Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 29, 2022 | Mar. 15, 2022 | Jul. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 29, 2022 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | DXLG | ||
Entity Registrant Name | DESTINATION XL GROUP, INC. | ||
Entity Central Index Key | 0000813298 | ||
Current Fiscal Year End Date | --01-29 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 64,301,152 | ||
Entity Public Float | $ 199.9 | ||
Entity File Number | 01-34219 | ||
Entity Tax Identification Number | 04-2623104 | ||
Entity Address, Address Line One | 555 Turnpike Street | ||
Entity Address, City or Town | Canton | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02021 | ||
City Area Code | 781 | ||
Local Phone Number | 828-9300 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | DE | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the 2022 Annual Meeting of Stockholders are incorporated by reference into Part III. | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Boston, MA | ||
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 15,506 | $ 18,997 |
Accounts receivable | 2,110 | 6,416 |
Inventories | 81,764 | 85,028 |
Prepaid expenses and other current assets | 6,615 | 3,689 |
Total current assets | 105,995 | 114,130 |
Noncurrent assets: | ||
Property and equipment, net of accumulated depreciation and amortization | 44,442 | 56,552 |
Operating lease right-of-use assets | 127,812 | 134,321 |
Intangible assets | 1,150 | 1,150 |
Other assets | 559 | 602 |
Total assets | 279,958 | 306,755 |
Current liabilities: | ||
Accounts payable | 25,165 | 27,091 |
Accrued expenses and other current liabilities | 35,102 | 24,825 |
Operating leases, current | 35,191 | 43,598 |
Borrowings under credit facility | 59,521 | |
Total current liabilities | 95,458 | 155,035 |
Long-term liabilities: | ||
Long-term debt | 14,869 | |
Operating leases, noncurrent | 120,414 | 135,819 |
Other long-term liabilities | 5,867 | 5,109 |
Total long-term liabilities | 126,281 | 155,797 |
Commitments and contingencies | ||
Stockholders' equity (deficit): | ||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued | ||
Common stock, $0.01 par value, 125,000,000 shares and 100,000,000 shares authorized at January 29, 2022 and January 30, 2021 respectively, 77,025,419 and 64,656,384 shares issued at January 29, 2022 and January 30, 2021, respectively | 770 | 647 |
Additional paid-in capital | 319,511 | 314,747 |
Treasury stock at cost, 12,755,873 shares at January 29, 2022 and January 30, 2021, respectively | (92,658) | (92,658) |
Accumulated deficit | (163,879) | (220,592) |
Accumulated other comprehensive loss | (5,525) | (6,221) |
Total stockholders' equity (deficit) | 58,219 | (4,077) |
Total liabilities and stockholders' equity (deficit) | $ 279,958 | $ 306,755 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 29, 2022 | Jan. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 125,000,000 | 100,000,000 |
Common stock, shares issued | 77,025,419 | 64,656,384 |
Treasury stock, shares | 12,755,873 | 12,755,873 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Income Statement [Abstract] | |||
Sales | $ 505,021 | $ 318,946 | $ 474,038 |
Cost of goods sold including occupancy costs | 255,197 | 214,081 | 269,837 |
Gross profit | 249,824 | 104,865 | 204,201 |
Expenses: | |||
Selling, general and administrative | 172,962 | 129,062 | 180,663 |
Exit costs associated with London operations | 1,737 | ||
CEO transition costs | 743 | ||
Impairment of assets | (2,344) | 14,841 | 889 |
Depreciation and amortization | 17,226 | 21,477 | 24,563 |
Total expenses | 187,844 | 165,380 | 208,595 |
Operating income (loss) | 61,980 | (60,515) | (4,394) |
Interest expense, net | (4,350) | (3,917) | (3,297) |
Income (loss) before provision for income taxes | 57,630 | (64,432) | (7,691) |
Provision for income taxes | 917 | 106 | 105 |
Net income (loss) | $ 56,713 | $ (64,538) | $ (7,796) |
Net income (loss) per share - basic | $ 0.89 | $ (1.26) | $ (0.16) |
Net income (loss) per share - diluted | $ 0.83 | $ (1.26) | $ (0.16) |
Weighted-average number of common shares outstanding: | |||
Basic | 63,401 | 51,317 | 49,992 |
Diluted | 68,031 | 51,317 | 49,992 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 56,713 | $ (64,538) | $ (7,796) |
Other comprehensive income (loss) before taxes: | |||
Recognition of accumulated foreign currency translation adjustment | 792 | ||
Foreign currency translation | (62) | (44) | (83) |
Pension plan | 758 | 254 | (957) |
Other comprehensive income (loss) before taxes | 696 | 210 | (248) |
Other comprehensive income (loss), net of tax | 696 | 210 | (248) |
Comprehensive income (loss) | $ 57,409 | $ (64,328) | $ (8,044) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Revision of Prior Period Change in Accounting Principle AdjustmentCumulative Effect Period of Adoption Adjustment | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated DeficitRevision of Prior Period Change in Accounting Principle AdjustmentCumulative Effect Period of Adoption Adjustment | Accumulated Other Comprehensive Income (Loss) | |
Beginning Balance at Feb. 02, 2019 | $ 58,640 | $ 5,276 | $ 622 | $ 310,393 | $ (92,658) | $ (153,534) | $ 5,276 | $ (6,183) | |
Beginning Balance (in shares) at Feb. 02, 2019 | 62,242,000 | (12,755,000) | |||||||
Stock compensation expense | 1,922 | 1,922 | |||||||
Restricted stock units (RSUs) granted for achievement of performance-based compensation, reclassified from liability to equity | 304 | 304 | |||||||
Issuance of common stock, upon RSUs/PSUs release | $ 10 | (10) | |||||||
Issuance of common stock, upon RSUs/PSUs release (in shares) | 977,000 | ||||||||
Shares withheld for taxes related to net share settlement of RSUs | (244) | $ (1) | (243) | ||||||
Shares withheld for taxes related to net share settlement of RSUs (in shares) | (111,000) | ||||||||
Deferred stock vested (in shares) | 13,000 | ||||||||
Cancellations of restricted stock, net of issuances (in shares) | (20,000) | ||||||||
Board of directors compensation | $ 569 | $ 2 | 567 | ||||||
Board of directors compensation (in shares) | 196,000 | ||||||||
Accounting Standards Update [Extensible List] | ASC 842 | ||||||||
Accumulated other comprehensive income (loss): | |||||||||
Unrecognized gain (loss) associated with Pension Plan | $ (957) | (957) | |||||||
Foreign currency | (83) | (83) | |||||||
Recognition of accumulated foreign currency translation adjustment (Note A) | 792 | 792 | [1] | ||||||
Net income (loss) | (7,796) | (7,796) | |||||||
Ending Balance at Feb. 01, 2020 | 58,423 | $ 633 | 312,933 | $ (92,658) | (156,054) | (6,431) | |||
Ending Balance (in shares) at Feb. 01, 2020 | 63,297,000 | (12,755,000) | |||||||
Stock compensation expense | 1,446 | 1,446 | |||||||
Issuance of common stock, upon RSUs/PSUs release | $ 6 | (6) | |||||||
Issuance of common stock, upon RSUs/PSUs release (in shares) | 588,000 | ||||||||
Deferred stock vested | $ 1 | (1) | |||||||
Deferred stock vested (in shares) | 114,000 | ||||||||
Board of directors compensation | 382 | $ 7 | 375 | ||||||
Board of directors compensation (in shares) | 657,000 | ||||||||
Accumulated other comprehensive income (loss): | |||||||||
Unrecognized gain (loss) associated with Pension Plan | 254 | 254 | |||||||
Foreign currency | (44) | (44) | |||||||
Net income (loss) | (64,538) | (64,538) | |||||||
Ending Balance at Jan. 30, 2021 | (4,077) | $ 647 | 314,747 | $ (92,658) | (220,592) | (6,221) | |||
Ending Balance (in shares) at Jan. 30, 2021 | 64,656,000 | (12,755,000) | |||||||
Issuance of common stock through private direct offering, net of offering costs | 4,375 | $ 111 | 4,264 | ||||||
Issuance of common stock through private direct offering, net of offering costs (in shares) | 11,111,000 | ||||||||
Stock compensation expense | 1,229 | 1,229 | |||||||
Issuance of common stock, upon RSUs/PSUs release | $ 8 | (8) | |||||||
Issuance of common stock, upon RSUs/PSUs release (in shares) | 788,000 | ||||||||
Exercise of stock options | $ 776 | $ 5 | 771 | ||||||
Exercise of stock options (in shares) | 521,643 | 522,000 | |||||||
Shares withheld for taxes related to net share settlement of RSUs | $ (1,867) | $ (3) | (1,864) | ||||||
Shares withheld for taxes related to net share settlement of RSUs (in shares) | (285,000) | ||||||||
Board of directors compensation | 374 | $ 2 | 372 | ||||||
Board of directors compensation (in shares) | 233,000 | ||||||||
Accumulated other comprehensive income (loss): | |||||||||
Unrecognized gain (loss) associated with Pension Plan | 758 | 758 | |||||||
Foreign currency | (62) | (62) | |||||||
Net income (loss) | 56,713 | 56,713 | |||||||
Ending Balance at Jan. 29, 2022 | $ 58,219 | $ 770 | $ 319,511 | $ (92,658) | $ (163,879) | $ (5,525) | |||
Ending Balance (in shares) at Jan. 29, 2022 | 77,025,000 | (12,755,000) | |||||||
[1] | In connection with the Company’s closing of its Rochester Clothing store in London, England and exiting its London operations, the Company recognized the accumulated foreign currency translation adjustment as an expense and it was included in “Exit costs associated with London operations” on the Consolidated Statement of Operations for fiscal 2019. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 56,713 | $ (64,538) | $ (7,796) |
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | |||
Recognition of accumulated foreign currency translation adjustment | 792 | ||
Amortization and write-off of deferred debt issuance costs | 1,179 | 146 | 139 |
Impairment of assets | (2,344) | 14,841 | 889 |
Depreciation and amortization | 17,226 | 21,477 | 24,563 |
Stock compensation expense | 1,229 | 1,446 | 1,922 |
Board of directors stock compensation | 374 | 382 | 569 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 4,306 | (197) | (1,174) |
Inventories | 3,264 | 17,392 | 4,417 |
Prepaid expenses and other current assets | (2,926) | 7,194 | 1,252 |
Other assets | 407 | 613 | 1,797 |
Accounts payable | (1,926) | (4,672) | (2,655) |
Operating leases, net | (14,959) | (2,440) | (4,254) |
Accrued expenses and other liabilities | 12,998 | 7,128 | (4,658) |
Net cash provided by (used for) operating activities | 75,541 | (1,228) | 15,803 |
Cash flows from investing activities: | |||
Additions to property and equipment, net | (5,272) | (4,243) | (13,399) |
Net cash used for investing activities | (5,272) | (4,243) | (13,399) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock from private direct offering, net of offering costs | 4,375 | ||
Proceeds from new FILO loan | 17,500 | ||
Repayment of FILO loans | (32,500) | ||
Net borrowings (repayments) under credit facility | (59,733) | 20,155 | (2,690) |
Debt extinguishment costs | (1,111) | ||
Debt issuance costs | (1,200) | (25) | |
Proceeds from the exercise of stock options | 776 | ||
Tax withholdings paid related to net share settlements of RSUs | (1,867) | (244) | |
Net cash provided by (used for) financing activities | (73,760) | 20,130 | (2,934) |
Net increase (decrease) in cash and cash equivalents | (3,491) | 14,659 | (530) |
Cash and cash equivalents: | |||
Beginning of period | 18,997 | 4,338 | 4,868 |
End of period | $ 15,506 | $ 18,997 | $ 4,338 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 29, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Destination XL Group, Inc. (collectively with its subsidiaries referred to as the “Company”) is the largest specialty retailer in the United States of big & tall men’s clothing and shoes. The Company operates under the trade names of Destination XL ® , DXL ® , DXL Men’s Apparel, DXL Outlets ® , Casual Male XL ® and Casual Male XL Outlets. At January 29, 2022, the Company operated 220 DXL stores, 35 Casual Male XL stores, 19 Casual Male XL outlets and 16 DXL outlets located throughout the United States, including a store in Canada and an e-commerce site, www.dxl.com, and a mobile app. Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts, transactions and profits are eliminated. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from estimates. Impact of COVID-19 Pandemic on Business On March 11, 2020, the World Health Organization declared the current outbreak of a novel coronavirus disease (“COVID-19”) as a global pandemic. Because the pandemic had a material impact on the Company's business in fiscal 2020, results for fiscal 2021 may not be comparable to the results for fiscal 2020. While there were positive signs of recovery in fiscal 2021, the duration and continuing impact of the COVID-19 pandemic and its variants on the global economy remains uncertain and could continue to have a material impact on the Company’s results of operations, financial condition and cash flows. Segment Reporting The Company has three principal operating segments: its stores, direct and wholesale businesses. The Company considers its stores and direct operating segments to be similar in terms of economic characteristics, production processes and operations, and has therefore aggregated them into one reportable segment, retail segment, consistent with its omni-channel business approach. Due to the immateriality of the wholesale segment’s revenues, profits and assets, its operating results are aggregated with the retail segment for all periods. Fiscal Year The Company’s fiscal year is a 52-week or 53-week period ending on the Saturday closest to January 31. Fiscal 2021, fiscal 2020, and fiscal 2019 were each 52-week periods, which ended on January 29, 2022, January 30, 2021 and February 1, 2020, respectively. Cash and Cash Equivalents Cash and cash equivalents consist of cash in banks and short-term investments, which have a maturity of ninety days or less when acquired. Included in cash equivalents are credit card and debit card receivables from banks, which generally settle within two to four business days. Accounts Receivable Accounts receivable primarily includes amounts due for rebates from certain vendors and amounts due from wholesale customers. For fiscal 2021, fiscal 2020 and fiscal 2019 , the Company did not incur any losses on its accounts receivable. Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments, requires disclosure of the fair value of certain financial instruments. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short maturity of these instruments. ASC Topic 820, Fair Value Measurements and Disclosures , defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements. The valuation techniques utilized are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related asset or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. The Company utilizes observable market inputs (quoted market prices) when measuring fair value whenever possible. Stores that have indicators of impairment and fail the recoverability test (based on undiscounted cash flows) are measured for impairment by comparing the fair value of the assets against their carrying value. Fair value of the assets is estimated using a projected discounted cash flow analysis and is classified within Level 3 of the valuation hierarchy. See Impairment of Long-Lived Assets below. Inventories All inventories are valued at the lower of cost or market, using a weighted-average cost method. Property and Equipment Property and equipment are stated at cost. Major additions and improvements are capitalized while repairs and maintenance are charged to expense as incurred. Upon retirement or other disposition, the cost and related accumulated depreciation of the assets are removed from the accounts and the resulting gain or loss, if any, is reflected in the results of operations. Depreciation is computed on the straight-line method over the assets’ estimated useful lives as follows: Furniture and fixtures Five to ten years Equipment Five to ten years Leasehold improvements Lesser of useful lives or related lease term Hardware and software Three to seven years Intangibles Domain Name In fiscal 2018, the Company purchased the rights to the domain name “dxl.com.” The domain name has a carrying value of $ 1.2 million and is considered an indefinite-lived asset. At each reporting period, management analyzes current events and circumstances to determine whether the indefinite life classification continues to be valid. At least annually, during the fourth quarter or whenever events or changes in circumstances indicate the carrying value may not be fully recoverable, the intangible is assessed for impairment using a quantitative impairment model. In the fourth quarter of fiscal 2021, the domain name was assessed for potential impairment and the Company concluded that the domain name was not impaired. Pre-opening Costs The Company expenses all pre-opening costs for its stores as incurred. Advertising Costs The Company expenses in-store advertising costs as incurred. Television advertising costs, if any, are expensed in the period in which the advertising is first aired. Direct response advertising costs, if any, are deferred and amortized over the period of expected direct marketing revenues, which is less than one year . There were no deferred direct response costs at January 29, 2022 and January 30, 2021. Advertising expense, which is included in selling, general and administrative expenses, was $ 24.0 million, $ 11.9 million and $ 22.9 million for fiscal 2021, 2020 and 2019, respectively. Revenue Recognition The Company’s accounting policies with respect to revenue recognition are discussed in Note B, “ Revenue Recognition. ” Foreign Currency Translation At January 29, 2022 , the Company had one store located in Toronto, Canada. Assets and liabilities for this store were translated into U.S. dollars at the exchange rates in effect at each balance sheet date. Stockholders’ equity (deficit) was translated at applicable historical exchange rates. Income, expense and cash flow items were translated at average exchange rates during the period. Resulting translation adjustments were reported as a separate component of stockholders’ equity (deficit). The Company's store in Toronto, Canada was closed subsequent to the end of fiscal 2021. During fiscal 2019, the Company closed its Rochester Clothing store in London, England. In connection with exiting its operations in England, the Company recognized a total charge of $ 1.7 million, which included the recognition of the associated accumulated foreign currency translation adjustment of $ 0.8 million as an expense in fiscal 2019. See “ Accumulated Other Comprehensive Income (Loss) – (“AOCI”) ” below. The remainder of the charge primarily related to lease termination and inventory liquidation costs. Accumulated Other Comprehensive Income (Loss) – (“AOCI”) Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for fiscal 2021, fiscal 2020 and fiscal 2019 are as follows: Fiscal 2021 Fiscal 2020 Fiscal 2019 (in thousands) Pension Foreign Total Pension Foreign Total Pension Foreign Total Balance at beginning of fiscal year $ ( 6,224 ) $ 3 $ ( 6,221 ) $ ( 6,478 ) $ 47 $ ( 6,431 ) $ ( 5,521 ) $ ( 662 ) $ ( 6,183 ) Other comprehensive income (loss) 799 ( 62 ) 737 ( 428 ) ( 44 ) ( 472 ) ( 1,598 ) ( 83 ) ( 1,681 ) Recognition of accumulated foreign currency translation adjustment (1) — — — — — — — 792 792 Amounts reclassified from accumulated (2) ( 41 ) — ( 41 ) 682 — 682 641 — 641 Other comprehensive income 758 ( 62 ) 696 254 ( 44 ) 210 ( 957 ) 709 ( 248 ) Balance at end of fiscal year $ ( 5,466 ) $ ( 59 ) $ ( 5,525 ) $ ( 6,224 ) $ 3 $ ( 6,221 ) $ ( 6,478 ) $ 47 $ ( 6,431 ) (1) In connection with the Company’s closing of its Rochester Clothing store in London, England and exiting its London operations, the Company recognized the accumulated foreign currency translation adjustment as an expense and it was included in “Exit costs associated with London operations” on the Consolidated Statement of Operations for fiscal 2019. (2) Includes the amortization of the unrecognized (gain)/loss on pension plans, which was charged to “Selling, General and Administrative” expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $ 682,000 and $ 641,000 for fiscal 2020 and fiscal 2019, respectively. For fiscal 2021, the Company recognized income of $ 41,000 , as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for any period. Income Taxes Deferred income taxes are provided to recognize the effect of temporary differences between tax and financial statement reporting. Such taxes are provided for using enacted tax rates expected to be in place when such temporary differences are realized. A valuation allowance is recorded to reduce deferred tax assets if it is determined that it is more likely than not that the full deferred tax asset would not be realized. If it is subsequently determined that a deferred tax asset will more likely than not be realized, a credit to earnings is recorded to reduce the allowance. ASC Topic 740, Income Taxes (“ASC 740”) clarifies a company’s accounting for uncertain income tax positions that are recognized in its financial statements and also provides guidance on a company’s de-recognition of uncertain positions, financial statement classification, accounting for interest and penalties, accounting for interim periods, and disclosure requirements. In accordance with ASC 740, the Company will recognize the benefit from a tax position only if it is more likely than not that the position would be sustained upon audit based solely on the technical merits of the tax position. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense in its Consolidated Statement of Operations. The Company has not accrued or paid interest or penalties in amounts that were material to its results of operations for fiscal 2021, fiscal 2020 and fiscal 2019. The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. The Company has concluded all U.S. federal income tax matters for years through fiscal 2001, with remaining fiscal years subject to income tax examination by federal tax authorities. Net Income (Loss) Per Share Basic earnings per share are computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share is determined by giving effect to unvested shares of restricted stock, deferred stock and restricted stock units (RSUs) and the exercise of stock options using the treasury stock method. The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share: FISCAL YEARS ENDED January 29, 2022 January 30, 2021 February 1, 2020 (in thousands ) Common stock outstanding: Basic weighted average common shares 63,401 51,317 49,992 Common stock equivalents – stock options, (1) 4,630 — — Diluted weighted average common shares 68,031 51,317 49,992 (1) Common stock equivalents, in thousands, of 159 shares and 408 shares for January 30, 2021 and February 1, 2020 , respectively, were excluded due to the net loss. The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each year because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or because the unearned compensation associated with either stock options, RSUs, restricted or deferred stock had an anti-dilutive effect. FISCAL YEARS ENDED January 29, 2022 January 30, 2021 February 1, 2020 (in thousands, except exercise prices) Stock options (time-vested) 302 3,648 755 RSUs (time-vested) — 812 560 Deferred stock — 191 114 Range of exercise prices of such options $ 4.19 -$ 5.50 $ 0.53 - $ 7.02 $ 1.85 - $ 7.02 Excluded from the computation of basic and diluted earnings per share for fiscal 2021 were 240,000 shares of unvested performance stock units. For fiscal 2020 and fiscal 2019 720,000 shares of unvested performance stock units were excluded. These performance-based awards will be included in the computation of basic and diluted earnings per share if, and when, the respective performance targets are achieved. In addition, deferred stock of 435,568 shares for fiscal 2021 and fiscal 2020 and 295,604 shares for fiscal 2019 were excluded from basic earnings per share. Outstanding shares of deferred stock are not considered issued and outstanding until the vesting date of the deferral period and are excluded from basic earnings per share until such shares are issued. Stock-based Compensation ASC Topic 718, Compensation – Stock Compensation , requires measurement of compensation cost for all stock awards at fair value on date of grant and recognition of compensation over the service period for awards expected to vest. The fair value of stock options is determined using the Black-Scholes valuation model and requires the input of subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (the “expected term”), the estimated volatility of the Company’s common stock price over the expected term and the number of options that will ultimately not complete their vesting requirements (“forfeitures”). As required under the accounting rules, the Company reviews its valuation assumptions at each grant date and, as a result, is likely to change its valuation assumptions used to value employee stock-based awards granted in future periods. The values derived from using the Black-Scholes model are recognized as expense over the vesting period, net of estimated forfeitures. The estimation of stock awards that will ultimately vest requires judgment. Actual results, and future changes in estimates, may differ from the Company’s current estimates. The Company recognized total stock-based compensation expense, with no tax effect, of $ 1.2 million, $ 1.4 million and $ 1.9 million for fiscal 2021, fiscal 2020 and fiscal 2019, respectively. The total stock-based compensation cost related to time-vested awards not yet recognized as of January 29, 2022 was approximately $ 1.6 million and will be expensed over a weighted average remaining life of approximately 24 months. The total grant-date fair value of awards vested was $ 1.7 million, $ 1.5 million and $ 3.0 million for fiscal 2021, fiscal 2020 and fiscal 2019, respectively. Any excess tax benefits resulting from the exercise of stock options or the release of restricted shares are recognized as a component of income tax expense. Valuation Assumptions for Stock Options The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model based on the following assumptions in the table. The fair value of each non-vested share is equal to the closing price of the Company’s stock on the date of grant. The weighted-average fair value of options granted and non-vested shares granted shown below does not include shares or deferred stock granted to directors in lieu of compensation. Fiscal years ended: January 29, 2022 January 30, 2021 February 1, 2020 Expected volatility 97.4 % - 104.9 % 82.3 % - 87.8 % - Risk-free interest rate 0.31 % - 0.60 % 0.22 % - 0.27 % - Expected life (in years) 3.0 - 4.0 3.0 - 4.0 - Dividend rate - - - Weighted average fair value of options granted $ 0.47 $ 0.32 - Weighted average fair value of non-vested shares granted - - $ 1.73 Expected volatilities are based on historical volatilities of the Company’s common stock; the expected life represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and historical exercise patterns; and the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. Impairment of Long-Lived Assets The Company recorded a gain of $ 2.3 million in fiscal 2021 against previously recorded impairment charges. Fiscal 2020 and fiscal 2019 included net impairment charges of $ 14.8 million and $ 0.9 million , respectively. The Company reviews its long-lived assets for events or changes in circumstances that might indicate the carrying amount of the assets may not be recoverable. The Company’s judgment regarding the identification of impairment indicators is based on operational performance at the store level. Factors considered by the Company that could result in an impairment triggering event include significant changes in the use of assets, a current period operating or cash flow loss, underperformance of a store relative to historical or expected operating results, and an accumulation of costs significantly in excess of the amount originally expected for the construction of the long-lived store assets. The Company assesses the recoverability of the assets by determining whether the carrying value of such assets over their respective remaining lives can be recovered through projected undiscounted future cash flows. The model for undiscounted future cash flows includes assumptions, at the individual store level, with respect to expectations for future sales and gross margin rates as well as an estimate for occupancy costs used to estimate the fair value of the respective store’s operating lease right-of-use asset. The amount of impairment, if any, is measured based on projected discounted future cash flows using a discount rate reflecting the Company’s average cost of funds. With respect to the impairment charges taken on operating lease right-of-use assets, if the Company subsequently makes a decision to close previously impaired stores and a gain is realized as a result of the reevaluation of the existing lease liabilities, to the extent the gain related to previously recorded impairment charges against the right-of-use assets, the gain will be included as an offset to asset impairment charges with the remainder included as a reduction in store occupancy costs. For fiscal 2021, the Company recognized a non-cash gain of $ 2.7 million related to the Company’s decision to close certain retail stores, with $ 2.3 million of the gain included as an offset to asset impairment charges and the remaining $ 0.4 million of the gain included as a reduction of store occupancy costs. For fiscal 2020, the Company recorded a total asset impairment charge of $ 14.8 million, which included $ 4.1 million for the write-down of store assets and $ 10.7 million for the net write-down of operating lease right-of-use assets. Included in the write-down of operating lease right-of-use assets of $ 10.7 million was a non-cash gain of $ 2.6 million related to closed stores, which had previously been impaired. The asset impairment charge for fiscal 2019 was $ 0.9 million, which included $ 0.7 million for the write-down of operating lease right-of-use assets and $ 0.2 million for the write-down of store assets. Leases The Company adopted ASU 2016-02, “ Leases (Topic 842) ” in fiscal 2019 on a modified retrospective basis and applied the new standard to all leases through a cumulative-effect adjustment to beginning accumulated deficit. Under ASC 842, the Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments, initial direct costs and any lease incentives are included in the value of those right-of use assets. As the interest rate implicit in the Company’s leases is not readily determinable, the Company utilizes its incremental borrowing rate, based on information available at the lease measurement date to determine the present value of future payments. The Company elected the lessee non-lease component separation practical expedient, which permits the Company to not separate non-lease components from the lease components to which they relate. The Company also made an accounting policy election that the recognition requirement of ASC 842 will not be applied to certain, if any, non-store leases with a term of 12 months or less, recognizing those lease payments on a straight-line basis over the lease term. At January 29, 2022 , the Company had no short-term leases. The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For stores leases with an initial term of 5 years, the Company evaluates each lease independently and, only when the Company considers it reasonably certain that it will exercise an option to extend, will the associated payment of that option be included in the measurement of the right-of-use asset and lease liability . Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20 -year term . At the end of the initial term, the Company will have the opportunity to extend this lease for six additional successive periods of five years . For store leases, the Company accounts for lease components and non-lease components as a single lease component. Certain store leases may require additional payments based on sales volume, as well as reimbursement for real estate taxes, common area maintenance and insurance, and are expensed as incurred as variable lease costs. Other store leases contain one periodic fixed lease payment that includes real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the right-of-use assets and lease liabilities. Tenant allowances are included as an offset to the right-of-use asset and amortized as reductions to rent expense over the associated lease term. See Note E ‘‘ Leases ’’ for additional information. Recently Issued Accounting Pronouncements No new accounting pronouncements, issued or effective during fiscal 2021, have had or are expected to have a significant impact on the Company’s Consolidated Financial Statements. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Jan. 29, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | B. REVENUE RECOGNITION Revenue is recognized in accordance with ASC 606, Revenue from Contracts with Customers . The Company operates as a retailer of big and tall men’s clothing, which includes sales through stores, direct and wholesale channels. Revenue is recognized by the operating segment that initiates a customer’s order. Store sales are defined as sales that originate and are fulfilled directly at the store level. Direct sales are defined as sales that originate online, including those initiated online at the store level, on its website or on third-party marketplaces. Wholesale sales are defined as sales made to wholesale customers pursuant to the terms of each customer’s contract with the Company. Generally, all revenues are recognized when control of the promised goods is transferred to customers, in an amount that reflects the consideration in exchange for those goods. Sales tax collected from customers and remitted to taxing authorities is excluded from revenue and is included as part of accrued expenses on the Consolidated Balance Sheets. - Revenue from the Company’s store operations is recorded upon purchase of merchandise by customers, net of an allowance for sales returns, which is estimated based upon historical experience. - Revenue from the Company’s direct operations is recognized at the time a customer order is delivered, net of an allowance for sales returns, which is estimated based upon historical experience. - Revenue from the Company’s wholesale operations is recognized at the time the wholesale customer takes physical receipt of the merchandise, net of any identified discounts in accordance with each individual order. For all periods, chargebacks were immaterial. Unredeemed Loyalty Coupons. The Company offers a free loyalty program to its customers for which points accumulate based on the purchase of merchandise. Over 90 % of the Company’s customers participate in the loyalty program. Under ASC 606, these loyalty points provide the customer with a material right and a distinct performance obligation with revenue deferred and recognized when the points are redeemed. The cycle of earning and redeeming loyalty points is generally under one year in duration. The loyalty accrual, net of breakage, was $ 1.3 million and $ 1.0 million at January 29, 2022 and January 30, 2021, respectively. Unredeemed Gift Cards, Gift Certificates, and Credit Vouchers. Upon issuance of a gift card, gift certificate, or credit voucher, a liability is established for its cash value. The liability is relieved and net sales are recorded upon redemption by the customer. Based on historical redemption patterns, the Company can reasonably estimate the amount of gift cards, gift certificates, and credit vouchers for which redemption is remote, which is referred to as "breakage". Breakage is recognized over two years in proportion to historical redemption trends and is recorded as sales in the Consolidated Statements of Operations. The gift card liability, net of breakage, was $ 3.3 million and $ 2.8 million at January 29, 2022 and January 30, 2021, respectively. Shipping. Shipping and handling costs are accounted for as fulfillment costs and are included in cost of sales for all periods presented. Amounts related to shipping and handling that are billed to customers are recorded in sales, and the related costs are recorded in cost of goods sold including occupancy costs, in the Consolidated Statements of Operations. Disaggregation of Revenue As noted above under Segment Information in Note A, the Company’s business at January 29, 2022 consists of one reportable segment, its retail segment. Substantially all of the Company’s revenue is generated from its stores and direct businesses. The operating results from the wholesale segment have been aggregated with this reportable segment for all periods, but the revenues are separately reported below. Accordingly, the Company has determined that the following sales channels depict the nature, amount, timing, and uncertainty of how revenue and cash flows are affected by economic factors for each of the following fiscal years: (in thousands) Fiscal 2021 Fiscal 2020 Fiscal 2019 Store sales $ 344,761 69.0 % $ 180,143 59.6 % $ 354,929 76.9 % Direct sales 154,891 31.0 % 122,206 40.4 % 106,585 23.1 % Retail segment 499,652 100.0 % 302,349 100.0 % 461,514 100.0 % Wholesale segment 5,369 16,597 12,524 Total sales $ 505,021 $ 318,946 $ 474,038 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 29, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | C. PROPERTY AND EQUIPMENT Property and equipment consisted of the following at the dates indicated: (in thousands) January 29, 2022 January 30, 2021 Furniture and fixtures $ 75,358 $ 76,770 Equipment 23,299 23,083 Leasehold improvements 115,821 117,394 Hardware and software 102,950 100,771 Construction in progress 2,376 1,884 319,804 319,902 Less: accumulated depreciation 275,362 263,350 Total property and equipment, net $ 44,442 $ 56,552 Depreciation expense for fiscal 2021, 2020 and 2019 was $ 17.2 million, $ 21.5 million and $ 24.6 million, respectively. |
Debt Obligations
Debt Obligations | 12 Months Ended |
Jan. 29, 2022 | |
Debt Disclosure [Abstract] | |
