeks Ended (in thousands, except per share amounts) April 30, 2021 May 1, 2020 Net income (loss) $ 2,639 $ (20,643 ) Basic weighted average common shares outstanding 32,769 32,448 Dilutive effect of stock awards 943 — Diluted weighted average common shares outstanding 33,712 32,448 Basic earnings (loss) per share $ 0.08 $ (0.64 ) Diluted earnings (loss) per share $ 0.08 $ (0.64 ) |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Equity [Abstract] | |
Schedule of Other Comprehensive Loss | Other comprehensive loss encompasses all changes in equity other than those arising from transactions with stockholders and is comprised solely of foreign currency translation adjustments. 13 Weeks Ended (in thousands) April 30, 2021 May 1, 2020 Beginning balance: Accumulated other comprehensive loss (net of tax of $2,987 and $3,453, respectively) $ (11,221 ) $ (12,988 ) Other comprehensive loss: Foreign currency translation adjustments (net of tax of $87 and tax benefit of $337, respectively) 311 (1,259 ) Ending balance: Accumulated other comprehensive loss (net of tax of $2,900 and $3,790, respectively) $ (10,910 ) $ (14,247 ) |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Company's Long Term Debt | The Company's long-term debt consisted of the following: April 30, 2021 May 1, 2020 January 29, 2021 (in thousands) Amount Interest Rate Amount Interest Rate Amount Interest Rate Former Term Loan Facility $ — — % $ 384,100 4.25 % $ — — % Current Term Loan Facility, maturing September 9, 2025 268,125 10.75 % — — % 271,563 10.75 % 268,125 384,100 271,563 Less: Current portion of long-term debt 13,750 382,858 13,750 Less: Unamortized debt issuance costs 11,585 1,242 12,181 Long-term debt, net $ 242,790 $ — $ 245,632 |
Summary of Company's Borrowing Availability Under ABL Facility | The following table summarizes the Company's borrowing availability under the ABL Facility: April 30, 2021 May 1, 2020 January 29, 2021 (in thousands) Amount Interest Rate Amount Interest Rate Amount Interest Rate ABL Facility maximum borrowing $ 275,000 $ 200,000 $ 275,000 Less: Outstanding borrowings 80,000 2.75% 75,000 2.07% 25,000 3.00% Less: Outstanding letters of credit 16,920 8,656 27,131 Borrowing availability under ABL Facility $ 178,080 $ 116,344 $ 222,869 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Compensation Expense | The following table provides a summary of the Company's stock-based compensation expense, which is included in Selling and administrative expense in the Condensed Consolidated Statements of Operations: 13 Weeks Ended (in thousands) April 30, 2021 May 1, 2020 Deferred awards $ 1,361 $ 1,641 Performance awards 1,049 — Option awards 103 187 Total stock-based compensation expense $ 2,513 $ 1,828 |
Summary of Deferred Awards Activity | The following table provides a summary of the Deferred Awards activity for Year-to-Date 2021: Deferred Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of January 29, 2021 1,093 $ 10.86 Granted 245 29.93 Vested (388 ) 13.67 Forfeited or expired (5 ) 10.09 Unvested as of April 30, 2021 945 14.65 |
Summary of Performance Awards Activity | The following table provides a summary of the Performance Awards activity for Year-to-Date 2021: Performance Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of January 29, 2021 393 $ 18.32 Granted (1) 166 29.95 Vested (165 ) 21.90 Forfeited or expired — — Unvested as of April 30, 2021 394 21.72 |
Summary of Options Award Activity | The following table provides a summary of the Options Award activity for Year-to-Date 2021: Option Awards (in thousands, except per share amounts) Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of January 29, 2021 85 $ 8.73 Granted — — Vested (74 ) 8.49 Forfeited or expired — — Unvested as of April 30, 2021 11 10.20 |
Fair Value Measurements of Fi_2
Fair Value Measurements of Financial Assets and Liabilities (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Fair Values of Long-term Debt, Including Current Portion | Carrying values and fair values of long-term debt, including current portion, in the Condensed Consolidated Balance Sheets are as follows: April 30, 2021 May 1, 2020 * January 29, 2021 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 268,125 $ 265,410 $ 384,100 $ 299,118 $ 271,563 $ 277,265 * At May 1, 2020 all debt is short-term. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Net Revenue by Distribution Channel | Net revenue is presented by distribution channel in the following table: 13 Weeks Ended (in thousands) April 30, 2021 May 1, 2020 Net revenue: U.S. eCommerce $ 203,573 $ 138,837 International 56,444 41,199 Outfitters 40,680 31,799 Third Party 11,804 1,505 Retail 8,796 3,668 Total net revenue $ 321,297 $ 217,008 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregated of Revenue by Geographic Location | The Company's revenue is disaggregated by distribution channel and geographic location. Revenue by distribution channel is presented in Note 11, Segment Reporting 13 Weeks Ended (in thousands) April 30, 2021 May 1, 2020 Net revenue: United States $ 260,406 $ 172,746 Europe 46,887 30,376 Asia 10,059 11,348 Other 3,945 2,538 Total net revenue $ 321,297 $ 217,008 |
