Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 30, 2016 | Aug. 15, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CHICOS FAS INC | |
Entity Central Index Key | 897,429 | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jul. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 132,033,005 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 635,732 | $ 685,826 | $ 1,278,709 | $ 1,383,592 |
Net sales, as a Percentage of Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Cost of goods sold | $ 394,922 | $ 421,125 | $ 775,564 | $ 823,273 |
Cost of goods sold, as a Percentage of Sales | 62.10% | 61.40% | 60.70% | 59.50% |
Gross margin | $ 240,810 | $ 264,701 | $ 503,145 | $ 560,319 |
Gross margin, as a Percentage of Sales | 37.90% | 38.60% | 39.30% | 40.50% |
Selling, general and administrative expenses | $ 186,626 | $ 207,170 | $ 394,767 | $ 435,235 |
Selling, general and administrative expenses, as a Percentage of Sales | 29.40% | 30.20% | 30.90% | 31.50% |
Goodwill and intangible impairment charges | $ 0 | $ 66,941 | $ 0 | $ 66,941 |
Goodwill and intangible impairment charges, as a Percentage of Net Sales | 0.00% | 9.80% | 0.00% | 4.80% |
Restructuring and strategic charges | $ 16,556 | $ 16,166 | $ 20,207 | $ 31,041 |
Restructuring and strategic charges, as a Percentage of Sales | 2.60% | 2.30% | 1.50% | 2.20% |
Income (loss) from operations | $ 37,628 | $ (25,576) | $ 88,171 | $ 27,102 |
Income (loss) from operations, as a Percentage of Sales | 5.90% | (3.70%) | 6.90% | 2.00% |
Interest expense, net | $ (489) | $ (502) | $ (948) | $ (955) |
Interest expense, net, as a Percentage of Sales | (0.10%) | (0.10%) | (0.10%) | (0.10%) |
Income (loss) before income taxes | $ 37,139 | $ (26,078) | $ 87,223 | $ 26,147 |
Income (loss) before income taxes, as a Percentage of Sales | 5.80% | (3.80%) | 6.80% | 1.90% |
Income tax provision (benefit) | $ 14,100 | $ (28,200) | $ 33,100 | $ (8,500) |
Income tax provision, as a Percentage of Sales | 2.20% | (4.10%) | 2.60% | (0.60%) |
Net income | $ 23,039 | $ 2,122 | $ 54,123 | $ 34,647 |
Net income, as a Percentage of Sales | 3.60% | 0.30% | 4.20% | 2.50% |
Per share data: | ||||
Net income per common share-basic (in dollars per share) | $ 0.17 | $ 0.02 | $ 0.41 | $ 0.24 |
Net income per common and common equivalent share–diluted (in dollars per share) | $ 0.17 | $ 0.02 | $ 0.41 | $ 0.24 |
Weighted average common shares outstanding–basic (in shares) | 129,215 | 138,606 | 130,406 | 140,992 |
Weighted average common and common equivalent shares outstanding–diluted (in shares) | 129,362 | 138,961 | 130,516 | 141,339 |
Dividends declared per share (in dollars per share) | $ 0.08 | $ 0.0775 | $ 0.24 | $ 0.2325 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 23,039 | $ 2,122 | $ 54,123 | $ 34,647 |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on marketable securities, net of taxes | 6 | (6) | 39 | (18) |
Foreign currency translation gains (losses), net of taxes | 4 | 331 | (27) | 121 |
Comprehensive income | $ 23,049 | $ 2,447 | $ 54,135 | $ 34,750 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
Current Assets: | |||
Cash and cash equivalents | $ 100,532 | $ 89,951 | $ 109,015 |
Marketable securities, at fair value | 50,612 | 50,194 | 47,999 |
Inventories | 235,636 | 233,834 | 239,043 |
Prepaid expenses and other current assets | 43,135 | 45,660 | 50,190 |
Income tax receivable | 3,070 | 29,157 | 11,482 |
Assets held for sale | 18,667 | 16,525 | 85,941 |
Total Current Assets | 451,652 | 465,321 | 543,670 |
Property and Equipment, net | 515,088 | 550,953 | 563,583 |
Other Assets: | |||
Goodwill | 96,774 | 96,774 | 96,774 |
Other intangible assets, net | 38,930 | 38,930 | 38,930 |
Other assets, net | 18,989 | 14,074 | 22,829 |
Total Other Assets | 154,693 | 149,778 | 158,533 |
Total Assets | 1,121,433 | 1,166,052 | 1,265,786 |
Current Liabilities: | |||
Accounts payable | 136,761 | 129,343 | 148,288 |
Current debt | 10,000 | 10,000 | 10,000 |
Other current and deferred liabilities | 151,823 | 158,788 | 150,433 |
Liabilities held for sale | 0 | 0 | 7,297 |
Total Current Liabilities | 298,584 | 298,131 | 316,018 |
Noncurrent Liabilities: | |||
Long-term debt | 77,252 | 82,219 | 87,186 |
Deferred liabilities | 126,377 | 130,743 | 138,815 |
Deferred taxes | 9,377 | 15,171 | 13,562 |
Total Noncurrent Liabilities | 213,006 | 228,133 | 239,563 |
Commitments and Contingencies | |||
Stockholders’ Equity: | |||
Preferred stock | 0 | 0 | 0 |
Common stock | 1,320 | 1,355 | 1,394 |
Additional paid-in capital | 440,038 | 435,881 | 422,387 |
Treasury stock, at cost | (346,062) | (289,813) | (249,854) |
Retained earnings | 514,495 | 492,325 | 535,613 |
Accumulated other comprehensive income | 52 | 40 | 665 |
Total Stockholders’ Equity | 609,843 | 639,788 | 710,205 |
Total Liabilities and Stockholders' Equity | $ 1,121,433 | $ 1,166,052 | $ 1,265,786 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 30, 2016 | Aug. 01, 2015 | |
Cash Flows From Operating Activities: | ||
Net income | $ 54,123 | $ 34,647 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Goodwill and intangible impairment charges, pre-tax | 0 | 66,941 |
Depreciation and amortization | 55,445 | 61,672 |
Loss on disposal and impairment of property and equipment | 3,542 | 21,603 |
Deferred tax benefit | (7,492) | (39,881) |
Stock-based compensation expense | 9,623 | 13,657 |
Excess tax benefit from stock-based compensation | (220) | (2,170) |
Deferred rent and lease credits | (9,523) | (9,219) |
Changes in assets and liabilities: | ||
Inventories | (1,802) | (15,165) |
Prepaid expenses and accounts receivable | (3,379) | (8,325) |
Income tax receivable | 26,087 | (10,887) |
Accounts payable | (3,130) | (3,045) |
Accrued and other liabilities | (1,588) | 2,254 |
Net cash provided by operating activities | 121,686 | 112,082 |
Cash Flows From Investing Activities: | ||
Purchases of marketable securities | (28,708) | (29,460) |
Proceeds from sale of marketable securities | 28,334 | 107,994 |
Purchases of property and equipment, net | (25,231) | (42,836) |
Net cash (used in) provided by investing activities | (25,605) | 35,698 |
Cash Flows From Financing Activities: | ||
Proceeds from borrowings | 0 | 124,000 |
Payments on borrowings | (5,000) | (26,500) |
Proceeds from issuance of common stock | 1,272 | 9,087 |
Excess tax benefit from stock-based compensation | 220 | 2,170 |
Dividends paid | (21,405) | (22,160) |
Repurchase of common stock | (60,560) | (258,834) |
Net cash used in financing activities | (85,473) | (172,237) |
Effects of exchange rate changes on cash and cash equivalents | (27) | 121 |
Net increase (decrease) in cash and cash equivalents | 10,581 | (24,336) |
Cash and Cash Equivalents, Beginning of period | 89,951 | 133,351 |
Cash and Cash Equivalents, End of period | 100,532 | 109,015 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | 1,101 | 1,570 |
Cash paid for income taxes, net | $ 15,507 | $ 45,285 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Chico’s FAS, Inc. and its wholly-owned subsidiaries (collectively, the “Company”) have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by accounting principles generally accepted in the U.S. (“U.S. GAAP”) for complete financial statements. In the opinion of management, such interim financial statements reflect all normal, recurring adjustments considered necessary to present fairly the condensed consolidated financial position, the results of operations and cash flows for the interim periods presented. All significant intercompany balances and transactions have been eliminated in consolidation. For further information, refer to the consolidated financial statements and notes thereto for the fiscal year ended January 30, 2016 , included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 8, 2016 . As used in this report, all references to “we,” “us,” “our,” and “the Company,” refer to Chico’s FAS, Inc. and all of its wholly-owned subsidiaries. Our fiscal years end on the Saturday closest to January 31 and are designated by the calendar year in which the fiscal year commences. Operating results for the thirteen and twenty-six weeks ended July 30, 2016 are not necessarily indicative of the results that may be expected