Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 03, 2019 | Sep. 04, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 3, 2019 | |
Entity Registrant Name | SHOE CARNIVAL INC | |
Entity Central Index Key | 0000895447 | |
Trading Symbol | SCVL | |
Current Fiscal Year End Date | --02-02 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 14,671,840 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 0-21360 | |
Entity Tax Identification Number | 351736614 | |
Entity Address, Address Line One | 7500 East Columbia Street | |
Entity Address, City or Town | Evansville | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 47715 | |
City Area Code | 812 | |
Local Phone Number | 867-6471 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Current Assets: | |||
Cash and cash equivalents | $ 37,458 | $ 67,021 | $ 38,405 |
Accounts receivable | 2,414 | 1,219 | 3,918 |
Merchandise inventories | 336,919 | 257,539 | 336,907 |
Other | 10,887 | 11,534 | 12,094 |
Total Current Assets | 387,678 | 337,313 | 391,324 |
Property and equipment – net | 70,855 | 70,605 | 77,254 |
Deferred income taxes | 7,020 | 9,622 | 8,384 |
Other noncurrent assets | 4,284 | 459 | 343 |
Operating lease right-of-use assets | 223,536 | 0 | 0 |
Total Assets | 693,373 | 417,999 | 477,305 |
Current Liabilities: | |||
Accounts payable | 108,410 | 48,715 | 90,928 |
Accrued and other liabilities | 20,179 | 22,069 | 25,659 |
Current portion of operating lease liabilities | 46,783 | 0 | 0 |
Total Current Liabilities | 175,372 | 70,784 | 116,587 |
Long-term portion of operating lease liabilities | 199,592 | 0 | 0 |
Deferred lease incentives | 0 | 22,171 | 25,006 |
Accrued rent | 0 | 8,436 | 9,124 |
Deferred compensation | 13,751 | 12,108 | 12,074 |
Other | 1,098 | 67 | 750 |
Total Liabilities | 389,813 | 113,566 | 163,541 |
Shareholders’ Equity: | |||
Common stock, $.01 par value, 50,000,000 shares authorized, 20,527,905 shares, 20,529,227 shares and 20,529,227 shares issued, respectively | 205 | 205 | 205 |
Additional paid-in capital | 77,374 | 75,631 | 68,892 |
Retained earnings | 381,012 | 360,443 | 349,549 |
Treasury stock, at cost, 5,821,887 shares, 5,154,243 shares and 4,440,129 shares, respectively | (155,031) | (131,846) | (104,882) |
Total Shareholders’ Equity | 303,560 | 304,433 | 313,764 |
Total Liabilities and Shareholders’ Equity | $ 693,373 | $ 417,999 | $ 477,305 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Statement Of Financial Position [Abstract] | |||
Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 20,527,905 | 20,529,227 | 20,529,227 |
Treasury shares, shares | 5,821,887 | 5,154,243 | 4,440,129 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 268,221 | $ 268,366 | $ 522,031 | $ 525,811 |
Cost of sales (including buying, distribution and occupancy costs) | 186,126 | 184,585 | 364,796 | 364,703 |
Gross profit | 82,095 | 83,781 | 157,235 | 161,108 |
Selling, general and administrative expenses | 66,421 | 68,850 | 125,953 | 128,861 |
Operating income | 15,674 | 14,931 | 31,282 | 32,247 |
Interest income | (86) | (117) | (417) | (119) |
Interest expense | 85 | 36 | 121 | 76 |
Income before income taxes | 15,675 | 15,012 | 31,578 | 32,290 |
Income tax expense | 3,843 | 3,237 | 5,873 | 7,560 |
Net income | $ 11,832 | $ 11,775 | $ 25,705 | $ 24,730 |
Net income per share: | ||||
Basic | $ 0.81 | $ 0.77 | $ 1.76 | $ 1.60 |
Diluted | $ 0.80 | $ 0.76 | $ 1.71 | $ 1.59 |
Weighted average shares: | ||||
Basic | 14,615 | 15,249 | 14,614 | 15,387 |
Diluted | 14,736 | 15,367 | 14,964 | 15,446 |
Cash dividends declared per share | $ 0.085 | $ 0.080 | $ 0.165 | $ 0.155 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] |
Balance at Feb. 03, 2018 | $ 307,302 | $ 205 | $ (85,099) | $ 65,458 | $ 326,738 |
Balance, shares at Feb. 03, 2018 | 20,529 | (3,582) | |||
Cumulative Effect on Retained Earnings, Net of Tax | Adoption of Accounting Standards Codification 606 | 623 | 623 | |||
Dividends declared | (2,542) | (2,542) | |||
Employee stock purchase plan purchases | 107 | $ 112 | (5) | ||
Employee stock purchase plan purchases, shares | 5 | ||||
Restricted stock awards | 0 | $ (577) | 577 | ||
Restricted stock awards, shares | (41) | ||||
Shares surrendered by employees to pay taxes on restricted stock | (275) | $ (275) | |||
Shares surrendered by employees to pay taxes on restricted stock, shares | (11) | ||||
Purchase of common stock for treasury | (19,043) | $ (19,043) | |||
Purchase of common stock for treasury, shares | (811) | ||||
Stock-based compensation expense | 2,862 | 2,862 | |||
Net income | 24,730 | 24,730 | |||
Balance at Aug. 04, 2018 | 313,764 | $ 205 | $ (104,882) | 68,892 | 349,549 |
Balance, shares at Aug. 04, 2018 | 20,529 | (4,440) | |||
Balance at May. 05, 2018 | 301,510 | $ 205 | $ (105,178) | 67,410 | 339,073 |
Balance, shares at May. 05, 2018 | 20,529 | (4,453) | |||
Dividends declared | (1,302) | (1,302) | |||
Employee stock purchase plan purchases | 42 | $ 36 | 6 | ||
Employee stock purchase plan purchases, shares | 2 | ||||
Restricted stock awards | 0 | $ 260 | (260) | ||
Restricted stock awards, shares | 11 | ||||
Stock-based compensation expense | 1,736 | 1,736 | |||
Other | 3 | 3 | |||
Net income | 11,775 | 11,775 | |||
Balance at Aug. 04, 2018 | 313,764 | $ 205 | $ (104,882) | 68,892 | 349,549 |
Balance, shares at Aug. 04, 2018 | 20,529 | (4,440) | |||
Balance at Feb. 02, 2019 | 304,433 | $ 205 | $ (131,846) | 75,631 | 360,443 |
Balance, shares at Feb. 02, 2019 | 20,529 | (5,154) | |||
Cumulative Effect on Retained Earnings, Net of Tax | Adoption of Accounting Standards Codification 842 | (2,649) | (2,649) | |||
Dividends declared | (2,487) | (2,487) | |||
Employee stock purchase plan purchases | 104 | $ 103 | 1 | ||
Employee stock purchase plan purchases, shares | 4 | ||||
Restricted stock awards | 0 | $ 1,664 | (1,664) | ||
Restricted stock awards, shares | (1) | 60 | |||
Shares surrendered by employees to pay taxes on restricted stock | (10,940) | $ (10,940) | |||
Shares surrendered by employees to pay taxes on restricted stock, shares | (321) | ||||
Purchase of common stock for treasury | (14,012) | $ (14,012) | |||
Purchase of common stock for treasury, shares | (411) | ||||
Stock-based compensation expense | 3,406 | 3,406 | |||
Net income | 25,705 | 25,705 | |||
Balance at Aug. 03, 2019 | 303,560 | $ 205 | $ (155,031) | 77,374 | 381,012 |
Balance, shares at Aug. 03, 2019 | 20,528 | (5,822) | |||
Balance at May. 04, 2019 | 291,503 | $ 205 | $ (155,437) | 76,282 | 370,453 |
Balance, shares at May. 04, 2019 | 20,528 | (5,837) | |||
Dividends declared | (1,273) | (1,273) | |||
Employee stock purchase plan purchases | 41 | $ 46 | (5) | ||
Employee stock purchase plan purchases, shares | 2 | ||||
Restricted stock awards | 0 | $ 360 | (360) | ||
Restricted stock awards, shares | 13 | ||||
Stock-based compensation expense | 1,457 | 1,457 | |||
Net income | 11,832 | 11,832 | |||
Balance at Aug. 03, 2019 | $ 303,560 | $ 205 | $ (155,031) | $ 77,374 | $ 381,012 |