Summary of Deferred Revenue | The following table summarizes the deferred revenue associated with payments received in advance of the transfer of control to the customer, which is reported in Other current liabilities in the Condensed Consolidated Balance Sheets, as well as amounts recognized through Net revenue for each period presented. The majority of deferred revenue as of April 30, 2021 is expected to be recognized in Net revenue in the fiscal quarter ending July 30, 2021, as products are delivered to customers. 13 Weeks Ended (in thousands) April 30, 2021 May 1, 2020 Deferred revenue beginning of period $ 17,187 $ 8,096 Deferred revenue recognized in period (16,973 ) (8,096 ) Revenue deferred in period 25,160 15,896 Deferred revenue end of period $ 25,374 $ 15,896 |
Reconciliation of Gift Card Contract Liability | The following table provides the reconciliation of the contract liability related to gift cards: 13 Weeks Ended (in thousands) April 30, 2021 May 1, 2020 Balance as of beginning of period $ 26,798 $ 22,592 Gift cards sold 11,047 8,831 Gift cards redeemed (10,265 ) (8,127 ) Gift card breakage (114 ) (94 ) Balance as of end of period $ 27,466 $ 23,202 |
Background and Basis of Prese_2
Background and Basis of Presentation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Apr. 13, 2020 | Apr. 30, 2021 | May 01, 2020 | Oct. 30, 2020 | |
Unusual Risk Or Uncertainty [Line Items] | ||||
Impairment of goodwill | $ 3,300,000 | |||
COVID-19 | ||||
Unusual Risk Or Uncertainty [Line Items] | ||||
Impairment of goodwill | $ 0 | |||
COVID-19 | Outfitters | ||||
Unusual Risk Or Uncertainty [Line Items] | ||||
Impairment outfitters reporting unit | 0 | |||
COVID-19 | Japan eCommerce | ||||
Unusual Risk Or Uncertainty [Line Items] | ||||
Impairment of goodwill | $ 3,300,000 | |||
Other Senior Management | COVID-19 | ||||
Unusual Risk Or Uncertainty [Line Items] | ||||
Temporarily base salary reduction percentage | 20.00% | |||
Chief Executive Officer | COVID-19 | ||||
Unusual Risk Or Uncertainty [Line Items] | ||||
Temporarily base salary reduction percentage | 50.00% | |||
President | COVID-19 | ||||
Unusual Risk Or Uncertainty [Line Items] | ||||
Temporarily base salary reduction percentage | 50.00% | |||
COVID-19 | ||||
Unusual Risk Or Uncertainty [Line Items] | ||||
Approximately percentage of furlough of corporate employees | 70.00% | |||
Approximately percentage of furlough of retail employees | 100.00% |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - Additional Information (Details) - ASU 2019-12 | Apr. 30, 2021 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect | true |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
Earnings Per Share Basic And Diluted [Abstract] | ||
NET INCOME (LOSS) | $ 2,639 | $ (20,643) |
Basic weighted average common shares outstanding | 32,769 | 32,448 |
Dilutive effect of stock awards | 943 | |
Diluted weighted average common shares outstanding | 33,712 | 32,448 |
Basic: | $ 0.08 | $ (0.64) |
Diluted: | $ 0.08 | $ (0.64) |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Details) - shares | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
Earnings Per Share Basic And Diluted [Abstract] | ||
Antidilutive shares excluded from diluted weighted average shares outstanding | 115,345 | 1,205,821 |
Other Comprehensive Loss - Sche
Other Comprehensive Loss - Schedule of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
Equity [Abstract] | ||
Beginning balance: Accumulated other comprehensive loss (net of tax of $2,987 and $3,453, respectively) | $ (11,221) | $ (12,988) |
Other comprehensive loss: | ||
Other comprehensive income (loss), net of tax, foreign currency translation adjustments | 311 | (1,259) |
Ending balance: Accumulated other comprehensive loss (net of tax of $2,900 and $3,790, respectively) | $ (10,910) | $ (14,247) |
Other Comprehensive Loss - Sc_2
Other Comprehensive Loss - Schedule of Other Comprehensive Loss (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 30, 2021 | May 01, 2020 | Jan. 29, 2021 | Jan. 31, 2020 | |
Equity [Abstract] | ||||
Accumulated other comprehensive loss, tax | $ 2,900 | $ 3,790 | $ 2,987 | $ 3,453 |
Foreign currency translations adjustment, tax expense (benefit) | $ 87 | $ (337) |
Other Comprehensive Loss - Addi
Other Comprehensive Loss - Additional Information (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
