Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Feb. 26, 2018 | Jul. 29, 2017 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | CHICOS FAS INC | ||
Entity Central Index Key | 897,429 | ||
Current Fiscal Year End Date | --02-03 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Feb. 3, 2018 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 127,468,432 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,142 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Revenue, Net [Abstract] | |||
Net Sales | $ 2,282,379 | $ 2,476,410 | $ 2,660,635 |
Net Sales, % of Sales | 100.00% | 100.00% | 100.00% |
Cost of goods sold | $ 1,417,602 | $ 1,529,574 | $ 1,633,764 |
Cost of goods sold, % of Sales | 62.10% | 61.80% | 61.40% |
Gross Margin | $ 864,777 | $ 946,836 | $ 1,026,871 |
Gross Margin, % of Sales | 37.90% | 38.20% | 38.60% |
Selling, general and administrative expenses | $ 719,607 | $ 775,107 | $ 878,699 |
Selling, general and administrative expenses, % of Sales | 31.50% | 31.20% | 33.00% |
Goodwill and intangible impairment charges | $ 0 | $ 0 | $ 112,455 |
Goodwill and intangible impairment charges, % of Sales | 0.00% | 0.00% | 4.30% |
Restructuring and strategic charges | $ 0 | $ 31,027 | $ 48,801 |
Restructuring and strategic charges, % of Sales | 0.00% | 1.30% | 1.80% |
Income from Operations | $ 145,170 | $ 140,702 | $ (13,084) |
Income from Operations, % of Sales | 6.40% | 5.70% | (0.50%) |
Interest expense, net | $ (1,570) | $ (1,973) | $ (1,870) |
Interest expense, net, % of Sales | (0.10%) | (0.10%) | 0.00% |
Income before Income Taxes | $ 143,600 | $ 138,729 | $ (14,954) |
Income before Income Taxes, % of Sales | 6.30% | 5.60% | (0.50%) |
Income tax provision (benefit) | $ 42,600 | $ 47,500 | $ (16,900) |
Income tax provision (benefit), % of Sales | 1.90% | 1.90% | (0.60%) |
Net Income | $ 101,000 | $ 91,229 | $ 1,946 |
Net Income, % of Sales | 4.40% | 3.70% | 0.10% |
Per Share Data: | |||
Net income per common share-basic (in usd per share) | $ 0.79 | $ 0.69 | $ 0.01 |
Net income per common and common equivalent share–diluted (in usd per share) | $ 0.79 | $ 0.69 | $ 0.01 |
Weighted average common shares outstanding–basic (in shares) | 125,341 | 128,995 | 138,366 |
Weighted average common and common equivalent shares outstanding–diluted (in shares) | 125,403 | 129,237 | 138,741 |
Dividends declared and paid per share (in usd per share) | $ 0.33 | $ 0.32 | $ 0.31 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 101,000 | $ 91,229 | $ 1,946 |
Other comprehensive income: | |||
Unrealized losses on marketable securities, net of taxes | (135) | (39) | (21) |
Foreign currency translation gains (losses) | 119 | (29) | (501) |
Comprehensive Income | $ 100,984 | $ 91,161 | $ 1,424 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 160,071 | $ 142,135 |
Marketable securities, at fair value | 60,060 | 50,370 |
Inventories | 233,726 | 232,363 |
Prepaid expenses and other current assets | 60,668 | 52,758 |
Total Current Assets | 514,525 | 477,626 |
Property and Equipment, net | 421,038 | 477,185 |
Other Assets: | ||
Goodwill | 96,774 | 96,774 |
Other intangible assets, net | 38,930 | 38,930 |
Other assets, net | 16,338 | 18,479 |
Total Other Assets | 152,042 | 154,183 |
Total Assets | 1,087,605 | 1,108,994 |
Current Liabilities: | ||
Accounts payable | 118,253 | 116,378 |
Current debt | 15,000 | 16,250 |
Other current and deferred liabilities | 133,715 | 170,232 |
Total Current Liabilities | 266,968 | 302,860 |
Noncurrent Liabilities: | ||
Long-term debt | 53,601 | 68,535 |
Deferred liabilities | 103,282 | 118,543 |
Deferred taxes | 7,372 | 9,883 |
Total Noncurrent Liabilities | 164,255 | 196,961 |
Commitments and Contingencies | ||
Shareholders’ Equity: | ||
Preferred stock, $.01 par value; 2,500 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $.01 par value; 400,000 shares authorized; 156,585 and 155,170 shares issued; and 127,471 and 128,753 shares outstanding, respectively | 1,275 | 1,288 |
Additional paid-in capital | 468,806 | 452,756 |
Treasury stock, at cost, 29,114 shares and 26,417 shares, respectively | (413,465) | (386,094) |
Retained earnings | 599,810 | 541,251 |
Accumulated other comprehensive loss | (44) | (28) |
Total Shareholders’ Equity | 656,382 | 609,173 |
Total Liabilities and Shareholders' Equity | $ 1,087,605 | $ 1,108,994 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Feb. 03, 2018 | Jan. 28, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 156,585,000 | 155,170,000 |
Common stock, shares outstanding (in shares) | 127,471,000 | 128,753,000 |
Treasury stock (in shares) | 29,114,000 | 26,417,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income |
Beginning Balance (in shares) at Jan. 31, 2015 | 152,916 | |||||
Beginning Balance at Jan. 31, 2015 | $ 943,621 | $ 1,529 | $ 407,275 | $ 534,255 | $ 562 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 1,946 | 1,946 | ||||
Unrealized losses on marketable securities, net of taxes | (21) | (21) | ||||
Foreign currency translation adjustment | (501) | (501) | ||||
Issuance of common stock (in shares) | 1,716 | |||||
Issuance of common stock | 10,613 | $ 17 | 10,596 | |||
Dividends paid on common stock, $0.33, $0.32, and $0.31, as of 2017, 2016, and 2015, respectively | (43,876) | (43,876) | ||||
Repurchase of common stock (in shares) | (19,101) | 18,307 | ||||
Repurchase of common stock | (302,849) | $ (191) | (12,845) | $ (289,813) | 0 | |
Stock-based compensation | 30,062 | 30,062 | ||||
Excess tax benefit from stock-based compensation | 793 | 793 | ||||
Ending Balance (in shares) at Jan. 30, 2016 | 135,531 | 18,307 | ||||
Ending Balance at Jan. 30, 2016 | 639,788 | $ 1,355 | 435,881 | $ (289,813) | 492,325 | 40 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 91,229 | 91,229 | ||||
Unrealized losses on marketable securities, net of taxes | (39) | (39) | ||||
Foreign currency translation adjustment | (29) | (29) | ||||
Issuance of common stock (in shares) | 1,763 | |||||
Issuance of common stock | 4,359 | $ 18 | 4,341 | |||
Dividends paid on common stock, $0.33, $0.32, and $0.31, as of 2017, 2016, and 2015, respectively | (42,303) | (42,303) | ||||
Repurchase of common stock (in shares) | (8,541) | 8,110 | ||||
Repurchase of common stock | (101,878) | $ (85) | (5,512) | $ (96,281) | 0 | |
Stock-based compensation | 21,249 | 21,249 | ||||
Excess tax benefit from stock-based compensation | (3,203) | (3,203) | ||||
Ending Balance (in shares) at Jan. 28, 2017 | 128,753 | 26,417 | ||||
Ending Balance at Jan. 28, 2017 | 609,173 | $ 1,288 | 452,756 | $ (386,094) | 541,251 | (28) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 101,000 | 101,000 | ||||
Unrealized losses on marketable securities, net of taxes | (135) | (135) | ||||
Foreign currency translation adjustment | 119 | 119 | ||||
Issuance of common stock (in shares) | 1,931 | |||||
Issuance of common stock | 2,127 | $ 19 | 2,108 | |||
Dividends paid on common stock, $0.33, $0.32, and $0.31, as of 2017, 2016, and 2015, respectively | (42,441) | (42,441) | ||||
Repurchase of common stock (in shares) | (3,213) | 2,697 | ||||
Repurchase of common stock | (34,138) | $ (32) | (6,735) | $ (27,371) | ||
Stock-based compensation | 20,677 | 20,677 | ||||
Ending Balance (in shares) at Feb. 03, 2018 | 127,471 | 29,114 | ||||
Ending Balance at Feb. 03, 2018 | $ 656,382 | $ 1,275 | $ 468,806 | $ (413,465) | $ 599,810 | $ (44) |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends paid on common stock per share (in usd per share) | $ 0.33 | $ 0.32 | $ 0.31 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Cash Flows from Operating Activities: | |||
Net income | $ 101,000 | $ 91,229 | $ 1,946 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Goodwill and intangible impairment charges, pre-tax | 0 | 0 | 112,455 |
Depreciation and amortization | 96,310 | 109,251 | 118,800 |
Loss on disposal and impairment of property and equipment | 7,042 | 10,523 | 23,744 |
Deferred tax benefit | (2,070) | (8,427) | (34,415) |
Stock-based compensation expense | 20,677 | 21,249 | 30,062 |
Deferred rent and lease credits | (19,692) | (18,811) | (21,741) |
Changes in assets and liabilities: | |||
Inventories | (1,363) | 1,472 | (6,719) |
Prepaid expenses and other assets | (4,584) | (7,565) | 358 |
Income tax receivable | (311) | 26,749 | (28,562) |
Accounts payable | 1,950 | (13,015) | (12,101) |
Accrued and other liabilities | (32,086) | 18,659 | 16,248 |
Net cash provided by operating activities | 166,873 | 231,314 | 200,075 |
Cash Flows from Investing Activities: | |||
Purchases of marketable securities | (39,794) | (50,717) | (52,668) |
Proceeds from sale of marketable securities | 30,045 | 50,508 | 129,000 |
Purchases of property and equipment, net | (48,530) | (47,836) | (84,841) |
Proceeds from sale of land | 0 | 16,217 | 0 |
Proceeds from sale of Boston Proper net assets | 0 | 0 | 9,000 |
Net cash (used in) provided by investing activities | (58,279) | (31,828) | 491 |
Cash Flows from Financing Activities: | |||
Proceeds from borrowings | 0 | 0 | 124,000 |
Payments on borrowings | (16,250) | (7,500) | (31,500) |
Proceeds from issuance of common stock | 2,127 | 4,359 | 10,613 |
Dividends paid | (42,516) | (42,254) | (43,729) |
Repurchase of common stock | (27,398) | (96,363) | (289,995) |
Payments of tax withholdings related to stock-based awards | (6,740) | (5,515) | (12,854) |
Net cash used in financing activities | (90,777) | (147,273) | (243,465) |
Effects of exchange rate changes on cash and cash equivalents | 119 | (29) | (501) |
Net increase (decrease) in cash and cash equivalents | 17,936 | 52,184 | (43,400) |
Cash and Cash Equivalents, Beginning of period | 142,135 | 89,951 | 133,351 |
Cash and Cash Equivalents, End of period | 160,071 | 142,135 | 89,951 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 2,546 | 2,316 | 2,375 |
Cash paid for income taxes, net | $ 49,758 | $ 25,863 | $ 47,342 |
Business Organization and Summa
Business Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 03, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Organization and Summary of Significant Accounting Policies | BUSINESS ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Description of Business The accompanying consolidated financial statements include the accounts of Chico’s FAS, Inc., a Florida corporation, and its wholly-owned subsidiaries (“the Company”, “we”, “us” and “our”). We operate as an omni-channel specialty retailer of women’s private branded, sophisticated, casual-to-dressy clothing, intimates and complementary accessories. We currently sell our products through retail stores, catalogs and via our websites at www.chicos.com , www.chicosofftherack.com, www.whbm.com and www.soma.com . As of February 3, 2018 , we had 1,460 stores located throughout the United States, Puerto Rico, the U.S. Virgin Islands and Canada, and sold merchandise through 94 franchise locations in Mexico. Fiscal Year Our fiscal years end on the Saturday closest to January 31 and are designated by the calendar year in which the fiscal year commences. The periods presented in these consolidated financial statements are the fiscal years ended February 3, 2018 (“fiscal 2017 ” or “current period”), January 28, 2017 (“fiscal 2016 ” or “prior period”) and January 30, 2016 (“fiscal 2015 ”). Fiscal 2017 contained 53 weeks while fiscal 2016 and 2015 each contained 52 weeks. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Segment Information Our brands, Chico’s, White House Black Market ("WHBM") and Soma have been identified as separate operating segments and aggregated into one reportable segment due to the similarities of the economic and operating characteristics of the brands. Adoption of New Accounting Pronouncements In the first quarter of 2017, we adopted the guidance of Accounting Standard Update (“ASU”) 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. The provision of ASU 2016-09 related to the recognition of excess tax benefits and deficiencies in the income statement was adopted on a prospective basis whereas the provision related to the classification in the statement of cash flows was adopted retrospectively, and the prior periods were adjusted accordingly. The Company has elected to continue estimating forfeitures of share-based awards when determining compensation cost to be recognized each period. The adoption of ASU 2016-09 did not have a material impact on the accompanying consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and in banks, short-term highly liquid investments with original maturities of three months or less and payments due from banks for third-party credit card and debit transactions for approximately 3 to 5 days of sales. Marketable Securities Marketable securities are classified as available-for-sale and 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 and fair value are determined on a specific identification basis. We consider all securities available-for-sale, including those with maturity dates beyond 12 months, and therefore classify these securities within current assets on the consolidated balance sheets as they are available to support current operational liquidity needs. Fair Value of Financial Instruments Our consolidated financial instruments consist of cash, money market accounts, marketable securities, assets held in our non-qualified deferred compensation plan, accounts receivable, accounts 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. Inventories We use the weighted average cost method to determine the cost of merchandise inventories. We identify potentially excess and slow-moving inventories by evaluating inventory aging, turn rates and inventory levels in conjunction with our overall sales trend. Further, inventory realization exposure is identified through analysis of gross margins and markdowns in combination with changes in current business trends. We record excess and slow-moving inventories at net realizable value and may liquidate certain slow-moving inventory through third parties. We estimate our expected shrinkage of inventories between physical inventory counts by using average store shrinkage experience rates, which are updated on a regular basis. Substantially all of our inventories consist of finished goods. Costs associated with sourcing are generally capitalized while merchandising, distribution and product development costs are generally expensed as incurred, and are included in the accompanying consolidated statements of income as a component of cost of goods sold. Approximately 23% of total purchases in fiscal 2017 and 2016 were made from one supplier. In fiscal 2017 and 2016 , approximately 52% and 55% of our merchandise cost originated in China, respectively. Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation of property and equipment is provided on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of their estimated useful lives (generally 10 years or less) or the related lease term, plus one anticipated renewal when there is an economic cost associated with non-renewal. Our property and equipment is generally depreciated using the following estimated useful lives: Estimated Useful Lives Land improvements 15 - 35 years Building and building improvements 20 - 35 years Equipment, furniture and fixtures 2 - 20 years Leasehold improvements 10 years or term of lease, if shorter Maintenance and repairs of property and equipment are expensed as incurred, and major improvements are capitalized. Upon retirement, sale or other disposition of property and equipment, the cost and accumulated depreciation or amortization are eliminated from the accounts, and any gain or loss is charged to income. Operating Leases We lease retail stores and a limited amount of office space under operating leases. The majority of our lease agreements provide for tenant improvement allowances, rent escalation clauses and/or contingent rent provisions. Tenant improvement allowances are recorded as a deferred lease credit within deferred liabilities and amortized as a reduction of rent expense over the term of the lease. Rent escalation clauses, “rent-free” periods and other rental expenses are amortized on a straight-line basis over the term of the leases, including the construction period. This is generally 60 - 90 days prior to the store opening date, when we generally begin improvements in preparation for our intended use. Certain leases provide for contingent rents, in addition to a basic fixed rent, which are determined as a percentage of gross sales in excess of specified levels. We record a contingent rent liability in accrued liabilities on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or when it is determined that achieving the specified levels during the lease year is probable. Goodwill and Other Intangible Assets Goodwill and other indefinite-lived intangible assets are assessed for impairment at least annually. We perform our annual impairment test during the fourth quarter, or more frequently should events or circumstances change that would indicate that impairment may have occurred. Goodwill represents the excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Impairment testing for goodwill is done at a reporting unit level. Reporting units are defined as an operating segment or one level below an operating segment, called a component. Using these criteria, we identified our reporting units and concluded that the goodwill related to the territorial franchise rights for the state of Minnesota should be allocated to the Chico’s reporting unit and the goodwill associated with the WHBM acquisition should be assigned to the WHBM reporting unit. We evaluate the appropriateness of performing a qualitative assessment, on a reporting unit level, based on current circumstances. A two-step impairment test is performed only if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We may elect to skip the qualitative assessment and perform the two-step impairment test. The first step of the impairment test compares the fair value of our reporting units with their carrying amounts, including goodwill. If the carrying amount exceeds fair value, then the second step of the impairment test is performed to measure the amount of any impairment loss. Fair value is determined based on both an income approach and market approach. The income approach is based on estimated future cash flows, discounted at a rate that approximates the cost of capital of a market participant, while the market approach is based on sales or EBITDA multiples of similar companies and transactions or other available indications of value. For 2017 and 2016 , we performed a qualitative assessment of the goodwill associated with the Chico's and WHBM reporting units and concluded it was more likely than not that the fair value exceeded the carrying amount as of the annual assessment dates. In fiscal 2015 , we performed a goodwill impairment assessment of the Boston Proper reporting unit and recorded pre-tax, non-cash goodwill impairment charges of $48.9 million . We completed the sale of the Boston Proper direct-to-consumer ("DTC") business in January 2016. We test indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the intangible is less than its carrying amount. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of the intangible is less than its carrying amount, we calculate the value of the indefinite-lived intangible assets using a discounted cash flow method, based on the relief from royalty concept, and compare the fair value to the carrying value to determine if the asset is impaired. We may elect to skip the qualitative assessment when appropriate based on current circumstances. For 2017 and 2016 , we performed a qualitative assessment of the WHBM trade name and concluded it was more likely than not that the fair value exceeded the carrying amount as of the annual assessment dates. In fiscal 2015 we performed an impairment assessment of Boston Proper indefinite-lived intangible assets and recorded pre-tax, non-cash impairment charges of $39.4 million on the Boston Proper trade name. Intangible assets subject to amortization consisted of the value of Boston Proper customer relationships. In fiscal 2015 , we performed an impairment assessment of the Boston Proper customer relationships and recorded pre-tax, non-cash impairment charges of $24.2 million . All remaining Boston Proper intangible assets, including the Boston Proper trade name and customer relationships were included in the sale of the Boston Proper DTC business in fiscal 2015. In fiscal 2017 and 2016 , we did not have any intangible assets subject to amortization. Accounting for the Impairment of Long-lived Assets Long-lived assets, including definite-lived intangibles, are reviewed periodically for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. If future undiscounted cash flows expected to be generated by the asset are less than its carrying amount, an asset is determined to be impaired. The fair value of an asset is estimated using estimated future cash flows of the asset discounted by a rate commensurate with the risk involved with such asset while incorporating marketplace assumptions. The impairment loss recorded is the amount by which the carrying value of the asset exceeds its fair value. In fiscal 2017 , 2016 and 2015 , we completed an evaluation of long-lived assets at certain underperforming stores for indicators of impairment and, as a result, recorded impairment charges of approximately $6.0 million , $2.5 million and $1.4 million , respectively, which are included in costs of goods sold in the accompanying consolidated statements of income. Impairment charges in fiscal 2017 included $2.9 million resulting from hurricanes Harvey, Irma and Maria (collectively, the "Hurricanes"). Additionally, in connection with the restructuring program initiated in fiscal 2014 as further discussed in Note 2, we identified approximately 150 stores, including the Boston Proper stores, to be closed from fiscal 2015 through fiscal 2017. As a result, in fiscal 2015 , we recorded additional impairment charges of approximately $12.5 million which are included in restructuring and strategic charges in the accompanying consolidated statements of income. As of the end of fiscal 2017, we have closed a majority of the stores identified for closure in connection with our restructuring and strategic activities and did not incur any material additional impairment charges. Revenue Recognition Retail sales by our stores are recorded at the point of sale and are net of estimated customer returns, sales discounts under rewards programs and company issued coupons, promotional discounts and employee discounts. For sales from our websites and catalogs, revenue is recognized at the time we estimate the customer receives the product, which is typically within a few days of shipment. Amounts related to shipping and handling costs billed to customers are recorded in net sales and the related shipping and handling costs are recorded in cost of goods sold in the accompanying consolidated statements of income. Amounts paid by customers to cover shipping and handling costs are immaterial. We sell gift cards in stores, on our e-commerce website and through third parties. Our gift cards do not have expiration dates. We account for gift cards by recognizing a liability at the time the gift card is sold. The liability is relieved and revenue is recognized for gift cards upon redemption. In addition, we recognize revenue for the amount of gift cards expected to go unredeemed (commonly referred to as gift card breakage) under the redemption recognition method. This method records gift card breakage as revenue on a proportional basis over the redemption period based on our historical gift card breakage rate. We determine the gift card breakage rate based on our historical redemption patterns. We recognize revenue on the remaining unredeemed gift cards based on determining that the likelihood of the gift card being redeemed is remote and that there is no legal obligation to remit the unredeemed gift cards to relevant jurisdictions. Soma offers a points based loyalty program in which customers earn points based on purchases. Attaining specified loyalty point levels results in the issuance of reward coupons to discount future purchases. As program members accumulate points, we accrue the estimated future liability, adjusted for expected redemption rates and expirations. The liability is relieved and revenue is recognized for loyalty point reward coupons upon redemption. In addition, we recognize revenue on unredeemed points when it can be determined that the likelihood of the point being redeemed is remote and there is no legal obligation to remit the point value. We determined the loyalty point breakage rate based on historical and redemption patterns. As part of the normal sales cycle, we receive customer merchandise returns related to store, website and catalog sales. To account for the financial impact of potential customer merchandise returns, we estimate future returns on previously sold merchandise. Reductions in sales and gross margin are recorded for estimated merchandise returns based on return history, current sales levels and projected future return levels. Our policy towards taxes assessed by a government authority directly imposed on revenue producing transactions between a seller and a customer is, and has been, to exclude all such taxes from revenue. Advertising Costs Costs associated with the production of non-catalog advertising, such as writing, copying, printing and other costs are expensed as incurred. Costs associated with communicating advertising that has been produced, such as television and magazine, are expensed when the advertising event takes place. Catalog expenses consist of the cost to create, print and distribute catalogs. Such costs are amortized over their expected period of future benefit, which is typically less than six weeks. For fiscal 2017 , 2016 and 2015 , advertising expense was approximately $94.5 million , $115.4 million and $159.9 million , respectively, and is included within SG&A in the accompanying consolidated statements of income. Stock-Based Compensation Stock-based compensation for all awards is based on the grant date fair value of the award, net of estimated forfeitures, and is recognized over the requisite service period of the awards. The fair value of restricted stock awards and performance-based awards is determined by using the closing price of the Company’s common stock on the date of the grant. Compensation expense for performance-based awards is recorded based on the amount of the award ultimately expected to vest, depending on the level and likelihood of the performance condition being met. Shipping and Handling Costs Shipping and handling costs to transport goods to customers, amounted to $40.5 million , $35.9 million and $37.3 million in fiscal 2017 , 2016 and 2015 , respectively, and are included within cost of goods sold in the accompanying consolidated statements of income. Store Occupancy and Pre-Opening Costs Store occupancy and pre-opening costs (including store-related costs and training expenses) incurred prior to the opening of new stores are expensed as incurred and are included within cost of sales in the accompanying consolidated statements of income. Income Taxes Income taxes are accounted for in accordance with authoritative guidance, which requires the use of the asset and liability method. Deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Additionally, we follow a comprehensive model to recognize, measure, present and disclose in our consolidated financial statements the estimated aggregate tax liability of uncertain tax positions that we have taken or expect to take on a tax return. This model states that a tax benefit from an uncertain tax position may be recognized if it is “more likely than not” that the position is sustainable, based upon its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that has greater than a 50% likelihood of being realized upon the ultimate settlement with a taxing authority having full knowledge of all relevant information. Foreign Currency The functional currency of our foreign operations is generally the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect as of the balance sheet date, while revenues and expenses are translated at the average exchange rates for the period. The resulting translation adjustments are recorded as a component of comprehensive income in the consolidated statements of comprehensive income. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in the consolidated statements of income. Self-Insurance We are self-insured for certain losses relating to workers’ compensation, medical and general liability claims. Self-insurance claims filed and claims incurred but not reported are accrued based upon management’s estimates of the aggregate liability for uninsured claims incurred based on historical experience. While we do not expect the amount we will ultimately pay to differ significantly from our estimates, self-insurance accruals could be affected if future claims experience differs significantly from the historical trends and assumptions. Supplier Allowances From time to time, we receive allowances and/or credits from certain of our suppliers. The aggregate amount of such allowances and credits, which is included in cost of goods sold, is immaterial to our consolidated results of operations. 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 performance-based restricted stock units ("PSU's") that have met their relevant performance criteria. Under the two-class method, net income is reduced by the amount of dividends declared in the period for common stock and participating securities. The remaining undistributed earnings are then allocated to common stock and participating securities as if all of the net income for the period had been distributed. Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period including the participating securities. Diluted EPS reflects the dilutive effect of potential common shares from non-participating securities such as stock options, PSU's and restricted stock units. Newly Issued Accounting Pronouncements In October 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory. ASU 2016-16 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. ASU 2016-16 requires companies to recognize the income tax effects of intercompany sales or transfers of other assets in the income statement as income tax expense (benefit) in the period the sale or transfer occurs. Additionally, companies would evaluate whether the tax effects of the intercompany sales of transfers of non-inventory assets should be included in their estimates of annual effective tax rates by using today's interim guidance on income tax accounting. ASU 2016-16 will require modified retrospective transition with a cumulative catch-up adjustment to opening retained earnings in the period of adoption, which we will implement in the first quarter of fiscal 2018. At February 3, 2018 , the Company had $5.7 million in assets related to the transfer of intra–entity asset transfers. 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 and should be applied on a modified retrospective basis. 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. Upon adoption of the standard in fiscal 2019, we expect to record material right–of– use assets and lease liabilities on the balance sheet approximating the present value of future lease payments. 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 and should be applied prospectively with cumulative adjustment to opening retained earnings. We do not anticipate adoption to have a material impact to our consolidated financial statements. 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. Through our evaluation of the impact of this ASU, we have identified certain changes that are expected to be made to our accounting policies, practices, systems and controls including: revenue related to our online sales will be recognized at the shipping point rather than upon receipt by the customer; the timing of our recognition of advertising expenses, whereby certain expenses that are currently amortized over their expected period of future benefit will be expensed the first time the advertisement appears; and presentation of estimated merchandise returns as both an asset, equal to the inventory value net of processing costs, and a corresponding return liability, compared to the current practice of recording an estimated net return liability. We plan to adopt this ASU under the modified retrospective approach beginning in the first quarter of fiscal 2018 with a cumulative adjustment to opening retained earnings as opposed to retrospectively adjusting prior periods. Based on our progress to date, we do not anticipate adoption to have a material impact to our consolidated financial statements. |