Debt Obligations | D. DEBT OBLIGATIONS Credit Agreement with Citizens Bank, N.A. On October 28, 2021, the Company entered into a new credit facility with Citizens Bank, N.A. (the “New Credit Facility”). The New Credit Facility replaced the Company's existing credit facility with Bank of America, N.A., which was due to expire on May 24, 2023 (the "Prior Credit Facility"). The New Credit Facility is a $ 125.0 million secured, asset-based credit facility with a maturity date of October 28, 2026 . The maximum committed borrowing of $ 125.0 million includes a sublimit of $ 20.0 million for commercial and standby letter of credits and a sublimit of up to $ 15.0 million for swing line loans. The Company’s ability to borrow under the Credit Facility is determined using an availability formula based on eligible assets. Borrowings made pursuant to the New Credit Facility will be made pursuant to either a Base Rate loan or LIBOR Rate loan, at the Company's option. Base Rate loans will bear interest, at a rate equal to (i) the greater of: (a) the Prime Rate, (b) the Federal Funds effective rate plus 0.50 % per annum and (c) the daily LIBOR rate plus 1.00 % per annum, plus (ii) a varying percentage, based on the Company’s average excess availability, of either 0.25 % or 0.50 %. LIBOR Rate loans, which may be either for 1 month or 3 months, will bear interest at (i) the LIBOR rate, or the Benchmark Rate as defined in the credit agreement plus (ii) a varying percentage based on the Company’s average excess availability, of either 1.25 % or 1.50 %. Any swingline loan will bear interest at a rate equal to the rate of a Base Rate loan, plus a varying percentage based on the Company’s average excess availability, of either 0.25 % or 0.50 %. The Company will be subject to an unused line fee of 0.25 %. The Company’s obligations under the New Credit Facility are secured by a lien on substantially all of its assets. If the Company’s availability under the New Credit Facility at any time is less than the greater of (i) 10 % of the Revolving Loan Cap (the lesser of the aggregate revolving commitments or the borrowing base) and (ii) $ 7.5 million, then the Company is required to maintain a minimum consolidated fixed charge coverage ratio of 1.0 :1.0 until such time as availability has exceeded the greater of (1) 10 % of the Revolving Loan Cap and (2) $ 7.5 million for 30 consecutive days. In connection with the execution of the New Credit Facility, the Company terminated its Prior Credit Facility and paid outstanding obligations of $ 30,874 , related to its unused line fee and letter of credit fees. At the same time, all guarantees and security interests associated with the Prior Credit Agreement were released. There were no outstanding borrowings under the Prior Credit Facility at the time of termination and no prepayment penalty fees. At January 29, 2022 , the Company had no borrowings outstanding and availability of $ 68.9 million under the New Credit Facility. Average monthly borrowings outstanding during fiscal 2021 were $ 16.4 million, resulting in an average unused excess availability of approximately $ 56.2 million. Outstanding standby letters of credit were $ 2.7 million and outstanding documentary letters of $ 1.4 million at January 29, 2022. Because there have been no borrowings under the New Credit Facility, the majority of interest costs incurred during fiscal 2021 were based on the Prior Credit Facility, which bore interest based upon either the Federal Funds rate or the LIBOR rate, at a rate equal to the following: (a) the Federal Funds rate plus a varying percentage based on the Company’s excess availability, of either 1.75 % or 2.00 %, or (b) the LIBOR rate (the Company being able to select interest periods of 1 week, 1 month, 2 months, 3 months or 6 months) plus a varying percentage based on the Company’s excess availability, of either 2.75 % or 3.00 %. Borrowings and repayments under the credit facilities for fiscal 2021, fiscal 2020 and fiscal 2019 were as follows: (in thousands) Fiscal 2021 Fiscal 2020 Fiscal 2019 Borrowings $ 40,297 $ 64,226 $ 152,336 Repayments ( 100,030 ) ( 44,071 ) ( 155,026 ) Net borrowings (repayments) $ ( 59,733 ) $ 20,155 $ ( 2,690 ) Long-Term Debt On March 16, 2021, the Company refinanced its then existing $ 15.0 million FILO (first-in, last-out) loan and entered into a new $ 17.5 million FILO loan (the “New FILO loan”). On September 3, 2021, the Company repaid in full its New FILO loan. In connection with the repayment, the FILO lender agreed to a reduction in the amount of the prepayment premium that otherwise would have been payable as a result of the Company’s early repayment. The Company paid a prepayment penalty of $ 1.1 million which was included in interest expense, net on the Consolidated Statement of Operations for fiscal 2021. The prepayment of the New FILO loan was made from cash on-hand. Interest under the New FILO loan bore interest at 8.5 %. Interest and Fees The Company paid interest and fees totaling $ 3.2 million, $ 3.8 million and $ 3.3 million for fiscal 2021, fiscal 2020 and fiscal 2019, respectively. Included in the $ 3.2 million for fiscal 2021 was a prepayment penalty associated with the prepayment of the New FILO loan, as discussed above. In connection with the execution of the Company's New Credit Facility and the prepayment of its New FILO loan, the Company also wrote-off a total of $ 0.9 million in unamortized debt issuance costs during fiscal 2021, which was included in interest expense, net on the Consolidated Statement of Operations for fiscal 2021. |
Leases
Leases | 12 Months Ended |
Jan. 29, 2022 | |
Leases [Abstract] | |
Leases | E. LEASES The Company leases all of its store locations and its corporate headquarters, which also includes its distribution center, under operating leases. The store leases typically have initial terms of 5 years to 10 years , with options that usually permit renewal for additional five-year periods. The initial term of the lease for the corporate headquarters was for 20 years, with the opportunity to extend for six additional successive periods of five years , beginning in fiscal 2026 . The Company also leases certain equipment and other assets under operating leases, typically with initial terms of 3 to 5 years . The Company is generally obligated for the cost of property taxes, insurance and common area maintenance fees relating to its leases, which are considered variable lease costs and are expensed as incurred. ASC 842 requires the assessment of any lease modification to determine if the modification should be treated as a separate lease and if not, modification accounting would be applied. Lease modification accounting requires the recalculation of the ROU asset, lease liability and lease expense over the respective lease term. In April 2020, the FASB issued guidance allowing entities to make a policy election to account for lease concessions related to the COVID-19 pandemic as though enforceable rights and obligations for those concessions existed. The election applies to any lessor-provided lease concession related to the impact of the COVID-19 pandemic, provided the concession does not result in a substantial increase in the rights of the lessor or in the obligations of the lessee. The Company opted not to elect this practical expedient and instead accounted for these rent concessions as lease modifications in accordance with ASC 842. As of January 29, 2022, the Company’s operating leases liabilities represent the present value of the remaining future minimum lease payments updated based on concessions and lease modifications. Lease costs related to store locations are included in cost of goods sold including occupancy costs on the Consolidated Statements of Operations, and expenses and lease costs related to the corporate headquarters, automobile and equipment leases are included in selling, general and administrative expenses on the Consolidated Statement of Operations. The following table is a summary of the Company’s components of lease cost for fiscal 2021, fiscal 2020 and fiscal 2019: Fiscal 2021 Fiscal 2020 Fiscal 2019 (in thousands) Operating lease cost $ 43,921 $ 47,076 $ 53,051 Variable lease costs (1) 13,290 14,391 16,248 Total lease costs $ 57,211 $ 61,467 $ 69,299 (1) Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases. Supplemental cash flow and balance sheet information related to leases for fiscal 2021, fiscal 2020 and fiscal 2019 is as follows: (in thousands) Fiscal 2021 Fiscal 2020 Fiscal 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases (1) $ 57,816 $ 47,330 $ 58,046 Non-cash operating activities: Right-of-use assets obtained in exchange for operating lease liabilities $ 30,777 $ 645 $ 5,401 Net decrease in right-of-use assets due to lease modifications $ — $ ( 6,463 ) $ — Weighted average remaining lease term 4.3 yrs. 4.5 yrs. 5.4 yrs. Weighted average discount rate 6.91 % 6.47 % 7.10 % (1) The decrease in cash payments for fiscal 2020 as compared to fiscal 2021 and fiscal 2019 was primarily due to rent abatements and deferments negotiated during fiscal 2020 in response to the COVID-19 pandemic. The table below reconciles the undiscounted cash flows for each of the next five years and thereafter to the operating lease liabilities recorded on the Consolidated Balance Sheet as of January 29, 2022: (in thousands) 2022 $ 45,667 2023 45,828 2024 36,301 2025 27,977 2026 15,214 Thereafter 9,722 Total minimum lease payments $ 180,709 Less: amount of lease payments representing interest 25,104 Present value of future minimum lease payments $ 155,605 Less: current obligations under leases 35,191 Noncurrent lease obligations $ 120,414 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | F. INCOME TAXES The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes . Under ASC Topic 740, deferred tax assets and liabilities are recognized based on temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The accounting standards require current recognition of net deferred tax assets to the extent it is more likely than not such net assets will be realized. To the extent that the Company believes its net deferred tax assets will not be realized, a valuation allowance must be recorded against those assets. At the end of fiscal 2013, the Company entered a three-year cumulative loss and based on all positive and negative evidence at February 1, 2014, the Company established a full valuation allowance against its net deferred tax assets. While the Company returned to profitability in fiscal 2021, until the Company emerges from its three-year cumulative loss and is able to demonstrate consistent and prolonged profitability, the Company believes that a full allowance remains appropriate at this time. Realization of the Company’s deferred tax assets is dependent on generating sufficient taxable income in the near term. As of January 29, 2022 , for federal income tax purposes, the Company has net operating loss carryforwards of $ 100.7 million, which will expire from fiscal 2028 through fiscal 2037 and net operating loss carryforwards of $ 43.1 million that are not subject to expiration. For state income tax purposes, the Company has $ 90.0 million of net operating losses that are available to offset future taxable income, the majority of which will expire from fiscal 2028 through fiscal 2041 . Additionally, the Company has $ 5.3 million of net operating loss carryforwards related to the Company’s operations in Canada, which will expire from fiscal 2025 through fiscal 2041 . The utilization of net operating loss carryforwards and the realization of tax benefits in future years depends predominantly upon having taxable income. Under the provisions of the Internal Revenue Code, certain substantial changes in the Company’s ownership may result in a limitation on the amount of net operating loss carryforwards and tax credit carryforwards, which may be used in future years. As of January 29, 2022, there has been no such ownership change. The components of the net deferred tax assets as of January 29, 2022 and January 30, 2021 were as follows (in thousands): January 29, 2022 January 30, 2021 Deferred tax assets, net: Net operating loss carryforward $ 36,790 $ 50,197 Accrued expenses and other 5,223 2,706 Operating lease liabilities 40,301 45,557 Goodwill and intangibles 11 87 Unrecognized loss on pension and pension expense 1,883 2,067 Inventory reserves 1,054 1,002 Foreign tax credit carryforward 486 486 Federal wage tax credit carryforward 824 824 State tax credits 147 147 Operating lease right-of-use assets ( 33,103 ) ( 34,365 ) Property and equipment ( 3,597 ) ( 5,605 ) Subtotal $ 50,019 $ 63,103 Valuation allowance ( 50,019 ) ( 63,103 ) Net deferred tax assets $ — $ — For fiscal 2021, the Company had total deferred tax assets of $ 86.7 million, total deferred tax liabilities of $ 36.7 million and a valuation allowance of $ 50.0 million. The provision for income taxes consisted of the following: FISCAL YEARS ENDED January 29, 2022 January 30, 2021 February 1, 2020 (in thousands) Current: Federal $ — $ — $ — State 912 99 97 Foreign 5 7 8 917 106 105 Deferred: Federal — — — State — — — Foreign — — — — — — Total provision $ 917 $ 106 $ 105 The following is a reconciliation between the statutory and effective income tax rates in dollars for the provision for income tax: FISCAL YEARS ENDED January 29, 2022 January 30, 2021 February 1, 2020 (in thousands) Federal income tax at the statutory rate $ 12,102 $ ( 13,531 ) $ ( 1,615 ) State taxes, net of federal tax benefit 721 78 77 Section 162(m) limitation 1,375 197 541 Permanent items ( 893 ) 245 277 Change in valuation allowance (1) ( 12,421 ) 13,167 850 Other, net 33 ( 50 ) ( 25 ) Total provision $ 917 $ 106 $ 105 (1) The change in valuation allowance excludes the amounts allocable to state income tax, which is presented in State taxes, net of federal tax benefit, and other comprehensive income. The change in valuation allowance in fiscal 2019 was impacted by the adoption of ASC 842 in the tax-effected amount of $ 1.4 million. As discussed in Note A, the Company’s financial statements reflect the expected future tax consequences of uncertain tax positions that the Company has taken or expects to take on a tax return, based solely on the technical merits of the tax position. The liability for unrecognized tax benefits at January 29, 2022 and January 30, 2021 was approximately $ 2.0 million and was associated with a prior tax position related to exiting the Company’s direct business in Europe during fiscal 2013. The amount of unrecognized tax benefits has been presented as a reduction in the reported amounts of the Company’s federal and state net operating losses carryforwards. No penalties or interest have been accrued on this liability because the carryforwards have not yet been utilized. The reversal of this liability would result in a tax benefit being recognized in the period in which the Company determines the liability is no longer necessary. For fiscal 2021, the Company made tax payments of $ 0.6 million, as compared to $ 0.1 million for both fiscal 2020 and fiscal 2019. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 29, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | G. COMMITMENTS AND CONTINGENCIES At January 29, 2022, the Company was obligated under operating leases covering store and office space, automobiles and certain equipment for future minimum rentals. See Note E, “ Leases ” for the schedule of future remaining lease obligations. In addition to its lease obligations, the Company is also contractually committed pursuant to a merchandise purchase obligation to meet minimum purchases of $ 10.0 million in each fiscal year through fiscal 2023. The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. When a loss is considered probable, the Company records an accrual based on the reasonably estimable loss or range of loss. Costs related to such legal proceedings are expensed and reported in selling, general, and administrative expenses in the Consolidated Statements of Operations. The Company believes its current accruals at January 29, 2022 are adequate in light of the probable and estimable liabilities. The Company does not believe that any identified claims or litigation will be material to its results of operations, cash flows, or financial condition. |
Long-Term Incentive Plans
Long-Term Incentive Plans | 12 Months Ended |
Jan. 29, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Long-Term Incentive Plans | H. LONG-TERM INCENTIVE PLANS The following is a summary of the Company’s Long-Term Incentive Plan (“LTIP”). All equity awards granted under these long-term incentive plans were issued from the Company’s stockholder-approved 2016 Incentive Compensation Plan. See Note I, “ Stock Compensation Plans .” At January 29, 2022, the Company has three active LTIPs: 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP. Each participant in the plan participates based on that participant’s “Target Cash Value” which is defined as the participant’s annual base salary (on the participant’s effective date) multiplied by his or her LTIP percentage. Under each LTIP, 50 % of each participant’s Target Cash Value is subject to time-based vesting and 50 % is subject to performance-based vesting. The time-based awards under the 2019-2021 LTIP were granted in a combination of 50 % RSUs and 50 % cash. For the 2020-2022 LTIP, the time-based awards were granted in a combination of 50 % stock options and 50 % cash, and for the 2021-2023 LTIP, the time-based awards were granted in a combination of 25 % stock options and 75 % cash. Performance targets for the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP were established and approved by the Compensation Committee on August 7, 2019, June 11, 2020, and March 8, 2021, respectively. The performance period for each LTIP is three years. Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to additional vesting through August 31, 2022, August 31, 2023 and August, 31, 2024, respectively. The time-based awards under the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP vest in four equal installments through April 1, 2023, April 1, 2024 and April 1, 2025, respectively. Assuming that the Company achieves the performance targets at target levels and all time-based awards vest, the compensation expense associated with the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP is estimated to be approximately $ 3.8 million, $ 3.8 million and $ 4.0 million, respectively. Approximately half of the compensation expense for each LTIP relates to the time-based awards, which are being expensed straight-line over 44 months , 46 months and 49 months , respectively. The performance targets under the 2019-2021 LTIP were achieved at the end of fiscal 2021. Based on that achievement, subsequent to the end of fiscal 2021, on March 15, 2022, the Compensation Committee approved a total performance award of $ 2.6 million, to be awarded in a combination of 50 % cash and 50 % RSUs. All awards are subject to further vesting through August 31, 2022. Accordingly, at January 29, 2022, the Company has accrued $ 2.3 million of the $ 2.6 million award. At January 29, 2022 , the Company has accrued $ 1.5 million and $ 0.8 million for the performance awards under the 2020-2022 LTIP and 2021-2023 LTIP, respectively. |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Jan. 29, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Plans | I. STOCK COMPENSATION PLANS The Company has one active stock-based compensation plan: the 2016 Incentive Compensation Plan (the “2016 Plan”). The initial share reserve under the 2016 Plan was 5,725,538 shares of our common stock. A grant of a stock option award or stock appreciation right will reduce the outstanding reserve on a one-for-one basis, meaning one share for every share granted. A grant of a full-value award, including, but not limited to, restricted stock, restricted stock units and deferred stock, will reduced the outstanding reserve by a fixed ratio of 1.9 shares for every share granted. The Company’s shareholders approved amendments to increase the share reserve by 2,800,000 shares on August 8, 2019, an additional 1,740,000 shares on August 12, 2020 and an additional 4,855,000 on August 5, 2021. At January 29, 2022, the Company had 4,800,386 shares available under the 2016 Plan. In accordance with the terms of the 2016 Plan, any shares outstanding under the previous 2006 Incentive Compensation Plan (the “2006 Plan”) at August 4, 2016 that subsequently terminate, expire or are cancelled for any reason without having been exercised or paid are added back and become available for issuance under the 2016 Plan, with stock options being added back on a one-for-one basis and full-value awards being added back on a 1 to 1.9 basis. At January 29, 2022 , there were 298,231 stock options that remain outstanding under the 2006 Plan . The 2016 Plan is administered by the Compensation Committee. The Compensation Committee is authorized to make all determinations with respect to amounts and conditions covering awards. Options are not granted at a price less than fair value on the date of the grant. Except with respect to 5 % of the shares available for awards under the 2016 Plan, no award will become exercisable or otherwise forfeitable unless such award has been outstanding for a minimum period of one year from its date of grant. Stock Option Activity The following tables summarize the stock option activity under the Company’s 2006 Plan and 2016 Plan, on an aggregate basis, for fiscal 2021: Number of Weighted-average Weighted-average Aggregate Stock Options Outstanding options at beginning of year 3,647,581 $ 1.09 $ 811 Options granted (1) 1,518,154 0.71 — Options canceled or expired ( 22,542 ) 4.19 — Options exercised (2) ( 521,643 ) 1.49 2,493 Outstanding options at end of year 4,621,550 $ 0.90 8.2 yrs. $ 16,067 Options exercisable at end of year 751,743 $ 2.42 5.6 yrs. $ 1,662 Vested and expected to vest at end of year 4,621,550 $ 0.90 8.2 yrs. $ 16,067 (1) Primarily represents