Balance, shares at Aug. 03, 2019 | 20,528 | (5,822) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 | Feb. 03, 2018 |
Statement Of Stockholders Equity [Abstract] | ||||
Dividends | $ 0.085 | $ 0.165 | $ 0.08 | $ 0.155 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 03, 2019 | Aug. 04, 2018 | |
Cash Flows From Operating Activities | ||
Net income | $ 25,705 | $ 24,730 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,395 | 11,219 |
Stock-based compensation | 3,440 | 3,403 |
Loss/(gain) on retirement and impairment of assets | 205 | (227) |
Deferred income taxes | 2,602 | (202) |
Non-cash operating lease expense | 20,352 | 0 |
Lease incentives | 0 | 170 |
Other | 1,643 | (4,577) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,194) | 2,587 |
Merchandise inventories | (79,380) | (76,407) |
Operating lease liabilities | (23,346) | 0 |
Accounts payable and accrued liabilities | 59,565 | 58,562 |
Other | (7,970) | (5,125) |
Net cash provided by operating activities | 10,017 | 14,133 |
Cash Flows From Investing Activities | ||
Purchases of property and equipment | (11,490) | (2,661) |
Proceeds from sales of property and equipment | 8 | 0 |
Other | 0 | 283 |
Net cash used in investing activities | (11,482) | (2,378) |
Cash Flows From Financing Activities | ||
Borrowings under line of credit | 20,000 | 0 |
Payments on line of credit | (20,000) | 0 |
Proceeds from issuance of stock | 104 | 107 |
Dividends paid | (3,250) | (2,393) |
Purchase of common stock for treasury | (14,012) | (19,043) |
Shares surrendered by employees to pay taxes on restricted stock | (10,940) | (275) |
Net cash used in financing activities | (28,098) | (21,604) |
Net decrease in cash and cash equivalents | (29,563) | (9,849) |
Cash and cash equivalents at beginning of period | 67,021 | 48,254 |
Cash and cash equivalents at end of period | 37,458 | 38,405 |
Supplemental disclosures of cash flow information: | ||
Cash paid during period for interest | 121 | 76 |
Cash paid during period for income taxes | 4,915 | 7,367 |
Capital expenditures incurred but not yet paid | $ 990 | $ 152 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Aug. 03, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 - Basis of Presentation In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements and notes have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and contain all normal recurring adjustments necessary to present fairly our financial position and the results of our operations and our cash flows for the periods presented. Certain information and disclosures normally included in the notes to Condensed Consolidated Financial Statements have been condensed or omitted according to the rules and regulations of the SEC, although we believe that the disclosures are adequate to make the information presented not misleading. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 2, 2019. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Aug. 03, 2019 | |
Earnings Per Share Basic [Abstract] | |
Net Income Per Share | Note 2 - Net Income Per Share The following tables set forth the computation of basic and diluted earnings per share as shown on the face of the accompanying Condensed Consolidated Statements of Income: Thirteen Weeks Ended August 3, 2019 August 4, 2018 (In thousands, except per share data) Basic Earnings per Share: Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net income $ 11,832 $ 11,775 Amount allocated to participating securities (11 ) (44 ) Net income available for basic common shares and basic earnings per share $ 11,821 14,615 $ 0.81 $ 11,731 15,249 $ 0.77 Diluted Earnings per Share: Net income $ 11,832 $ 11,775 Amount allocated to participating securities (11 ) (44 ) Adjustment for dilutive potential common shares 0 121 0 118 Net income available for diluted common shares and diluted earnings per share $ 11,821 14,736 $ 0.80 $ 11,731 15,367 $ 0.76 Twenty-six Weeks Ended August 3, 2019 August 4, 2018 (In thousands, except per share data) Basic Earnings per Share: Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net income $ 25,705 $ 24,730 Amount allocated to participating securities (53 ) (108 ) Net income available for basic common shares and basic earnings per share $ 25,652 14,614 $ 1.76 $ 24,622 15,387 $ 1.60 Diluted Earnings per Share: Net income $ 25,705 $ 24,730 Amount allocated to participating securities (53 ) (108 ) Adjustment for dilutive potential common shares 1 350 0 59 Net income available for diluted common shares and diluted earnings per share $ 25,653 14,964 $ 1.71 $ 24,622 15,446 $ 1.59 Our basic and diluted earnings per share are computed using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to their participation rights in dividends and undistributed earnings or losses. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. During periods of undistributed losses, however, no effect is given to our participating securities since they do not share in the losses. Per share amounts are computed by dividing net income available to common shareholders by the weighted average shares outstanding during each period. No options to purchase shares of common stock were excluded in the computation of diluted shares for the periods presented. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Aug. 03, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Note 3 - Recently Issued Accounting Pronouncements Recently Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued guidance which replaced most existing lease accounting guidance. This guidance requires an entity to recognize leased assets and the rights and obligations created by those leased assets on the balance sheet and to disclose key information about the entity's leasing arrangements. This guidance became effective for us on February 3, 2019 and includes interim periods in fiscal 2019. We adopted the new guidance using the effective date as the date of initial application; therefore, the comparative periods have not been adjusted and continue to be reported under the previous lease guidance. All of our retail store locations and our distribution center are subject to operating lease accounting under the new guidance. As a result, the adoption of this guidance had a material impact on our condensed consolidated balance sheets but did not have a material impact on our condensed consolidated statements of income or our condensed consolidated statements of cash flow. We also updated our lease administration software for the implementation of the guidance and developed and mapped new and existing controls in our control environment. The adoption of the guidance resulted in the initial recognition of operating lease liabilities of $251.7 million as of February 3, 2019. This amount was based on the present value of fixed lease payments using our incremental borrowing rate. We recorded corresponding operating lease right-of-use assets based on the operating lease liabilities, reduced by net accrued rent, unamortized deferred lease incentives and prepaid rent