Restructuring and Strategic Cha
Restructuring and Strategic Charges | 12 Months Ended |
Feb. 03, 2018 | |
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 , we completed an evaluation of the Boston Proper brand, completed the sale of the Boston Proper DTC business and closed its stores. We assessed the disposal group and determined that the sale of the Boston Proper DTC business did not have a major effect on our consolidated results of operations, financial position or cash flows. Accordingly, the disposal group is not presented in the consolidated financial statements as a discontinued operation. Pretax losses for the Boston Proper DTC business for fiscal 2015 was $11.8 million . The loss recorded in fiscal 2015 upon disposition of the Boston Proper assets held for sale was not material. During the first quarter of fiscal 2016 , we expanded our restructuring program to include components of our strategic initiatives that further align the organizational structure with long-term growth initiatives and to reduce cost of goods sold ("COGS") and selling, general and administrative expenses ("SG&A") through strategic initiatives. These strategic initiatives include realigning marketing and digital commerce, improving supply chain efficiency, reducing non-merchandise expenses, optimizing marketing spend and transition of executive leadership. We also adjusted the estimated store closures to 150 through fiscal 2017 in connection with the restructuring and strategic activities. In fiscal 2016 , the Company recorded pre-tax restructuring and strategic charges of $31.0 million , primarily related to outside services, severance and proxy solicitation costs. In fiscal 2016 , we substantially completed our restructuring program. As of the end of fiscal 2017, we have closed a majority of the stores identified for closure in connection with our restructuring and strategic activities and did not incur any material additional expenses related to lease terminations or restructuring and strategic charges. A summary of the restructuring and strategic charges is presented in the table below: Fiscal 2016 Fiscal 2015 (in thousands) Impairment charges $ 1,453 $ 22,001 Continuing employee-related costs 1,796 8,330 Severance charges 9,485 6,863 Proxy solicitation costs 5,697 — Lease terminations 427 9,578 Outside services 12,013 — Other charges 156 2,029 Restructuring and strategic charges, pre-tax $ 31,027 $ 48,801 As of February 3, 2018 , a reserve of $0.5 million related to restructuring and strategic activities was included in other current and deferred liabilities in the accompanying consolidated balance sheets. A roll-forward of the reserve is presented as follows: Continuing Employee-Related Costs Severance Charges Lease Termination Charges Outside Services Total (in thousands) Ending Balance, January 28, 2017 $ 671 $ 2,413 $ 846 $ 7,299 $ 11,229 Charges — — — — — Payments (671 ) (2,413 ) (332 ) (7,299 ) (10,715 ) Ending Balance, February 3, 2018 $ — $ — $ 514 $ — $ 514 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Feb. 03, 2018 | |
Marketable Securities [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES: Marketable securities are classified as available-for-sale and as of February 3, 2018 generally consist of corporate bonds, U.S. government agencies, municipal securities and commercial paper with $34.0 million of securities with maturity dates within one year or less and $26.1 million with maturity dates over one year and less than two years. As of January 28, 2017 , marketable securities generally consisted of U.S. government agencies and corporate bonds. The following tables summarize our investments in marketable securities at February 3, 2018 and January 28, 2017 : February 3, 2018 (in thousands) Amortized Gross Gross Estimated Total marketable securities $ 60,361 $ — $ (301 ) $ 60,060 January 28, 2017 (in thousands) Amortized Gross Gross Estimated Total marketable securities $ 50,460 $ 3 $ (93 ) $ 50,370 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Feb. 03, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS: 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 consolidated balance sheets. From time to time, we measure certain assets at fair value on a non-recurring basis. This includes the 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. To assess the fair value of goodwill, we utilize both an income approach and a market approach. Inputs used to calculate the fair value based on the income approach primarily include estimated future cash flows, discounted at a rate that approximates the cost of capital of a market participant. Inputs used to calculate the fair value based on the market approach include identifying sales and EBITDA multiples based on guidelines for similar publicly traded companies and recent transactions. To assess the fair value of trade names, we utilize a relief from royalty approach. Inputs used to calculate the fair value of the trade names primarily include future sales projections, discounted at a rate that approximates the cost of capital of a market participant and an estimated royalty rate. 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 fiscal 2017 , we did not make any transfers between Level 1 and Level 2 financial assets. Furthermore, during fiscal 2017 and fiscal 2016 we did not have any Level 3 financial assets measured on a recurring basis. 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 assets and liabilities 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 February 3, 2018 Quoted Prices Significant Other Significant (in thousands) Financial Assets: Current Assets Cash equivalents: Money market accounts $ 1,250 $ 1,250 $ — $ — Marketable securities: Municipal securities 6,557 — 6,557 — U.S. government agencies 12,744 — 12,744 — Corporate bonds 37,030 — 37,030 — Commercial paper 3,729 — 3,729 — Noncurrent Assets Deferred compensation plan 7,315 7,315 — — Total $ 68,625 $ 8,565 $ 60,060 $ — Financial Liabilities: Long-term debt 1 $ 68,601 $ — 69,036 $ — Fair Value Measurements at Reporting Date Using Balance as of January 28, 2017 Quoted Prices Significant Other Significant (in thousands) Financial Assets: Current Assets Cash equivalents: Money market accounts $ 471 $ 471 $ — $ — Marketable securities: Municipal securities 5,634 — 5,634 — U.S. government agencies 23,071 — 23,071 — Corporate bonds 15,799 — 15,799 — Commercial paper 5,866 — 5,866 — Noncurrent Assets Deferred compensation plan 7,523 7,523 — — Total $ 58,364 $ 7,994 $ 50,370 $ — Financial Liabilities: Long-term debt 1 $ 84,785 $ — 85,139 $ — 1 The carrying value of long-term debt includes the current and long-term portions and the remaining unamortized debt issuance costs. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Feb. 03, 2018 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | PREPAID EXPENSES AND OTHER CURRENT ASSETS: Prepaid expenses and accounts receivable consisted of the following: February 3, 2018 January 28, 2017 (in thousands) Prepaid expenses $ 52,189 $ 39,847 Accounts receivable 8,479 12,911 Prepaid expenses and other current assets $ 60,668 $ 52,758 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Feb. 03, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET: Property and equipment, net, consisted of the following: February 3, 2018 January 28, 2017 (in thousands) Land and land improvements $ 30,572 $ 31,103 Building and building improvements 125,504 127,398 Equipment, furniture and fixtures 636,542 617,311 Leasehold improvements 529,835 538,735 Total property and equipment 1,322,453 1,314,547 Less accumulated depreciation and amortization (901,415 ) (837,362 ) Property and equipment, net $ 421,038 $ 477,185 Total depreciation expense for fiscal 2017 , 2016 and 2015 was $96.2 million , $109.1 million and $116.6 million , respectively. |
Other Current and Deferred Liab
Other Current and Deferred Liabilities | 12 Months Ended |
Feb. 03, 2018 | |
Other Liabilities, Current [Abstract] | |
Other Current and Deferred Liabilities | OTHER CURRENT AND DEFERRED LIABILITIES: Other current and deferred liabilities consisted of the following: February 3, 2018 January 28, 2017 (in thousands) Allowance for customer returns, gift cards and store credits outstanding $ 55,948 $ 59,893 Accrued payroll, benefits, bonuses and severance costs and termination benefits 29,685 45,512 Current portion of deferred rent and lease credits 19,158 22,451 Other 28,924 42,376 Other current and deferred liabilities $ 133,715 $ 170,232 |
Debt
Debt | 12 Months Ended |
Feb. 03, 2018 | |
Debt Disclosure [Abstract] | |
Debt | DEBT: In fiscal 2015, we entered into a credit agreement (the "Credit Agreement") among the Company, JPMorgan Chase Bank, N.A. as Administrative Agent, Bank of America, N.A., as Syndication Agent and the other lenders. Our obligations under the Credit Agreement are guaranteed by certain of our material U.S. subsidiaries. The Credit Agreement provides for a term loan commitment in the amount of $100.0 million , of which $100.0 million was drawn at closing, and matures on May 4, 2020, payable in quarterly installments, as defined in the Credit Agreement, with the remainder due at maturity. The Credit Agreement also provides for a $100.0 million revolving credit facility, of which $24.0 million was drawn at closing and repaid in the second quarter of fiscal 2015. There were no amounts outstanding on the revolving credit facility as of February 3, 2018 . The revolving credit facility matures on May 4, 2020. The Credit Agreement contains various covenants and restrictions, including maximum leverage ratio, as defined, of no more than 3.50 to 1.00 until July 31, 2018, and 3.25 to 1.00 after July 31, 2018, and minimum fixed charge coverage ratio, as defined, of not less than 1.20 to 1.00 . If the Company failed to comply with these financial covenants, a default would trigger and all principal and outstanding interest would be due and payable. At February 3, 2018 , the Company was in compliance with all financial covenant requirements of the Credit Agreement. The Credit Agreement has borrowing options which accrue interest by reference, at our election, at either an adjusted eurodollar rate tied to LIBOR or an Alternate Base Rate ("ABR") plus an interest rate margin, as defined in the Credit Agreement. The interest rate on borrowings and our commitment fee rate vary based on the maximum leverage ratio as follows: Maximum Leverage Ratio: Eurodollar Spread ABR Spread Commitment Fee Rate Category 1: < 2.25 to 1.00 1.25% 0.25% 0.20% Category 2: ≥ 2.25 to 1.00 but 1.50% 0.50% 0.25% Category 3: ≥ 3.00 to 1.00 1.75% 0.75% 0.30% As of February 3, 2018 , $68.6 million in borrowings were outstanding under the Credit Agreement, and are reflected as $15.0 million in current debt and $53.6 million in long-term debt in the accompanying consolidated balance sheets. The following table provides details on our debt outstanding as of February 3, 2018 and January 28, 2017 : February 3, 2018 January 28, 2017 (in thousands) Credit Agreement, net $ 68,601 $ 84,785 Less: current debt (15,000 ) (16,250 ) Long-term debt $ 53,601 $ 68,535 Aggregate future maturities of long-term debt are as follows: FISCAL YEAR ENDING: (in thousands) February 2, 2019 $ 15,000 February 1, 2020 15,000 January 30, 2021 38,750 |
Noncurrent Deferred Liabilities
Noncurrent Deferred Liabilities | 12 Months Ended |
Feb. 03, 2018 | |
Deferred Credits and Other Liabilities [Abstract] | |