for the entire year. Reclassifications Reclassifications of certain prior year balances were made in order to conform to the current year presentation. Change in Accounting Policy Effective January 31, 2016, the Company made a voluntary change in accounting principle related to our classification of shipping expenses. Historically, we have presented shipping expenses within selling, general and administrative expenses ("SG&A"). Under the new policy, the Company is presenting these expenses within cost of good sold ("COGS") in the unaudited Condensed Consolidated Statements of Income. The Company believes that this change is preferable as the shipping expenses represent direct costs associated with the sale of our merchandise and improves comparability with the Company's peers. The accounting policy change was applied retrospectively to all periods presented. There was no change to consolidated net income, however, cost of sales increased by $9.5 million and SG&A decreased by the same amount for the thirteen weeks ended August 1, 2015 . The Company recorded $8.5 million in shipping expense as a component of COGS during the thirteen weeks ended July 30, 2016 . For the year-to-date period ended August 1, 2015 , cost of sales increased by $18.8 million and SG&A decreased by the same amount. The Company recorded $16.8 million in shipping expense as a component of COGS during the twenty-six weeks ended July 30, 2016 . Reclassification of Occupancy Expenses and Correction of Immaterial Accounting Error The Company has changed its classification of store occupancy expenses. Historically, we have presented store occupancy expenses within SG&A. As now reclassified, the Company is presenting these expenses within COGS in the unaudited Condensed Consolidated Statements of Income. The Company believes that the store occupancy expenses represent direct costs associated with the sale of our merchandise and improves comparability with the Company’s peers. This reclassification was applied retrospectively to all periods presented. There was no change to consolidated net income, however, cost of sales increased by $97.3 million and SG&A decreased by the same amount for the thirteen weeks ended August 1, 2015 . The Company recorded $96.1 million in store occupancy expenses as a component of COGS during the thirteen weeks ended July 30, 2016 . For the year-to-date period ended August 1, 2015 , cost of sales increased by $192.5 million and SG&A decreased by the same amount. The Company recorded $191.9 million in store occupancy expenses as a component of COGS during the twenty-six weeks ended July 30, 2016 . The Company has also elected to correct the historical classification of shipping revenue within SG&A. To correct the immaterial error, we are classifying shipping revenue as a component of net sales within the unaudited Condensed Consolidated Statements of Income for all periods presented. There was no change to consolidated net income, however, net sales increased by $5.5 million and SG&A increased by the same amount for the thirteen weeks ended August 1, 2015 . The Company recorded $3.7 million in shipping revenue as a component of net sales during the thirteen weeks ended July 30, 2016 . For the year-to-date period ended August 1, 2015 , net sales increased by $9.9 million and SG&A increased by the same amount. The Company recorded $6.7 million in shipping revenue as a component of net sales during the twenty-six weeks ended July 30, 2016 . Adjustments to Presentation The above mentioned changes had no cumulative effect on the presentation of the unaudited Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets, or Condensed Consolidated Statements of Cash Flows. The effects of the aforementioned accounting policy change, change in classification and error correction to the August 1, 2015 unaudited Condensed Consolidated Statement of Income are as follows (dollars in thousands): As Previously Reported % of Sales Change in Accounting Policy Effect of Change in Occupancy Classification Effect of Error Correction As Adjusted % of Sales Thirteen weeks ended August 1, 2015: Net sales $ 680,351 100.0 $ — $ — $ 5,475 $ 685,826 100.0 Cost of goods sold 314,383 46.2 9,484 97,258 — 421,125 61.4 Gross Margin 365,968 53.8 (9,484 ) (97,258 ) 5,475 264,701 38.6 Selling, general and administrative expenses 308,437 45.3 (9,484 ) (97,258 ) 5,475 207,170 30.2 As Previously Reported % of Sales Change in Accounting Policy Effect of Change in Occupancy Classification Effect of Error Correction As Adjusted % of Sales Twenty-six weeks ended August 1, 2015: Net sales $ 1,373,690 100.0 $ — $ — $ 9,902 $ 1,383,592 100.0 Cost of goods sold 611,952 44.5 18,825 192,496 — 823,273 59.5 Gross Margin 761,738 55.5 (18,825 ) (192,496 ) 9,902 560,319 40.5 Selling, general and administrative expenses 636,654 46.3 (18,825 ) (192,496 ) 9,902 435,235 31.5 Footnotes to the unaudited Condensed Consolidated Financial Statements herein have been adjusted to reflect the impact of these changes accordingly. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jul. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-09, Compensation - Stock Compensation. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. ASU 2016-09 requires entities to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The standard also permits an employer to repurchase more of an employee's shares for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. This standard will be effective and adopted for our first quarter 2017. We are currently assessing the new standard and its impact to our consolidated results of operations, financial position and cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases, which replaces the existing guidance in Accounting Standard Codification 840, Leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset and for operating leases, the lessee would recognize straight-line total rent expense. We are currently assessing the new standard and its impact to our consolidated results of operations, financial position and cash flows. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, under which entities will no longer be able to recognize unrealized holding gains and losses on equity securities they classify as available for sale in other comprehensive income but instead recognize the change in fair value in net income. The standard is effective for interim and annual reporting periods beginning after December 15, 2017. We are currently assessing the new standard, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial position or cash flows. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, which modifies the presentation of noncurrent and current deferred taxes. ASU 2015-17 requires that all deferred tax assets and liabilities be classified as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We early adopted this standard in the fourth quarter of 2015, with retrospective presentation, as shown in our consolidated balance sheets. Our retrospective presentation resulted in a $7.3 million reclassification from current assets to other assets, net for the period ending August 1, 2015 . In July 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330). The amendments, which apply to inventory that is measured using any method other than the last-in, first-out (LIFO) or retail inventory method, require that entities measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and should be applied on a prospective basis. We are currently assessing the potential impact of adopting this ASU, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial position or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB approved a one year deferral of the effective date, to make it effective for annual and interim reporting periods beginning after December 15, 2017. The standard allows for either a full retrospective or a modified retrospective transition method. The FASB has issued subsequent ASUs related to ASU No. 2014-09, which detail amendments to the ASU, implementation considerations, narrow-scope improvements and practical expedients. We are currently assessing the new standard and all related ASUs and its impact to our consolidated results of operations, financial position and cash flows. |