totaling $25.8 million upon adoption. Under the new guidance, companies may elect certain optional practical expedients. We elected the practical expedient that permits us not to recognize right-of-use assets and related liabilities that arise from short-term leases (i.e., leases with terms of twelve months or less). In the second quarter of fiscal 2019, we elected the practical expedient that permits us to account for lease and non-lease components as a single lease component for new and modified leases, effective upon adoption of the new guidance. The impact of this election was not material to the first quarter of fiscal 2019. We did not elect the transition practical expedient that permit companies to use hindsight when determining lease term and impairment of right-of-use assets. We also did not elect the transition package of practical expedients that is permitted by the guidance; therefore, we were required to reassess previous accounting conclusions regarding whether existing arrangements are or contain leases, the classification of existing leases and the treatment of initial direct costs. As of the adoption date, we recorded $2.6 million of lease-related capitalized costs to beginning retained earnings, net of tax, that did not meet the definition of initial direct costs in accordance with the guidance. See Note 7 for additional disclosures required as a result of the adoption of this guidance. Not Yet Adopted In August 2018, the FASB issued guidance that adds, removes, and modifies the disclosure requirements related to fair value measurements. This accounting update is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. We are evaluating the impact of this new guidance and believe the adoption will not have a material impact on our condensed consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Aug. 03, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4 - Fair Value Measurements The accounting guidance related to fair value measurements defines fair value and provides a consistent framework for measuring fair value under the authoritative literature. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect market assumptions. This guidance only applies when other guidance requires or permits the fair value measurement of assets and liabilities. The guidance does not expand the use of fair value measurements. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three broad levels: • Level 1 –Quoted prices in active markets for identical assets or liabilities; • Level 2 –Observable market-based inputs or unobservable inputs that are corroborated by market data; and • Level 3 –Significant unobservable inputs that are not corroborated by market data. Generally, these fair value measures are model-based valuation techniques such as discounted cash flows, and are based on the best information available, including our own data. Fair values of our long-lived assets are estimated using an income-based approach and are classified within Level 3 of the valuation hierarchy. The following table presents assets that are measured at fair value on a recurring basis at August 3, 2019, February 2, 2019 and August 4, 2018. We have no material liabilities measured at fair value on a recurring or non-recurring basis. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of August 3, 2019 Cash equivalents - money market mutual funds $ 15,684 $ 0 $ 0 $ 15,684 As of February 2, 2019 Cash equivalents - money market mutual funds $ 68,500 $ 0 $ 0 $ 68,500 As of August 4, 2018 Cash equivalents - money market mutual funds $ 31,124 $ 0 $ 0 $ 31,124 The fair values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other current liabilities approximate their carrying values because of their short-term nature. From time to time, we measure certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. These are typically store-specific assets, which include property and equipment and operating right-of-use assets, which are reviewed for impairment whenever events or changes in circumstances indicate that recoverability of their carrying value is questionable. If the expected undiscounted future cash flows related to a store’s assets are less than their carrying value, an impairment loss would be recognized for the difference between estimated fair value and carrying value and recorded in selling, general and administrative expenses. We estimate the fair value of store property and equipment using an income-based approach considering the cash flows expected over the remaining lease term for each location. These projections are primarily based on management’s estimates of store-level sales, gross margins, direct expenses, exercise of future lease renewal options and resulting cash flows and, by their nature, include judgments about how current initiatives will impact future performance. External factors, such as the local environment in which the store resides, including store traffic and competition, are evaluated in terms of their effect on sales trends. Changes in sales and operating income assumptions or unfavorable changes in external factors can significantly impact the estimated future cash flows. An increase or decrease in the projected cash flow can significantly decrease or increase the fair value of these assets, which would have an effect on the impairment recorded. We estimate the fair value of operating right-of-use assets using the market value of rents applicable to the leased asset, discounted using the remaining lease term. If the operating right-of-use asset is impaired, we would amortize the remaining right-of-use asset in accordance with the subsequent-measurement guidance that applies to finance leases — typically, on a straight-line basis over the remaining lease term. Thus, the leased asset would no longer qualify for the straight-line treatment of lease expense. However, in periods after the impairment, we would continue to present the right-of-use asset reduction and interest accretion related to the operating lease liability in selling, general and administrative expenses on the income statement. See Note 7 for additional information on our accounting treatment for leases. There were no impairments of long-lived assets recorded during the thirteen weeks ended August 3, 2019. During the twenty-six weeks ended August 3, 2019, we recorded an impairment charge of $40,000 on property and equipment related to one store, which was included in selling, general and administrative expenses for the period. Subsequent to this impairment, these long-lived assets had a remaining unamortized basis of $3,000. There were no impairments of long-lived assets recorded during the thirteen or twenty-six weeks ended August 4, 2018. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Aug. 03, 2019 | |
Share Based Compensation [Abstract] | |