Noncurrent Deferred Liabilities | NONCURRENT DEFERRED LIABILITIES: Deferred liabilities consisted of the following: February 3, 2018 January 28, 2017 (in thousands) Deferred rent $ 50,529 $ 51,909 Deferred lease credits, net 63,932 80,217 Other deferred liabilities 7,979 8,868 Deferred liabilities 122,440 140,994 Less current portion of deferred rent and lease credits (19,158 ) (22,451 ) Noncurrent deferred liabilities $ 103,282 $ 118,543 Deferred rent represents the difference between operating lease obligations currently due and operating lease expense, which is recorded on a straight-line basis over the appropriate respective terms of the leases. Deferred lease credits represent construction allowances received from landlords and are amortized as a reduction of rent expense over the appropriate respective terms of the related leases. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 03, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES: Leases We lease retail stores, a limited amount of office space and certain office equipment under operating leases expiring in various years through the fiscal year ending 2028. Certain operating leases provide for renewal options that generally approximate five years at a pre-determined rental value. In the normal course of business, operating leases are typically renewed or replaced by other leases. Minimum future rental payments under non-cancelable operating leases (including leases with certain minimum sales cancellation clauses described below and exclusive of common area maintenance charges and/or contingent rental payments based on sales) as of February 3, 2018 , are approximately as follows: FISCAL YEAR ENDING: (in thousands) February 2, 2019 $ 191,075 February 1, 2020 172,797 January 30, 2021 156,051 January 29, 2022 136,810 January 28, 2023 106,563 Thereafter 168,179 Total minimum lease payments $ 931,475 Certain leases provide that we may cancel the lease if our retail sales at that location fall below an established level. A majority of our store operating leases contain cancellation clauses that allow the leases to be terminated at our discretion, if certain minimum sales levels are not met within the first few years of the lease term. We have not historically met or exercised a significant number of these cancellation clauses and, therefore, have included commitments for the full lease terms of such leases in the above table. For fiscal 2017 , 2016 and 2015 , total rent expense under operating leases was approximately $263.7 million , $268.5 million and $266.2 million , respectively, including common area maintenance charges of approximately $47.9 million , $47.6 million and $46.7 million , respectively, other rental charges of approximately $40.3 million , $41.2 million and $40.1 million , respectively, and contingent rental expense, based on sales, of approximately $4.3 million , $5.2 million and $5.8 million , respectively. Open Purchase Orders At February 3, 2018 and January 28, 2017 , we had approximately $316.5 million and $356.7 million , respectively, of open purchase orders for inventory, in the normal course of business. Legal Proceedings In July 2015, White House Black Market, Inc. (WHBM) 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 WHBM, in violation of federal law, willfully published more than the last five digits of a credit or debit card number on customers' point-of-sale receipts. Plaintiff seeks an award of statutory damages of $100 to $1,000 for each alleged willful violation of the law, as well as attorneys’ fees, costs and punitive damages. The Company denies the material allegations of the complaint and believes the case is without merit. On October 25, 2017, the magistrate in the matter recommended that the class be certified. On November 8, 2017, WHBM filed objections to such recommendation. On February 12, 2018, the District Court issued an order certifying the class. On February 26, 2018, the Company filed a petition with the District Court for permission to appeal its decision to the Eleventh Circuit Court of Appeals. The Company will continue to vigorously defend the matter, including a planned motion for summary judgment to dismiss all claims. At this time, the Company is unable to reasonably estimate the potential loss or range of loss, if any, related to the lawsuit because there are a number of unknown facts and unresolved legal issues that may impact the amount of any potential liability, including, without limitation, (a) whether the action will ultimately be permitted to proceed as a class, (b) if the action proceeds as a class, the resolution of certain disputed statutory interpretation issues that may impact the size of the putative class and (c) whether or not the plaintiff is entitled to statutory damages. No assurance can be given that these issues will be resolved in the Company’s favor or that the Company will be successful in its defense on the merits or otherwise. If the case were to proceed as a class action and the Company were to be unsuccessful in its defense on the merits, the ultimate resolution of the case could have a material adverse effect on the Company’s consolidated financial condition or results of operations. Other than as noted above, we are not currently a party to any material 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 amounts of monetary liability or financial impact with respect to these matters as of February 3, 2018 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. |
Stock Compensation Plans and Ca
Stock Compensation Plans and Capital Stock Transactions | 12 Months Ended |
Feb. 03, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Plans and Capital Stock Transactions | STOCK COMPENSATION PLANS AND CAPITAL STOCK TRANSACTIONS: General In April 2017, the Board approved the Amended and Restated 2012 Omnibus Stock and Incentive Plan (the "Amended Omnibus Plan"), which replaced the Chico's FAS, Inc. 2012 Omnibus Stock and Incentive Plan, effective upon shareholder approval on June 22, 2017. The aggregate number of shares of our common stock that may be issued under the Amended Omnibus Plan (since inception) is 15.5 million shares plus any shares represented by awards granted under prior plans that are forfeited, expired or canceled without delivery of shares. Awards under the Amended Omnibus Plan may be in the form of restricted stock, restricted stock units, performance-based restricted stock, performance-based stock units, stock options and stock appreciation rights, in accordance with the terms and conditions of the Amended Omnibus Plan. The terms of each award will be determined by the Human Resources, Compensation and Benefits Committee of the Board of Directors or by the Board of Directors. We have historically issued restricted stock, including non-vested restricted stock, performance-based stock units and stock options. Shares of non-vested restricted stock have the same voting rights as common stock, are entitled to receive dividends and other distributions thereon, and are considered to be currently issued and outstanding. Performance-based stock units are entitled to dividend equivalents only to the extent certain Company-specific performance goals are met and are entitled to voting rights only upon the issuance of shares after meeting these Company-specific performance goals. Generally, stock-based awards vest evenly over three years; stock options generally have a 10 -year term. As of February 3, 2018 , approximately 0.4 million nonqualified stock options are outstanding under a predecessor plan and approximately 9.3 million shares remain available for future grants of stock-based awards. Stock-based compensation expense for all awards is based on the grant date fair value of the award, net of estimated forfeitures, and is recognized over the requisite service period of the awards. Compensation expense for restricted stock awards and stock options with a service condition is recognized on a straight-line basis over the requisite service period. Compensation expense for performance-based awards with a service condition is recognized ratably for each vesting tranche based on our estimate of the level and likelihood of meeting certain Company-specific performance goals. We estimate the expected forfeiture rate for all stock-based awards, and only recognize expense for those shares expected to vest. In determining the portion of the stock-based payment award that is ultimately expected to be earned, we derive forfeiture rates based on historical data. In accordance with the authoritative guidance, we revise our forfeiture rates, when necessary, in subsequent periods if actual forfeitures differ from those originally estimated. Total compensation expense related to stock-based awards in fiscal 2017 , 2016 and 2015 was $20.7 million , $21.2 million and $30.1 million , respectively. The total tax benefit associated with stock-based compensation for fiscal 2017 , 2016 and 2015 was $7.6 million , $8.1 million and $11.5 million , respectively. Restricted Stock Awards Restricted stock activity for fiscal 2017 was as follows: Number of Weighted Unvested, beginning of period 2,463,186 $ 13.87 Granted 1,441,300 13.23 Vested (1,249,122 ) 14.46 Forfeited (327,105 ) 14.39 Unvested, end of period 2,328,259 13.08 Total fair value of shares of restricted stock that vested during fiscal 2017 , 2016 and 2015 was $15.6 million , $14.7 million and $34.8 million , respectively. The weighted average grant date fair value of restricted stock granted during fiscal 2017 , 2016 and 2015 was $13.23 , $12.38 and $16.97 , respectively. As of February 3, 2018 , there was $17.3 million of unrecognized stock-based compensation expense related to non-vested restricted stock awards. That cost is expected to be recognized over a weighted average remaining period of 1.7 years. Performance-based Stock Units Performance-based stock unit activity for fiscal 2017 was as follows: Number of Weighted Unvested, beginning of period 652,248 $ 13.28 Granted 601,137 13.93 Vested (310,901 ) 13.67 Forfeited (251,534 ) 13.33 Unvested, end of period 690,950 13.65 Total fair value of performance-based stock units that vested during fiscal 2017 , 2016 and 2015 was $4.2 million , $2.9 million and $3.9 million , respectively. There was $3.6 million of unrecognized stock-based compensation expense related to performance-based stock units expected to vest. That cost is expected to be recognized over a weighted average period of approximately 1.6 years. Stock Option Awards We used the Black-Scholes option-pricing model to value our stock options. No stock options have been issued since fiscal 2011 and all have been fully vested since fiscal 2014 . Using this option-pricing model, the fair value of each stock option award was estimated on the date of grant. The fair value of the stock option awards, which are subject to pro-rata vesting generally over three years, was expensed on a straight-line basis over the vesting period of the stock options. Stock option activity for fiscal 2017 was as follows: Number of Weighted Weighted Aggregate (in thousands) Outstanding, beginning of period 577,246 $ 13.58 Granted — — Exercised (13,000 ) 9.07 Forfeited or expired (195,501 ) 16.21 Outstanding, end of period 368,745 12.36 2.50 $ 253 Vested at February 3, 2018 368,745 12.36 2.50 253 Exercisable at February 3, 2018 368,745 12.36 2.50 253 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the excess, if any, of the closing stock price on the last trading day of fiscal 2017 and the exercise price, multiplied by the number of such in-the-money options) that would have been received by the option holders had all option holders exercised their options on February 3, 2018 . This amount changes based on the fair market value of our common stock. Total intrinsic value of options exercised during fiscal 2017 , 2016 and 2015 (based on the difference between our stock price on the respective exercise date and the respective exercise price, multiplied by the number of respective options exercised) was $0.01 million , $0.7 million and $4.6 million , respectively. Employee Stock Purchase Plan We sponsor an employee stock purchase plan (“ESPP”) under which substantially all full-time employees are given the right to purchase shares of our common stock during each of the two specified offering periods each fiscal year at a price equal to 85 percent of the value of the stock immediately prior to the beginning of each offering period. During fiscal 2017 , 2016 and 2015 , approximately 232,000 , 191,000 and 174,000 shares, respectively, were purchased under the ESPP. Cash received from purchases under the ESPP for fiscal 2017 was $2.0 million . Share Repurchase Program In fiscal 2017 and fiscal 2016 , we repurchased 2.7 million and 8.1 million shares at a total cost of $27.4 million and $96.4 million , respectively, under the Company's $300 million share repurchase program announced in November 2015. As of February 3, 2018 , $136.2 million remains 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. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Feb. 03, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans | RETIREMENT PLANS: We have a 401(k) defined contribution employee retirement benefit plan (the “Plan”) covering all employees upon the completion of one year of service, working 1000 hours or more, and are at least age 21. Employees’ rights to Company contributions vest fully upon completing five years of service, with incremental vesting starting in service year two. Under the Plan, employees may contribute up to 75 percent of their annual compensation, subject to certain statutory limitations. We have elected to match employee contributions at 50 percent on the first 6 percent of the employees’ contributions and can elect to make additional contributions over and above the mandatory match. For fiscal 2017 , 2016 and 2015 , our costs under the Plan were approximately $3.3 million , $3.4 million and $3.8 million , respectively. In April 2002, we adopted the Chico’s FAS, Inc. Deferred Compensation Plan (the “Deferred Plan”) to provide supplemental retirement income benefits for highly compensated employees. Eligible participants may elect to defer up to 80 percent of their base salary and 100 percent of their bonus earned under an approved bonus plan pursuant to the terms and conditions of the Deferred Plan. The Deferred Plan generally provides for payments upon retirement, death, disability or termination of employment. In addition, we may make employer contributions to participants under the Deferred Plan. To date, no Company contributions have been made under the Deferred Plan. The amount of the deferred compensation liability payable to the participants is included in deferred liabilities in the consolidated balance sheets. These obligations are funded through the purchase of corporate owned life insurance (COLI), cash and other securities held within a rabbi trust established on behalf of the employee participating in the plan. The trust assets are reflected in other assets in the accompanying consolidated balance sheets. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 03, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The income tax provision consisted of the following: Fiscal 2017 Fiscal 2016 Fiscal 2015 (in thousands) Current: Federal $ 39,376 $ 49,994 $ 15,622 Foreign 266 260 210 State 4,877 5,654 1,683 Deferred: Federal (3,669 ) (8,483 ) (25,004 ) State 1,750 75 (9,411 ) Income tax provision (benefit) $ 42,600 $ 47,500 $ (16,900 ) The foreign component of pre-tax income (loss), arising principally from operating foreign stores and other management and cost sharing charges we are required to allocate under U.S. tax law, for fiscal 2017 , 2016 and 2015 was $0.1 million , $0.1 million and $(0.8) million , respectively. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the "Tax Act") was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective January 1, 2018. As a result, the Company’s blended federal tax rate for fiscal 2017 was 33.8% . In addition, the Company recognized a tax benefit in the fourth quarter related to adjusting its deferred tax balance to reflect the new corporate tax rate. As a result, income tax expense in the fourth quarter reflects a decrease in tax expense of $9.7 million , comprised of a $1.7 million reduction in income tax expense for the fiscal year ended February 3, 2018 and $8.0 million from the application of the newly enacted rates to existing deferred balances. As of February 3, 2018, the Company performed a preliminary analysis of information necessary to estimate the accounting for the impacts of the Tax Act. We will continue to analyze additional information and guidance related to the Tax Act as supplemental legislation, regulatory guidance, or evolving technical interpretations become available. Consequently, reasonable estimates of the impact of the Tax Act on the Company’s deferred tax balances and executive compensation deductions have been reported as provisional, as defined in Staff Accounting Bulletin No. 118. We expect to complete our analysis no later than the fourth quarter of fiscal 2018. A reconciliation between the statutory federal income tax rate and the effective income tax rate follows: Fiscal 2017 Fiscal 2016 Fiscal 2015 Federal income tax rate (blended rate for fiscal 2017 due to the Tax Act) 33.8 % 35.0 % 35.0 % State income tax, net of federal tax benefit 3.2 3.4 4.3 Impact of the Tax Act (5.6 ) — — Excess share based compensation 0.9 — — Goodwill impairment — — (124.2 ) Outside basis difference - Boston Proper sale — (2.8 ) 165.2 Other state benefits associated with sale and liquidation of Boston Proper — (0.3 ) 20.1 Enhanced charitable contribution (1.1 ) (1.9 ) 19.3 Executive compensation limitation 0.7 1.2 (7.3 ) Foreign losses with full valuation allowance 0.1 0.2 (2.9 ) Federal tax credits (1.2 ) (0.5 ) 3.4 Other items, net (1.1 ) (0.1 ) 0.4 Total 29.7 % 34.2 % 113.3 % Deferred tax assets and liabilities are recorded due to different carrying amounts for financial and income tax reporting purposes arising from cumulative temporary differences. These differences consist of the following as of February 3, 2018 and January 28, 2017 : February 3, 2018 January 28, 2017 (in thousands) Deferred tax assets: Accrued liabilities and allowances $ 9,690 $ 17,790 Accrued straight-line rent 13,364 20,361 Stock-based compensation 5,606 10,329 Property related 2,009 1,816 Charitable contribution limitation carryforwards 2,604 5,109 State tax credits and net operating loss carryforwards 5,548 5,105 Other 1,879 3,376 Total deferred tax assets 40,700 63,886 Valuation allowance (444 ) (749 ) Net deferred tax assets 40,256 63,137 Deferred tax liabilities: Other (119 ) — Prepaid expenses (4,823 ) (2,976 ) Property related (23,961 ) (43,271 ) Other intangible assets (16,666 ) (24,197 ) Total deferred tax liabilities (45,569 ) (70,444 ) Net deferred taxes $ (5,313 ) $ (7,307 ) As of February 3, 2018 , the Company had available for state income tax purposes net operating loss and tax credit carryovers which expire, if unused, in the years 2020 - 2035 and 2019 - 2026, respectively. The Tax Act requires a one-time transition tax that is based on total post-1986 earnings and profits (“E & P”) previously deferred from U.S. income taxes. As the Company does not have material amounts of post-1986 E & P in its foreign subsidiaries, no one-time transition tax has been recorded in its fourth quarter provision. No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the one-time transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. There were no significant undistributed foreign earnings at February 3, 2018 , January 28, 2017 and January 30, 2016 . The Tax Act also subjects a U.S. shareholder to tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q & A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. Given the complexity of the GILTI provisions, the Company is still evaluating the effects and has not yet determined its accounting policy. At February 3, 2018, since the Company is still evaluating the GILTI provisions and its analysis of future taxable income that is subject to GILTI, the Company is unable to make a reasonable estimate and has not reflected any adjustments related to GILTI in its financial statements. The Company does not anticipate the impact of GILTI to be material. Accumulated other comprehensive income is shown net of deferred tax assets and deferred tax liabilities. The amount is not significant at February 3, 2018 or January 28, 2017 . A reconciliation of the beginning and ending amounts of uncertain tax positions for each of fiscal 2017 , fiscal 2016 and fiscal 2015 is as follows: Fiscal 2017 Fiscal 2016 Fiscal 2015 (in thousands) Balance at beginning of year $ 5,158 $ 4,840 $ 2,532 Additions for tax positions of prior years — 1,280 2,618 Reductions for tax positions of prior years (105 ) (1 ) (56 ) Additions for tax positions for the current year 289 246 259 Settlements/payments with tax authorities (3,667 ) (850 ) — Reductions due to lapse of applicable statutes of limitation (153 ) (357 ) (513 ) Balance at end of year $ 1,522 $ 5,158 $ 4,840 At February 3, 2018 , January 28, 2017 and January 30, 2016 , balances included $1.2 million , $4.4 million and $4.0 million respectively, of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate in future periods. We do not expect any events to occur that would cause a change to our unrecognized tax benefits or income tax expense within the next twelve months. Our continuing practice is to recognize potential accrued interest and penalties relating to unrecognized tax benefits in the income tax provision. For fiscal 2017 , 2016 and 2015 , we accrued $0.1 million , $0.2 million and $0.2 million , respectively for interest and penalties. We had approximately $0.3 million , $0.5 million and $0.4 million , respectively for the payment of interest and penalties accrued at February 3, 2018 , January 28, 2017 and January 30, 2016 , respectively. The amounts included in the reconciliation of uncertain tax positions do not include accruals for interest and penalties. In fiscal 2006, we began participating in the IRS’s real time audit program, Compliance Assurance Process (“CAP”). Under the CAP program, material tax issues and initiatives are disclosed to the IRS throughout the year with the objective of reaching an agreement as to the proper reporting treatment when the federal return is filed. Previous years through fiscal 2015 have been accepted. Fiscal 2016 is in the post-filing review process. We are no longer subject to state and local examinations for years before fiscal 2011. Various state examinations are currently underway for fiscal periods spanning from 2011 through 2016; however, we do not expect any significant change to our uncertain tax positions within the next year. |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Feb. 03, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | NET INCOME PER SHARE: The following table sets forth the computation of basic and diluted net income per share shown on the face of the accompanying consolidated statements of income (in thousands, except per share amounts): February 3, 2018 January 28, 2017 January 30, 2016 Numerator Net income $ 101,000 $ 91,229 $ 1,946 Net income and dividends declared allocated to participating securities (2,300 ) (1,915 ) — Net income available to common shareholders $ 98,700 $ 89,314 $ 1,946 Denominator Weighted average common shares outstanding – basic 125,341 128,995 138,366 Dilutive effect of non-participating securities 62 242 375 Weighted average common and common equivalent shares outstanding – diluted 125,403 129,237 138,741 Net income per common share: Basic $ 0.79 $ 0.69 $ 0.01 Diluted $ 0.79 $ 0.69 $ 0.01 In fiscal 2017 , 2016 and 2015 , 0.7 million , 0.7 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. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Feb. 03, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): Net Sales Gross Net Income Net Income Per Net Income Per (dollars in thousands, except per share amounts) Fiscal year ended February 3, 2018: First quarter $ 583,728 $ 237,413 $ 33,619 $ 0.26 $ 0.26 Second quarter 578,581 209,101 22,716 0.18 0.18 Third quarter 532,287 196,702 16,690 0.13 0.13 Fourth quarter (fourteen weeks) 1 587,783 221,561 27,975 0.22 0.22 Fiscal year ended January 28, 2017: First quarter $ 642,977 $ 262,335 $ 31,084 $ 0.23 $ 0.23 Second quarter 635,732 240,810 23,039 0.17 0.17 Third quarter 596,912 230,294 23,598 0.18 0.18 Fourth quarter (thirteen weeks) 600,789 213,397 13,508 0.10 0.10 1 Fourth quarter fiscal 2017 results include the favorable impact of the Tax Act of approximately $10 million , after-tax. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Feb. 03, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS: On February 21, 2018, we announced that our Board of Directors declared a quarterly dividend of $0.085 per share on our common stock. The dividend will be payable on April 2, 2018 to shareholders of record at the close of business on March 19, 2018. Although it is our Company’s intention to continue to pay a quarterly cash dividend in the future, any decision to pay future cash dividends will be made by the Board of Directors and will depend on future earnings, financial condition and other factors. |
Business Organization and Sum25
Business Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 03, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Year | Fiscal Year Our fiscal years end on the Saturday closest to January 31 and are designated by the calendar year in which the fiscal year commences. The periods presented in these consolidated financial statements are the fiscal years ended February 3, 2018 (“fiscal 2017 ” or “current period”), January 28, 2017 (“fiscal 2016 ” or “prior period”) and January 30, 2016 (“fiscal 2015 ”). Fiscal 2017 contained 53 weeks while fiscal 2016 and 2015 each contained 52 weeks. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Segment Information | Segment Information Our brands, Chico’s, White House Black Market ("WHBM") and Soma have been identified as separate operating segments and aggregated into one reportable segment due to the similarities of the economic and operating characteristics of the brands. |
Adoption and Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements In October 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory. ASU 2016-16 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. ASU 2016-16 requires companies to recognize the income tax effects of intercompany sales or transfers of other assets in the income statement as income tax expense (benefit) in the period the sale or transfer occurs. Additionally, companies would evaluate whether the tax effects of the intercompany sales of transfers of non-inventory assets should be included in their estimates of annual effective tax rates by using today's interim guidance on income tax accounting. ASU 2016-16 will require modified retrospective transition with a cumulative catch-up adjustment to opening retained earnings in the period of adoption, which we will implement in the first quarter of fiscal 2018. At February 3, 2018 , the Company had $5.7 million in assets related to the transfer of intra–entity asset transfers. 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 and should be applied on a modified retrospective basis. 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. Upon adoption of the standard in fiscal 2019, we expect to record material right–of– use assets and lease liabilities on the balance sheet approximating the present value of future lease payments. 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 and should be applied prospectively with cumulative adjustment to opening retained earnings. We do not anticipate adoption to have a material impact to our consolidated financial statements. 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. Through our evaluation of the impact of this ASU, we have identified certain changes that are expected to be made to our accounting policies, practices, systems and controls including: revenue related to our online sales will be recognized at the shipping point rather than upon receipt by the customer; the timing of our recognition of advertising expenses, whereby certain expenses that are currently amortized over their expected period of future benefit will be expensed the first time the advertisement appears; and presentation of estimated merchandise returns as both an asset, equal to the inventory value net of processing costs, and a corresponding return liability, compared to the current practice of recording an estimated net return liability. We plan to adopt this ASU under the modified retrospective approach beginning in the first quarter of fiscal 2018 with a cumulative adjustment to opening retained earnings as opposed to retrospectively adjusting prior periods. Based on our progress to date, we do not anticipate adoption to have a material impact to our consolidated financial statements. Adoption of New Accounting Pronouncements In the first quarter of 2017, we adopted the guidance of Accounting Standard Update (“ASU”) 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. The provision of ASU 2016-09 related to the recognition of excess tax benefits and deficiencies in the income statement was adopted on a prospective basis whereas the provision related to the classification in the statement of cash flows was adopted retrospectively, and the prior periods were adjusted accordingly. The Company has elected to continue estimating forfeitures of share-based awards when determining compensation cost to be recognized each period. The adoption of ASU 2016-09 did not have a material impact on the accompanying consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and in banks, short-term highly liquid investments with original maturities of three months or less and payments due from banks for third-party credit card and debit transactions for approximately 3 to 5 days of sales. |
Marketable Securities | Marketable Securities Marketable securities are classified as available-for-sale and 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 and fair value are determined on a specific identification basis. We consider all securities available-for-sale, including those with maturity dates beyond 12 months, and therefore classify these securities within current assets on the consolidated balance sheets as they are available to support current operational liquidity needs. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Our consolidated financial instruments consist of cash, money market accounts, marketable securities, assets held in our non-qualified deferred compensation plan, accounts receivable, accounts 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. |
Inventories | Inventories We use the weighted average cost method to determine the cost of merchandise inventories. We identify potentially excess and slow-moving inventories by evaluating inventory aging, turn rates and inventory levels in conjunction with our overall sales trend. Further, inventory realization exposure is identified through analysis of gross margins and markdowns in combination with changes in current business trends. We record excess and slow-moving inventories at net realizable value and may liquidate certain slow-moving inventory through third parties. We estimate our expected shrinkage of inventories between physical inventory counts by using average store shrinkage experience rates, which are updated on a regular basis. Substantially all of our inventories consist of finished goods. Costs associated with sourcing are generally capitalized while merchandising, distribution and product development costs are generally expensed as incurred, and are included in the accompanying consolidated statements of income as a component of cost of goods sold. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation of property and equipment is provided on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of their estimated useful lives (generally 10 years or less) or the related lease term, plus one anticipated renewal when there is an economic cost associated with non-renewal. Our property and equipment is generally depreciated using the following estimated useful lives: Estimated Useful Lives Land improvements 15 - 35 years Building and building improvements 20 - 35 years Equipment, furniture and fixtures 2 - 20 years Leasehold improvements 10 years or term of lease, if shorter Maintenance and repairs of property and equipment are expensed as incurred, and major improvements are capitalized. Upon retirement, sale or other disposition of property and equipment, the cost and accumulated depreciation or amortization are eliminated from the accounts, and any gain or loss is charged to income. |