Restructuring and Strategic Cha
Restructuring and Strategic Charges | 6 Months Ended |
Jul. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Strategic Charges | Restructuring and Strategic Charges During the fourth quarter of fiscal 2014, we initiated a restructuring program, including the acceleration of domestic store closures and an organizational realignment, to ensure that resources align with long-term growth initiatives, including omni-channel. In fiscal 2015, in connection with the restructuring program, we completed an evaluation of the Boston Proper brand, completed the sale of the Boston Proper direct-to-consumer business, and closed its stores. During the first quarter of fiscal 2016, we announced an expansion of our restructuring program to further align the organizational structure with long-term growth initiatives, including transition of executive leadership, and to reduce COGS and SG&A through strategic initiatives. These strategic initiatives include realigning marketing and digital commerce, improving supply chain efficiency, and reducing non-merchandise and marketing expenses. The Company recorded pre-tax restructuring and strategic charges of $3.6 million and $16.6 million in the first and second quarters, respectively. These charges primarily related to severance, proxy solicitation costs and consulting fees. In connection with the restructuring program, we evaluated our domestic store portfolio and identified approximately 175 stores for closure, with 82 stores across our brands, including 20 Boston Proper stores, closed through the second quarter of fiscal 2016. As a result, we expect to incur additional cash charges related to lease termination expenses of approximately $1.7 million through fiscal 2017 related to these future closures. A summary of the restructuring and strategic charges is presented in the table below: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, 2016 August 1, 2015 July 30, 2016 August 1, 2015 (in thousands) Impairment charges $ 1,453 $ 14,978 $ 1,453 $ 20,930 Continuing employee-related costs — 14 1,015 5,639 Severance charges 8,236 186 9,420 1,820 Proxy solicitation costs 4,524 — 5,589 — Lease termination charges 127 1,688 348 2,757 Consulting fees 2,234 — 2,234 — Other charges (18 ) (700 ) 148 (105 ) Total restructuring and strategic charges, pre-tax $ 16,556 $ 16,166 $ 20,207 $ 31,041 As of July 30, 2016 , a reserve of $17.2 million related to restructuring and strategic activities was included in other current and deferred liabilities in the accompanying condensed consolidated balance sheets. A roll-forward of the reserve is presented as follows: Continuing employee-related costs Severance Charges Proxy Solicitation Costs Lease Termination Charges Consulting Fees Other charges Total (in thousands) Beginning Balance, January 30, 2016 $ 2,549 $ 1,678 $ — $ 1,101 $ 9 $ — $ 5,337 Charges 1,015 9,420 5,589 348 2,234 148 18,754 Payments (3,001 ) (1,806 ) (1,056 ) (463 ) (424 ) (130 ) (6,880 ) Ending Balance, July 30, 2016 $ 563 $ 9,292 $ 4,533 $ 986 $ 1,819 $ 18 $ 17,211 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation For the twenty-six weeks ended July 30, 2016 and August 1, 2015 , stock-based compensation expense was $9.6 million and $13.7 million , respectively. As of July 30, 2016 , approximately 5.3 million shares remain available for future grants of equity awards under our 2012 Omnibus Stock and Incentive Plan. Restricted Stock Awards Restricted stock award activity for the twenty-six weeks ended July 30, 2016 was as follows: Number of Weighted Unvested, beginning of period 2,585,392 $ 16.60 Granted 1,648,110 12.37 Vested (906,050 ) 17.16 Forfeited (415,285 ) 15.56 Unvested, end of period 2,912,167 14.18 Performance-based Stock Units For the twenty-six weeks ended July 30, 2016 , we granted performance-based restricted stock units (“PSUs”), contingent upon the achievement of a Company-specific performance goal during fiscal 2016 . Any units earned as a result of the achievement of this goal will vest over 3 years from the date of grant and will be settled in shares of our common stock. Performance-based restricted stock unit activity for the twenty-six weeks ended July 30, 2016 was as follows: Number of Weighted Unvested, beginning of period 469,898 $ 18.23 Granted 733,360 12.55 Vested (214,465 ) 18.23 Forfeited (1) (247,537 ) 15.79 Unvested, end of period 741,256 13.43 (1) The performance goal for the PSUs granted in 2015 was not fully met. Forfeitures for the twenty-six weeks ended July 30, 2016 include the portion of the fiscal 2015 PSUs that were not earned. Stock Option Awards For the twenty-six weeks ended July 30, 2016 and August 1, 2015 , we did not grant any stock options. Stock option activity for the twenty-six weeks ended July 30, 2016 was as follows: Number of Weighted Outstanding, beginning of period 1,060,774 $ 15.17 Granted — — Exercised (23,100 ) 4.76 Forfeited or expired (125,219 ) 26.18 Outstanding and exercisable at July 30, 2016 912,455 13.93 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes is based on a current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. Our effective income tax rate may fluctuate from quarter to quarter as a result of a variety of factors, including changes in our assessment of certain tax contingencies, valuation allowances, changes in tax law, outcomes of administrative audits, the impact of discrete items, and the mix of earnings. For the thirteen weeks ended July 30, 2016 and August 1, 2015 , the effective tax rate was 38.0% and (108.1)% , respectively. For the thirteen weeks ended July 30, 2016 , the income tax provision was $14.1 million . The income tax benefit for the second quarter of 2015 of $28.2 million and effective tax rate of (108.1)% primarily reflected the tax benefit related to the disposition of Boston Proper's stock and the impact of the Boston Proper goodwill and trade name impairment on the annual effective tax rate. For the twenty-six weeks ended July 30, 2016 and August 1, 2015 , the effective tax rate was 37.9% and (32.5)% , respectively. The income tax provision for fiscal 2016 of $33.1 million and effective tax rate of 37.9% primarily reflected the pre-tax net income during the period while the fiscal 2015 benefit primarily reflected the tax benefit related to the disposition of Boston Proper's stock and the impact of the Boston Proper goodwill and trade name impairment on the annual effective tax rate. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share In accordance with relevant accounting guidance, unvested share-based payment awards that include non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities. As a result, such awards are required to be included in the calculation of earnings per common share pursuant to the “two-class” method. For us, participating securities are composed entirely of unvested restricted stock awards and PSUs that have met their relevant performance criteria. Earnings per share (“EPS”) is determined using the two-class method when it is more dilutive than the treasury stock method. Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period, including participating securities. Diluted EPS reflects the dilutive effect of potential common shares from non-participating securities such as stock options and PSUs. The following table sets forth the computation of basic and diluted EPS shown on the face of the accompanying condensed consolidated statements of operations (in thousands, except per share amounts): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, 2016 August 1, 2015 July 30, 2016 August 1, 2015 Numerator Net income $ 23,039 $ 2,122 $ 54,123 $ 34,647 Net income and dividends declared allocated to participating securities (506 ) (28 ) (1,155 ) (804 ) Net income available to common shareholders $ 22,533 $ 2,094 $ 52,968 $ 33,843 Denominator Weighted average common shares outstanding – basic 129,215 138,606 130,406 140,992 Dilutive effect of non-participating securities 147 355 110 347 Weighted average common and common equivalent shares outstanding – diluted 129,362 138,961 130,516 141,339 Net income per common share: Basic $ 0.17 $ 0.02 $ 0.41 $ 0.24 Diluted $ 0.17 $ 0.02 $ 0.41 $ 0.24 For the thirteen weeks weeks ended July 30, 2016 and August 1, 2015 , 0.8 million and 0.3 million potential shares of common stock, respectively, were excluded from the diluted per share calculation relating to non-participating securities, because the effect of including these potential shares was antidilutive. For the twenty-six weeks ended July 30, 2016 and August 1, 2015 , 0.9 million and 0.8 million potential shares of common stock, respectively, were excluded from the diluted per share calculation relating to non-participating securities, because the effect of including these potential shares was antidilutive. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Our financial instruments consist of cash, money market accounts, marketable securities, assets held in our non-qualified deferred compensation plan, accounts receivable and payable, and debt. Cash, accounts receivable and accounts payable are carried at cost, which approximates their fair value due to the short-term nature of the instruments. Marketable securities are classified as available-for-sale and as of July 30, 2016 generally consist of corporate bonds, U.S. government agencies and commercial paper with $31.5 million of securities with maturity dates within one year or less and $19.1 million with maturity dates over one year and less than two years. We consider all marketable securities available-for-sale, including those with maturity dates beyond 12 months, and therefore classify these securities within current assets on the condensed consolidated balance sheets as they are available to support current operational liquidity needs. Marketable securities are carried at fair value, with the unrealized holding gains and losses, net of income taxes, reflected in accumulated other comprehensive income until realized. For the purposes of computing realized and unrealized gains and losses, cost is determined on a specific identification basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Entities are required to use a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or; Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or; Inputs other than quoted prices that are observable for the asset or liability Level 3 — Unobservable inputs for the asset or liability We measure certain financial assets at fair value on a recurring basis, including our marketable securities, which are classified as available-for-sale securities, certain cash equivalents, specifically our money market accounts, and assets held in our non-qualified deferred compensation plan. The money market accounts are valued based on quoted market prices in active markets. Our marketable securities are generally valued based on other observable inputs for those securities (including market corroborated pricing or other models that utilize observable inputs such as interest rates and yield curves) based on information provided by independent third party pricing entities, except for U.S. government securities which are valued based on quoted market prices in active markets. The investments in our non-qualified deferred compensation plan are valued using quoted market prices and are included in other assets on our condensed consolidated balance sheets. From time to time, we measure certain assets at fair value on a non-recurring basis, including evaluation of long-lived assets, goodwill and other intangible assets for impairment using company-specific assumptions which would fall within Level 3 of the fair value hierarchy. We estimate the fair value of assets held for sale using market values for similar assets which would fall within Level 2 of the fair value hierarchy. To assess the fair value of long-term debt, we utilize a discounted future cash flow model using current borrowing rates for similar types of debt of comparable maturities. Fair value calculations contain significant judgments and estimates, which may differ from actual results due to, among other things, economic conditions, changes to the business model or changes in operating performance. During the quarter ended July 30, 2016 , we did not make any transfers between Level 1 and Level 2 financial instruments. Furthermore, as of July 30, 2016 , January 30, 2016 and August 1, 2015 , we did not have any Level 3 financial instruments. We conduct reviews on a quarterly basis to verify pricing, assess liquidity, and determine if significant inputs have changed that would impact the fair value hierarchy disclosure. In accordance with the provisions of the guidance, we categorized our financial instruments, which are valued on a recurring basis, based on the priority of the inputs to the valuation technique for the instruments, as follows: Fair Value Measurements at Reporting Date Using Balance as of July 30, 2016 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Financial Assets: Current Assets Cash equivalents: Money market accounts $ 110 $ 110 $ — $ — Marketable securities: Municipal securities 1,537 — 1,537 — U.S. government agencies 23,928 — 23,928 — Corporate bonds 21,672 — 21,672 — Commercial paper 3,475 — 3,475 — Non Current Assets Deferred compensation plan 8,401 8,401 — — Total $ 59,123 $ 8,511 $ 50,612 $ — Financial Liabilities: Long-term debt 1 $ 87,252 $ — $ 87,677 $ — Balance as of January 30, 2016 Financial Assets: Current Assets Cash equivalents: Money market accounts $ 275 $ 275 $ — $ — Marketable securities: U.S. government agencies 21,800 — 21,800 — Corporate bonds 26,149 — 26,149 — Commercial paper 2,245 — 2,245 — Non Current Assets Deferred compensation plan 7,023 7,023 — — Total $ 57,492 $ 7,298 $ 50,194 $ — Financial Liabilities: Long-term debt $ 92,219 $ — $ 92,647 $ — Balance as of August 1, 2015 Financial Assets: Current Assets Cash equivalents: Money market accounts $ 2,332 $ 2,332 $ — $ — Marketable securities: U.S. government agencies 17,022 — 17,022 — Corporate bonds 28,977 — 28,977 — Commercial paper 2,000 — 2,000 — Non Current Assets Deferred compensation plan 9,454 9,454 — — Total $ 59,785 $ 11,786 $ 47,999 $ — Financial Liabilities: Long-term debt 97,186 — 124,000 — 1 The carrying value of long-term debt includes the remaining unamortized discount of $0.2 million on the issuance of debt. |
Debt
Debt | 6 Months Ended |
Jul. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt In fiscal 2015, we entered into a credit agreement (the "Agreement) providing for a term loan of $100.0 million and a revolving credit facility of $100.0 million . The term loan and revolving credit facility mature on May 4, 2020 and accrue interest by reference, at our election, at either an adjusted eurodollar rate tied to LIBOR or an Alternate Base Rate plus an interest rate margin, as defined in the Agreement. The Agreement contains customary representations, warranties, and affirmative covenants, including the requirement to maintain certain financial ratios. The Company was in compliance with the applicable ratio requirements and other covenants at July 30, 2016 . As of July 30, 2016 , we had total available borrowing capacity of $100.0 million under our revolving credit facility. The following table provides details on our debt outstanding as of July 30, 2016 , January 30, 2016 and August 1, 2015 : July 30, 2016 January 30, 2016 August 1, 2015 (in thousands) Credit Agreement, net $ 87,252 $ 92,219 $ 97,186 Less: current portion (10,000 ) (10,000 ) (10,000 ) Total long-term debt $ 77,252 $ 82,219 $ 87,186 |
Share Repurchases
Share Repurchases | 6 Months Ended |
Jul. 30, 2016 | |
Equity [Abstract] | |