the grant of stock options to purchase an aggregate of 1,078,913 shares of the Company's common stock, at an exercise price of $ 0.69 per share, in connection with the time-based grant of awards under its 2021-2023 LTIP, see Note H, Long-Term Incentive Plans . In March 2021, the Company also granted to active participants of the LTIP a discretionary grant of stock options to purchase an aggregate of 414,337 shares of the Company's common stock, at an exercise price of $ 0.75 per share, which vest over 3 years . (2) As a result of net share settlements, of the 521,643 stock options exercised, only 389,838 shares of common stock were issued. Non-Vested Share Activity The following table summarizes activity for non-vested shares under the Company’s 2006 Plan and 2016 Plan, on an aggregate basis, for fiscal 2021: RSUs (1) Deferred (2) Performance Share (3) Total number Weighted-average Shares Outstanding non-vested shares at beginning of year 815,292 435,568 720,000 1,970,860 $ 1.69 Shares granted 8,054 — — 8,054 0.66 Shares vested/issued ( 308,055 ) — ( 480,000 ) ( 788,055 ) 1.85 Outstanding non-vested shares at end of year 515,291 435,568 240,000 1,190,859 $ 1.57 Vested and expected to vest at end of year 515,291 435,568 — 950,859 (1) During fiscal 2021, the vesting of RSUs was primarily related to the time-based awards under the Company’s LTIP plans, see Note H, Long-Term Incentive Plans . (2) Represents compensation to certain directors, in lieu of cash, in accordance with their irrevocable elections. During fiscal 2021, all equity issued to directors for compensation, in lieu of cash, was issued only from the Non-Employee Director Compensation Plan. The outstanding deferred shares will be issued upon the director’s separation from service. (3) The 720,000 shares of performance stock units (“PSUs”), with a fair value of $ 1.0 million, represent a sign-on grant in fiscal 2019 to Mr. Kanter. The PSUs vest in installments when the following milestones are met: one-third of the PSUs vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $ 4.00 , one-third of the PSUs vest when the VWAP is $ 6.00 , and one-third when the VWAP is $ 8.00 . During fiscal 2021, 480,000 PSUs vested as a result of achieving a VWAP of $ 4.00 per share and $ 6.00 per share. As a result of net share settlement, of the 480,000 PSUs that vested, only 327,120 shares of common stock were issued. The remaining 240,000 PSUs will expire on April 1, 2023 if the $ 8.00 VWAP is not achieved by that date. Non-Employee Director Compensation Plan In January 2010, the Company established a Non-Employee Director Stock Purchase Plan to provide a convenient method for its non-employee directors to acquire shares of the Company’s common stock at fair market value by voluntarily electing to receive shares of common stock in lieu of cash for service as a director. The substance of this plan is now encompassed within the Company’s Sixth Amended and Restated Non-Employee Director Compensation Plan. Through the end of fiscal 2020, non-employee directors were required to take 50 % of their annual retainer, which was paid quarterly, in equity. Any shares of common stock or deferred stock issued to a director as part of this 50% requirement were issued from the 2016 Plan. Only discretionary elections of shares of common stock were issued from the Non-Employee Director Compensation Plan. In November 2020, the Board of Directors approved the Fifth Amended and Restated Non-Employee Director Compensation Plan and all compensation in fiscal 2021 was earned pursuant to this amended plan. The plan was amended to, among other things, increase the number of shares available for grant under the plan by an additional 1,000,000 shares, limit the number of shares that can be issued each quarter to 250,000 shares (with any shortfall satisfied in cash), removed the requirement for directors to take 50 % of their annual retainer in equity and removed the ability for directors to select deferred stock. In December 2021, the Board of Directors approved the Sixth Amended and Restated Non-Employee Director Compensation Plan, which will be effective for board compensation in fiscal 2022. The plan was amended to, among other things, add a minimum equity ownership requirement which will require each director to receive at least 60 % of their annual retainers in shares of common stock until the value of their equity ownership is equal to at least three times the annual retainer. Any shares issued to satisfy the minimum equity ownership will be granted from the 2016 Plan. All other shares will be granted under the Non-Employee Director Compensation Plan. The amended plan still limits the maximum number of shares that can be issued in any quarter to 250,000 shares, in aggregate. The following shares of common stock, with the respective fair value, were issued from the Non-Employee Director Compensation Plan to its non-employee directors as compensation for fiscal 2021, fiscal 2020 and fiscal 2019: Number of shares of stock issued Fair value of Fiscal 2021 232,910 $ 374,227 Fiscal 2020 187,897 $ 75,065 Fiscal 2019 37,113 $ 69,991 At January 29, 2022, 767,090 shares remain available for grant under the Sixth Amended and Restated Non-Employee Director Compensation Plan. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 29, 2022 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | J. EMPLOYEE BENEFIT PLANS The Company accounts for its employee benefit plans in accordance with ASC Topic 715, Compensation – Retirement Benefits . ASC Topic 715 requires an employer to: (a) recognize in its statement of financial position an asset for a plan’s over-funded status or a liability for a plan’s under-funded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. These amounts will be subsequently recognized as net periodic pension cost pursuant to the Company’s accounting policy for amortizing such amounts. Further, actuarial gains and losses that arise in subsequent periods and are not recognized as net periodic pension cost in the same periods will be recognized as a component of accumulated other comprehensive income (loss). In fiscal 2021, the amortization of the unrecognized loss was calculated based on the average remaining lifetime of all employees, as opposed to the average remaining future service of active employees. As a result of this change in amortization, the Company expects a decrease in net periodic pension cost in fiscal 2022 of $ 47,000 . Noncontributory Pension Plan In connection with the Casual Male acquisition in May 2002, the Company assumed the assets and liabilities of the Casual Male Noncontributory Pension Plan “Casual Male Corp. Retirement Plan”, which was previously known as the J. Baker, Inc. Qualified Plan (the “Pension Plan”). Casual Male Corp. froze all future benefits under this plan on May 1, 1997. The following table sets forth the Pension Plan’s funded status at January 29, 2022 and January 30, 2021: January 29, 2022 January 30, 2021 in thousands Change in benefit obligation: Balance at beginning of period $ 15,864 $ 16,217 Benefits and expenses paid ( 839 ) ( 877 ) Interest costs 373 430 Settlements ( 353 ) ( 410 ) Actuarial (gain) loss ( 684 ) 504 Balance at end of year $ 14,361 $ 15,864 Change in fair value of plan assets: Balance at beginning of period $ 11,351 $ 11,483 Actual return on plan assets 512 544 Employer contributions 622 611 Settlements ( 353 ) ( 410 ) Benefits and expenses paid ( 839 ) ( 877 ) Balance at end of period $ 11,293 $ 11,351 Reconciliation of funded status: Projected benefit obligation $ 14,361 $ 15,864 Fair value of plan assets 11,293 11,351 Unfunded status $ ( 3,068 ) $ ( 4,513 ) Balance sheet classification: Other long-term liabilities $ 3,068 $ 4,513 Total plan expense and other amounts recognized in accumulated other comprehensive loss for the years ended January 29, 2022, January 30, 2021 and February 1, 2020 include the following components: January 29, 2022 January 30, 2021 February 1, 2020 Net pension cost: (in thousands) Interest cost on projected benefit obligation $ 373 $ 430 $ 581 Expected return on plan assets ( 728 ) ( 737 ) ( 724 ) Amortization of unrecognized loss 314 989 784 Net pension cost $ ( 41 ) $ 682 $ 641 Other changes recognized in other comprehensive loss, : Unrecognized losses at the beginning of the year $ 6,914 $ 7,206 $ 6,303 Net periodic pension cost 41 ( 682 ) ( 641 ) Employer contribution 622 611 420 Change in plan assets and benefit obligations ( 1,445 ) ( 221 ) 1,124 Unrecognized losses at the end of year $ 6,132 $ 6,914 $ 7,206 The Company’s contribution for fiscal 2022 is estimated to be approximately $ 864,000 . Assumptions used to determine the benefit obligations as of January 29, 2022 and January 30, 2021 include a discount rate of 3.00 % for fiscal 2021 and 2.39 % for fiscal 2020. Assumptions used to determine the net periodic benefit cost for the years ended January 29, 2022, January 30, 2021 and February 1, 2020 included a discount rate of 2.39 % for fiscal 2021, 2.72 % for fiscal 2020 and 3.98 % for fiscal 2019. The expected long-term rate of return for plan assets was assumed to be 6.50 % for both fiscal 2021 and fiscal 2020. The expected long-term rate of return assumption was developed considering historical and future expectations for returns for each asset class. Estimated Future Benefit Payments The estimated future benefits for the next ten fiscal years are as follows: Total FISCAL YEAR (in thousands) 2022 $ 908 2023 922 2024 916 2025 907 2026 916 2027-2031 4,502 Plan Assets The fair values of the Company’s noncontributory defined benefit retirement plan assets at the end of fiscal 2021 and fiscal 2020, by asset category, were as follows: Fair Value Measurement January 29, 2022 January 30, 2021 (in thousands) Quoted Prices Significant Significant Unobservable 3) Total Quoted Prices in Active Markets 1) Significant Significant Unobservable 3) Total Asset category: Mutual Funds: U.S. Equity $ 4,446 — — $ 4,446 $ 4,071 — — $ 4,071 International Equity 3,254 — — 3,254 2,939 — — 2,939 Fixed Income 3,486 — — 3,486 3,527 — — 3,527 Cash 107 — — 107 814 — — 814 Total $ 11,293 $ — $ — $ 11,293 $ 11,351 $ — $ — $ 11,351 The Company’s target asset allocation for fiscal 2022 and its asset allocation at January 29, 2022 and January 30, 2021 were as follows, by asset category: Target Allocation Percentage of plan assets at Fiscal 2022 January 29, 2022 January 30, 2021 Asset category: Equity securities 63.0 % 68.2 % 61.7 % Debt securities 35.0 % 30.9 % 31.1 % Cash 2.0 % 0.9 % 7.2 % Total 100.0 % 100.0 % 100.0 % The target policy is set to maximize returns with consideration to the long-term nature of the obligations and maintaining a lower level of overall volatility through the allocation of fixed income. The asset allocation is reviewed throughout the year for adherence to the target policy and is rebalanced periodically towards the target weights. Supplemental Executive Retirement Plan In connection with the Casual Male acquisition, the Company also assumed the liability of the Casual Male Supplemental Retirement Plan (the “SERP”). The following table sets forth the SERP’s funded status at January 29, 2022 and January 30, 2021: January 29, 2022 January 30, 2021 in thousands Change in benefit obligation: Balance at beginning of period $ 563 $ 547 Benefits and expenses paid ( 40 ) ( 38 ) Interest costs 12 14 Actuarial (gain) loss ( 21 ) 40 Balance at end of year $ 514 $ 563 Change in fair value of plan assets: Balance at beginning of period $ — $ — Employer contributions 40 38 Benefits and expenses paid ( 40 ) ( 38 ) Balance at end of period $ — $ — Projected benefit obligation $ 514 $ 563 Reconciliation of funded status: Projected benefit obligation $ 514 $ 563 Fair value of plan assets — — Unfunded Status $ ( 514 ) $ ( 563 ) Balance sheet classification: Other long-term liabilities $ 514 $ 563 Other changes recognized in other comprehensive loss, before taxes ( in thousands ): January 29, 2022 January 30, 2021 February 1, 2020 in thousands Other changes recognized in other comprehensive loss, before taxes: Unrecognized losses at the beginning of the year $ 120 $ 82 $ 28 Net periodic pension cost ( 16 ) ( 15 ) ( 19 ) Employer contribution 40 38 33 Change in benefit obligations ( 49 ) 15 40 Unrecognized losses at the end of year $ 95 $ 120 $ 82 Assumptions used to determine the benefit obligations as of January 29, 2022 and January 30, 2021 included a discount rate of 2.90% for fiscal 2021 and 2.24 % for fiscal 2020. Assumptions used to determine the net periodic benefit cost for the years ended January 29, 2022, January 30, 2021 and February 1, 2020 included a discount rate of 2.24 % for fiscal 2021, 2.59 % for fiscal 2020 and 3.87 % for fiscal 2019. Defined Contribution Plan The Company has one defined contribution plan, the Destination XL Group, Inc. 401(k) Savings Plan (the “401(k) Plan”). Under the 401(k) Plan, the Company offers a qualified automatic contribution arrangement (“QACA”) with the Company matching 100 % of the first 1 % of deferred compensation and 50 % of the next 5 % (with a maximum contribution of 3.5 % of eligible compensation). Employees who are 21 years of age or older are eligible to make deferrals after 6 months of employment and are eligible to receive a Company match after one year of employment and 1,000 hours. In fiscal 2018, the Board ratified and approved the recommendation of the Company’s management team to suspend employer contributions to the 401(k) Plan, for the period from July 1, 2018 until December 31, 2019 and resumed its QACA status for the 2020 plan year. For the 2021 plan year, the Company suspended its QACA safe harbor and, while not required, the Company made a discretionary employer match for 2021. The Company has resumed its QACA status for fiscal 2022. The Company recognized $ 2.0 million, $ 1.5 million and $ 0.3 million of expense under the 401(k) Plan in fiscal 2021, 2020 and 2019, respectively. |
Registered Direct Offering - Co
Registered Direct Offering - Common Stock | 12 Months Ended |
Jan. 29, 2022 | |
Equity [Abstract] | |
Registered Direct Offering - Common Stock | K. REGISTERED DIRECT OFFERING - COMMON STOCK On February 5, 2021, the Company sold, pursuant to a stock purchase agreement and through a registered direct offering, an aggregate of 11,111,111 shares of its common stock, for a gross purchase price of $ 5.0 million, before payment of offering costs of $ 0.6 million. The Company used the net proceeds from the offering for working capital and other general corporate purposes. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jan. 29, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | L. SUBSEQUENT EVENT On March 15, 2022, the Company’s Board of Directors approved a stock repurchase program. Under the stock repurchase program, the Company may repurchase up to $ 15.0 million of its common stock through open market and privately negotiated transactions. The timing and the amount of any repurchases of common stock will be determined based on the Company’s evaluation of market conditions and other factors. The stock repurchase program is expected to commence in the first quarter of fiscal 2022 and will expire on March 15, 2023 , but may be suspended, terminated or modified at any time for any reason. The Company expects to finance the repurchases from operating funds and/or periodic borrowings on its credit facility. Any shares of repurchased common stock will be held as treasury stock. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 29, 2022 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Destination XL Group, Inc. (collectively with its subsidiaries referred to as the “Company”) is the largest specialty retailer in the United States of big & tall men’s clothing and shoes. The Company operates under the trade names of Destination XL ® , DXL ® , DXL Men’s Apparel, DXL Outlets ® , Casual Male XL ® and Casual Male XL Outlets. At January 29, 2022, the Company operated 220 DXL stores, 35 Casual Male XL stores, 19 Casual Male XL outlets and 16 DXL outlets located throughout the United States, including a store in Canada and an e-commerce site, www.dxl.com, and a mobile app. |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts, transactions and profits are eliminated. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from estimates. |
Impact of COVID-19 Pandemic on Business | Impact of COVID-19 Pandemic on Business On March 11, 2020, the World Health Organization declared the current outbreak of a novel coronavirus disease (“COVID-19”) as a global pandemic. Because the pandemic had a material impact on the Company's business in fiscal 2020, results for fiscal 2021 may not be comparable to the results for fiscal 2020. While there were positive signs of recovery in fiscal 2021, the duration and continuing impact of the COVID-19 pandemic and its variants on the global economy remains uncertain and could continue to have a material impact on the Company’s results of operations, financial condition and cash flows. |
Segment Reporting | Segment Reporting The Company has three principal operating segments: its stores, direct and wholesale businesses. The Company considers its stores and direct operating segments to be similar in terms of economic characteristics, production processes and operations, and has therefore aggregated them into one reportable segment, retail segment, consistent with its omni-channel business approach. Due to the immateriality of the wholesale segment’s revenues, profits and assets, its operating results are aggregated with the retail segment for all periods. |
Fiscal Year | Fiscal Year The Company’s fiscal year is a 52-week or 53-week period ending on the Saturday closest to January 31. Fiscal 2021, fiscal 2020, and fiscal 2019 were each 52-week periods, which ended on January 29, 2022, January 30, 2021 and February 1, 2020, respectively. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash in banks and short-term investments, which have a maturity of ninety days or less when acquired. Included in cash equivalents are credit card and debit card receivables from banks, which generally settle within two to four business days. |
Accounts Receivable | Accounts Receivable Accounts receivable primarily includes amounts due for rebates from certain vendors and amounts due from wholesale customers. For fiscal 2021, fiscal 2020 and fiscal 2019 , the Company did not incur any losses on its accounts receivable. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments, requires disclosure of the fair value of certain financial instruments. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short maturity of these instruments. ASC Topic 820, Fair Value Measurements and Disclosures , defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements. The valuation techniques utilized are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related asset or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. The Company utilizes observable market inputs (quoted market prices) when measuring fair value whenever possible. Stores that have indicators of impairment and fail the recoverability test (based on undiscounted cash flows) are measured for impairment by comparing the fair value of the assets against their carrying value. Fair value of the assets is estimated using a projected discounted cash flow analysis and is classified within Level 3 of the valuation hierarchy. See Impairment of Long-Lived Assets below. |
Inventories | Inventories All inventories are valued at the lower of cost or market, using a weighted-average cost method. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Major additions and improvements are capitalized while repairs and maintenance are charged to expense as incurred. Upon retirement or other disposition, the cost and related accumulated depreciation of the assets are removed from the accounts and the resulting gain or loss, if any, is reflected in the results of operations. Depreciation is computed on the straight-line method over the assets’ estimated useful lives as follows: Furniture and fixtures Five to ten years Equipment Five to ten years Leasehold improvements Lesser of useful lives or related lease term Hardware and software Three to seven years |