Operating Leases | Operating Leases We lease retail stores and a limited amount of office space under operating leases. The majority of our lease agreements provide for tenant improvement allowances, rent escalation clauses and/or contingent rent provisions. Tenant improvement allowances are recorded as a deferred lease credit within deferred liabilities and amortized as a reduction of rent expense over the term of the lease. Rent escalation clauses, “rent-free” periods and other rental expenses are amortized on a straight-line basis over the term of the leases, including the construction period. This is generally 60 - 90 days prior to the store opening date, when we generally begin improvements in preparation for our intended use. Certain leases provide for contingent rents, in addition to a basic fixed rent, which are determined as a percentage of gross sales in excess of specified levels. We record a contingent rent liability in accrued liabilities on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or when it is determined that achieving the specified levels during the lease year is probable. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other indefinite-lived intangible assets are assessed for impairment at least annually. We perform our annual impairment test during the fourth quarter, or more frequently should events or circumstances change that would indicate that impairment may have occurred. Goodwill represents the excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Impairment testing for goodwill is done at a reporting unit level. Reporting units are defined as an operating segment or one level below an operating segment, called a component. Using these criteria, we identified our reporting units and concluded that the goodwill related to the territorial franchise rights for the state of Minnesota should be allocated to the Chico’s reporting unit and the goodwill associated with the WHBM acquisition should be assigned to the WHBM reporting unit. We evaluate the appropriateness of performing a qualitative assessment, on a reporting unit level, based on current circumstances. A two-step impairment test is performed only if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We may elect to skip the qualitative assessment and perform the two-step impairment test. The first step of the impairment test compares the fair value of our reporting units with their carrying amounts, including goodwill. If the carrying amount exceeds fair value, then the second step of the impairment test is performed to measure the amount of any impairment loss. Fair value is determined based on both an income approach and market approach. The income approach is based on estimated future cash flows, discounted at a rate that approximates the cost of capital of a market participant, while the market approach is based on sales or EBITDA multiples of similar companies and transactions or other available indications of value. For 2017 and 2016 , we performed a qualitative assessment of the goodwill associated with the Chico's and WHBM reporting units and concluded it was more likely than not that the fair value exceeded the carrying amount as of the annual assessment dates. In fiscal 2015 , we performed a goodwill impairment assessment of the Boston Proper reporting unit and recorded pre-tax, non-cash goodwill impairment charges of $48.9 million . We completed the sale of the Boston Proper direct-to-consumer ("DTC") business in January 2016. We test indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the intangible is less than its carrying amount. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of the intangible is less than its carrying amount, we calculate the value of the indefinite-lived intangible assets using a discounted cash flow method, based on the relief from royalty concept, and compare the fair value to the carrying value to determine if the asset is impaired. We may elect to skip the qualitative assessment when appropriate based on current circumstances. For 2017 and 2016 , we performed a qualitative assessment of the WHBM trade name and concluded it was more likely than not that the fair value exceeded the carrying amount as of the annual assessment dates. In fiscal 2015 we performed an impairment assessment of Boston Proper indefinite-lived intangible assets and recorded pre-tax, non-cash impairment charges of $39.4 million on the Boston Proper trade name. Intangible assets subject to amortization consisted of the value of Boston Proper customer relationships. In fiscal 2015 , we performed an impairment assessment of the Boston Proper customer relationships and recorded pre-tax, non-cash impairment charges of $24.2 million . All remaining Boston Proper intangible assets, including the Boston Proper trade name and customer relationships were included in the sale of the Boston Proper DTC business in fiscal 2015. In fiscal 2017 and 2016 , we did not have any intangible assets subject to amortization. |
Accounting for the Impairment of Long-lived Assets | Accounting for the Impairment of Long-lived Assets Long-lived assets, including definite-lived intangibles, are reviewed periodically for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. If future undiscounted cash flows expected to be generated by the asset are less than its carrying amount, an asset is determined to be impaired. The fair value of an asset is estimated using estimated future cash flows of the asset discounted by a rate commensurate with the risk involved with such asset while incorporating marketplace assumptions. The impairment loss recorded is the amount by which the carrying value of the asset exceeds its fair value. In fiscal 2017 , 2016 and 2015 , we completed an evaluation of long-lived assets at certain underperforming stores for indicators of impairment and, as a result, recorded impairment charges of approximately $6.0 million , $2.5 million and $1.4 million , respectively, which are included in costs of goods sold in the accompanying consolidated statements of income. Impairment charges in fiscal 2017 included $2.9 million resulting from hurricanes Harvey, Irma and Maria (collectively, the "Hurricanes"). Additionally, in connection with the restructuring program initiated in fiscal 2014 as further discussed in Note 2, we identified approximately 150 stores, including the Boston Proper stores, to be closed from fiscal 2015 through fiscal 2017. As a result, in fiscal 2015 , we recorded additional impairment charges of approximately $12.5 million which are included in restructuring and strategic charges in the accompanying consolidated statements of income. As of the end of fiscal 2017, we have closed a majority of the stores identified for closure in connection with our restructuring and strategic activities and did not incur any material additional impairment charges. |
Revenue Recognition | Revenue Recognition Retail sales by our stores are recorded at the point of sale and are net of estimated customer returns, sales discounts under rewards programs and company issued coupons, promotional discounts and employee discounts. For sales from our websites and catalogs, revenue is recognized at the time we estimate the customer receives the product, which is typically within a few days of shipment. Amounts related to shipping and handling costs billed to customers are recorded in net sales and the related shipping and handling costs are recorded in cost of goods sold in the accompanying consolidated statements of income. Amounts paid by customers to cover shipping and handling costs are immaterial. We sell gift cards in stores, on our e-commerce website and through third parties. Our gift cards do not have expiration dates. We account for gift cards by recognizing a liability at the time the gift card is sold. The liability is relieved and revenue is recognized for gift cards upon redemption. In addition, we recognize revenue for the amount of gift cards expected to go unredeemed (commonly referred to as gift card breakage) under the redemption recognition method. This method records gift card breakage as revenue on a proportional basis over the redemption period based on our historical gift card breakage rate. We determine the gift card breakage rate based on our historical redemption patterns. We recognize revenue on the remaining unredeemed gift cards based on determining that the likelihood of the gift card being redeemed is remote and that there is no legal obligation to remit the unredeemed gift cards to relevant jurisdictions. Soma offers a points based loyalty program in which customers earn points based on purchases. Attaining specified loyalty point levels results in the issuance of reward coupons to discount future purchases. As program members accumulate points, we accrue the estimated future liability, adjusted for expected redemption rates and expirations. The liability is relieved and revenue is recognized for loyalty point reward coupons upon redemption. In addition, we recognize revenue on unredeemed points when it can be determined that the likelihood of the point being redeemed is remote and there is no legal obligation to remit the point value. We determined the loyalty point breakage rate based on historical and redemption patterns. As part of the normal sales cycle, we receive customer merchandise returns related to store, website and catalog sales. To account for the financial impact of potential customer merchandise returns, we estimate future returns on previously sold merchandise. Reductions in sales and gross margin are recorded for estimated merchandise returns based on return history, current sales levels and projected future return levels. Our policy towards taxes assessed by a government authority directly imposed on revenue producing transactions between a seller and a customer is, and has been, to exclude all such taxes from revenue. |
Advertising Costs | Advertising Costs Costs associated with the production of non-catalog advertising, such as writing, copying, printing and other costs are expensed as incurred. Costs associated with communicating advertising that has been produced, such as television and magazine, are expensed when the advertising event takes place. Catalog expenses consist of the cost to create, print and distribute catalogs. Such costs are amortized over their expected period of future benefit, which is typically less than six weeks. |
Share-Based Compensation | Stock-Based Compensation Stock-based compensation for all awards is based on the grant date fair value of the award, net of estimated forfeitures, and is recognized over the requisite service period of the awards. The fair value of restricted stock awards and performance-based awards is determined by using the closing price of the Company’s common stock on the date of the grant. Compensation expense for performance-based awards is recorded based on the amount of the award ultimately expected to vest, depending on the level and likelihood of the performance condition being met. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs to transport goods to customers, amounted to $40.5 million , $35.9 million and $37.3 million in fiscal 2017 , 2016 and 2015 , respectively, and are included within cost of goods sold in the accompanying consolidated statements of income. |
Store Occupancy and Pre-Opening Costs | Store Occupancy and Pre-Opening Costs Store occupancy and pre-opening costs (including store-related costs and training expenses) incurred prior to the opening of new stores are expensed as incurred and are included within cost of sales in the accompanying consolidated statements of income. |
Income Taxes | Income Taxes Income taxes are accounted for in accordance with authoritative guidance, which requires the use of the asset and liability method. Deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Additionally, we follow a comprehensive model to recognize, measure, present and disclose in our consolidated financial statements the estimated aggregate tax liability of uncertain tax positions that we have taken or expect to take on a tax return. This model states that a tax benefit from an uncertain tax position may be recognized if it is “more likely than not” that the position is sustainable, based upon its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that has greater than a 50% likelihood of being realized upon the ultimate settlement with a taxing authority having full knowledge of all relevant information. |
Foreign Currency | Foreign Currency The functional currency of our foreign operations is generally the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect as of the balance sheet date, while revenues and expenses are translated at the average exchange rates for the period. The resulting translation adjustments are recorded as a component of comprehensive income in the consolidated statements of comprehensive income. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in the consolidated statements of income. |
Self-Insurance | Self-Insurance We are self-insured for certain losses relating to workers’ compensation, medical and general liability claims. Self-insurance claims filed and claims incurred but not reported are accrued based upon management’s estimates of the aggregate liability for uninsured claims incurred based on historical experience. While we do not expect the amount we will ultimately pay to differ significantly from our estimates, self-insurance accruals could be affected if future claims experience differs significantly from the historical trends and assumptions. |
Supplier Allowances | Supplier Allowances From time to time, we receive allowances and/or credits from certain of our suppliers. The aggregate amount of such allowances and credits, which is included in cost of goods sold, is immaterial to our consolidated results of operations. |
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 performance-based restricted stock units ("PSU's") that have met their relevant performance criteria. Under the two-class method, net income is reduced by the amount of dividends declared in the period for common stock and participating securities. The remaining undistributed earnings are then allocated to common stock and participating securities as if all of the net income for the period had been distributed. Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period including the participating securities. Diluted EPS reflects the dilutive effect of potential common shares from non-participating securities such as stock options, PSU's and restricted stock units. |
Fair Value Measurements | 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 consolidated balance sheets. From time to time, we measure certain assets at fair value on a non-recurring basis. This includes the 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. To assess the fair value of goodwill, we utilize both an income approach and a market approach. Inputs used to calculate the fair value based on the income approach primarily include estimated future cash flows, discounted at a rate that approximates the cost of capital of a market participant. Inputs used to calculate the fair value based on the market approach include identifying sales and EBITDA multiples based on guidelines for similar publicly traded companies and recent transactions. To assess the fair value of trade names, we utilize a relief from royalty approach. Inputs used to calculate the fair value of the trade names primarily include future sales projections, discounted at a rate that approximates the cost of capital of a market participant and an estimated royalty rate. 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. |