Equity [Abstract] | ||
Amounts reclassified from accumulated other comprehensive loss | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Details) | Sep. 09, 2020USD ($) | Apr. 30, 2021USD ($) | Jan. 29, 2021USD ($) | May 01, 2020USD ($) | Mar. 19, 2020USD ($) | Nov. 16, 2017USD ($) |
ABL Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 275,000,000 | $ 275,000,000 | $ 200,000,000 | $ 175,000,000 | ||
Line of credit facility, increase in maximum borrowing capacity | $ 75,000,000 | $ 25,000,000 | ||||
Line of credit | 125,000,000 | 80,000,000 | 25,000,000 | 75,000,000 | ||
Letter of credit outstanding amount | $ 16,920,000 | 27,131,000 | $ 8,656,000 | |||
Line of credit facility, maturity date | Nov. 16, 2022 | |||||
ABL Facility | Letter of Credit | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 70,000,000 | |||||
ABL Facility | Secured Debt | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit | $ 80,000,000 | |||||
Line of credit facility, covenant terms, minimum percentage of loan cap amount | 10.00% | |||||
Line of credit facility, covenant terms, minimum excess credit availability | $ 15,000,000 | |||||
Line of credit facility, covenant terms, minimum fixed charge coverage ratio | 1 | |||||
Trigger amount of borrowings to use cash provision | $ 125,000,000 | |||||
ABL Facility | Secured Debt | Minimum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, unused commitment fee percentage | 0.25% | |||||
ABL Facility | Secured Debt | Maximum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, unused commitment fee percentage | 0.375% | |||||
Cash provision for credit facility | $ 75,000,000 | |||||
ABL Facility | Secured Debt | LIBOR | ||||||
Line Of Credit Facility [Line Items] | ||||||
Variable rate spread on outstanding loans less than $50 million | 1.75% | |||||
Variable rate spread on outstanding loans equal to or greater than $50 million but less than $100 million | 2.00% | |||||
Variable rate spread on outstanding loans equal to or greater than $100 million but less than $200 million | 2.25% | |||||
Variable rate spread on outstanding loans greater than $200 million | 3.50% | |||||
ABL Facility | Secured Debt | LIBOR | Minimum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Spread on variable rate | 0.75% | |||||
ABL Facility | Secured Debt | Base Rate | ||||||
Line Of Credit Facility [Line Items] | ||||||
Variable rate spread on outstanding loans less than $50 million | 1.00% | |||||
Variable rate spread on outstanding loans equal to or greater than $50 million but less than $100 million | 1.25% | |||||
Variable rate spread on outstanding loans equal to or greater than $100 million but less than $200 million | 1.50% | |||||
Variable rate spread on outstanding loans greater than $200 million | 2.75% | |||||
Current Term Loan Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Secured debt | 275,000,000 | $ 268,125,000 | $ 271,563,000 | |||
Debt origination fees | $ 5,000 | |||||
Percentage of original issue discount | 3.00% | |||||
Current Term Loan Facility | Fortress Credit Corp | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, amortization rate | 1.25% | |||||
Current Term Loan Facility | Secured Debt | Minimum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Federal funds rate | 0.00% | |||||
Current Term Loan Facility | Secured Debt | Minimum | Fortress Credit Corp | ||||||
Line Of Credit Facility [Line Items] | ||||||
Mandatory prepayment terms, amount equal to borrowers' excess cash flows, percentage | 0.00% | |||||
Current Term Loan Facility | Secured Debt | Maximum | Fortress Credit Corp | ||||||
Line Of Credit Facility [Line Items] | ||||||
Mandatory prepayment terms, amount equal to borrowers' excess cash flows, percentage | 75.00% | |||||
Current Term Loan Facility | Secured Debt | Adjusted LIBOR | ||||||
Line Of Credit Facility [Line Items] | ||||||
Spread on variable rate | 9.75% | |||||
Minimum LIBOR rate | 1.00% | |||||
Current Term Loan Facility | Secured Debt | Alternate Base Rate | ||||||
Line Of Credit Facility [Line Items] | ||||||
Spread on variable rate | 8.75% | |||||
Current Term Loan Facility | Secured Debt | Federal Funds Rate | ||||||
Line Of Credit Facility [Line Items] | ||||||
Spread on variable rate | 0.50% | |||||
Current Term Loan Facility | Secured Debt | One Month LIBOR | ||||||
Line Of Credit Facility [Line Items] | ||||||
Spread on variable rate | 1.00% |
Debt - Schedule of Company's Lo
Debt - Schedule of Company's Long Term Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 29, 2021 | Sep. 09, 2020 | May 01, 2020 |
Line Of Credit Facility [Line Items] | ||||
Long-term debt | $ 268,125 | $ 271,563 | $ 384,100 | |
Less: Current portion of long-term debt | 13,750 | 13,750 | 382,858 | |