Stock-Based Compensation | Note 5 - Stock-Based Compensation At our 2017 annual meeting of shareholders held on June 13, 2017, our shareholders approved a new equity incentive plan, the Shoe Carnival, Inc. 2017 Equity Incentive Plan (the “2017 Plan”), which replaced our 2000 Stock Option and Incentive Plan, as amended (the “2000 Plan”). We may issue stock options, stock appreciation rights, restricted stock, stock units and other stock-based awards to eligible participants under the 2017 Plan. According to the terms of the 2017 Plan, upon approval of the 2017 Plan by our shareholders, no further awards may be made under the 2000 Plan. A maximum of 1,000,000 shares of our common stock are available for issuance and sale under the 2017 Plan. In addition, any shares of our common stock subject to an award granted under the 2017 Plan, or to an award granted under the 2000 Plan that was outstanding on the date our shareholders approved the 2017 Plan, that expires, is cancelled or forfeited, or is settled for cash will, to the extent of such cancellation, forfeiture, expiration or cash settlement, automatically become available for future awards under the 2017 Plan. Stock-based compensation includes stock options, cash-settled stock appreciation rights, restricted stock awards, restricted stock units and performance stock units. Restricted Stock The following table summarizes transactions for our restricted stock awards pursuant to our stock-based compensation plans: Number of Shares Weighted- Average Grant Date Fair Value Restricted stock at February 2, 2019 825,281 $ 23.94 Granted 13,548 26.58 Vested (708,367 ) 23.88 Forfeited or expired (40,859 ) 24.26 Restricted stock at August 3, 2019 89,603 $ 24.62 The weighted-average grant date fair value of restricted stock awards granted during the twenty-six week periods ended August 3, 2019 and August 4, 2018 was $26.58 and $32.74, respectively. The total fair value at grant date of restricted stock awards that vested during the twenty-six week periods ended August 3, 2019 and August 4, 2018 was $16.9 million and $887,000, respectively. As of August 3, 2019, approximately $594,000 of unrecognized compensation expense remained related to both our performance-based and service-based restricted stock awards. The cost is expected to be recognized over a weighted average period of approximately 0.6 years. The following table summarizes transactions for our restricted stock units and performance stock units pursuant to the 2017 Plan: Number of Shares Weighted- Average Grant Date Fair Value Restricted stock units and performance stock units at February 2, 2019 202,667 $ 24.98 Granted 184,300 31.28 Vested (86,093 ) 23.27 Forfeited (2,376 ) 23.27 Restricted stock units and performance stock units at August 3, 2019 298,498 $ 29.38 As of August 3, 2019, approximately $5.5 million of unrecognized compensation expense remained related to both our restricted stock units and performance stock units. The cost is expected to be recognized over a weighted average period of approximately 1.2 years. The following table summarizes information regarding stock-based compensation expense recognized for restricted stock awards, restricted stock units and performance stock units: (In thousands) Thirteen Weeks Ended August 3, 2019 Thirteen Weeks Ended August 4, 2018 Twenty-six Weeks Ended August 3, 2019 Twenty-six Weeks Ended August 4, 2018 Stock-based compensation expense before the recognized income tax benefit $ 1,450 $ 1,728 $ 3,388 $ 2,844 Income tax benefit $ 356 $ 373 $ 630 $ 666 Cash-Settled Stock Appreciation Rights Our cash-settled stock appreciation rights (“SARs”) were granted during the first quarter of fiscal 2019 to certain non-executive employees and will vest and become fully exercisable on March 31, 2020. Any unexercised SARs will expire on March 31, 2022. Each SAR entitles the holder, upon exercise of their vested shares, to receive cash in an amount equal to the closing price of our stock on the date of exercise less the exercise price, with a maximum amount of gain defined. The SARs granted during the first quarter of fiscal 2019 were issued with a defined maximum gain of $10.00 over the exercise price of $34.95. During the first quarter of fiscal 2015, SARs were granted to certain non-executive employees, such that one-third of the shares underlying the SARs vested and became fully exercisable on each of the first three anniversaries of the date of the grant and were assigned a five-year term from the date of grant, after which any unexercised SARs would expire. Each SAR entitled the holder, upon exercise of their vested shares, to receive cash in an amount equal to the closing price of our stock on the date of exercise less the exercise price, with a defined maximum gain of $10.00 over the exercise price of $24.26. During the second quarter of fiscal 2018, all remaining SARs granted during the first quarter of fiscal 2015 were exercised. The following table summarizes the SARs activity: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding at February 2, 2019 0 $ 0.00 Granted 43,900 34.95 Forfeited 0 0.00 Exercised 0 0.00 Outstanding at August 3, 2019 43,900 $ 34.95 2.7 The fair value of these liability awards will be remeasured, using a trinomial lattice model, at each reporting period until the date of settlement. Increases or decreases in stock-based compensation expense are recognized over the vesting period, or immediately for vested awards. The weighted-average fair value of outstanding, non-vested SAR awards as of August 3, 2019 was $2.59. The fair value was estimated using a trinomial lattice model with the following assumptions: August 3, 2019 Risk free interest rate yield curve 1.66% - 2.11% Expected dividend yield 1.5% Expected volatility 48.97% Maximum life 2.7 Years Exercise multiple 1.29 Maximum payout $ 10.00 Employee exit rate 2.2% - 9.0% The risk free interest rate was based on the U.S. Treasury yield curve in effect at the end of the reporting period. The expected dividend yield was based on our historical quarterly cash dividends, with the assumption that quarterly dividends would continue at that rate. Expected volatility was based on the historical volatility of our common stock. The exercise multiple and employee exit rate were based on historical option data. The following table summarizes information regarding stock-based compensation expense recognized for SARs: (In thousands) Thirteen Weeks Ended August 3, 2019 Thirteen Weeks Ended August 4, 2018 Twenty-six Weeks Ended August 3, 2019 Twenty-six Weeks Ended August 4, 2018 Stock-based compensation expense before the recognized income tax benefit $ 25 $ 65 $ 34 $ 129 Income tax benefit $ 6 $ 14 $ 6 $ 30 As of August 3, 2019, approximately $80,000 in unrecognized compensation expense remained related to non-vested SARs. This expense is expected to be recognized over a period of approximately 0.7 years. |
Revenue
Revenue | 6 Months Ended |