Intangibles | Intangibles Domain Name In fiscal 2018, the Company purchased the rights to the domain name “dxl.com.” The domain name has a carrying value of $ 1.2 million and is considered an indefinite-lived asset. At each reporting period, management analyzes current events and circumstances to determine whether the indefinite life classification continues to be valid. At least annually, during the fourth quarter or whenever events or changes in circumstances indicate the carrying value may not be fully recoverable, the intangible is assessed for impairment using a quantitative impairment model. In the fourth quarter of fiscal 2021, the domain name was assessed for potential impairment and the Company concluded that the domain name was not impaired. |
Pre-opening Costs | Pre-opening Costs The Company expenses all pre-opening costs for its stores as incurred. |
Advertising Costs | Advertising Costs The Company expenses in-store advertising costs as incurred. Television advertising costs, if any, are expensed in the period in which the advertising is first aired. Direct response advertising costs, if any, are deferred and amortized over the period of expected direct marketing revenues, which is less than one year . There were no deferred direct response costs at January 29, 2022 and January 30, 2021. Advertising expense, which is included in selling, general and administrative expenses, was $ 24.0 million, $ 11.9 million and $ 22.9 million for fiscal 2021, 2020 and 2019, respectively. |
Revenue Recognition | Revenue Recognition The Company’s accounting policies with respect to revenue recognition are discussed in Note B, “ Revenue Recognition. ” |
Foreign Currency Translation | Foreign Currency Translation At January 29, 2022 , the Company had one store located in Toronto, Canada. Assets and liabilities for this store were translated into U.S. dollars at the exchange rates in effect at each balance sheet date. Stockholders’ equity (deficit) was translated at applicable historical exchange rates. Income, expense and cash flow items were translated at average exchange rates during the period. Resulting translation adjustments were reported as a separate component of stockholders’ equity (deficit). The Company's store in Toronto, Canada was closed subsequent to the end of fiscal 2021. During fiscal 2019, the Company closed its Rochester Clothing store in London, England. In connection with exiting its operations in England, the Company recognized a total charge of $ 1.7 million, which included the recognition of the associated accumulated foreign currency translation adjustment of $ 0.8 million as an expense in fiscal 2019. See “ Accumulated Other Comprehensive Income (Loss) – (“AOCI”) ” below. The remainder of the charge primarily related to lease termination and inventory liquidation costs. |
Accumulated Other Comprehensive Income (Loss) - ("AOCI") | Accumulated Other Comprehensive Income (Loss) – (“AOCI”) Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for fiscal 2021, fiscal 2020 and fiscal 2019 are as follows: Fiscal 2021 Fiscal 2020 Fiscal 2019 (in thousands) Pension Foreign Total Pension Foreign Total Pension Foreign Total Balance at beginning of fiscal year $ ( 6,224 ) $ 3 $ ( 6,221 ) $ ( 6,478 ) $ 47 $ ( 6,431 ) $ ( 5,521 ) $ ( 662 ) $ ( 6,183 ) Other comprehensive income (loss) 799 ( 62 ) 737 ( 428 ) ( 44 ) ( 472 ) ( 1,598 ) ( 83 ) ( 1,681 ) Recognition of accumulated foreign currency translation adjustment (1) — — — — — — — 792 792 Amounts reclassified from accumulated (2) ( 41 ) — ( 41 ) 682 — 682 641 — 641 Other comprehensive income 758 ( 62 ) 696 254 ( 44 ) 210 ( 957 ) 709 ( 248 ) Balance at end of fiscal year $ ( 5,466 ) $ ( 59 ) $ ( 5,525 ) $ ( 6,224 ) $ 3 $ ( 6,221 ) $ ( 6,478 ) $ 47 $ ( 6,431 ) (1) In connection with the Company’s closing of its Rochester Clothing store in London, England and exiting its London operations, the Company recognized the accumulated foreign currency translation adjustment as an expense and it was included in “Exit costs associated with London operations” on the Consolidated Statement of Operations for fiscal 2019. (2) Includes the amortization of the unrecognized (gain)/loss on pension plans, which was charged to “Selling, General and Administrative” expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $ 682,000 and $ 641,000 for fiscal 2020 and fiscal 2019, respectively. For fiscal 2021, the Company recognized income of $ 41,000 , as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for any period. |
Income Taxes | Income Taxes Deferred income taxes are provided to recognize the effect of temporary differences between tax and financial statement reporting. Such taxes are provided for using enacted tax rates expected to be in place when such temporary differences are realized. A valuation allowance is recorded to reduce deferred tax assets if it is determined that it is more likely than not that the full deferred tax asset would not be realized. If it is subsequently determined that a deferred tax asset will more likely than not be realized, a credit to earnings is recorded to reduce the allowance. ASC Topic 740, Income Taxes (“ASC 740”) clarifies a company’s accounting for uncertain income tax positions that are recognized in its financial statements and also provides guidance on a company’s de-recognition of uncertain positions, financial statement classification, accounting for interest and penalties, accounting for interim periods, and disclosure requirements. In accordance with ASC 740, the Company will recognize the benefit from a tax position only if it is more likely than not that the position would be sustained upon audit based solely on the technical merits of the tax position. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense in its Consolidated Statement of Operations. The Company has not accrued or paid interest or penalties in amounts that were material to its results of operations for fiscal 2021, fiscal 2020 and fiscal 2019. The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. The Company has concluded all U.S. federal income tax matters for years through fiscal 2001, with remaining fiscal years subject to income tax examination by federal tax authorities. |
Net Loss Per Share | Net Income (Loss) Per Share Basic earnings per share are computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share is determined by giving effect to unvested shares of restricted stock, deferred stock and restricted stock units (RSUs) and the exercise of stock options using the treasury stock method. The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share: FISCAL YEARS ENDED January 29, 2022 January 30, 2021 February 1, 2020 (in thousands ) Common stock outstanding: Basic weighted average common shares 63,401 51,317 49,992 Common stock equivalents – stock options, (1) 4,630 — — Diluted weighted average common shares 68,031 51,317 49,992 (1) Common stock equivalents, in thousands, of 159 shares and 408 shares for January 30, 2021 and February 1, 2020 , respectively, were excluded due to the net loss. The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each year because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or because the unearned compensation associated with either stock options, RSUs, restricted or deferred stock had an anti-dilutive effect. FISCAL YEARS ENDED January 29, 2022 January 30, 2021 February 1, 2020 (in thousands, except exercise prices) Stock options (time-vested) 302 3,648 755 RSUs (time-vested) — 812 560 Deferred stock — 191 114 Range of exercise prices of such options $ 4.19 -$ 5.50 $ 0.53 - $ 7.02 $ 1.85 - $ 7.02 Excluded from the computation of basic and diluted earnings per share for fiscal 2021 were 240,000 shares of unvested performance stock units. For fiscal 2020 and fiscal 2019 720,000 shares of unvested performance stock units were excluded. These performance-based awards will be included in the computation of basic and diluted earnings per share if, and when, the respective performance targets are achieved. In addition, deferred stock of 435,568 shares for fiscal 2021 and fiscal 2020 and 295,604 shares for fiscal 2019 were excluded from basic earnings per share. Outstanding shares of deferred stock are not considered issued and outstanding until the vesting date of the deferral period and are excluded from basic earnings per share until such shares are issued. |
Stock-based Compensation | Stock-based Compensation ASC Topic 718, Compensation – Stock Compensation , requires measurement of compensation cost for all stock awards at fair value on date of grant and recognition of compensation over the service period for awards expected to vest. The fair value of stock options is determined using the Black-Scholes valuation model and requires the input of subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (the “expected term”), the estimated volatility of the Company’s common stock price over the expected term and the number of options that will ultimately not complete their vesting requirements (“forfeitures”). As required under the accounting rules, the Company reviews its valuation assumptions at each grant date and, as a result, is likely to change its valuation assumptions used to value employee stock-based awards granted in future periods. The values derived from using the Black-Scholes model are recognized as expense over the vesting period, net of estimated forfeitures. The estimation of stock awards that will ultimately vest requires judgment. Actual results, and future changes in estimates, may differ from the Company’s current estimates. The Company recognized total stock-based compensation expense, with no tax effect, of $ 1.2 million, $ 1.4 million and $ 1.9 million for fiscal 2021, fiscal 2020 and fiscal 2019, respectively. The total stock-based compensation cost related to time-vested awards not yet recognized as of January 29, 2022 was approximately $ 1.6 million and will be expensed over a weighted average remaining life of approximately 24 months. The total grant-date fair value of awards vested was $ 1.7 million, $ 1.5 million and $ 3.0 million for fiscal 2021, fiscal 2020 and fiscal 2019, respectively. Any excess tax benefits resulting from the exercise of stock options or the release of restricted shares are recognized as a component of income tax expense. Valuation Assumptions for Stock Options The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model based on the following assumptions in the table. The fair value of each non-vested share is equal to the closing price of the Company’s stock on the date of grant. The weighted-average fair value of options granted and non-vested shares granted shown below does not include shares or deferred stock granted to directors in lieu of compensation. Fiscal years ended: January 29, 2022 January 30, 2021 February 1, 2020 Expected volatility 97.4 % - 104.9 % 82.3 % - 87.8 % - Risk-free interest rate 0.31 % - 0.60 % 0.22 % - 0.27 % - Expected life (in years) 3.0 - 4.0 3.0 - 4.0 - Dividend rate - - - Weighted average fair value of options granted $ 0.47 $ 0.32 - Weighted average fair value of non-vested shares granted - - $ 1.73 Expected volatilities are based on historical volatilities of the Company’s common stock; the expected life represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and historical exercise patterns; and the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company recorded a gain of $ 2.3 million in fiscal 2021 against previously recorded impairment charges. Fiscal 2020 and fiscal 2019 included net impairment charges of $ 14.8 million and $ 0.9 million , respectively. The Company reviews its long-lived assets for events or changes in circumstances that might indicate the carrying amount of the assets may not be recoverable. The Company’s judgment regarding the identification of impairment indicators is based on operational performance at the store level. Factors considered by the Company that could result in an impairment triggering event include significant changes in the use of assets, a current period operating or cash flow loss, underperformance of a store relative to historical or expected operating results, and an accumulation of costs significantly in excess of the amount originally expected for the construction of the long-lived store assets. The Company assesses the recoverability of the assets by determining whether the carrying value of such assets over their respective remaining lives can be recovered through projected undiscounted future cash flows. The model for undiscounted future cash flows includes assumptions, at the individual store level, with respect to expectations for future sales and gross margin rates as well as an estimate for occupancy costs used to estimate the fair value of the respective store’s operating lease right-of-use asset. The amount of impairment, if any, is measured based on projected discounted future cash flows using a discount rate reflecting the Company’s average cost of funds. With respect to the impairment charges taken on operating lease right-of-use assets, if the Company subsequently makes a decision to close previously impaired stores and a gain is realized as a result of the reevaluation of the existing lease liabilities, to the extent the gain related to previously recorded impairment charges against the right-of-use assets, the gain will be included as an offset to asset impairment charges with the remainder included as a reduction in store occupancy costs. For fiscal 2021, the Company recognized a non-cash gain of $ 2.7 million related to the Company’s decision to close certain retail stores, with $ 2.3 million of the gain included as an offset to asset impairment charges and the remaining $ 0.4 million of the gain included as a reduction of store occupancy costs. For fiscal 2020, the Company recorded a total asset impairment charge of $ 14.8 million, which included $ 4.1 million for the write-down of store assets and $ 10.7 million for the net write-down of operating lease right-of-use assets. Included in the write-down of operating lease right-of-use assets of $ 10.7 million was a non-cash gain of $ 2.6 million related to closed stores, which had previously been impaired. The asset impairment charge for fiscal 2019 was $ 0.9 million, which included $ 0.7 million for the write-down of operating lease right-of-use assets and $ 0.2 million for the write-down of store assets. |
Leases | Leases The Company adopted ASU 2016-02, “ Leases (Topic 842) ” in fiscal 2019 on a modified retrospective basis and applied the new standard to all leases through a cumulative-effect adjustment to beginning accumulated deficit. Under ASC 842, the Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments, initial direct costs and any lease incentives are included in the value of those right-of use assets. As the interest rate implicit in the Company’s leases is not readily determinable, the Company utilizes its incremental borrowing rate, based on information available at the lease measurement date to determine the present value of future payments. The Company elected the lessee non-lease component separation practical expedient, which permits the Company to not separate non-lease components from the lease components to which they relate. The Company also made an accounting policy election that the recognition requirement of ASC 842 will not be applied to certain, if any, non-store leases with a term of 12 months or less, recognizing those lease payments on a straight-line basis over the lease term. At January 29, 2022 , the Company had no short-term leases. The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For stores leases with an initial term of 5 years, the Company evaluates each lease independently and, only when the Company considers it reasonably certain that it will exercise an option to extend, will the associated payment of that option be included in the measurement of the right-of-use asset and lease liability . Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20 -year term . At the end of the initial term, the Company will have the opportunity to extend this lease for six additional successive periods of five years . For store leases, the Company accounts for lease components and non-lease components as a single lease component. Certain store leases may require additional payments based on sales volume, as well as reimbursement for real estate taxes, common area maintenance and insurance, and are expensed as incurred as variable lease costs. Other store leases contain one periodic fixed lease payment that includes real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the right-of-use assets and lease liabilities. Tenant allowances are included as an offset to the right-of-use asset and amortized as reductions to rent expense over the associated lease term. See Note E ‘‘ Leases ’’ for additional information. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements No new accounting pronouncements, issued or effective during fiscal 2021, have had or are expected to have a significant impact on the Company’s Consolidated Financial Statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Accounting Policies [Abstract] | |
Estimated Useful Life of Property and Equipment | Depreciation is computed on the straight-line method over the assets’ estimated useful lives as follows: Furniture and fixtures Five to ten years Equipment Five to ten years Leasehold improvements Lesser of useful lives or related lease term Hardware and software Three to seven years |
Other Comprehensive Income (loss) and Reclassifications from AOCI | Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for fiscal 2021, fiscal 2020 and fiscal 2019 are as follows: Fiscal 2021 Fiscal 2020 Fiscal 2019 (in thousands) Pension Foreign Total Pension Foreign Total Pension Foreign Total Balance at beginning of fiscal year $ ( 6,224 ) $ 3 $ ( 6,221 ) $ ( 6,478 ) $ 47 $ ( 6,431 ) $ ( 5,521 ) $ ( 662 ) $ ( 6,183 ) Other comprehensive income (loss) 799 ( 62 ) 737 ( 428 ) ( 44 ) ( 472 ) ( 1,598 ) ( 83 ) ( 1,681 ) Recognition of accumulated foreign currency translation adjustment (1) — — — — — — — 792 792 Amounts reclassified from accumulated (2) ( 41 ) — ( 41 ) 682 — 682 641 — 641 Other comprehensive income 758 ( 62 ) 696 254 ( 44 ) 210 ( 957 ) 709 ( 248 ) Balance at end of fiscal year $ ( 5,466 ) $ ( 59 ) $ ( 5,525 ) $ ( 6,224 ) $ 3 $ ( 6,221 ) $ ( 6,478 ) $ 47 $ ( 6,431 ) (1) In connection with the Company’s closing of its Rochester Clothing store in London, England and exiting its London operations, the Company recognized the accumulated foreign currency translation adjustment as an expense and it was included in “Exit costs associated with London operations” on the Consolidated Statement of Operations for fiscal 2019. (2) Includes the amortization of the unrecognized (gain)/loss on pension plans, which was charged to “Selling, General and Administrative” expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $ 682,000 and $ 641,000 for fiscal 2020 and fiscal 2019, respectively. For fiscal 2021, the Company recognized income of $ 41,000 , as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for any period. |
Reconciliation of Number of Shares Outstanding for Basic and Diluted Earnings Per Share | The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share: FISCAL YEARS ENDED January 29, 2022 January 30, 2021 February 1, 2020 (in thousands ) Common stock outstanding: Basic weighted average common shares 63,401 51,317 49,992 Common stock equivalents – stock options, (1) 4,630 — — Diluted weighted average common shares 68,031 51,317 49,992 (1) Common stock equivalents, in thousands, of 159 shares and 408 shares for January 30, 2021 and February 1, 2020 , respectively, were excluded due to the net loss. |