Business Organization and Sum26
Business Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Useful Life for Property and Equipment | Our property and equipment is generally depreciated using the following estimated useful lives: Estimated Useful Lives Land improvements 15 - 35 years Building and building improvements 20 - 35 years Equipment, furniture and fixtures 2 - 20 years Leasehold improvements 10 years or term of lease, if shorter Property and equipment, net, consisted of the following: February 3, 2018 January 28, 2017 (in thousands) Land and land improvements $ 30,572 $ 31,103 Building and building improvements 125,504 127,398 Equipment, furniture and fixtures 636,542 617,311 Leasehold improvements 529,835 538,735 Total property and equipment 1,322,453 1,314,547 Less accumulated depreciation and amortization (901,415 ) (837,362 ) Property and equipment, net $ 421,038 $ 477,185 |
Restructuring and Strategic C27
Restructuring and Strategic Charges (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
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: Fiscal 2016 Fiscal 2015 (in thousands) Impairment charges $ 1,453 $ 22,001 Continuing employee-related costs 1,796 8,330 Severance charges 9,485 6,863 Proxy solicitation costs 5,697 — Lease terminations 427 9,578 Outside services 12,013 — Other charges 156 2,029 Restructuring and strategic charges, pre-tax $ 31,027 $ 48,801 |
Schedule of Restructuring Reserve Rollforward | A roll-forward of the reserve is presented as follows: Continuing Employee-Related Costs Severance Charges Lease Termination Charges Outside Services Total (in thousands) Ending Balance, January 28, 2017 $ 671 $ 2,413 $ 846 $ 7,299 $ 11,229 Charges — — — — — Payments (671 ) (2,413 ) (332 ) (7,299 ) (10,715 ) Ending Balance, February 3, 2018 $ — $ — $ 514 $ — $ 514 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Marketable Securities [Abstract] | |
Summary of Investments in Marketable Securities | The following tables summarize our investments in marketable securities at February 3, 2018 and January 28, 2017 : February 3, 2018 (in thousands) Amortized Gross Gross Estimated Total marketable securities $ 60,361 $ — $ (301 ) $ 60,060 January 28, 2017 (in thousands) Amortized Gross Gross Estimated Total marketable securities $ 50,460 $ 3 $ (93 ) $ 50,370 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Valued on a Recurring Basis | In accordance with the provisions of the guidance, we categorized our financial assets and liabilities 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 February 3, 2018 Quoted Prices Significant Other Significant (in thousands) Financial Assets: Current Assets Cash equivalents: Money market accounts $ 1,250 $ 1,250 $ — $ — Marketable securities: Municipal securities 6,557 — 6,557 — U.S. government agencies 12,744 — 12,744 — Corporate bonds 37,030 — 37,030 — Commercial paper 3,729 — 3,729 — Noncurrent Assets Deferred compensation plan 7,315 7,315 — — Total $ 68,625 $ 8,565 $ 60,060 $ — Financial Liabilities: Long-term debt 1 $ 68,601 $ — 69,036 $ — Fair Value Measurements at Reporting Date Using Balance as of January 28, 2017 Quoted Prices Significant Other Significant (in thousands) Financial Assets: Current Assets Cash equivalents: Money market accounts $ 471 $ 471 $ — $ — Marketable securities: Municipal securities 5,634 — 5,634 — U.S. government agencies 23,071 — 23,071 — Corporate bonds 15,799 — 15,799 — Commercial paper 5,866 — 5,866 — Noncurrent Assets Deferred compensation plan 7,523 7,523 — — Total $ 58,364 $ 7,994 $ 50,370 $ — Financial Liabilities: Long-term debt 1 $ 84,785 $ — 85,139 $ — 1 The carrying value of long-term debt includes the current and long-term portions and the remaining unamortized debt issuance costs. |
Prepaid Expenses and Other Cu30
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid Expenses and Accounts Receivable | Prepaid expenses and accounts receivable consisted of the following: February 3, 2018 January 28, 2017 (in thousands) Prepaid expenses $ 52,189 $ 39,847 Accounts receivable 8,479 12,911 Prepaid expenses and other current assets $ 60,668 $ 52,758 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Our property and equipment is generally depreciated using the following estimated useful lives: Estimated Useful Lives Land improvements 15 - 35 years Building and building improvements 20 - 35 years Equipment, furniture and fixtures 2 - 20 years Leasehold improvements 10 years or term of lease, if shorter Property and equipment, net, consisted of the following: February 3, 2018 January 28, 2017 (in thousands) Land and land improvements $ 30,572 $ 31,103 Building and building improvements 125,504 127,398 Equipment, furniture and fixtures 636,542 617,311 Leasehold improvements 529,835 538,735 Total property and equipment 1,322,453 1,314,547 Less accumulated depreciation and amortization (901,415 ) (837,362 ) Property and equipment, net $ 421,038 $ 477,185 |
Other Current and Deferred Li32
Other Current and Deferred Liabilities (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Other Liabilities, Current [Abstract] | |
Schedule of Other Current and Deferred Liabilities | Other current and deferred liabilities consisted of the following: February 3, 2018 January 28, 2017 (in thousands) Allowance for customer returns, gift cards and store credits outstanding $ 55,948 $ 59,893 Accrued payroll, benefits, bonuses and severance costs and termination benefits 29,685 45,512 Current portion of deferred rent and lease credits 19,158 22,451 Other 28,924 42,376 Other current and deferred liabilities $ 133,715 $ 170,232 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Interest Rate on Borrowings and Commitment Fee Rate | The interest rate on borrowings and our commitment fee rate vary based on the maximum leverage ratio as follows: Maximum Leverage Ratio: Eurodollar Spread ABR Spread Commitment Fee Rate Category 1: < 2.25 to 1.00 1.25% 0.25% 0.20% Category 2: ≥ 2.25 to 1.00 but 1.50% 0.50% 0.25% Category 3: ≥ 3.00 to 1.00 1.75% 0.75% 0.30% |
Schedule of Outstanding Debt | The following table provides details on our debt outstanding as of February 3, 2018 and January 28, 2017 : February 3, 2018 January 28, 2017 (in thousands) Credit Agreement, net $ 68,601 $ 84,785 Less: current debt (15,000 ) (16,250 ) Long-term debt $ 53,601 $ 68,535 |
Schedule of Future Maturities | Aggregate future maturities of long-term debt are as follows: FISCAL YEAR ENDING: (in thousands) February 2, 2019 $ 15,000 February 1, 2020 15,000 January 30, 2021 38,750 |
Noncurrent Deferred Liabiliti34
Noncurrent Deferred Liabilities (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Deferred Credits and Other Liabilities [Abstract] | |
Schedule of Deferred Liabilities | Deferred liabilities consisted of the following: February 3, 2018 January 28, 2017 (in thousands) Deferred rent $ 50,529 $ 51,909 Deferred lease credits, net 63,932 80,217 Other deferred liabilities 7,979 8,868 Deferred liabilities 122,440 140,994 Less current portion of deferred rent and lease credits (19,158 ) (22,451 ) Noncurrent deferred liabilities $ 103,282 $ 118,543 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Minimum Future Rental Payments | Minimum future rental payments under non-cancelable operating leases (including leases with certain minimum sales cancellation clauses described below and exclusive of common area maintenance charges and/or contingent rental payments based on sales) as of February 3, 2018 , are approximately as follows: FISCAL YEAR ENDING: (in thousands) February 2, 2019 $ 191,075 February 1, 2020 172,797 January 30, 2021 156,051 January 29, 2022 136,810 January 28, 2023 106,563 Thereafter 168,179 Total minimum lease payments $ 931,475 |
Stock Compensation Plans and 36
Stock Compensation Plans and Capital Stock Transactions (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock Activity | Restricted stock activity for fiscal 2017 was as follows: Number of Weighted Unvested, beginning of period 2,463,186 $ 13.87 Granted 1,441,300 13.23 Vested (1,249,122 ) 14.46 Forfeited (327,105 ) 14.39 Unvested, end of period 2,328,259 13.08 |
Schedule of Performance-Based Stock Units | Performance-based stock unit activity for fiscal 2017 was as follows: Number of Weighted Unvested, beginning of period 652,248 $ 13.28 Granted 601,137 13.93 Vested (310,901 ) 13.67 Forfeited (251,534 ) 13.33 Unvested, end of period 690,950 13.65 |
Summary of Stock Option Activity | Stock option activity for fiscal 2017 was as follows: Number of Weighted Weighted Aggregate (in thousands) Outstanding, beginning of period 577,246 $ 13.58 Granted — — Exercised (13,000 ) 9.07 Forfeited or expired (195,501 ) 16.21 Outstanding, end of period 368,745 12.36 2.50 $ 253 Vested at February 3, 2018 368,745 12.36 2.50 253 Exercisable at February 3, 2018 368,745 12.36 2.50 253 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | The income tax provision consisted of the following: Fiscal 2017 Fiscal 2016 Fiscal 2015 (in thousands) Current: Federal $ 39,376 $ 49,994 $ 15,622 Foreign 266 260 210 State 4,877 5,654 1,683 Deferred: Federal (3,669 ) (8,483 ) (25,004 ) State 1,750 75 (9,411 ) Income tax provision (benefit) $ 42,600 $ 47,500 $ (16,900 ) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the statutory federal income tax rate and the effective income tax rate follows: Fiscal 2017 Fiscal 2016 Fiscal 2015 Federal income tax rate (blended rate for fiscal 2017 due to the Tax Act) 33.8 % 35.0 % 35.0 % State income tax, net of federal tax benefit 3.2 3.4 4.3 Impact of the Tax Act (5.6 ) — — Excess share based compensation 0.9 — — Goodwill impairment — — (124.2 ) Outside basis difference - Boston Proper sale — (2.8 ) 165.2 Other state benefits associated with sale and liquidation of Boston Proper — (0.3 ) 20.1 Enhanced charitable contribution (1.1 ) (1.9 ) 19.3 Executive compensation limitation 0.7 1.2 (7.3 ) Foreign losses with full valuation allowance 0.1 0.2 (2.9 ) Federal tax credits (1.2 ) (0.5 ) 3.4 Other items, net (1.1 ) (0.1 ) 0.4 Total 29.7 % 34.2 % 113.3 % |
Schedule of Deferred Tax Assets and Liabilities | These differences consist of the following as of February 3, 2018 and January 28, 2017 : February 3, 2018 January 28, 2017 (in thousands) Deferred tax assets: Accrued liabilities and allowances $ 9,690 $ 17,790 Accrued straight-line rent 13,364 20,361 Stock-based compensation 5,606 10,329 Property related 2,009 1,816 Charitable contribution limitation carryforwards 2,604 5,109 State tax credits and net operating loss carryforwards 5,548 5,105 Other 1,879 3,376 Total deferred tax assets 40,700 63,886 Valuation allowance (444 ) (749 ) Net deferred tax assets 40,256 63,137 Deferred tax liabilities: Other (119 ) — Prepaid expenses (4,823 ) (2,976 ) Property related (23,961 ) (43,271 ) Other intangible assets (16,666 ) (24,197 ) Total deferred tax liabilities (45,569 ) (70,444 ) Net deferred taxes $ (5,313 ) $ (7,307 ) |
Schedule of Uncertain Tax Positions Reconciliation | A reconciliation of the beginning and ending amounts of uncertain tax positions for each of fiscal 2017 , fiscal 2016 and fiscal 2015 is as follows: Fiscal 2017 Fiscal 2016 Fiscal 2015 (in thousands) Balance at beginning of year $ 5,158 $ 4,840 $ 2,532 Additions for tax positions of prior years — 1,280 2,618 Reductions for tax positions of prior years (105 ) (1 ) (56 ) Additions for tax positions for the current year 289 246 259 Settlements/payments with tax authorities (3,667 ) (850 ) — Reductions due to lapse of applicable statutes of limitation (153 ) (357 ) (513 ) Balance at end of year $ 1,522 $ 5,158 $ 4,840 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share shown on the face of the accompanying consolidated statements of income (in thousands, except per share amounts): February 3, 2018 January 28, 2017 January 30, 2016 Numerator Net income $ 101,000 $ 91,229 $ 1,946 Net income and dividends declared allocated to participating securities (2,300 ) (1,915 ) — Net income available to common shareholders $ 98,700 $ 89,314 $ 1,946 Denominator Weighted average common shares outstanding – basic 125,341 128,995 138,366 Dilutive effect of non-participating securities 62 242 375 Weighted average common and common equivalent shares outstanding – diluted 125,403 129,237 138,741 Net income per common share: Basic $ 0.79 $ 0.69 $ 0.01 Diluted $ 0.79 $ 0.69 $ 0.01 |
Quarterly Results of Operatio39
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): Net Sales Gross Net Income Net Income Per Net Income Per (dollars in thousands, except per share amounts) Fiscal year ended February 3, 2018: First quarter $ 583,728 $ 237,413 $ 33,619 $ 0.26 $ 0.26 Second quarter 578,581 209,101 22,716 0.18 0.18 Third quarter 532,287 196,702 16,690 0.13 0.13 Fourth quarter (fourteen weeks) 1 587,783 221,561 27,975 0.22 0.22 Fiscal year ended January 28, 2017: First quarter $ 642,977 $ 262,335 $ 31,084 $ 0.23 $ 0.23 Second quarter 635,732 240,810 23,039 0.17 0.17 Third quarter 596,912 230,294 23,598 0.18 0.18 Fourth quarter (thirteen weeks) 600,789 213,397 13,508 0.10 0.10 1 Fourth quarter fiscal 2017 results include the favorable impact of the Tax Act of approximately $10 million , after-tax. |
Business Organization and Sum40
Business Organization and Summary of Significant Accounting Policies - Description of Business, Fiscal Year, Segment Information (Details) | 12 Months Ended |
Feb. 03, 2018storesegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of stores throughout the U.S., U.S. Virgin Islands, Puerto Rico, and Canada | 1,460 |
Number of franchise locations in and around Mexico | 94 |
Number of reportable segments | segment | 1 |
Business Organization and Sum41
Business Organization and Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) | 12 Months Ended |
Feb. 03, 2018 | |
Minimum | |
Cash and Cash Equivalents [Line Items] | |
Threshold period for third-party credit and debit transactions | 3 days |
Maximum | |
Cash and Cash Equivalents [Line Items] | |
Threshold period for third-party credit and debit transactions | 5 days |
Business Organization and Sum42
Business Organization and Summary of Significant Accounting Policies - Inventories (Details) | 12 Months Ended | |
Feb. 03, 2018 | Jan. 28, 2017 | |
CHINA | Geographic Concentration Risk | Cost of Goods, Total | ||
Concentration Risk [Line Items] | ||
Percentage of purchases and merchandise risk | 52.00% | 55.00% |
One Supplier | Supplier Concentration Risk | ||
Concentration Risk [Line Items] | ||
Percentage of purchases and merchandise risk | 23.00% | 23.00% |
Business Organization and Sum43
Business Organization and Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Feb. 03, 2018 | |
Land improvements | Minimum | |
Estimate useful life | 15 years |
Land improvements | Maximum | |
Estimate useful life | 35 years |
Building and building improvements | Minimum | |
Estimate useful life | 20 years |
Building and building improvements | Maximum | |
Estimate useful life | 35 years |
Equipment, furniture and fixtures | Minimum | |
Estimate useful life | 2 years |
Equipment, furniture and fixtures | Maximum | |
Estimate useful life | 20 years |
Leasehold improvements | Maximum | |
Estimate useful life | 10 years |
Business Organization and Sum44