Aug. 03, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 6 – Revenue Disaggregation of Revenue by Product Category Revenue is disaggregated by product category below. Net sales and percentage of net sales for the thirteen and twenty-six weeks ended August 3, 2019 and August 4, 2018 were as follows: (In thousands) Thirteen Weeks Ended August 3, 2019 Thirteen Weeks Ended August 4, 2018 Non-Athletics: Women’s $ 66,277 25 % $ 65,373 25 % Men’s 40,108 15 39,738 15 Children’s 13,567 5 13,228 5 Total 119,952 45 118,339 45 Athletics: Women’s 43,027 16 43,824 16 Men’s 56,837 21 58,225 22 Children’s 35,707 13 35,767 13 Total 135,571 50 137,816 51 Accessories 12,056 5 11,580 4 Other 642 0 631 0 Total $ 268,221 100 % $ 268,366 100 % (In thousands) Twenty-six Weeks Ended August 3, 2019 Twenty-six Weeks Ended August 4, 2018 Non-Athletics: Women’s $ 126,707 24 % $ 126,015 24 % Men’s 75,971 15 73,687 14 Children’s 25,935 5 25,031 5 Total 228,613 44 224,733 43 Athletics: Women’s 92,714 18 96,174 18 Men’s 110,141 21 113,845 22 Children’s 66,525 13 67,805 13 Total 269,380 52 277,824 53 Accessories 22,599 4 21,937 4 Other 1,439 0 1,317 0 Total $ 522,031 100 % $ 525,811 100 % Returns and Refunds It is our policy to allow customers to exchange or return products for a refund within a limited period of time. We have established a returns allowance based upon historical experience in order to estimate these transactions. This allowance is recorded as a reduction in sales with a corresponding refund liability recorded in accrued and other liabilities. The estimated cost of merchandise inventory is recorded as a reduction to cost of sales and an increase in merchandise inventories. At each of August 3, 2019 and February 2, 2019, approximately $600,000 of refund liabilities and $410,000 of right of return assets associated with estimated product returns were recorded in our condensed consolidated balance sheets. Contract Liabilities We sell gift cards in our brick-and-mortar stores and through our e-commerce and mobile platforms. Gift card purchases are recorded as an increase to contract liabilities at the time of purchase and a decrease to contract liabilities when a customer redeems a gift card. Estimated breakage is determined based on historical breakage percentages and recognized as revenue based on expected gift card usage. We do not record breakage revenue when escheat liability to relevant jurisdictions exists. We offer our customers the opportunity to enroll in our Shoe Perks loyalty rewards program (“Shoe Perks”), which accrues points and provides customers with the opportunity to earn rewards. Points under Shoe Perks are earned primarily by making purchases either in-store or through our online platform. Once a certain threshold of accumulated points is reached, the customer earns a reward certificate, which is redeemable at any of our stores or online. When a Shoe Perks customer makes a purchase, we allocate the transaction price between the goods and the loyalty reward points based on the relative standalone selling price. The portion allocated to the material right is recorded as a contract liability for rewards that are expected to be redeemed. We then recognize revenue based on an estimate of when customers exercise their rights to redeem the rewards, which incorporates an estimate of points expected to expire using historical rates. |
Leases
Leases | 6 Months Ended |
Aug. 03, 2019 | |
Leases [Abstract] | |
Leases | Note 7 – Leases Effective February 3, 2019, we adopted Accounting Standards Codification Topic No. 842 – Leases Operating lease liabilities are increased by interest and reduced by payments each period, and ROU assets are amortized over the lease term. Interest on operating lease liabilities and the amortization of ROU assets results in straight-line rent expense over the lease term. We record variable lease expense primarily associated with contingent rent and reduced rent due to co-tenancy violations when incurred. For new leases, renewals or amendments, we make certain estimates and assumptions regarding property values, market rents, property lives, discount rates and probable terms. These estimates and assumptions can impact: (1) lease classification and the related accounting treatment; (2) rent holidays, escalations or deferred lease incentives, which are taken into consideration when calculating straight-line expense; (3) the term over which leasehold improvements for each store are amortized; and (4) the values and lives of adjustments to initial ROU assets. The amount of depreciation and amortization, interest and rent expense would vary if different estimates and assumptions were used. We lease all of our retail stores and our single distribution center, which has a current lease term of 15 years, expiring in 2034. We also enter into leases of equipment, copiers and billboards. All of our leases are operating leases. Leases with terms of twelve months or less are immaterial and are expensed as incurred, and we did not have any leases with related parties as of August 3, 2019. Our leases typically provide for fixed minimum rental payments and certain leases provide for contingent rental payments based upon various specified percentages of sales above minimum levels. In addition to rental payments, we are required to pay certain non-lease components, such as real estate taxes, insurance and common area maintenance (“CAM”), on most of our real estate leases. Such non-lease components are typically variable in nature and are not included in the measurement of the lease liability, ROU asset or straight-line operating lease expense. Certain real estate leases also contain escalation clauses for increases in minimum rentals, operating costs and taxes. Our real estate leases typically include one or more options to renew, with renewal terms that typically extend the lease term for five years or more. The exercise of lease renewal options is at our sole discretion. When determining the lease term, we include option periods that are reasonably certain to be exercised. Many of our leases also contain “co-tenancy” provisions, including the required presence and continued operation of certain anchor tenants in the adjoining retail space. If a co-tenancy provision is triggered, we could have the right to terminate the lease early or to a reduction of rent. In addition to co-tenancy provisions, certain leases contain “go-dark” provisions that allow us to cease operations while continuing to pay rent through the end of the lease term. Lease-related costs reported in our condensed consolidated statements of income were as follows: (In thousands) Thirteen Weeks Ended August 3, 2019 Twenty-six Weeks Ended August 3, 2019 Operating lease cost $ 13,231 $ 27,194 Variable lease cost 180 398 CAM, property taxes and insurance 4,935 10,184 Total $ 18,346 $ 37,776 Other information related to leases, including supplemental cash flow information, consists of: (In thousands) Twenty-six Weeks Ended August 3, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 30,236 ROU assets obtained in exchange for operating lease liabilities $ 20,924 As of August 3, 2019 Weighted-average remaining lease term for operating leases (in years) 