Less: Unamortized debt issuance costs | 11,585 | 12,181 | 1,242 | |
Long-term debt, net | 242,790 | 245,632 | ||
Former Term Loan Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Secured debt | $ 384,100 | |||
Debt instrument, interest rate, stated percentage | 4.25% | |||
Current Term Loan Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Secured debt | $ 268,125 | $ 271,563 | $ 275,000 | |
Debt instrument, interest rate, stated percentage | 10.75% | 10.75% |
Debt - Summary of Company's Bor
Debt - Summary of Company's Borrowing Availability Under ABL Facility (Details) - ABL Facility - USD ($) | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2021 | May 01, 2020 | Jan. 29, 2021 | Sep. 09, 2020 | Nov. 16, 2017 | |
Line Of Credit Facility [Line Items] | |||||
ABL Facility maximum borrowing | $ 275,000,000 | $ 200,000,000 | $ 275,000,000 | $ 175,000,000 | |
Less: Outstanding borrowings | 80,000,000 | 75,000,000 | 25,000,000 | $ 125,000,000 | |
Less: Outstanding letters of credit | 16,920,000 | 8,656,000 | 27,131,000 | ||
Borrowing availability under ABL Facility | $ 178,080,000 | $ 116,344,000 | $ 222,869,000 | ||
Interest Rate | 2.75% | 2.07% | 3.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Apr. 30, 2021 | Jan. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Target shares earned | 100.00% | 115.00% |
Performance Awards vested | Mar. 25, 2021 | |
Performance Awards vested percentage | 111.00% | |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Target shares earned | 50.00% | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Target shares earned | 200.00% | |
Deferred Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Compensation expense not yet recognized | $ 12,100,000 | |
Compensation expense not yet recognized, recognition period | 2 years 4 months 24 days | |
Performance Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Compensation expense not yet recognized | $ 6,100,000 | |
Compensation expense not yet recognized, recognition period | 2 years 6 months | |
Performance awards period considered | 3 years | |
Option Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Options awards expiration period | 10 years | |
Compensation expense not yet recognized | $ 0 | |
Compensation expense unvested option award fully vested date | May 8, 2021 | |
Options awards exercisable | 330,880 | |
Options exercised | 0 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | $ 2,513 | $ 1,828 |
Deferred Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | 1,361 | 1,641 |
Performance Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | 1,049 | |
Option Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | $ 103 | $ 187 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Deferred Awards Activity (Details) - Deferred Awards | 3 Months Ended |
Apr. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Unvested awards at beginning of year | shares | 1,093,000 |
Number of Shares, Granted | shares | 245,000 |
Number of Shares, Vested | shares | (388,000) |
Number of Shares, Forfeited | shares | (5,000) |
Number of Shares, Unvested awards at end of year | shares | 945,000 |
Weighted Average Grant Date Fair Value, Unvested awards at beginning of year | $ / shares | $ 10.86 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 29.93 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 13.67 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 10.09 |
Weighted Average Grant Date Fair Value, Unvested awards at end of year | $ / shares | $ 14.65 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Performance Awards Activity (Details) - Performance Awards | 3 Months Ended |
Apr. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Unvested awards at beginning of year | shares | 393,000 |
Number of Shares, Granted | shares | 166,000 |
Number of Shares, Vested | shares | (165,000) |
Number of Shares, Forfeited | shares | 0 |
Number of Shares, Unvested awards at end of year | shares | 394,000 |
Weighted Average Grant Date Fair Value, Unvested awards at beginning of year | $ / shares | $ 18.32 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 29.95 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 21.90 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Unvested awards at end of year | $ / shares | $ 21.72 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Performance Awards Activity (Parenthetical) (Details) | 3 Months Ended |
Apr. 30, 2021 | |
Performance Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Performance shares target percentage | 100.00% |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Options Award Activity (Details) - Option Awards | 3 Months Ended |
Apr. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Unvested option awards at beginning of year | shares | 85,000 |