Share Repurchases | Share Repurchases During the twenty-six weeks ended July 30, 2016 , we repurchased 4.9 million shares, under our share repurchase program announced in November 2015 at a total cost of approximately $56.3 million . As of July 30, 2016 , the Company has $203.7 million remaining under the share repurchase program. However, we have no continuing obligation to repurchase shares under this authorization, and the timing, actual number and value of any additional shares to be purchased will depend on the performance of our stock price, market conditions and other considerations. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In June 2015, the Company was named as a defendant in Ackerman v. Chico’s FAS, Inc., a putative representative Private Attorney General action filed in the Superior Court of California, County of Los Angeles. The Complaint alleges numerous violations of California law related to wages, meal periods, rest periods, wage statements, and failure to reimburse business expenses, among other things. Plaintiff subsequently amended her complaint to make the same allegations on a class action basis. In June 2016, the parties submitted a proposed settlement of the matter to the court, and the court granted preliminary approval on August 26, 2016. If finally approved, the settlement will not have a material adverse effect on the Company’s consolidated financial condition or results of operations. In March 2016, the Company was named as a defendant in Cunningham v. Chico’s FAS, Inc., a putative class action filed in the Superior Court of California, County of San Diego. Plaintiff seeks to represent current and former nonexempt employees of Soma Intimates in California. The Complaint alleges many of the same Labor Code violations as Ackerman, described above. The court has stayed the Cunningham case pending final approval of the Ackerman settlement in light of the fact that Ackerman was first filed and likely covers all of the claims that are alleged in Cunningham. As a result, at this time, the Company does not expect that the Cunningham case will have a material adverse effect on the Company’s consolidated financial condition or results of operations. In June 2016, the Company was named as a defendant in Rodems v. Chico’s FAS, Inc., a putative class action filed in the Superior Court of California, County of Fresno. Plaintiff seeks to represent current and former nonexempt employees of Chico’s stores in California. The Complaint alleges many of the same Labor Code violations as Ackerman, described above. The court has stayed the matter pending final approval of the Ackerman settlement for the same reasons described in the Cunningham case discussion above. As a result, at this time, the Company does not expect that the Rodems case will have a material adverse effect on the Company’s consolidated financial condition or results of operations. In July 2015, the Company was named as a defendant in Altman v. White House Black Market, Inc., a putative class action filed in the United States District Court for the Northern District of Georgia. The Complaint alleges that the Company, in violation of federal law, published more than the last five digits of a credit or debit card number or an expiration date on customers' receipts. The Company denies the material allegations of the complaint. Its motion to dismiss was denied on July 13, 2016, but the Company continues to believe that the case is without merit and is not appropriate for class treatment. It intends to vigorously defend the matter. At this time however, it is not possible to predict whether the proceeding will be permitted to proceed as a class or the size of the putative class, and no assurance can be given that the Company will be successful in its defense on the merits or otherwise. Because the case is still in the early stages and class determinations have not been made, the Company is unable to estimate any potential loss or range of loss. On July 28, 2016, the Company was named as a defendant in Calleros v. Chico’s FAS, Inc., a putative class action filed in the Superior Court of California, County of Santa Barbara. Plaintiff alleges that the Company failed to comply with California law requiring it to provide consumers cash for gift cards with a stored value of less than $10.00 . The Company is reviewing the factual allegations in the Complaint and is not yet able to ascertain the merit or the value of the claims asserted. On initial review, the Company believes that the matter is not appropriate for class treatment; however, it is not possible to predict whether it will be permitted to proceed as a class or the size of the putative class, and no assurance can be given that the Company will be successful in its defense of this action on the merits or otherwise. Because the case is in the very early stage and class determinations have not been made, the Company is unable to estimate any potential loss or range of loss. Other than as noted above, we are not currently a party to any legal proceedings other than claims and lawsuits arising in the normal course of business. All such matters are subject to uncertainties and outcomes may not be predictable. Consequently, the ultimate aggregate amount of monetary liability or financial impact with respect to these matters as of July 30, 2016 are not estimable. However, while such matters could affect our consolidated operating results when resolved in future periods, management believes that upon final disposition, any monetary liability or financial impact to us would not be material to our annual consolidated financial statements. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jul. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company is not aware of any material subsequent events which would require recognition or disclosure in the condensed consolidated financial statements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jul. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements of Chico’s FAS, Inc. and its wholly-owned subsidiaries (collectively, the “Company”) have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by accounting principles generally accepted in the U.S. (“U.S. GAAP”) for complete financial statements. In the opinion of management, such interim financial statements reflect all normal, recurring adjustments considered necessary to present fairly the condensed consolidated financial position, the results of operations and cash flows for the interim periods presented. All significant intercompany balances and transactions have been eliminated in consolidation. |
Reclassifications | The Company has changed its classification of store occupancy expenses. Historically, we have presented store occupancy expenses within SG&A. As now reclassified, the Company is presenting these expenses within COGS in the unaudited Condensed Consolidated Statements of Income. The Company believes that the store occupancy expenses represent direct costs associated with the sale of our merchandise and improves comparability with the Company’s peers. This reclassification was applied retrospectively to all periods presented. There was no change to consolidated net income, however, cost of sales increased by $97.3 million and SG&A decreased by the same amount for the thirteen weeks ended August 1, 2015 . The Company recorded $96.1 million in store occupancy expenses as a component of COGS during the thirteen weeks ended July 30, 2016 . For the year-to-date period ended August 1, 2015 , cost of sales increased by $192.5 million and SG&A decreased by the same amount. The Company recorded $191.9 million in store occupancy expenses as a component of COGS during the twenty-six weeks ended July 30, 2016 . The Company has also elected to correct the historical classification of shipping revenue within SG&A. To correct the immaterial error, we are classifying shipping revenue as a component of net sales within the unaudited Condensed Consolidated Statements of Income for all periods presented. Reclassifications Reclassifications of certain prior year balances were made in order to conform to the current year presentation. |