6.3 Weighted-average discount rate for operating leases 5.4 % The following table reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the operating lease liabilities on the consolidated balance sheet as of August 3, 2019: (In thousands) Operating Leases 2019 (excluding the first six fiscal months) $ 30,512 2020 54,089 2021 53,418 2022 46,127 2023 39,000 Thereafter to 2034 80,704 Total undiscounted lease payments 303,850 Less: Imputed interest 57,475 Total operating lease liabilities 246,375 Less: Current portion of operating lease liabilities 46,783 Long-term portion of operating lease liabilities $ 199,592 Our future minimum lease payments for operating leases as of February 2, 2019, in accordance with legacy lease accounting guidance, were as follows: (In thousands) Operating Leases 2019 $ 60,807 2020 51,937 2021 50,687 2022 41,536 2023 34,035 Thereafter to 2031 56,437 Total $ 295,439 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of the Computation of Basic and Diluted Earnings Per Share | Thirteen Weeks Ended August 3, 2019 August 4, 2018 (In thousands, except per share data) Basic Earnings per Share: Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net income $ 11,832 $ 11,775 Amount allocated to participating securities (11 ) (44 ) Net income available for basic common shares and basic earnings per share $ 11,821 14,615 $ 0.81 $ 11,731 15,249 $ 0.77 Diluted Earnings per Share: Net income $ 11,832 $ 11,775 Amount allocated to participating securities (11 ) (44 ) Adjustment for dilutive potential common shares 0 121 0 118 Net income available for diluted common shares and diluted earnings per share $ 11,821 14,736 $ 0.80 $ 11,731 15,367 $ 0.76 Twenty-six Weeks Ended August 3, 2019 August 4, 2018 (In thousands, except per share data) Basic Earnings per Share: Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net income $ 25,705 $ 24,730 Amount allocated to participating securities (53 ) (108 ) Net income available for basic common shares and basic earnings per share $ 25,652 14,614 $ 1.76 $ 24,622 15,387 $ 1.60 Diluted Earnings per Share: Net income $ 25,705 $ 24,730 Amount allocated to participating securities (53 ) (108 ) Adjustment for dilutive potential common shares 1 350 0 59 Net income available for diluted common shares and diluted earnings per share $ 25,653 14,964 $ 1.71 $ 24,622 15,446 $ 1.59 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The following table presents assets that are measured at fair value on a recurring basis at August 3, 2019, February 2, 2019 and August 4, 2018. We have no material liabilities measured at fair value on a recurring or non-recurring basis. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total As of August 3, 2019 Cash equivalents - money market mutual funds $ 15,684 $ 0 $ 0 $ 15,684 As of February 2, 2019 Cash equivalents - money market mutual funds $ 68,500 $ 0 $ 0 $ 68,500 As of August 4, 2018 Cash equivalents - money market mutual funds $ 31,124 $ 0 $ 0 $ 31,124 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Summary of Restricted Stock Awards Transactions | The following table summarizes transactions for our restricted stock awards pursuant to our stock-based compensation plans: Number of Shares Weighted- Average Grant Date Fair Value Restricted stock at February 2, 2019 825,281 $ 23.94 Granted 13,548 26.58 Vested (708,367 ) 23.88 Forfeited or expired (40,859 ) 24.26 Restricted stock at August 3, 2019 89,603 $ 24.62 |
Summary of SARs Activity | The following table summarizes the SARs activity: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding at February 2, 2019 0 $ 0.00 Granted 43,900 34.95 Forfeited 0 0.00 Exercised 0 0.00 Outstanding at August 3, 2019 43,900 $ 34.95 2.7 |
Schedule of SARs Assumptions | The fair value was estimated using a trinomial lattice model with the following assumptions: August 3, 2019 Risk free interest rate yield curve 1.66% - 2.11% Expected dividend yield 1.5% Expected volatility 48.97% Maximum life 2.7 Years Exercise multiple 1.29 Maximum payout $ 10.00 Employee exit rate 2.2% - 9.0% |
Restricted Stock Units and Performance Stock Units [Member] | |
Summary of Stock Compensation Expense | The following table summarizes information regarding stock-based compensation expense recognized for restricted stock awards, restricted stock units and performance stock units: (In thousands) Thirteen Weeks Ended August 3, 2019 Thirteen Weeks Ended August 4, 2018 Twenty-six Weeks Ended August 3, 2019 Twenty-six Weeks Ended August 4, 2018 Stock-based compensation expense before the recognized income tax benefit $ 1,450 $ 1,728 $ 3,388 $ 2,844 Income tax benefit $ 356 $ 373 $ 630 $ 666 |
Stock Appreciation Rights (SARs) [Member] | |
Summary of Stock Compensation Expense | The following table summarizes information regarding stock-based compensation expense recognized for SARs: (In thousands) Thirteen Weeks Ended August 3, 2019 Thirteen Weeks Ended August 4, 2018 Twenty-six Weeks Ended August 3, 2019 Twenty-six Weeks Ended August 4, 2018 Stock-based compensation expense before the recognized income tax benefit $ 25 $ 65 $ 34 $ 129 Income tax benefit $ 6 $ 14 $ 6 $ 30 |
Restricted Stock Units and Performance Stock Units [Member] | |
Summary of Restricted Stock Awards Transactions | The following table summarizes transactions for our restricted stock units and performance stock units pursuant to the 2017 Plan: Number of Shares Weighted- Average Grant Date Fair Value Restricted stock units and performance stock units at February 2, 2019 202,667 $ 24.98 Granted 184,300 31.28 Vested (86,093 ) 23.27 Forfeited (2,376 ) 23.27 Restricted stock units and performance stock units at August 3, 2019 298,498 $ 29.38 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Revenue Disaggregation by Product Category | Revenue is disaggregated by product category below. Net sales and percentage of net sales for the thirteen and twenty-six weeks ended August 3, 2019 and August 4, 2018 were as follows: (In thousands) Thirteen Weeks Ended August 3, 2019 Thirteen Weeks Ended August 4, 2018 Non-Athletics: Women’s $ 66,277 25 % $ 65,373 25 % Men’s 40,108 15 39,738 15 Children’s 13,567 5 13,228 5 Total 119,952 45 118,339 45 Athletics: Women’s 43,027 16 43,824 16 Men’s 56,837 21 58,225 22 Children’s 35,707 13 35,767 13 Total 135,571 50 137,816 51 Accessories 12,056 5 11,580 4 Other 642 0 631 0 Total $ 268,221 100 % $ 268,366 100 % (In thousands) Twenty-six Weeks Ended August 3, 2019 Twenty-six Weeks Ended August 4, 2018 Non-Athletics: Women’s $ 126,707 24 % $ 126,015 24 % Men’s 75,971 15 73,687 14 Children’s 25,935 5 25,031 5 Total 228,613 44 224,733 43 Athletics: Women’s 92,714 18 96,174 18 Men’s 110,141 21 113,845 22 Children’s 66,525 13 67,805 13 Total 269,380 52 277,824 53 Accessories 22,599 4 21,937 4 Other 1,439 0 1,317 0 Total $ 522,031 100 % $ 525,811 100 % |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Leases [Abstract] | |