Number of Shares, Granted | shares | 0 |
Number of Shares, Vested | shares | (74,000) |
Number of Shares, Forfeited | shares | 0 |
Number of Shares, Unvested option awards at end of year | shares | 11,000 |
Weighted Average Grant Date Fair Value, Unvested option awards at beginning of year | $ / shares | $ 8.73 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 8.49 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Unvested option awards at end of year | $ / shares | $ 10.20 |
Fair Value Measurements of Fi_3
Fair Value Measurements of Financial Assets and Liabilities - Additional Information (Details) - USD ($) | Apr. 30, 2021 | Jan. 29, 2021 | May 01, 2020 |
Nonrecurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Nonfinancial assets fair value disclosure | $ 0 | $ 0 | $ 0 |
Nonfinancial liabilities fair value disclosure | 0 | 0 | 0 |
Fair Value | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Restricted cash fair value | $ 2,300,000 | $ 1,900,000 | $ 2,000,000 |
Fair Value Measurements of Fi_4
Fair Value Measurements of Financial Assets and Liabilities - Schedule of Carrying Values and Fair Values of Long-term Debt, Including Current Portion (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 29, 2021 | May 01, 2020 |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term debt | $ 384,100 | ||
Long-term debt, including current portion | $ 268,125 | $ 271,563 | |
Fair Value | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term debt | $ 299,118 | ||
Fair Value | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | $ 265,410 | $ 277,265 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax expense (benefit), percentage | 11.30% | (30.80%) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2021USD ($)Lawsuit | Mar. 04, 2020Plaintiff | Dec. 31, 2019Plaintiff | |
Loss Contingencies [Line Items] | |||
Number of lawsuits | Lawsuit | 3 | ||
Number of plaintiffs | Plaintiff | 1,089 | 521 | |
Minimum | |||
Loss Contingencies [Line Items] | |||
Damages sustained by proposed members | $ | $ 5,000,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - Sears Holdings Corporation - Sourcing - USD ($) | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
Related Party Transaction [Line Items] | ||
Related party expenses | $ 0 | $ 1,400,000 |
Contract services expiration date | Jun. 30, 2020 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 3 Months Ended |
Apr. 30, 2021SegmentChannel | |
Segment Reporting [Abstract] | |
Number of reportable segments | Segment | 1 |
Number of distribution channels for revenue reporting purposes | Channel | 5 |
Segment Reporting - Summary of
Segment Reporting - Summary of Net Revenue by Distribution Channel (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
Segment Reporting Information [Line Items] | ||
Net revenue | $ 321,297 | $ 217,008 |
US eCommerce | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 203,573 | 138,837 |
International | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 56,444 | 41,199 |
Outfitters | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 40,680 | 31,799 |
Retail | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 8,796 | 3,668 |
Third Party | ||
Segment Reporting Information [Line Items] | ||
Net revenue | $ 11,804 | $ 1,505 |
Revenue - Disaggregated of Reve
Revenue - Disaggregated of Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 321,297 | $ 217,008 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 260,406 | 172,746 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 46,887 | 30,376 |
Asia | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 10,059 | 11,348 |
Other Geographical Location | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 3,945 | $ 2,538 |
Revenue - Summary of Deferred R
Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
Revenue From Contract With Customer [Abstract] | ||
Deferred revenue beginning of period | $ 17,187 | $ 8,096 |
Deferred revenue recognized in period | (16,973) | (8,096) |
Revenue deferred in period | 25,160 | 15,896 |
Deferred revenue end of period | $ 25,374 | $ 15,896 |
Revenue - Reconciliation of Gif
Revenue - Reconciliation of Gift Card Contract Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | May 01, 2020 | |
Revenue From Contract With Customer [Abstract] | ||
Balance as of beginning of period | $ 26,798 | $ 22,592 |
Gift cards sold | 11,047 | 8,831 |
Gift cards redeemed | (10,265) | (8,127) |
Gift card breakage | (114) | (94) |
Balance as of end of period | $ 27,466 | $ 23,202 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | Apr. 30, 2021 | Jan. 29, 2021 | May 01, 2020 |
Other Current Liabilities | |||
Deferred Revenue Arrangement [Line Items] | |||
Refund liability | $ 18.7 | $ 25.7 | $ 16.7 |