New Accounting Pronouncements | In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-09, Compensation - Stock Compensation. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. ASU 2016-09 requires entities to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The standard also permits an employer to repurchase more of an employee's shares for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. This standard will be effective and adopted for our first quarter 2017. We are currently assessing the new standard and its impact to our consolidated results of operations, financial position and cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases, which replaces the existing guidance in Accounting Standard Codification 840, Leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset and for operating leases, the lessee would recognize straight-line total rent expense. We are currently assessing the new standard and its impact to our consolidated results of operations, financial position and cash flows. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, under which entities will no longer be able to recognize unrealized holding gains and losses on equity securities they classify as available for sale in other comprehensive income but instead recognize the change in fair value in net income. The standard is effective for interim and annual reporting periods beginning after December 15, 2017. We are currently assessing the new standard, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial position or cash flows. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, which modifies the presentation of noncurrent and current deferred taxes. ASU 2015-17 requires that all deferred tax assets and liabilities be classified as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We early adopted this standard in the fourth quarter of 2015, with retrospective presentation, as shown in our consolidated balance sheets. Our retrospective presentation resulted in a $7.3 million reclassification from current assets to other assets, net for the period ending August 1, 2015 . In July 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330). The amendments, which apply to inventory that is measured using any method other than the last-in, first-out (LIFO) or retail inventory method, require that entities measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and should be applied on a prospective basis. We are currently assessing the potential impact of adopting this ASU, but do not, at this time, anticipate a material impact to our consolidated results of operations, financial position or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB approved a one year deferral of the effective date, to make it effective for annual and interim reporting periods beginning after December 15, 2017. The standard allows for either a full retrospective or a modified retrospective transition method. The FASB has issued subsequent ASUs related to ASU No. 2014-09, which detail amendments to the ASU, implementation considerations, narrow-scope improvements and practical expedients. We are currently assessing the new standard and all related ASUs and its impact to our consolidated results of operations, financial position and cash flows. |
Fair Value Measurements | Our financial instruments consist of cash, money market accounts, marketable securities, assets held in our non-qualified deferred compensation plan, accounts receivable and payable, and debt. Cash, accounts receivable and accounts payable are carried at cost, which approximates their fair value due to the short-term nature of the instruments. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Presentation Adjustment Effects | The effects of the aforementioned accounting policy change, change in classification and error correction to the August 1, 2015 unaudited Condensed Consolidated Statement of Income are as follows (dollars in thousands): As Previously Reported % of Sales Change in Accounting Policy Effect of Change in Occupancy Classification Effect of Error Correction As Adjusted % of Sales Thirteen weeks ended August 1, 2015: Net sales $ 680,351 100.0 $ — $ — $ 5,475 $ 685,826 100.0 Cost of goods sold 314,383 46.2 9,484 97,258 — 421,125 61.4 Gross Margin 365,968 53.8 (9,484 ) (97,258 ) 5,475 264,701 38.6 Selling, general and administrative expenses 308,437 45.3 (9,484 ) (97,258 ) 5,475 207,170 30.2 As Previously Reported % of Sales Change in Accounting Policy Effect of Change in Occupancy Classification Effect of Error Correction As Adjusted % of Sales Twenty-six weeks ended August 1, 2015: Net sales $ 1,373,690 100.0 $ — $ — $ 9,902 $ 1,383,592 100.0 Cost of goods sold 611,952 44.5 18,825 192,496 — 823,273 59.5 Gross Margin 761,738 55.5 (18,825 ) (192,496 ) 9,902 560,319 40.5 Selling, general and administrative expenses 636,654 46.3 (18,825 ) (192,496 ) 9,902 435,235 31.5 |
Restructuring and Strategic C19
Restructuring and Strategic Charges (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring and Strategic Charges | A summary of the restructuring and strategic charges is presented in the table below: Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, 2016 August 1, 2015 July 30, 2016 August 1, 2015 (in thousands) Impairment charges $ 1,453 $ 14,978 $ 1,453 $ 20,930 Continuing employee-related costs — 14 1,015 5,639 Severance charges 8,236 186 9,420 1,820 Proxy solicitation costs 4,524 — 5,589 — Lease termination charges 127 1,688 348 2,757 Consulting fees 2,234 — 2,234 — Other charges (18 ) (700 ) 148 (105 ) Total restructuring and strategic charges, pre-tax $ 16,556 $ 16,166 $ 20,207 $ 31,041 |
Schedule of Reserve Rollforward | A roll-forward of the reserve is presented as follows: Continuing employee-related costs Severance Charges Proxy Solicitation Costs Lease Termination Charges Consulting Fees Other charges Total (in thousands) Beginning Balance, January 30, 2016 $ 2,549 $ 1,678 $ — $ 1,101 $ 9 $ — $ 5,337 Charges 1,015 9,420 5,589 348 2,234 148 18,754 Payments (3,001 ) (1,806 ) (1,056 ) (463 ) (424 ) (130 ) (6,880 ) Ending Balance, July 30, 2016 $ 563 $ 9,292 $ 4,533 $ 986 $ 1,819 $ 18 $ 17,211 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock Activity | Restricted stock award activity for the twenty-six weeks ended July 30, 2016 was as follows: Number of Weighted Unvested, beginning of period 2,585,392 $ 16.60 Granted 1,648,110 12.37 Vested (906,050 ) 17.16 Forfeited (415,285 ) 15.56 Unvested, end of period 2,912,167 14.18 |
Schedule of Performance-Based Restricted Stock Unit Activity | Performance-based restricted stock unit activity for the twenty-six weeks ended July 30, 2016 was as follows: Number of Weighted Unvested, beginning of period 469,898 $ 18.23 Granted 733,360 12.55 Vested (214,465 ) 18.23 Forfeited (1) (247,537 ) 15.79 Unvested, end of period 741,256 13.43 (1) The performance goal for the PSUs granted in 2015 was not fully met. Forfeitures for the twenty-six weeks ended July 30, 2016 include the portion of the fiscal 2015 PSUs that were not earned. |
Summary of Stock Option Activity | Stock option activity for the twenty-six weeks ended July 30, 2016 was as follows: Number of Weighted Outstanding, beginning of period 1,060,774 $ 15.17 Granted — — Exercised (23,100 ) 4.76 Forfeited or expired (125,219 ) 26.18 Outstanding and exercisable at July 30, 2016 912,455 13.93 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted EPS shown on the face of the accompanying condensed consolidated statements of operations (in thousands, except per share amounts): Thirteen Weeks Ended Twenty-Six Weeks Ended July 30, 2016 August 1, 2015 July 30, 2016 August 1, 2015 Numerator Net income $ 23,039 $ 2,122 $ 54,123 $ 34,647 Net income and dividends declared allocated to participating securities (506 ) (28 ) (1,155 ) (804 ) Net income available to common shareholders $ 22,533 $ 2,094 $ 52,968 $ 33,843 Denominator Weighted average common shares outstanding – basic 129,215 138,606 130,406 140,992 Dilutive effect of non-participating securities 147 355 110 347 Weighted average common and common equivalent shares outstanding – diluted 129,362 138,961 130,516 141,339 Net income per common share: Basic $ 0.17 $ 0.02 $ 0.41 $ 0.24 Diluted $ 0.17 $ 0.02 $ 0.41 $ 0.24 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Valued on a Recurring Basis | In accordance with the provisions of the guidance, we categorized our financial instruments, which are valued on a recurring basis, based on the priority of the inputs to the valuation technique for the instruments, as follows: Fair Value Measurements at Reporting Date Using Balance as of July 30, 2016 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Financial Assets: Current Assets Cash equivalents: Money market accounts $ 110 $ 110 $ — $ — Marketable securities: Municipal securities 1,537 — 1,537 — U.S. government agencies 23,928 — 23,928 — Corporate bonds 21,672 — 21,672 — Commercial paper 3,475 — 3,475 — Non Current Assets Deferred compensation plan 8,401 8,401 — — Total $ 59,123 $ 8,511 $ 50,612 $ — Financial Liabilities: Long-term debt 1 $ 87,252 $ — $ 87,677 $ — Balance as of January 30, 2016 Financial Assets: Current Assets Cash equivalents: Money market accounts $ 275 $ 275 $ — $ — Marketable securities: U.S. government agencies 21,800 — 21,800 — Corporate bonds 26,149 — 26,149 — Commercial paper 2,245 — 2,245 — Non Current Assets Deferred compensation plan 7,023 7,023 — — Total $ 57,492 $ 7,298 $ 50,194 $ — Financial Liabilities: Long-term debt $ 92,219 $ — $ 92,647 $ — Balance as of August 1, 2015 Financial Assets: Current Assets Cash equivalents: Money market accounts $ 2,332 $ 2,332 $ — $ — Marketable securities: U.S. government agencies 17,022 — 17,022 — Corporate bonds 28,977 — 28,977 — Commercial paper 2,000 — 2,000 — Non Current Assets Deferred compensation plan 9,454 9,454 — — Total $ 59,785 $ 11,786 $ 47,999 $ — Financial Liabilities: Long-term debt 97,186 — 124,000 — 1 The carrying value of long-term debt includes the remaining unamortized discount of $0.2 million on the issuance of debt. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jul. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | The following table provides details on our debt outstanding as of July 30, 2016 , January 30, 2016 and August 1, 2015 : July 30, 2016 January 30, 2016 August 1, 2015 (in thousands) Credit Agreement, net $ 87,252 $ 92,219 $ 97,186 Less: current portion (10,000 ) (10,000 ) (10,000 ) Total long-term debt $ 77,252 $ 82,219 $ 87,186 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales | $ 635,732 | $ 685,826 | $ 1,278,709 | $ 1,383,592 |
Net sales, as a Percentage of Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Cost of goods sold | $ 394,922 | $ 421,125 | $ 775,564 | $ 823,273 |
Cost of goods sold, as a Percentage of Sales | 62.10% | 61.40% | 60.70% | 59.50% |
Gross Margin | $ 240,810 | $ 264,701 | $ 503,145 | $ 560,319 |
Gross Profit, as a Percentage of Net Sales | 37.90% | 38.60% | 39.30% | 40.50% |
Selling, general and administrative expenses | $ 186,626 | $ 207,170 | $ 394,767 | $ 435,235 |
Selling, general and administrative expenses, as a Percentage of Sales | 29.40% | 30.20% | 30.90% | 31.50% |
Shipping Expense | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cost of goods sold | $ 8,500 | $ 16,800 | ||
Occupancy Expense | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cost of goods sold | 96,100 | 191,900 | ||
Shipping Revenue | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales | $ 3,700 | $ 6,700 | ||
Previously Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales | $ 680,351 | $ 1,373,690 | ||
Cost of goods sold | 314,383 | 611,952 | ||
Gross Margin | 365,968 | 761,738 | ||
Selling, general and administrative expenses | $ 308,437 | $ 636,654 | ||
Previously Reported | Sales | Net sales | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales, as a Percentage of Sales | 100.00% | 100.00% | ||
Previously Reported | Sales | Cost of goods sold | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cost of goods sold, as a Percentage of Sales | 46.20% | 44.50% | ||
Previously Reported | Sales | Gross Margin | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Gross Profit, as a Percentage of Net Sales | 53.80% | 55.50% | ||
Previously Reported | Sales | Selling, general and administrative expenses | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Selling, general and administrative expenses, as a Percentage of Sales | 45.30% | 46.30% | ||
Restatement Adjustment | Reclassification of Shipping Revenue | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales | $ 5,475 | $ 9,902 | ||
Cost of goods sold | 0 | 0 | ||
Gross Margin | 5,475 | 9,902 | ||
Selling, general and administrative expenses | 5,475 | 9,902 | ||
Restatement Adjustment | Change in Accounting Policy for Shipping Expense | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales | 0 | 0 | ||
Cost of goods sold | 9,484 | 18,825 | ||
Gross Margin | (9,484) | (18,825) | ||
Selling, general and administrative expenses | (9,484) | (18,825) | ||
Restatement Adjustment | Reclassification of Occupancy Expense | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net sales | 0 | 0 | ||
Cost of goods sold | 97,258 | 192,496 | ||
Gross Margin | (97,258) | (192,496) | ||
Selling, general and administrative expenses | $ (97,258) | $ (192,496) |
New Accounting Pronouncements (
New Accounting Pronouncements (Details) - New Accounting Pronouncement, Early Adoption $ in Millions | Aug. 01, 2015USD ($) |
New Accounting Pronouncement, Early Adoption [Line Items] | |
Current deferred tax asset reclassified to non-current assets | $ 7.3 |
Non-current deferred tax asset reclassified from current assets | $ 7.3 |
Restructuring and Strategic C26
Restructuring and Strategic Charges - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 30, 2016USD ($) | Apr. 30, 2016USD ($) | Aug. 01, 2015USD ($) | Jul. 30, 2016USD ($)store | Aug. 01, 2015USD ($) | Jan. 30, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and strategic charges, pre-tax | $ 18,754 | |||||
Total restructuring and strategic charges, pre-tax | $ 16,556 | $ 3,600 | $ 16,166 | $ 20,207 | $ 31,041 | |
Number of stores to close | store | 175 | |||||
Number of store closures | store | 82 | |||||
Reserve related to restructuring and strategic activities | 17,211 | $ 17,211 | $ 5,337 | |||
Lease termination charges | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and strategic charges, pre-tax | 127 | $ 1,688 | 348 | $ 2,757 | ||
Additional lease termination expenses expected | 1,700 | 1,700 | ||||
Reserve related to restructuring and strategic activities | $ 986 | $ 986 | $ 1,101 | |||
Boston Proper | Disposed of by Sale | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of store closures | store | 20 |
Restructuring and Strategic C27
Restructuring and Strategic Charges - Summary of Restructuring and Strategic Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 30, 2016 | Apr. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Impairment charges | $ 1,453 | $ 14,978 | $ 1,453 | $ 20,930 | |
Restructuring and strategic charges, pre-tax | 18,754 | ||||
Total restructuring and strategic charges, pre-tax | 16,556 | $ 3,600 | 16,166 | 20,207 | 31,041 |
Continuing employee-related costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges, pre-tax | 0 | 14 | 1,015 | 5,639 | |
Severance charges | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges, pre-tax | 8,236 | 186 | 9,420 | 1,820 | |
Proxy solicitation costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges, pre-tax | 4,524 | 0 | 5,589 | 0 | |
Lease termination charges | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges, pre-tax | 127 | 1,688 | 348 | 2,757 | |
Consulting fees | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges, pre-tax | 2,234 | 0 | 2,234 | 0 | |
Other charges | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and strategic charges, pre-tax | $ (18) | $ (700) | $ 148 | $ (105) |
Restructuring and Strategic C28
Restructuring and Strategic Charges - Reserve Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance, January 30, 2016 | $ 5,337 | |||
Charges | 18,754 | |||
Payments | (6,880) | |||
Ending Balance, July 30, 2016 | $ 17,211 | 17,211 | ||
Continuing employee-related costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance, January 30, 2016 | 2,549 | |||
Charges | 0 | $ 14 | 1,015 | $ 5,639 |
Payments | (3,001) | |||
Ending Balance, July 30, 2016 | 563 | 563 | ||
Severance charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance, January 30, 2016 | 1,678 | |||
Charges | 8,236 | 186 | 9,420 | 1,820 |
Payments | (1,806) | |||
Ending Balance, July 30, 2016 | 9,292 | 9,292 | ||
Proxy solicitation costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance, January 30, 2016 | 0 | |||
Charges | 4,524 | 0 | 5,589 | 0 |
Payments | (1,056) | |||
Ending Balance, July 30, 2016 | 4,533 | 4,533 | ||
Lease termination charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance, January 30, 2016 | 1,101 | |||
Charges | 127 | 1,688 | 348 | 2,757 |
Payments | (463) | |||
Ending Balance, July 30, 2016 | 986 | 986 | ||