Potential Common Stock Equivalents Excluded from Computation of Diluted Earnings Per Share | The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each year because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or because the unearned compensation associated with either stock options, RSUs, restricted or deferred stock had an anti-dilutive effect. FISCAL YEARS ENDED January 29, 2022 January 30, 2021 February 1, 2020 (in thousands, except exercise prices) Stock options (time-vested) 302 3,648 755 RSUs (time-vested) — 812 560 Deferred stock — 191 114 Range of exercise prices of such options $ 4.19 -$ 5.50 $ 0.53 - $ 7.02 $ 1.85 - $ 7.02 |
Valuation Assumptions for Stock Options | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model based on the following assumptions in the table. The fair value of each non-vested share is equal to the closing price of the Company’s stock on the date of grant. The weighted-average fair value of options granted and non-vested shares granted shown below does not include shares or deferred stock granted to directors in lieu of compensation. Fiscal years ended: January 29, 2022 January 30, 2021 February 1, 2020 Expected volatility 97.4 % - 104.9 % 82.3 % - 87.8 % - Risk-free interest rate 0.31 % - 0.60 % 0.22 % - 0.27 % - Expected life (in years) 3.0 - 4.0 3.0 - 4.0 - Dividend rate - - - Weighted average fair value of options granted $ 0.47 $ 0.32 - Weighted average fair value of non-vested shares granted - - $ 1.73 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Accordingly, the Company has determined that the following sales channels depict the nature, amount, timing, and uncertainty of how revenue and cash flows are affected by economic factors for each of the following fiscal years: (in thousands) Fiscal 2021 Fiscal 2020 Fiscal 2019 Store sales $ 344,761 69.0 % $ 180,143 59.6 % $ 354,929 76.9 % Direct sales 154,891 31.0 % 122,206 40.4 % 106,585 23.1 % Retail segment 499,652 100.0 % 302,349 100.0 % 461,514 100.0 % Wholesale segment 5,369 16,597 12,524 Total sales $ 505,021 $ 318,946 $ 474,038 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following at the dates indicated: (in thousands) January 29, 2022 January 30, 2021 Furniture and fixtures $ 75,358 $ 76,770 Equipment 23,299 23,083 Leasehold improvements 115,821 117,394 Hardware and software 102,950 100,771 Construction in progress 2,376 1,884 319,804 319,902 Less: accumulated depreciation 275,362 263,350 Total property and equipment, net $ 44,442 $ 56,552 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings and Repayments under Credit Facilities | Borrowings and repayments under the credit facilities for fiscal 2021, fiscal 2020 and fiscal 2019 were as follows: (in thousands) Fiscal 2021 Fiscal 2020 Fiscal 2019 Borrowings $ 40,297 $ 64,226 $ 152,336 Repayments ( 100,030 ) ( 44,071 ) ( 155,026 ) Net borrowings (repayments) $ ( 59,733 ) $ 20,155 $ ( 2,690 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Leases [Abstract] | |
Summary of Components of Lease Cost | The following table is a summary of the Company’s components of lease cost for fiscal 2021, fiscal 2020 and fiscal 2019: Fiscal 2021 Fiscal 2020 Fiscal 2019 (in thousands) Operating lease cost $ 43,921 $ 47,076 $ 53,051 Variable lease costs (1) 13,290 14,391 16,248 Total lease costs $ 57,211 $ 61,467 $ 69,299 (1) Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases. |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow and balance sheet information related to leases for fiscal 2021, fiscal 2020 and fiscal 2019 is as follows: (in thousands) Fiscal 2021 Fiscal 2020 Fiscal 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases (1) $ 57,816 $ 47,330 $ 58,046 Non-cash operating activities: Right-of-use assets obtained in exchange for operating lease liabilities $ 30,777 $ 645 $ 5,401 Net decrease in right-of-use assets due to lease modifications $ — $ ( 6,463 ) $ — Weighted average remaining lease term 4.3 yrs. 4.5 yrs. 5.4 yrs. Weighted average discount rate 6.91 % 6.47 % 7.10 % (1) The decrease in cash payments for fiscal 2020 as compared to fiscal 2021 and fiscal 2019 was primarily due to rent abatements and deferments negotiated during fiscal 2020 in response to the COVID-19 pandemic. |
Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities | The table below reconciles the undiscounted cash flows for each of the next five years and thereafter to the operating lease liabilities recorded on the Consolidated Balance Sheet as of January 29, 2022: (in thousands) 2022 $ 45,667 2023 45,828 2024 36,301 2025 27,977 2026 15,214 Thereafter 9,722 Total minimum lease payments $ 180,709 Less: amount of lease payments representing interest 25,104 Present value of future minimum lease payments $ 155,605 Less: current obligations under leases 35,191 Noncurrent lease obligations $ 120,414 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Net Deferred Tax Assets | The components of the net deferred tax assets as of January 29, 2022 and January 30, 2021 were as follows (in thousands): January 29, 2022 January 30, 2021 Deferred tax assets, net: Net operating loss carryforward $ 36,790 $ 50,197 Accrued expenses and other 5,223 2,706 Operating lease liabilities 40,301 45,557 Goodwill and intangibles 11 87 Unrecognized loss on pension and pension expense 1,883 2,067 Inventory reserves 1,054 1,002 Foreign tax credit carryforward 486 486 Federal wage tax credit carryforward 824 824 State tax credits 147 147 Operating lease right-of-use assets ( 33,103 ) ( 34,365 ) Property and equipment ( 3,597 ) ( 5,605 ) Subtotal $ 50,019 $ 63,103 Valuation allowance ( 50,019 ) ( 63,103 ) Net deferred tax assets $ — $ — |
Provision for Income Taxes | The provision for income taxes consisted of the following: FISCAL YEARS ENDED January 29, 2022 January 30, 2021 February 1, 2020 (in thousands) Current: Federal $ — $ — $ — State 912 99 97 Foreign 5 7 8 917 106 105 Deferred: Federal — — — State — — — Foreign — — — — — — Total provision $ 917 $ 106 $ 105 |
Reconciliation between Statutory and Effective Income Tax Rates | The following is a reconciliation between the statutory and effective income tax rates in dollars for the provision for income tax: FISCAL YEARS ENDED January 29, 2022 January 30, 2021 February 1, 2020 (in thousands) Federal income tax at the statutory rate $ 12,102 $ ( 13,531 ) $ ( 1,615 ) State taxes, net of federal tax benefit 721 78 77 Section 162(m) limitation 1,375 197 541 Permanent items ( 893 ) 245 277 Change in valuation allowance (1) ( 12,421 ) 13,167 850 Other, net 33 ( 50 ) ( 25 ) Total provision $ 917 $ 106 $ 105 (1) The change in valuation allowance excludes the amounts allocable to state income tax, which is presented in State taxes, net of federal tax benefit, and other comprehensive income. The change in valuation allowance in fiscal 2019 was impacted by the adoption of ASC 842 in the tax-effected amount of $ 1.4 million. |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common Stock Shares Issued to Non-Employee Directors as Compensation | The following shares of common stock, with the respective fair value, were issued from the Non-Employee Director Compensation Plan to its non-employee directors as compensation for fiscal 2021, fiscal 2020 and fiscal 2019: Number of shares of stock issued Fair value of Fiscal 2021 232,910 $ 374,227 Fiscal 2020 187,897 $ 75,065 Fiscal 2019 37,113 $ 69,991 |
Employee Stock Plan, 2006 Plan and 2016 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Option Activity | The following tables summarize the stock option activity under the Company’s 2006 Plan and 2016 Plan, on an aggregate basis, for fiscal 2021: Number of Weighted-average Weighted-average Aggregate Stock Options Outstanding options at beginning of year 3,647,581 $ 1.09 $ 811 Options granted (1) 1,518,154 0.71 — Options canceled or expired ( 22,542 ) 4.19 — Options exercised (2) ( 521,643 ) 1.49 2,493 Outstanding options at end of year 4,621,550 $ 0.90 8.2 yrs. $ 16,067 Options exercisable at end of year 751,743 $ 2.42 5.6 yrs. $ 1,662 Vested and expected to vest at end of year 4,621,550 $ 0.90 8.2 yrs. $ 16,067 (1) Primarily represents the grant of stock options to purchase an aggregate of 1,078,913 shares of the Company's common stock, at an exercise price of $ 0.69 per share, in connection with the time-based grant of awards under its 2021-2023 LTIP, see Note H, Long-Term Incentive Plans . In March 2021, the Company also granted to active participants of the LTIP a discretionary grant of stock options to purchase an aggregate of 414,337 shares of the Company's common stock, at an exercise price of $ 0.75 per share, which vest over 3 years . (2) As a result of net share settlements, of the 521,643 stock options exercised, only 389,838 shares of common stock were issued. |
Employee Stock Plan, 2006 Plan, 2016 Plan and Inducement Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Stock Activity | The following table summarizes activity for non-vested shares under the Company’s 2006 Plan and 2016 Plan, on an aggregate basis, for fiscal 2021: RSUs (1) Deferred (2) Performance Share (3) Total number Weighted-average Shares Outstanding non-vested shares at beginning of year 815,292 435,568 720,000 1,970,860 $ 1.69 Shares granted 8,054 — — 8,054 0.66 Shares vested/issued ( 308,055 ) — ( 480,000 ) ( 788,055 ) 1.85 Outstanding non-vested shares at end of year 515,291 435,568 240,000 1,190,859 $ 1.57 Vested and expected to vest at end of year 515,291 435,568 — 950,859 (1) During fiscal 2021, the vesting of RSUs was primarily related to the time-based awards under the Company’s LTIP plans, see Note H, Long-Term Incentive Plans . (2) Represents compensation to certain directors, in lieu of cash, in accordance with their irrevocable elections. During fiscal 2021, all equity issued to directors for compensation, in lieu of cash, was issued only from the Non-Employee Director Compensation Plan. The outstanding deferred shares will be issued upon the director’s separation from service. (3) The 720,000 shares of performance stock units (“PSUs”), with a fair value of $ 1.0 million, represent a sign-on grant in fiscal 2019 to Mr. Kanter. The PSUs vest in installments when the following milestones are met: one-third of the PSUs vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $ 4.00 , one-third of the PSUs vest when the VWAP is $ 6.00 , and one-third when the VWAP is $ 8.00 . During fiscal 2021, 480,000 PSUs vested as a result of achieving a VWAP of $ 4.00 per share and $ 6.00 per share. As a result of net share settlement, of the 480,000 PSUs that vested, only 327,120 shares of common stock were issued. The remaining 240,000 PSUs will expire on April 1, 2023 if the $ 8.00 VWAP is not achieved by that date. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Estimated Future Benefits for Next Ten Fiscal Years | The estimated future benefits for the next ten fiscal years are as follows: Total FISCAL YEAR (in thousands) 2022 $ 908 2023 922 2024 916 2025 907 2026 916 2027-2031 4,502 |
Fair Value of Noncontributory Defined Benefit Retirement Plan Assets | The fair values of the Company’s noncontributory defined benefit retirement plan assets at the end of fiscal 2021 and fiscal 2020, by asset category, were as follows: Fair Value Measurement January 29, 2022 January 30, 2021 (in thousands) Quoted Prices Significant Significant Unobservable 3) Total Quoted Prices in Active Markets 1) Significant Significant Unobservable 3) Total Asset category: Mutual Funds: U.S. Equity $ 4,446 — — $ 4,446 $ 4,071 — — $ 4,071 International Equity 3,254 — — 3,254 2,939 — — 2,939 Fixed Income 3,486 — — 3,486 3,527 — — 3,527 Cash 107 — — 107 814 — — 814 Total $ 11,293 $ — $ — $ 11,293 $ 11,351 $ — $ — $ 11,351 |
Target Asset Allocation | The Company’s target asset allocation for fiscal 2022 and its asset allocation at January 29, 2022 and January 30, 2021 were as follows, by asset category: Target Allocation Percentage of plan assets at Fiscal 2022 January 29, 2022 January 30, 2021 Asset category: Equity securities 63.0 % 68.2 % 61.7 % Debt securities 35.0 % 30.9 % 31.1 % Cash 2.0 % 0.9 % 7.2 % Total 100.0 % 100.0 % 100.0 % |
Noncontributory Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Retirement Plan's Funded Status | The following table sets forth the Pension Plan’s funded status at January 29, 2022 and January 30, 2021: January 29, 2022 January 30, 2021 in thousands Change in benefit obligation: Balance at beginning of period $ 15,864 $ 16,217 Benefits and expenses paid ( 839 ) ( 877 ) Interest costs 373 430 Settlements ( 353 ) ( 410 ) Actuarial (gain) loss ( 684 ) 504 Balance at end of year $ 14,361 $ 15,864 Change in fair value of plan assets: Balance at beginning of period $ 11,351 $ 11,483 Actual return on plan assets 512 544 Employer contributions 622 611 Settlements ( 353 ) ( 410 ) Benefits and expenses paid ( 839 ) ( 877 ) Balance at end of period $ 11,293 $ 11,351 Reconciliation of funded status: Projected benefit obligation $ 14,361 $ 15,864 Fair value of plan assets 11,293 11,351 Unfunded status $ ( 3,068 ) $ ( 4,513 ) Balance sheet classification: Other long-term liabilities $ 3,068 $ 4,513 |
Total Plan Expense, Other Amounts, and Other Changes Recognized in Accumulated Other Comprehensive Loss | Total plan expense and other amounts recognized in accumulated other comprehensive loss for the years ended January 29, 2022, January 30, 2021 and February 1, 2020 include the following components: January 29, 2022 January 30, 2021 February 1, 2020 Net pension cost: (in thousands) Interest cost on projected benefit obligation $ 373 $ 430 $ 581 Expected return on plan assets ( 728 ) ( 737 ) ( 724 ) Amortization of unrecognized loss 314 989 784 Net pension cost $ ( 41 ) $ 682 $ 641 Other changes recognized in other comprehensive loss, : Unrecognized losses at the beginning of the year $ 6,914 $ 7,206 $ 6,303 Net periodic pension cost 41 ( 682 ) ( 641 ) Employer contribution 622 611 420 Change in plan assets and benefit obligations ( 1,445 ) ( 221 ) 1,124 Unrecognized losses at the end of year $ 6,132 $ 6,914 $ 7,206 |
Supplemental Executive Retirement Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Retirement Plan's Funded Status | The following table sets forth the SERP’s funded status at January 29, 2022 and January 30, 2021: January 29, 2022 January 30, 2021 in thousands Change in benefit obligation: Balance at beginning of period $ 563 $ 547 Benefits and expenses paid ( 40 ) ( 38 ) Interest costs 12 14 Actuarial (gain) loss ( 21 ) 40 Balance at end of year $ 514 $ 563 Change in fair value of plan assets: Balance at beginning of period $ — $ — Employer contributions 40 38 Benefits and expenses paid ( 40 ) ( 38 ) Balance at end of period $ — $ — Projected benefit obligation $ 514 $ 563 Reconciliation of funded status: Projected benefit obligation $ 514 $ 563 Fair value of plan assets — — Unfunded Status $ ( 514 ) $ ( 563 ) Balance sheet classification: Other long-term liabilities $ 514 $ 563 |
Total Plan Expense, Other Amounts, and Other Changes Recognized in Accumulated Other Comprehensive Loss | Other changes recognized in other comprehensive loss, before taxes ( in thousands ): January 29, 2022 January 30, 2021 February 1, 2020 in thousands Other changes recognized in other comprehensive loss, before taxes: Unrecognized losses at the beginning of the year $ 120 $ 82 $ 28 Net periodic pension cost ( 16 ) ( 15 ) ( 19 ) Employer contribution 40 38 33 Change in benefit obligations ( 49 ) 15 40 Unrecognized losses at the end of year $ 95 $ 120 $ 82 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |||
Jan. 29, 2022USD ($)StoreRenewalOptionSegmentshares | Jan. 30, 2021USD ($)shares | Feb. 01, 2020USD ($)shares | Feb. 02, 2019USD ($) | |
Accounting Policies [Line Items] | ||||
Number of reportable segments | Segment | 1 | |||
Number of operating segments | Segment | 3 | |||
Direct response advertising costs, amortization period | 1 year | |||
Direct response costs deferred | $ 0 | $ 0 | ||
Shares excluded from computation of basic and diluted earnings per share | shares | 159,000 | 408,000 | ||
Stock compensation expense | 1,229,000 | $ 1,446,000 | $ 1,922,000 | |
Total grant-date fair value of options vested | 1,700,000 | 1,500,000 | 3,000,000 | |
Gain on impairment charges | 2,300,000 | |||
Impairment charge | 14,800,000 | 900,000 | ||
Impairment of operating lease right-of-use asset | 10,700,000 | 700,000 | ||
Store occupancy cost offset amount | 400,000 | |||
Operating lease right-of-use asset impairment charge offset amount | 2,600,000 | |||
Non-cash gain on closing of retail stores | $ 2,700,000 | |||
Short term leases | 0 | |||
Operating lease, option to extend | Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20-year term | |||
Store | ||||
Accounting Policies [Line Items] | ||||
Operating lease, option to extend | The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For stores leases with an initial term of 5 years, the Company evaluates each lease independently and, only when the Company considers it reasonably certain that it will exercise an option to extend, will the associated payment of that option be included in the measurement of the right-of-use asset and lease liability | |||
Operating lease renewal term | 5 years | |||
Corporate Headquarter | ||||
Accounting Policies [Line Items] | ||||
Operating lease renewal term | 5 years | |||
Operating lease initial term | 20 years | |||
Number of renewal options | RenewalOption | 6 | |||
Store Assets | ||||
Accounting Policies [Line Items] | ||||
Impairment charge | $ 4,100,000 | $ 200,000 | ||
Performance Stock Units | ||||
Accounting Policies [Line Items] | ||||
Shares excluded from computation of basic and diluted earnings per share | shares | 240,000 | 720,000 | 720,000 | |
Deferred Stock | ||||
Accounting Policies [Line Items] | ||||
Shares excluded from computation of basic and diluted earnings per share | shares | 435,568 | 435,568 | 295,604 | |
Time-Vested Awards | ||||
Accounting Policies [Line Items] | ||||
Unrecognized stock compensation cost | $ 1,600,000 | |||
Unrecognized stock compensation cost weighted average recognition period | 24 months | |||
Rochester Clothing Store Located in London | ||||
Accounting Policies [Line Items] | ||||
Total charge recognized in exiting operations in England | $ 1,700,000 | |||
Accumulated foreign currency translation adjustment, recognized | 800,000 | |||
Selling, General and Administrative Expenses | ||||
Accounting Policies [Line Items] | ||||
Advertising expenses | $ 24,000,000 | $ 11,900,000 | $ 22,900,000 | |
Domain Name (dxl.com) | ||||
Accounting Policies [Line Items] | ||||
Indefinite-lived intangible assets, carrying value | $ 1,200,000 | |||
Minimum | ||||
Accounting Policies [Line Items] | ||||
Credit card and debit card receivables from banks settlement period | 2 days | |||
Minimum | Store | ||||
Accounting Policies [Line Items] | ||||
Operating lease renewal term | 5 years | |||
Operating lease initial term | 5 years | |||
Maximum | ||||
Accounting Policies [Line Items] | ||||
Credit card and debit card receivables from banks settlement period | 4 days | |||
Maximum | Store | ||||
Accounting Policies [Line Items] | ||||
Operating lease renewal term | 5 years | |||
Operating lease initial term | 10 years | |||
Canada | ||||
Accounting Policies [Line Items] | ||||
Number of stores | Store | 1 | |||
DXL Stores | UNITED STATES | ||||
Accounting Policies [Line Items] | ||||
Number of stores | Store | 220 | |||
Casual Male XL Retail and Outlet Stores | UNITED STATES | ||||
Accounting Policies [Line Items] | ||||
Number of stores | Store | 35 | |||
Casual Male XL outlets | ||||
Accounting Policies [Line Items] | ||||
Number of stores | Store | 19 | |||
DXL Outlets | UNITED STATES | ||||
Accounting Policies [Line Items] | ||||
Number of stores | Store | 16 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Life of Property and Equipment (Details) | 12 Months Ended |
Jan. 29, 2022 | |
Furniture and Fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | 5 years |
Furniture and Fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | 10 years |
Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | 5 years |
Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | 10 years |
Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | Lesser of useful lives or related lease term |
Hardware And Software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | 3 years |
Hardware And Software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated useful life | 7 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Other Comprehensive Income (loss) and Reclassifications from AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (4,077) | $ 58,423 | $ 58,640 | |
Recognition of accumulated foreign currency translation adjustment (Note A) | 792 | |||
Other comprehensive income (loss), net of tax | 696 | 210 | (248) | |
Ending Balance | 58,219 | (4,077) | 58,423 | |
Pension Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (6,224) | (6,478) | (5,521) | |
Other comprehensive income (loss) before reclassifications, net of taxes | 799 | (428) | (1,598) | |
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes | [1] | (41) | 682 | 641 |
Other comprehensive income (loss), net of tax | 758 | 254 | (957) | |
Ending Balance | (5,466) | (6,224) | (6,478) | |
Foreign Currency | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 3 | 47 | (662) | |
Other comprehensive income (loss) before reclassifications, net of taxes | (62) | (44) | (83) | |
Recognition of accumulated foreign currency translation adjustment (Note A) | [2] | 792 | ||
Other comprehensive income (loss), net of tax | (62) | (44) | 709 | |
Ending Balance | (59) | 3 | 47 | |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (6,221) | (6,431) | (6,183) | |
Other comprehensive income (loss) before reclassifications, net of taxes | 737 | (472) | (1,681) | |
Recognition of accumulated foreign currency translation adjustment (Note A) | [2] | 792 | ||
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes | [1] | (41) | 682 | 641 |
Other comprehensive income (loss), net of tax | 696 | 210 | (248) | |
Ending Balance | $ (5,525) | $ (6,221) | $ (6,431) | |
[1] | Includes the amortization of the unrecognized (gain)/loss on pension plans, which was charged to “Selling, General and Administrative” expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $ 682,000 and $ 641,000 for fiscal 2020 and fiscal 2019, respectively. For fiscal 2021, the Company recognized income of $ 41,000 , as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for any period. | |||
[2] | In connection with the Company’s closing of its Rochester Clothing store in London, England and exiting its London operations, the Company recognized the accumulated foreign currency translation adjustment as an expense and it was included in “Exit costs associated with London operations” on the Consolidated Statement of Operations for fiscal 2019. |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Other Comprehensive Income (loss) and Reclassifications from AOCI (Parenthetical) (Details) - USD ($) | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Selling, general and administrative | $ 172,962,000 | $ 129,062,000 | $ 180,663,000 |
Income tax provision (benefit) | 917,000 | 106,000 | 105,000 |
Reclassification out of Accumulated Other Comprehensive Income | Pension Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Selling, general and administrative | 682,000 | 641,000 | |
Income recognized due to change in amortization | 41,000 | ||
Income tax provision (benefit) | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Reconciliation of Number of Shares Outstanding for Basic and Diluted Earning Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Common stock outstanding: | |||
Basic weighted average common shares outstanding | 63,401 | 51,317 | 49,992 |
Common stock equivalents - stock options, restricted stock and restricted stock units (RSUs) | 4,630 | ||
Diluted weighted average common shares outstanding | 68,031 | 51,317 | 49,992 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Reconciliation of Number of Shares Outstanding for Basic and Diluted Earning Per Share (Parenthetical) (Details) - shares shares in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Accounting Policies [Abstract] | ||
Common stock equivalents | 159 | 408 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Potential Common Stock Equivalents Excluded from Computation of Diluted Earning Per Share (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti dilutive shares | 159 | 408 | |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti dilutive shares | 302 | 3,648 | 755 |
Range of exercise prices of such options, minimum | $ 4.19 | $ 0.53 | $ 1.85 |
Range of exercise prices of such options, maximum | $ 5.50 | $ 7.02 | $ 7.02 |
RSUs (time-vested) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti dilutive shares | 812 | 560 | |
Deferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti dilutive shares | 191 | 114 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Valuation Assumptions for Stock Options (Details) - $ / shares | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, minimum | 97.40% | 82.30% | |
Expected volatility, maximum | 104.90% | 87.80% | |
Risk-free interest rate, minimum | 0.31% | 0.22% | |
Risk-free interest rate, maximum | 0.60% | 0.27% | |
Weighted average fair value of options granted | $ 0.47 | $ 0.32 | |
Weighted average fair value of non-vested shares granted | $ 1.73 | ||
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected life | 3 years | 3 years | |
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected life | 4 years | 4 years |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) $ in Millions | 12 Months Ended | |
Jan. 29, 2022USD ($)Segment | Jan. 30, 2021USD ($) | |
Revenue from Contract with Customer [Abstract] | ||
Percentage of customers participate in loyalty program | 90.00% | |
Loyalty accrual, net of breakage | $ 1.3 | $ 1 |
Gift card liability, net of breakage | $ 3.3 | $ 2.8 |
Number of reportable segments | Segment | 1 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Details1) | Jan. 29, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-30 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Cycle of earning and redeeming loyalty points period | 1 year |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Total sales | $ 505,021 | $ 318,946 | $ 474,038 |
Retail Segment | |||
Disaggregation Of Revenue [Line Items] | |||
Total sales | $ 499,652 | $ 302,349 | $ 461,514 |
Retail Segment | Sales Revenue Net | Product Concentration Risk | |||
Disaggregation Of Revenue [Line Items] | |||
Total sales, percentage | 100.00% | 100.00% | 100.00% |
Retail Segment | Store Sales | |||
Disaggregation Of Revenue [Line Items] | |||
Total sales | $ 344,761 | $ 180,143 | $ 354,929 |
Retail Segment | Store Sales | Sales Revenue Net | Product Concentration Risk | |||
Disaggregation Of Revenue [Line Items] | |||
Total sales, percentage | 69.00% | 59.60% | 76.90% |
Retail Segment | Direct Sales | |||
Disaggregation Of Revenue [Line Items] | |||
Total sales | $ 154,891 | $ 122,206 | $ 106,585 |
Retail Segment | Direct Sales | Sales Revenue Net | Product Concentration Risk | |||
Disaggregation Of Revenue [Line Items] | |||
Total sales, percentage | 31.00% | 40.40% | 23.10% |
Wholesale Segment | |||
Disaggregation Of Revenue [Line Items] | |||
Total sales | $ 5,369 | $ 16,597 | $ 12,524 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 319,804 | $ 319,902 |
Less: accumulated depreciation | 275,362 | 263,350 |
Total property and equipment,net | 44,442 | 56,552 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 75,358 | 76,770 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 23,299 | 23,083 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 115,821 | 117,394 |
Hardware And Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 102,950 | 100,771 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,376 | $ 1,884 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expenses | $ 17.2 | $ 21.5 | $ 24.6 |
Debt Obligations - Additional I
Debt Obligations - Additional Information (Details) | Oct. 28, 2021USD ($)d | Sep. 03, 2021USD ($) | Oct. 31, 2020USD ($) | Jan. 29, 2022USD ($) | Jan. 30, 2021USD ($) | Feb. 01, 2020USD ($) | Mar. 16, 2021USD ($) | May 24, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||
Line of credit facility, amount outstanding | $ 0 | |||||||
Line of credit facility, average monthly outstanding amount | 16,400,000 | |||||||
Line of credit facility, average unused excess availability | 56,200,000 | |||||||
Prepayment penalty fees | 1,111,000 | |||||||
Interest and fees paid | 3,200,000 | $ 3,800,000 | $ 3,300,000 | |||||
Standby Letters of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding, amount | 2,700,000 | |||||||
Documentary Letters of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding, amount | $ 1,400,000 | |||||||
Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, amount outstanding | $ 0 | |||||||
Line of credit facility, maturity date | May 24, 2023 | |||||||
Prepayment penalty fees | 0 | |||||||
Outstanding obligations paid | $ 100,030,000 | $ 44,071,000 | $ 155,026,000 | |||||
Credit Facility | Minimum | Federal Funds Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, basis spread on variable rate | 1.75% | |||||||
Credit Facility | Minimum | LIBOR-based Borrowings | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, basis spread on variable rate | 2.75% | |||||||
Credit Facility | Maximum | Federal Funds Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, basis spread on variable rate | 2.00% | |||||||
Credit Facility | Maximum | LIBOR-based Borrowings | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, basis spread on variable rate | 3.00% | |||||||
New Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, amount outstanding | $ 0 | |||||||
Line of credit facility, maximum borrowing capacity | $ 125,000,000 | |||||||
Minimum loan cap percentage | 10.00% | |||||||
Line of credit facility | $ 7,500,000 | |||||||
Line of credit facility, maturity date | Oct. 28, 2026 | |||||||
Debt instrument, interest rate terms | Borrowings made pursuant to the New Credit Facility will be made pursuant to either a Base Rate loan or LIBOR Rate loan, at the Company's option. Base Rate loans will bear interest, at a rate equal to (i) the greater of: (a) the Prime Rate, (b) the Federal Funds effective rate plus 0.50% per annum and (c) the daily LIBOR rate plus 1.00% per annum, plus (ii) a varying percentage, based on the Company’s average excess availability, of either 0.25% or 0.50%. LIBOR Rate loans, which may be either for 1 month or 3 months, will bear interest at (i) the LIBOR rate, or the Benchmark Rate as defined in the credit agreement plus (ii) a varying percentage based on the Company’s average excess availability, of either 1.25% or 1.50%. | |||||||
Debt instrument, covenant description | (i) 10% of the Revolving Loan Cap (the lesser of the aggregate revolving commitments or the borrowing base) and (ii) $7.5 million, then the Company is required to maintain a minimum consolidated fixed charge coverage ratio of 1.0:1.0 until such time as availability has exceeded the greater of (1) 10% of the Revolving Loan Cap and (2) $7.5 million for 30 consecutive days. | |||||||
Minimum consolidated fixed charge coverage ratio | 1 | |||||||
Number of consecutive days | d | 30 | |||||||
Line of credit facility, remaining borrowing capacity | $ 68,900,000 | |||||||
Unused line fee | 0.25% | |||||||
Outstanding obligations paid | $ 30,874 | |||||||
New Credit Facility | Federal Funds Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, basis spread on variable rate | 0.50% | |||||||
New Credit Facility | LIBOR-based Borrowings | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, basis spread on variable rate | 1.00% | |||||||
New Credit Facility | Minimum | Federal Funds Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, basis spread on variable rate | 0.25% | |||||||
New Credit Facility | Minimum | LIBOR-based Borrowings | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, basis spread on variable rate | 1.25% | |||||||
New Credit Facility | Maximum | Federal Funds Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, basis spread on variable rate | 0.50% | |||||||
New Credit Facility | Maximum | LIBOR-based Borrowings | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, basis spread on variable rate | 1.50% | |||||||
New Credit Facility | Commercial And Standby Letter Of Credits | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 20,000,000 | |||||||
New Credit Facility | Swing Line Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | |||||||
New Credit Facility | Swing Line Loans | Minimum | Base Rate Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, basis spread on variable rate | 0.25% | |||||||
New Credit Facility | Swing Line Loans | Maximum | Base Rate Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, basis spread on variable rate | 0.50% | |||||||
FILO Loan - Existing | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, amount outstanding | $ 15,000,000 | |||||||
New FILO Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate during period | 8.50% | |||||||
Prepayment penalty fees | $ 1,100,000 | |||||||
Debt instrument, face amount | $ 17,500,000 | |||||||
Interest and fees paid | $ 3,200,000 | |||||||
Unamortized debt issuance costs, write-off | $ 900,000 |
Debt Obligations - Schedule of
Debt Obligations - Schedule of Borrowings and Repayments under Credit Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Line Of Credit Facility [Line Items] | |||
Net borrowings (repayments) | $ (59,733) | $ 20,155 | $ (2,690) |
Credit Facility | |||
Line Of Credit Facility [Line Items] | |||
Borrowings | 40,297 | 64,226 | 152,336 |
Repayments | (100,030) | (44,071) | (155,026) |
Net borrowings (repayments) | $ (59,733) | $ 20,155 | $ (2,690) |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Jan. 29, 2022RenewalOption | |
Lessee Lease Description [Line Items] | |
Operating lease renewal option beginning year | 2026 |
Store | |
Lessee Lease Description [Line Items] | |
Operating lease option to extend | 5 years |
Store | Minimum | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 5 years |
Operating lease option to extend | 5 years |
Store | Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 10 years |
Operating lease option to extend | 5 years |
Corporate Headquarter | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 20 years |
Operating lease option to extend | 5 years |
Number of renewal options | 6 |
Equipment and Other Assets | Minimum | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 3 years |
Equipment and Other Assets | Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease initial term | 5 years |
Leases - Summary of Components
Leases - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | ||
Leases [Abstract] | ||||
Operating lease cost | $ 43,921 | $ 47,076 | $ 53,051 | |
Variable lease costs | [1] | 13,290 | 14,391 | 16,248 |
Total lease costs | $ 57,211 | $ 61,467 | $ 69,299 | |
[1] | Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases. |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | ||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows for operating leases | [1] | $ 57,816 | $ 47,330 | $ 58,046 |
Non-cash operating activities: | ||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 30,777 | 645 | $ 5,401 | |
Net decrease in right-of-use assets due to lease modifications associated with rent concessions and lease exits | $ (6,463) | |||
Weighted average remaining lease term | 4 years 3 months 18 days | 4 years 6 months | 5 years 4 months 24 days | |
Weighted average discount rate | 6.91% | 6.47% | 7.10% | |
[1] | The decrease in cash payments for fiscal 2020 as compared to fiscal 2021 and fiscal 2019 was primarily due to rent abatements and deferments negotiated during fiscal 2020 in response to the COVID-19 pandemic. |
Leases - Schedule of Reconcilia
Leases - Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Leases [Abstract] | ||
2022 | $ 45,667 | |
2023 | 45,828 | |
2024 | 36,301 | |
2025 | 27,977 | |
2026 | 15,214 | |
Thereafter | 9,722 | |
Total minimum lease payments | 180,709 | |
Less: amount of lease payments representing interest | 25,104 | |
Present value of future minimum lease payments | 155,605 | |
Less: current obligations under leases | 35,191 | $ 43,598 |
Noncurrent lease obligations | $ 120,414 | $ 135,819 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Income Taxes [Line Items] | |||
Federal net operating loss carry forwards expiration period minimum | 2028 | ||
Federal net operating loss carry forwards expiration period maximum | 2037 | ||
Deferred tax assets | $ 86,700 | ||
Deferred tax liabilities | 36,700 | ||
Deferred tax assets, valuation allowance | 50,019 | $ 63,103 | |
Liability for unrecognized tax benefits | 2,000 | 2,000 | |
Income taxes paid | 600 | $ 100 | $ 100 |
Federal | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards subject to expiration | 100,700 | ||
Net operating loss carryforwards not subject to expiration | 43,100 | ||
State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 90,000 | ||
State and Local Jurisdiction | Maximum | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards expiration year | 2041 | ||
State and Local Jurisdiction | Minimum | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards expiration year | 2028 | ||
Canada | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 5,300 | ||
Canada | Maximum | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards expiration year | 2041 | ||
Canada | Minimum | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards expiration year | 2025 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Deferred tax assets, net: | ||
Net operating loss carryforward | $ 36,790 | $ 50,197 |
Accrued expenses and other | 5,223 | 2,706 |
Operating lease liabilities | 40,301 | 45,557 |
Goodwill and intangibles | 11 | 87 |
Unrecognized loss on pension and pension expense | 1,883 | 2,067 |
Inventory reserves | 1,054 | 1,002 |
Foreign tax credit carryforward | 486 | 486 |
Federal wage tax credit carryforward | 824 | 824 |
State tax credits | 147 | 147 |
Operating lease right-of-use assets | (33,103) | (34,365) |
Property and equipment | (3,597) | (5,605) |
Subtotal | 50,019 | 63,103 |
Valuation allowance | (50,019) | (63,103) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Current: | |||
Federal | $ 0 | ||
State | $ 912 | $ 99 | 97 |
Foreign | 5 | 7 | 8 |
Current Income Tax Expense (Benefit), Total | 917 | 106 | 105 |
Deferred: | |||
Total provision | $ 917 | $ 106 | $ 105 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory and Effective Income Tax Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | ||
Income Tax Disclosure [Abstract] | ||||
Federal income tax at the statutory rate | $ 12,102 | $ (13,531) | $ (1,615) | |
State taxes, net of federal tax benefit | 721 | 78 | 77 | |
Section 162(m) limitation | 1,375 | 197 | 541 | |
Permanent items | (893) | 245 | 277 | |
Charge in valuation allowance | [1] | (12,421) | 13,167 | 850 |
Other, net | (33) | (50) | (25) | |
Total provision | $ 917 | $ 106 | $ 105 | |
[1] | The change in valuation allowance excludes the amounts allocable to state income tax, which is presented in State taxes, net of federal tax benefit, and other comprehensive income. The change in valuation allowance in fiscal 2019 was impacted by the adoption of ASC 842 in the tax-effected amount of $ 1.4 million. |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation between Statutory and Effective Income Tax Rates (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Jan. 29, 2022USD ($) | |
ASC 842 | |
Income Taxes [Line Items] | |
Change in valuation allowance | $ 1.4 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | Jan. 29, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Merchandise purchase obligation, fiscal 2022 | $ 10 |
Merchandise purchase obligation, fiscal 2023 | $ 10 |
Long-Term Incentive Plans - Add