Schedule of Lease Related Costs | Lease-related costs reported in our condensed consolidated statements of income were as follows: (In thousands) Thirteen Weeks Ended August 3, 2019 Twenty-six Weeks Ended August 3, 2019 Operating lease cost $ 13,231 $ 27,194 Variable lease cost 180 398 CAM, property taxes and insurance 4,935 10,184 Total $ 18,346 $ 37,776 |
Schedule of Other Information Related to Leases | Other information related to leases, including supplemental cash flow information, consists of: (In thousands) Twenty-six Weeks Ended August 3, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 30,236 ROU assets obtained in exchange for operating lease liabilities $ 20,924 As of August 3, 2019 Weighted-average remaining lease term for operating leases (in years) 6.3 Weighted-average discount rate for operating leases 5.4 % |
Schedule of Rental Expense Under Operating Leases | The following table reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the operating lease liabilities on the consolidated balance sheet as of August 3, 2019: (In thousands) Operating Leases 2019 (excluding the first six fiscal months) $ 30,512 2020 54,089 2021 53,418 2022 46,127 2023 39,000 Thereafter to 2034 80,704 Total undiscounted lease payments 303,850 Less: Imputed interest 57,475 Total operating lease liabilities 246,375 Less: Current portion of operating lease liabilities 46,783 Long-term portion of operating lease liabilities $ 199,592 |
Schedule of Future Minimum Payments Under Operating Leases | Our future minimum lease payments for operating leases as of February 2, 2019, in accordance with legacy lease accounting guidance, were as follows: (In thousands) Operating Leases 2019 $ 60,807 2020 51,937 2021 50,687 2022 41,536 2023 34,035 Thereafter to 2031 56,437 Total $ 295,439 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Basic Earnings per Share: | ||||
Net income | $ 11,832 | $ 11,775 | $ 25,705 | $ 24,730 |
Amount allocated to participating securities | (11) | (44) | (53) | (108) |
Net income available for basic common shares and basic earnings per share | $ 11,821 | $ 11,731 | $ 25,652 | $ 24,622 |
Basic | 14,615 | 15,249 | 14,614 | 15,387 |
Basic | $ 0.81 | $ 0.77 | $ 1.76 | $ 1.60 |
Diluted Earnings per Share: | ||||
Net income | $ 11,832 | $ 11,775 | $ 25,705 | $ 24,730 |
Amount allocated to participating securities | (11) | (44) | (53) | (108) |
Adjustment for dilutive potential common shares | 0 | 0 | 1 | 0 |
Net income available for diluted common shares and diluted earnings per share | $ 11,821 | $ 11,731 | $ 25,653 | $ 24,622 |
Adjustment for dilutive potential common shares | 121 | 118 | 350 | 59 |
Net income available for diluted common shares and diluted earnings per share, Shares | 14,736 | 15,367 | 14,964 | 15,446 |
Diluted | $ 0.80 | $ 0.76 | $ 1.71 | $ 1.59 |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | ||||
Operating Lease, Liability | $ 246,375 | $ 251,700 | ||
Operating lease right-of-use assets | $ 223,536 | 25,800 | $ 0 | $ 0 |
Capital Lease Obligations | $ 2,600 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets Measure at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market mutual funds | $ 15,684 | $ 68,500 | $ 31,124 |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market mutual funds | 15,684 | 68,500 | 31,124 |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market mutual funds | 0 | 0 | 0 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents - money market mutual funds | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Fair Value Disclosures [Abstract] | ||||
Long-lived assets, impairment charges | $ 0 | $ 0 | $ 40,000 | $ 0 |
Remaining unamortized basis | $ 3,000 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Apr. 28, 2015 | Aug. 03, 2019 | Aug. 04, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available to be issued and sold pursuant to the 2017 Plan | 1,000,000 | 1,000,000 | |||
Stock-based compensation expense for ESPP | $ 7,000 | $ 7,000 | $ 18,000 | $ 19,000 | |
Income tax benefit - ESPP | 2,000 | $ 2,000 | $ 3,000 | $ 4,000 | |
Restricted stock awards granted weighted average grant date fair value | $ 26.58 | $ 32.74 | |||
Fair value of stock awards vested during period | $ 16,900,000 | $ 887,000 | |||
Unrecognized compensation cost, recognition period | 8 months 12 days | ||||
Unrecognized compensation expense related to SARs | 80,000 | $ 80,000 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized share-based compensation expense | 594,000 | $ 594,000 | |||
Unrecognized compensation cost, recognition period | 7 months 6 days | ||||
Weighted average grant date fair value of awards | $ 26.58 | ||||
Restricted Stock Unit [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized share-based compensation expense | $ 5,500,000 | $ 5,500,000 | |||
Unrecognized compensation cost, recognition period | 1 year 2 months 12 days | ||||
Stock Appreciation Rights (SARs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock appreciation rights expiration date | Mar. 31, 2022 | ||||
Defined maximum gain | $ 10 | $ 10 | |||
Exercise price | $ 24.26 | 34.95 | |||
Weighted average grant date fair value of awards | $ 2.59 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Awards Transactions) (Details) | 6 Months Ended |
Aug. 03, 2019$ / sharesshares | |
Restricted Stock [Member] | |
Number of Shares | |
Outstanding at February 2, 2019 | shares | 825,281 |
Granted | shares | 13,548 |
Vested | shares | (708,367) |
Forfeited or expired | shares | (40,859) |
Outstanding at August 3, 2019 | shares | 89,603 |
Weighted-Average Grant Date Fair Value | |
Outstanding at February 2, 2019 | $ / shares | $ 23.94 |
Granted | $ / shares | 26.58 |
Vested | $ / shares | 23.88 |
Forfeited or expired | $ / shares | 24.26 |
Outstanding at August 3, 2019 | $ / shares | $ 24.62 |
Restricted Stock Units and Performance Stock Units [Member] | |
Number of Shares | |
Outstanding at February 2, 2019 | shares | 202,667 |
Granted | shares | 184,300 |
Vested | shares | (86,093) |
Forfeited or expired | shares | (2,376) |
Outstanding at August 3, 2019 | shares | 298,498 |
Weighted-Average Grant Date Fair Value | |
Outstanding at February 2, 2019 | $ / shares | $ 24.98 |
Granted | $ / shares | 31.28 |
Vested | $ / shares | 23.27 |
Forfeited or expired | $ / shares | 23.27 |
Outstanding at August 3, 2019 | $ / shares | $ 29.38 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-based Compensation Expense for Stock Options, Restricted Stock, Performance Stock and SARs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Restricted Stock Units and Performance Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense before the recognized income tax benefit | $ 1,450 | $ 1,728 | $ 3,388 | $ 2,844 |
Income tax benefit | 356 | 373 | 630 | 666 |
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense before the recognized income tax benefit | 25 | 65 | 34 | 129 |
Income tax benefit | $ 6 | $ 14 | $ 6 | $ 30 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of SARs Activity) (Details) - Stock Appreciation Rights (SARs) [Member] | 6 Months Ended |