Consulting fees | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance, January 30, 2016 | 9 | |||
Charges | 2,234 | 0 | 2,234 | 0 |
Payments | (424) | |||
Ending Balance, July 30, 2016 | 1,819 | 1,819 | ||
Other charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance, January 30, 2016 | 0 | |||
Charges | (18) | $ (700) | 148 | $ (105) |
Payments | (130) | |||
Ending Balance, July 30, 2016 | $ 18 | $ 18 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 30, 2016 | Aug. 01, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense related to stock-based awards | $ 9,623 | $ 13,657 |
Number of shares available for future grants (shares) | 5,300,000 | |
Options Granted, Number of Shares (in shares) | 0 | 0 |
Performance-Based Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock and PSU Activity (Details) | 6 Months Ended |
Jul. 30, 2016$ / sharesshares | |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested, beginning of period, Number of Shares (in shares) | shares | 2,585,392 |
Granted, Number of Shares (in shares) | shares | 1,648,110 |
Vested, Number of Shares (in shares) | shares | (906,050) |
Forfeited, Number of Shares (in shares) | shares | (415,285) |
Unvested, end of period, Number of Shares (in shares) | shares | 2,912,167 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unvested, beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 16.60 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 12.37 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 17.16 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 15.56 |
Unvested, end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 14.18 |
Performance-Based Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested, beginning of period, Number of Shares (in shares) | shares | 469,898 |
Granted, Number of Shares (in shares) | shares | 733,360 |
Vested, Number of Shares (in shares) | shares | (214,465) |
Forfeited, Number of Shares (in shares) | shares | (247,537) |
Unvested, end of period, Number of Shares (in shares) | shares | 741,256 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unvested, beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 18.23 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 12.55 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 18.23 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 15.79 |
Unvested, end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 13.43 |
Stock-Based Compensation - Su31
Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 6 Months Ended | |
Jul. 30, 2016 | Aug. 01, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning of period, Number of Shares (in shares) | 1,060,774 | |
Granted, Number of Shares (in shares) | 0 | 0 |
Exercised, Number of Shares (in shares) | (23,100) | |
Forfeited or expired, Number of Shares (in shares) | (125,219) | |
Outstanding at end of period, Number of Shares (in shares) | 912,455 | |
Exercisable at end of period, Number of Shares (in shares) | 912,455 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of period, Weighted Average Exercise Price (in dollars per share) | $ 15.17 | |
Granted, Weighted Average Exercise Price (in dollars per share) | 0 | |
Exercised, Weighted Average Exercise Price (in dollars per share) | 4.76 | |
Forfeited or expired, Weighted Average Exercise Price (in dollars per share) | 26.18 | |
Outstanding at end of period, Weighted Average Exercise Price (in dollars per share) | 13.93 | |
Exercisable at end of period, Weighted Average Exercise Price (in dollars per share) | $ 13.93 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 38.00% | (108.10%) | 37.90% | (32.50%) |
Income tax provision (benefit) | $ 14,100 | $ (28,200) | $ 33,100 | $ (8,500) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 23,039 | $ 2,122 | $ 54,123 | $ 34,647 |
Net income and dividends declared allocated to participating securities | (506) | (28) | (1,155) | (804) |
Net income available to common shareholders | $ 22,533 | $ 2,094 | $ 52,968 | $ 33,843 |
Weighted average common shares outstanding – basic (in shares) | 129,215 | 138,606 | 130,406 | 140,992 |
Dilutive effect of non-participating securities (in shares) | 147 | 355 | 110 | 347 |
Weighted average common and common equivalent shares outstanding – diluted (in shares) | 129,362 | 138,961 | 130,516 | 141,339 |
Net income per common share: Basic (in dollars per share) | $ 0.17 | $ 0.02 | $ 0.41 | $ 0.24 |
Net income per common share: Diluted (in dollars per share) | $ 0.17 | $ 0.02 | $ 0.41 | $ 0.24 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 30, 2016 | Aug. 01, 2015 | Jul. 30, 2016 | Aug. 01, 2015 | |
Earnings Per Share [Abstract] | ||||
Number of antidilutive securities (in shares) | 0.8 | 0.3 | 0.9 | 0.8 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Millions | Jul. 30, 2016USD ($) |
Fair Value Disclosures [Abstract] | |
Securities with maturity dates less than one year | $ 31.5 |
Securities with maturity dates over one year and less than two years | $ 19.1 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Valued on a Recurring Basis (Details) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan | $ 8,401 | $ 7,023 | $ 9,454 |
Total assets | 59,123 | 57,492 | 59,785 |
Long-term debt | 87,252 | 92,219 | 97,186 |
Unamortized debt discount | 200 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan | 8,401 | 7,023 | 9,454 |
Total assets | 8,511 | 7,298 | 11,786 |
Long-term debt | 0 | 0 | 0 |
Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan | 0 | 0 | 0 |
Total assets | 50,612 | 50,194 | 47,999 |
Long-term debt | 87,677 | 92,647 | 124,000 |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Long-term debt | 0 | 0 | 0 |
Municipal securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 1,537 | ||
Municipal securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | ||
Municipal securities | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 1,537 | ||
Municipal securities | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | ||
U.S. government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 23,928 | 21,800 | 17,022 |
U.S. government agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | 0 |
U.S. government agencies | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 23,928 | 21,800 | 17,022 |
U.S. government agencies | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | 0 |
Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 21,672 | 26,149 | 28,977 |
Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | 0 |
Corporate bonds | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 21,672 | 26,149 | 28,977 |
Corporate bonds | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | 0 |
Commercial paper | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 3,475 | 2,245 | 2,000 |
Commercial paper | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | 0 |
Commercial paper | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 3,475 | 2,245 | 2,000 |
Commercial paper | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | 0 |
Money market accounts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 110 | 275 | 2,332 |
Money market accounts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 110 | 275 | 2,332 |
Money market accounts | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | 0 | 0 |
Money market accounts | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | $ 0 | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Jul. 30, 2016 | Jan. 30, 2016 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Face amount | $ 100,000,000 | |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | $ 100,000,000 | $ 100,000,000 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands | Jul. 30, 2016 | Jan. 30, 2016 | Aug. 01, 2015 |
Debt Disclosure [Abstract] | |||
Credit Agreement, net | $ 87,252 | $ 92,219 | $ 97,186 |
Less: current portion | (10,000) | (10,000) | (10,000) |
Total long-term debt | $ 77,252 | $ 82,219 | $ 87,186 |
Share Repurchases (Details)
Share Repurchases (Details) shares in Millions, $ in Millions | 6 Months Ended |
Jul. 30, 2016USD ($)shares | |
Equity [Abstract] | |
Stock repurchased during period (in shares) | shares | 4.9 |
Stock repurchased during period | $ 56.3 |
Amount remaining under stock repurchase program | $ 203.7 |