Long-Term Incentive Plans - Additional Information (Details) - USD ($) $ in Millions | Mar. 15, 2022 | Jan. 29, 2022 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting terms | The performance period for each LTIP is three years. Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to additional vesting through August 31, 2022, August 31, 2023 and August, 31, 2024, respectively. The time-based awards under the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP vest in four equal installments through April 1, 2023, April 1, 2024 and April 1, 2025, respectively. | |
Time Based Vesting Schedule | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting percentage | 50.00% | |
Time Based Vesting Schedule | 2019-2021 LTIP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock compensation cost incurred | $ 3.8 | |
Stock compensation cost, period | 44 months | |
Time Based Vesting Schedule | 2020-2022 LTIP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock compensation cost incurred | $ 3.8 | |
Stock compensation cost, period | 46 months | |
Time Based Vesting Schedule | 2021-2023 LTIP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock compensation cost incurred | $ 4 | |
Stock compensation cost, period | 49 months | |
Performance Based Vesting Schedule | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting percentage | 50.00% | |
Performance Based Vesting Schedule | 2019-2021 LTIP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Accrued compensation expense | $ 2.3 | |
Performance Based Vesting Schedule | 2019-2021 LTIP | Subsequent Event | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock approved to be awarded | $ 2.6 | |
Performance Based Vesting Schedule | 2020-2022 LTIP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Accrued compensation expense | 1.5 | |
Performance Based Vesting Schedule | 2021-2023 LTIP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Accrued compensation expense | $ 0.8 | |
RSUs | 2019-2021 LTIP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting percentage | 50.00% | |
RSUs | 2019-2021 LTIP | Subsequent Event | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting percentage | 50.00% | |
Stock Options | 2020-2022 LTIP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting percentage | 50.00% | |
Stock Options | 2021-2023 LTIP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting percentage | 25.00% | |
Cash | 2019-2021 LTIP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting percentage | 50.00% | |
Cash | 2019-2021 LTIP | Subsequent Event | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting percentage | 50.00% | |
Cash | 2020-2022 LTIP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting percentage | 50.00% | |
Cash | 2021-2023 LTIP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting percentage | 75.00% |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional Information (Details) - shares | Aug. 05, 2021 | Aug. 12, 2020 | Aug. 08, 2019 | Aug. 04, 2016 | Dec. 31, 2021 | Nov. 30, 2020 | Jan. 29, 2022 |
Non Employee Directors | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares available for grant | 1,000,000 | 767,090 | |||||
Percentage of annual retainer | 50.00% | ||||||
Number of shares issued limit by each quarter | 250,000 | 250,000 | |||||
Percentage of removal of annual retainer | 60.00% | 50.00% | |||||
2016 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock reserve, shares | 5,725,538 | ||||||
Reduction in outstanding reserve for share granted | 1.00% | ||||||
Reduction in outstanding reserve for share granted, full-value award | 1.90% | ||||||
Shares available for grant | 4,800,386 | ||||||
Number of additional shares authorized to increase share reserve | 4,855,000 | 1,740,000 | 2,800,000 | ||||
Share-based compensation arrangement by share-based payment award, description | In accordance with the terms of the 2016 Plan, any shares outstanding under the previous 2006 Incentive Compensation Plan (the “2006 Plan”) at August 4, 2016 that subsequently terminate, expire or are cancelled for any reason without having been exercised or paid are added back and become available for issuance under the 2016 Plan, with stock options being added back on a one-for-one basis and full-value awards being added back on a 1 to 1.9 basis. At January 29, 2022, there were 298,231 stock options that remain outstanding under the 2006 Plan | ||||||
Percent of shares available for awards | 5.00% | ||||||
Share-based compensation description | Except with respect to 5% of the shares available for awards under the 2016 Plan, no award will become exercisable or otherwise forfeitable unless such award has been outstanding for a minimum period of one year from its date of grant. | ||||||
2006 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock option outstanding | 298,231 |
Stock Compensation Plans - Stoc
Stock Compensation Plans - Stock Option Activity under Two Thousand Six And Two Thousand Sixteen Plan (Details) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jan. 29, 2022USD ($)$ / sharesshares | |
Number of Shares | |
Options exercised | (521,643) |
Employee Stock Plan, 2006 Plan and 2016 Plan | |
Number of Shares | |
Outstanding options at beginning of year | 3,647,581 |
Options granted | 1,518,154 |
Options canceled or expired | (22,542) |
Options exercised | (521,643) |
Outstanding options at end of year | 4,621,550 |
Options exercisable at end of year | 751,743 |
Vested and expected to vest at end of year | 4,621,550 |
Weighted-average exercise price per option | |
Outstanding options at beginning of year | $ / shares | $ 1.09 |
Options granted | $ / shares | 0.71 |
Options canceled or expired | $ / shares | 4.19 |
Options exercised | $ / shares | 1.49 |
Outstanding options at end of year | $ / shares | 0.90 |
Options exercisable at end of year | $ / shares | 2.42 |
Vested and expected to vest at end of year | $ / shares | $ 0.90 |
Weighted-average remaining contractual term | |
Outstanding options at end of year | 8 years 2 months 12 days |
Options exercisable at end of year | 5 years 7 months 6 days |
Vested and expected to vest at end of year | 8 years 2 months 12 days |
Aggregate Intrinsic Value | |
Outstanding options at beginning of year | $ | $ 811 |
Options exercised | $ | 2,493 |
Outstanding options at end of year | $ | 16,067 |
Options exercisable at end of year | $ | 1,662 |
Vested and expected to vest at end of year | $ | $ 16,067 |
Stock Compensation Plans - St_2
Stock Compensation Plans - Stock Option Activity under Two Thousand Six And Two Thousand Sixteen Plan (Details) (Parenthetical) (Details) - $ / shares | Feb. 05, 2021 | Jan. 29, 2022 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Exercise of stock options (in shares) | 521,643 | |
Number of shares sold | 11,111,111 | |
Common Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Exercise of stock options (in shares) | 522,000 | |
Number of shares sold | 11,111,000 | |
2021-2023 LTIP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options granted to purchase shares of common stock | 414,337 | |
Options granted, exercise price | $ 0.75 | |
Options granted, vesting period | 3 years | |
2021-2023 LTIP | Time Based Vesting Schedule | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options granted to purchase shares of common stock | 1,078,913 | |
Options granted, exercise price | $ 0.69 | |
Employee Stock Plan, 2006 Plan and 2016 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options granted to purchase shares of common stock | 1,518,154 | |
Options granted, exercise price | $ 0.71 | |
Exercise of stock options (in shares) | 521,643 | |
Employee Stock Plan, 2006 Plan and 2016 Plan | Common Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares sold | 389,838 |
Stock Compensation Plans - Summ
Stock Compensation Plans - Summary of Activity for Non-Vested Shares under Two Thousand Six, Two Thousand Sixteen Plan And Inducement Awards (Details) | 12 Months Ended |
Jan. 29, 2022$ / sharesshares | |
Performance Share Units | |
Total number of shares | |
Shares vested/issued | (480,000) |
Outstanding non-vested shares at end of year | 720,000 |
Employee Stock Plan, 2006 Plan and 2016 Plan | |
Total number of shares | |
Outstanding non-vested shares at beginning of year | 1,970,860 |
Shares granted | 8,054 |
Shares vested/issued | (788,055) |
Outstanding non-vested shares at end of year | 1,190,859 |
Vested and expected to vest at end of year | 950,859 |
Weighted-average Grant-Date Fair value | |
Outstanding non-vested shares at beginning of year | $ / shares | $ 1.69 |
Shares granted | $ / shares | 0.66 |
Shares vested/issued | $ / shares | 1.85 |
Outstanding non-vested shares at end of year | $ / shares | $ 1.57 |
Employee Stock Plan, 2006 Plan and 2016 Plan | RSUs | |
Total number of shares | |
Outstanding non-vested shares at beginning of year | 815,292 |
Shares granted | 8,054 |
Shares vested/issued | (308,055) |
Outstanding non-vested shares at end of year | 515,291 |
Vested and expected to vest at end of year | 515,291 |
Employee Stock Plan, 2006 Plan and 2016 Plan | Deferred stock | |
Total number of shares | |
Outstanding non-vested shares at beginning of year | 435,568 |
Outstanding non-vested shares at end of year | 435,568 |
Vested and expected to vest at end of year | 435,568 |
Employee Stock Plan, 2006 Plan and 2016 Plan | Performance Share Units | |
Total number of shares | |
Outstanding non-vested shares at beginning of year | 720,000 |
Shares vested/issued | (480,000) |
Outstanding non-vested shares at end of year | 240,000 |
Stock Compensation Plans - Su_2
Stock Compensation Plans - Summary of Activity for Non-Vested Shares under Two Thousand Six, Two Thousand Sixteen Plan And Inducement Awards (Parenthetical) (Details) - USD ($) | Feb. 05, 2021 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted, vesting terms | The performance period for each LTIP is three years. Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to additional vesting through August 31, 2022, August 31, 2023 and August, 31, 2024, respectively. The time-based awards under the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP vest in four equal installments through April 1, 2023, April 1, 2024 and April 1, 2025, respectively. | |||
Number of shares sold | 11,111,111 | |||
Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted during the period, fair value | $ 8,000 | $ 6,000 | $ 10,000 | |
Number of shares sold | 11,111,000 | |||
Performance stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares outstanding | 720,000 | |||
Shares granted, vesting terms | The PSUs vest in installments when the following milestones are met: one-third of the PSUs vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $4.00, one-third of the PSUs vest when the VWAP is $6.00, and one-third when the VWAP is $8.00. During fiscal 2021, 480,000 PSUs vested as a result of achieving a VWAP of $4.00 per share and $6.00 per share. As a result of net share settlement, of the 480,000 PSUs that vested, only 327,120 shares of common stock were issued. The remaining 240,000 PSUs will expire on April 1, 2023 if the $8.00 VWAP is not achieved by that date. | |||
Volume-weighted average closing stock price | $ 4 | |||
Number of shares vested | 480,000 | |||
Performance stock units | Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares sold | 327,120 | |||
Performance stock units | When VWAP is $4.00 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volume-weighted average closing stock price | $ 4 | |||
Performance stock units | When VWAP is $6.00 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volume-weighted average closing stock price | 6 | |||
Performance stock units | When VWAP is $8.00 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volume-weighted average closing stock price | 8 | |||
Performance stock units | $8.00 VWAP is Not Achieved by That Date | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volume-weighted average closing stock price | $ 8 | |||
Number of shares vested | 240,000 | |||
Expiration date | Apr. 1, 2023 | |||
Performance stock units | Chief Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted during the period, fair value | $ 1,000 |
Stock Compensation Plans - Comm
Stock Compensation Plans - Common Stock Shares Issued to Non-Employee Directors as Compensation (Details) - Non Employee Directors - USD ($) | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares of common stock issued | 232,910 | 187,897 | 37,113 |
Fair value of common stock issued | $ 374,227,000 | $ 75,065 | $ 69,991 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) | Jan. 01, 2015 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Amortization of unrecognized loss expected decrease of net periodic benefit in fiscal 2022 | $ 47,000 | |||
Defined contribution plans eligible employees age | 21 years | |||
Defined contribution plan service period for eligibility | 1000 hours | |||
Defined contribution plan expenses recognized | $ 2,000,000 | $ 1,500,000 | $ 300,000 | |
Maximum | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan maximum employer contributions percentage of eligible compensation | 3.50% | |||
Minimum | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan service period for eligibility | 6 months | |||
Defined contribution plan service period for eligibility to receive match | 1 year | |||
First Contributions | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan employer matching contribution percent | 100.00% | |||
Defined benefit plan employee contribution percentage | 1.00% | |||
Next Contributions | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan employer matching contribution percent | 50.00% | |||
Defined benefit plan employee contribution percentage | 5.00% | |||
Noncontributory Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Company estimated contribution to the plan for fiscal 2022 | $ 864,000 | |||
Assumptions used to determine the benefit obligations, discount rate | 3.00% | 2.39% | ||
Assumptions used to determine the net periodic benefit cost, discount rate | 2.39% | 2.72% | 3.98% | |
Expected long-term rate of return for benefit obligation and the net periodic benefit cost | 6.50% | 6.50% | ||
Supplemental Executive Retirement Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Assumptions used to determine the benefit obligations, discount rate | 2.24% | |||
Assumptions used to determine the net periodic benefit cost, discount rate | 2.24% | 2.59% | 3.87% |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension and Retirement Plan's Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Noncontributory Pension Plan | |||
Change in benefit obligation: | |||
Balance at beginning of period | $ 15,864 | $ 16,217 | |
Benefits and expenses paid | (839) | (877) | |
Interest costs | 373 | 430 | $ 581 |
Settlements | (353) | (410) | |
Actuarial (gain) loss | (684) | 504 | |
Balance at end of year | 14,361 | 15,864 | 16,217 |
Change in fair value of plan assets: | |||
Balance at beginning of period | 11,351 | 11,483 | |
Actual return on plan assets | 512 | 544 | |
Employer contributions | 622 | 611 | 420 |
Settlements | (353) | (410) | |
Benefits and expenses paid | (839) | (877) | |
Balance at end of period | 11,293 | 11,351 | 11,483 |
Projected benefit obligation | 14,361 | 15,864 | 16,217 |
Reconciliation of funded status: | |||
Projected benefit obligation | 14,361 | 15,864 | 16,217 |
Fair value of plan assets | 11,293 | 11,351 | 11,483 |
Unfunded status | (3,068) | (4,513) | |
Balance sheet classification: | |||
Other long-term liabilities | 3,068 | 4,513 | |
Supplemental Executive Retirement Plan | |||
Change in benefit obligation: | |||
Balance at beginning of period | 563 | 547 | |
Benefits and expenses paid | (40) | (38) | |
Interest costs | 12 | 14 | |
Actuarial (gain) loss | (21) | 40 | |
Balance at end of year | 514 | 563 | 547 |
Change in fair value of plan assets: | |||
Employer contributions | 40 | 38 | 33 |
Benefits and expenses paid | (40) | (38) | |
Projected benefit obligation | 514 | 563 | 547 |
Reconciliation of funded status: | |||
Projected benefit obligation | 514 | 563 | $ 547 |
Unfunded status | (514) | (563) | |
Balance sheet classification: | |||
Other long-term liabilities | $ 514 | $ 563 |
Employee Benefit Plans - Total
Employee Benefit Plans - Total Plan Expense, Other Amounts, and Other Changes Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |
Noncontributory Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | $ 373 | $ 430 | $ 581 |
Expected return on plan assets | (728) | (737) | (724) |
Amortization of unrecognized loss | 314 | 989 | 784 |
Net pension cost | (41) | 682 | 641 |
Other changes recognized in other comprehensive loss, before taxes | |||
Unrecognized losses at the beginning of the year | 6,914 | 7,206 | 6,303 |
Net periodic pension cost | 41 | (682) | (641) |
Employer contribution | 622 | 611 | 420 |
Change in benefit obligations | (1,445) | (221) | 1,124 |
Unrecognized losses at the end of year | 6,132 | 6,914 | 7,206 |
Supplemental Executive Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | 12 | 14 | |
Net pension cost | (16) | 15 | 19 |
Other changes recognized in other comprehensive loss, before taxes | |||
Unrecognized losses at the beginning of the year | 120 | 82 | 28 |
Net periodic pension cost | 16 | (15) | (19) |
Employer contribution | 40 | 38 | 33 |
Change in benefit obligations | 49 | 15 | (40) |
Unrecognized losses at the end of year | $ 95 | $ 120 | $ 82 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Estimated Future Benefits for Next Ten Fiscal Years (Details) $ in Thousands | Jan. 29, 2022USD ($) |
Retirement Benefits [Abstract] | |
2022 | $ 908 |
2023 | 922 |
2024 | 916 |
2025 | 907 |
2026 | 916 |
2027-2031 | $ 4,502 |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Noncontributory Defined Benefit Retirement Plan Assets (Details) - Noncontributory Pension Plan - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | $ 11,293 | $ 11,351 | $ 11,483 |
U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 4,446 | 4,071 | |
International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 3,254 | 2,939 | |
Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 3,486 | 3,527 | |
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 107 | 814 | |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 11,293 | 11,351 | |
Fair Value, Inputs, Level 1 | U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 4,446 | 4,071 | |
Fair Value, Inputs, Level 1 | International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 3,254 | 2,939 | |
Fair Value, Inputs, Level 1 | Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | 3,486 | 3,527 | |
Fair Value, Inputs, Level 1 | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit retirement plan assets, fair value | $ 107 | $ 814 |
Employee Benefit Plans - Target
Employee Benefit Plans - Target Asset Allocation (Details) - Noncontributory Pension Plan | Jan. 29, 2022 | Jan. 30, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100.00% | |
Percentage of plan assets | 100.00% | 100.00% |
Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 63.00% | |
Percentage of plan assets | 68.20% | 61.70% |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 35.00% | |
Percentage of plan assets | 30.90% | 31.10% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 2.00% | |
Percentage of plan assets | 0.90% | 7.20% |
Registered Direct Offering - _2
Registered Direct Offering - Common Stock -Additional Information (Details) - USD ($) $ in Thousands | Feb. 05, 2021 | Jan. 29, 2022 |
Equity [Abstract] | ||
Number of shares sold | 11,111,111 | |
Gross purchase price before payment of offering costs | $ 5,000 | $ 4,375 |
Payment of offering costs | $ 600 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - Subsequent Event $ in Millions | Mar. 15, 2022USD ($) |
Subsequent Event [Line Items] | |
Stock repurchase program expiration date | Mar. 15, 2023 |
Common Stock | Maximum | |
Subsequent Event [Line Items] | |
Stock repurchase program, repurchase amount | $ 15 |