Aug. 03, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at February 2, 2019 | shares | 0 |
Granted | shares | 43,900 |
Forfeited | shares | 0 |
Exercised | shares | 0 |
Outstanding at August 3, 2019 | shares | 43,900 |
Outstanding at February 2, 2019 | $ / shares | $ 0 |
Granted | $ / shares | 34.95 |
Forfeited | $ / shares | 0 |
Exercised | $ / shares | 0 |
Outstanding at August 3, 2019 | $ / shares | $ 34.95 |
Outstanding at August 3, 2019 | 2 years 8 months 12 days |
Stock Based Compensation (Sched
Stock Based Compensation (Schedule of SARs Assumptions) (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 3 Months Ended | 6 Months Ended |
Apr. 28, 2015 | Aug. 03, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate yield curve, minimum | 1.66% | |
Risk free interest rate yield curve, maximum | 2.11% | |
Expected dividend yield | 1.50% | |
Expected volatility | 48.97% | |
Maximum life | 2 years 8 months 12 days | |
Exercise multiple | $ 1.29 | |
Maximum payout | $ 10 | $ 10 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee exit rate | 2.20% | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee exit rate | 9.00% |
Revenue (Schedule of Revenue Di
Revenue (Schedule of Revenue Disaggregation by Product Category) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 268,221 | $ 268,366 | $ 522,031 | $ 525,811 |
Non-Athletics [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 119,952 | 118,339 | 228,613 | 224,733 |
Non-Athletics [Member] | Women' s [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 66,277 | 65,373 | 126,707 | 126,015 |
Non-Athletics [Member] | Men' s [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 40,108 | 39,738 | 75,971 | 73,687 |
Non-Athletics [Member] | Children' s [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 13,567 | 13,228 | 25,935 | 25,031 |
Athletics [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 135,571 | 137,816 | 269,380 | 277,824 |
Athletics [Member] | Women' s [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 43,027 | 43,824 | 92,714 | 96,174 |
Athletics [Member] | Men' s [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 56,837 | 58,225 | 110,141 | 113,845 |
Athletics [Member] | Children' s [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 35,707 | 35,767 | 66,525 | 67,805 |
Accessories [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 12,056 | 11,580 | 22,599 | 21,937 |
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 642 | $ 631 | $ 1,439 | $ 1,317 |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of net sales | 100.00% | 100.00% | 100.00% | 100.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Non-Athletics [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of net sales | 45.00% | 45.00% | 44.00% | 43.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Non-Athletics [Member] | Women' s [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of net sales | 25.00% | 25.00% | 24.00% | 24.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Non-Athletics [Member] | Men' s [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of net sales | 15.00% | 15.00% | 15.00% | 14.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Non-Athletics [Member] | Children' s [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of net sales | 5.00% | 5.00% | 5.00% | 5.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Athletics [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of net sales | 50.00% | 51.00% | 52.00% | 53.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Athletics [Member] | Women' s [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of net sales | 16.00% | 16.00% | 18.00% | 18.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Athletics [Member] | Men' s [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of net sales | 21.00% | 22.00% | 21.00% | 22.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Athletics [Member] | Children' s [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of net sales | 13.00% | 13.00% | 13.00% | 13.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Accessories [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of net sales | 5.00% | 4.00% | 4.00% | 4.00% |
Sales Revenue Net [Member] | Geographic Concentration Risk [Member] | Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of net sales | 0.00% | 0.00% | 0.00% | 0.00% |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | |
Revenue From Contract With Customer [Abstract] | |||||
Refund liabilities | $ 600,000 | $ 600,000 | |||
Return assets | $ 410,000 | ||||
Contract liabilities associated with unredeemed gift cards | 1,200,000 | $ 1,300,000 | 1,200,000 | $ 1,300,000 | 1,600,000 |
Breakage revenue | 30,000 | 39,000 | 63,000 | 77,000 | |
Contract liabilities associated with loyalty rewards | 352,000 | 308,000 | 352,000 | 308,000 | $ 245,000 |
Deferred revenue | $ 448,000 | $ 407,000 | $ 854,000 | $ 585,000 |
Lease - Additional Information
Lease - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Aug. 03, 2019 | Feb. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 | |
Leases [Abstract] | ||||
Operating Lease, Liability | $ 246,375 | $ 251,700 | ||
Operating lease right-of-use assets | $ 223,536 | 25,800 | $ 0 | $ 0 |
Capital Lease Obligations | $ 2,600 | |||
Term of contract | 15 years | |||
Lease Expiration Year | 2034 |
Schedule of Lease Related Costs
Schedule of Lease Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Aug. 03, 2019 | Aug. 03, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 13,231 | $ 27,194 |
Variable lease cost | 180 | 398 |
CAM, property taxes and insurance | 4,935 | 10,184 |
Total | $ 18,346 | $ 37,776 |
Schedule of Other Information R
Schedule of Other Information Related to Leases (Details) $ in Thousands | 6 Months Ended |
Aug. 03, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 30,236 |
ROU assets obtained in exchange for operating lease liabilities | $ 20,924 |
Weighted-average remaining lease term for operating leases (in years) | 6 years 3 months 18 days |
Weighted-average discount rate for operating leases | 5.40% |
Undiscounted Cash Flows to Oper
Undiscounted Cash Flows to Operating Lease Liabilities on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Leases [Abstract] | ||||
2019 (excluding the first six fiscal months) | $ 30,512 | |||
2020 | 54,089 | |||
2021 | 53,418 | |||
2022 | 46,127 | |||
2023 | 39,000 | |||
Thereafter to 2034 | 80,704 | |||
Total undiscounted lease payments | 303,850 | |||
Less: Imputed interest | 57,475 | |||
Total operating lease liabilities | 246,375 | $ 251,700 | ||
Current portion of operating lease liabilities | 46,783 | $ 0 | $ 0 | |
Long-term portion of operating lease liabilities | $ 199,592 | $ 0 | $ 0 |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Commitments for Operating Leases (Details) $ in Thousands | Feb. 02, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 60,807 |
2020 | 51,937 |
2021 | 50,687 |
2022 | 41,536 |
2023 | 34,035 |
Thereafter to 2031 | 56,437 |
Total | $ 295,439 |