Business Organization and Summary of Significant Accounting Policies - Operating Leases (Details) | 12 Months Ended |
Feb. 03, 2018 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Amortization period | 60 days |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Amortization period | 90 days |
Business Organization and Sum45
Business Organization and Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - Boston Proper $ in Millions | 12 Months Ended |
Jan. 30, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Pre-tax, non-cash goodwill impairment charge | $ 48.9 |
Trade Name | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Pre-tax, non-cash impairment charge for indefinite-lived intangible assets | 39.4 |
Customer Relationships | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Impairment expense recorded | $ 24.2 |
Business Organization and Sum46
Business Organization and Summary of Significant Accounting Policies - Accounting for the Impairment of Long-lived Assets (Details) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018USD ($)store | Jan. 28, 2017USD ($)store | Jan. 30, 2016USD ($) | |
Liability for Catastrophe Claims [Line Items] | |||
Asset impairment charges | $ 6 | $ 2.5 | $ 1.4 |
Number of under-performing stores to close | store | 150 | 150 | |
Additional impairment charges | $ 12.5 | ||
Hurricane | |||
Liability for Catastrophe Claims [Line Items] | |||
Asset impairment charges | $ 2.9 |
Business Organization and Sum47
Business Organization and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Advertising expense | $ 94.5 | $ 115.4 | $ 159.9 |
Business Organization and Sum48
Business Organization and Summary of Significant Accounting Policies - Shipping and Handling Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Shipping and handling amounts received from customers | $ 40.5 | $ 35.9 | $ 37.3 |
Business Organization and Sum49
Business Organization and Summary of Significant Accounting Policies - Newly Issued Accounting Pronouncements (Details) $ in Millions | Feb. 03, 2018USD ($) |
Accounting Standards Update 2016-16 | |
Item Effected [Line Items] | |
Intra-entity assets transfered | $ 5.7 |
Restructuring and Strategic C50
Restructuring and Strategic Charges - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018USD ($)store | Jan. 28, 2017USD ($)store | Jan. 30, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Number of under-performing stores to close | store | 150 | 150 | |
Restructuring and strategic charges | $ 0 | $ 31,027 | $ 48,801 |
Restructuring Reserve | 514 | 11,229 | |
Lease Termination Charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and strategic charges | 427 | 9,578 | |
Restructuring Reserve | $ 514 | $ 846 | |
Boston Proper | Disposed of by Sale | |||
Restructuring Cost and Reserve [Line Items] | |||
Pretax losses | $ 11,800 |
Restructuring and Strategic C51
Restructuring and Strategic Charges - Summary of Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Asset impairment charges | $ 6,000 | $ 2,500 | $ 1,400 |
Restructuring and strategic charges, pre-tax | $ 0 | 31,027 | 48,801 |
Impairment charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairment charges | 1,453 | 22,001 | |
Continuing employee-related costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and strategic charges, pre-tax | 1,796 | 8,330 | |
Severance charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and strategic charges, pre-tax | 9,485 | 6,863 | |
Proxy solicitation costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and strategic charges, pre-tax | 5,697 | 0 | |
Lease terminations | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and strategic charges, pre-tax | 427 | 9,578 | |
Outside services | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and strategic charges, pre-tax | 12,013 | 0 | |
Other charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and strategic charges, pre-tax | $ 156 | $ 2,029 |
Restructuring and Strategic C52
Restructuring and Strategic Charges - Severance and Other Charges (Details) $ in Thousands | 12 Months Ended |
Feb. 03, 2018USD ($) | |
Severance and Other Charges [Roll Forward] | |
Beginning Balance | $ 11,229 |
Charges | 0 |
Payments | (10,715) |
Ending Balance | 514 |
Continuing Employee-Related Costs | |
Severance and Other Charges [Roll Forward] | |
Beginning Balance | 671 |
Charges | 0 |
Payments | (671) |
Ending Balance | 0 |
Severance Charges | |
Severance and Other Charges [Roll Forward] | |
Beginning Balance | 2,413 |
Charges | 0 |
Payments | (2,413) |
Ending Balance | 0 |
Lease Termination Charges | |
Severance and Other Charges [Roll Forward] | |
Beginning Balance | 846 |
Charges | 0 |
Payments | (332) |
Ending Balance | 514 |
Outside Services | |
Severance and Other Charges [Roll Forward] | |
Beginning Balance | 7,299 |
Charges | 0 |
Payments | (7,299) |
Ending Balance | $ 0 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) $ in Millions | Feb. 03, 2018USD ($) |
Marketable Securities [Abstract] | |
Marketable securities, current | $ 34 |
Marketable securities, noncurrent | $ 26.1 |
Marketable Securities - Summary
Marketable Securities - Summary of Investments in Marketable Securities (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Marketable Securities [Abstract] | ||
Marketable securities, Amortized Cost | $ 60,361 | $ 50,460 |
Marketable securities, Gross Unrealized Gains | 0 | 3 |
Marketable securities, Gross Unrealized Losses | (301) | (93) |
Marketable securities, Estimated Fair Value | $ 60,060 | $ 50,370 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 60,060 | $ 50,370 |
Deferred compensation plan | 7,315 | 7,523 |
Total | 68,625 | 58,364 |
Long-term debt | 68,601 | 84,785 |
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 | 7,315 | 7,523 |
Total | 8,565 | 7,994 |
Long-term debt | 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 |
Total | 60,060 | 50,370 |
Long-term debt | 69,036 | 85,139 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan | 0 | 0 |
Total | 0 | 0 |
Long-term debt | 0 | 0 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 6,557 | 5,634 |
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 | 0 |
Municipal securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 6,557 | 5,634 |
Municipal securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 12,744 | 23,071 |
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 |
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 | 12,744 | 23,071 |
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 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 37,030 | 15,799 |
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 |
Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 37,030 | 15,799 |
Corporate bonds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 3,729 | 5,866 |
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 |
Commercial paper | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 3,729 | 5,866 |
Commercial paper | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Money Market Accounts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,250 | 471 |
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 | 1,250 | 471 |
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 |
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 |
Prepaid Expenses and Other Cu56
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid expenses | $ 52,189 | $ 39,847 |
Accounts receivable | 8,479 | 12,911 |
Prepaid expenses and other current assets | $ 60,668 | $ 52,758 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Total property and equipment | $ 1,322,453 | $ 1,314,547 | |
Less accumulated depreciation and amortization | (901,415) | (837,362) | |
Property and equipment, net | 421,038 | 477,185 | |
Depreciation expense | 96,200 | 109,100 | $ 116,600 |
Land and land improvements | |||
Total property and equipment | 30,572 | 31,103 | |
Building and building improvements | |||
Total property and equipment | 125,504 | 127,398 | |
Equipment, furniture and fixtures | |||
Total property and equipment | 636,542 | 617,311 | |
Leasehold improvements | |||
Total property and equipment | $ 529,835 | $ 538,735 |
Other Current and Deferred Li58
Other Current and Deferred Liabilities (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Other Liabilities, Current [Abstract] | ||
Allowance for customer returns, gift cards and store credits outstanding | $ 55,948 | $ 59,893 |
Accrued payroll, benefits, bonuses and severance costs and termination benefits | 29,685 | 45,512 |
Current portion of deferred rent and lease credits | 19,158 | 22,451 |
Other | 28,924 | 42,376 |
Other current and deferred liabilities | $ 133,715 | $ 170,232 |
Debt - Additional Information (
Debt - Additional Information (Details) | Jul. 31, 2018 | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | Aug. 01, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Term loan amount drawn at closing | $ 68,601,000 | $ 84,785,000 | |||
Current debt | 15,000,000 | 16,250,000 | |||
Long-term debt | $ 53,601,000 | $ 68,535,000 | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum total debt leverage ratio | 3.50 | ||||
Minimum fixed charge coverage ratio credit facility | 1.20 | ||||
Revolving Credit Facility | Forecast | |||||
Debt Instrument [Line Items] | |||||
Maximum total debt leverage ratio | 3.25 | ||||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
Term loan commitment | $ 100,000,000 | ||||
Term loan amount drawn at closing | 100,000,000 | ||||
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility amount | $ 100,000,000 | ||||
Revolving credit facility amount drawn at closing | $ 0 | $ 24,000,000 |
Debt - Schedule of Interest Rat
Debt - Schedule of Interest Rate on Borrowings (Details) | 12 Months Ended |
Feb. 03, 2018 | |
Category 1 | Maximum | |
Debt Instrument [Line Items] | |
Maximum total debt leverage ratio | 2.25 |
Category 2 | Minimum | |
Debt Instrument [Line Items] | |
Maximum total debt leverage ratio | 2.25 |
Category 2 | Maximum | |
Debt Instrument [Line Items] | |
Maximum total debt leverage ratio | 3 |
Category 3 | Minimum | |
Debt Instrument [Line Items] | |
Maximum total debt leverage ratio | 3 |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Maximum total debt leverage ratio | 3.50 |
Revolving Credit Facility | Category 1 | |
Debt Instrument [Line Items] | |
Commitment Fee Rate | 0.20% |
Revolving Credit Facility | Category 1 | Eurodollar | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.25% |
Revolving Credit Facility | Category 1 | Base Rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.25% |
Revolving Credit Facility | Category 2 | |
Debt Instrument [Line Items] | |
Commitment Fee Rate | 0.25% |
Revolving Credit Facility | Category 2 | Eurodollar | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.50% |
Revolving Credit Facility | Category 2 | Base Rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.50% |
Revolving Credit Facility | Category 3 | |
Debt Instrument [Line Items] | |
Commitment Fee Rate | 0.30% |
Revolving Credit Facility | Category 3 | Eurodollar | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.75% |
Revolving Credit Facility | Category 3 | Base Rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.75% |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Debt Disclosure [Abstract] | ||
Credit Agreement, net | $ 68,601 | $ 84,785 |
Less: current debt | (15,000) | (16,250) |
Long-term debt | $ 53,601 | $ 68,535 |
Debt - Schedule of Future Matur
Debt - Schedule of Future Maturities (Details) $ in Thousands | Feb. 03, 2018USD ($) |
Debt Disclosure [Abstract] | |
Aggregate future maturities of debt due February 2, 2019 | $ 15,000 |
Aggregate future maturities of debt due February 1, 2020 | 15,000 |
Aggregate future maturities of debt due January 30, 2021 | $ 38,750 |
Noncurrent Deferred Liabiliti63
Noncurrent Deferred Liabilities (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Deferred Credits and Other Liabilities [Abstract] | ||
Deferred rent | $ 50,529 | $ 51,909 |
Deferred lease credits, net | 63,932 | 80,217 |
Other deferred liabilities | 7,979 | 8,868 |
Deferred liabilities | 122,440 | 140,994 |
Less current portion of deferred rent and lease credits | (19,158) | (22,451) |
Noncurrent deferred liabilities | $ 103,282 | $ 118,543 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Minimum Future Rental Payments (Details) $ in Thousands | Feb. 03, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
February 2, 2019 | $ 191,075 |
February 1, 2020 | 172,797 |
January 30, 2021 | 156,051 |
January 29, 2022 | 136,810 |
January 28, 2023 | 106,563 |
Thereafter | 168,179 |
Total minimum lease payments | $ 931,475 |
Commitments and Contingencies65
Commitments and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2015 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease total rent expense | $ 263,700,000 | $ 268,500,000 | $ 266,200,000 | |
Common area maintenance expenses on leases | 47,900,000 | 47,600,000 | 46,700,000 | |
Other rental charges | 40,300,000 | 41,200,000 | 40,100,000 | |
Contingent rental expense | 4,300,000 | 5,200,000 | $ 5,800,000 | |
Open cancellable purchase orders for inventory | $ 316,500,000 | $ 356,700,000 | ||
Altman V. White House Black Market, Inc. | Pending Litigation | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Statutory damages sought | $ 100 | |||
Altman V. White House Black Market, Inc. | Pending Litigation | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Statutory damages sought | $ 1,000 |
Stock Compensation Plans and 66
Stock Compensation Plans and Capital Stock Transactions - General (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | Apr. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Expected term (years) | 10 years | |||
Compensation expense related to stock-based awards | $ 20,677 | $ 21,249 | $ 30,062 | |
Tax benefit associated with stock-based compensation | $ 7,600 | $ 8,100 | $ 11,500 | |
Omnibus Stock And Incentive Plan, Amended And Restated | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock shares for future issuance (in shares) | 9,300,000 | 15,500,000 | ||
Nonqualified stock options outstanding (in shares) | 400,000 |
Stock Compensation Plans and 67
Stock Compensation Plans and Capital Stock Transactions - Restricted Stock Activity (Details) - Restricted Stock | 12 Months Ended |
Feb. 03, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested, beginning of period (in shares) | shares | 2,463,186 |
Granted (in shares) | shares | 1,441,300 |
Vested (in shares) | shares | (1,249,122) |
Forfeited (in shares) | shares | (327,105) |
Unvested, end of period (in shares) | shares | 2,328,259 |
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 usd per share) | $ / shares | $ 13.87 |
Granted, weighted average grant date fair value (in usd per share) | $ / shares | 13.23 |
Vested, weighted average grant date fair value (in usd per share) | $ / shares | 14.46 |
Forfeited, weighted average grant date fair value (in usd per share) | $ / shares | 14.39 |
Unvested, end of period, weighted average grant date fair value (in usd per share) | $ / shares | $ 13.08 |
Stock Compensation Plans and 68
Stock Compensation Plans and Capital Stock Transactions - Restricted Stock Awards (Narrative) (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total fair value of shares vested during the period | $ 15.6 | $ 14.7 | $ 34.8 |
Weighted average grant date fair value for grants in period (in usd per share) | $ 13.23 | $ 12.38 | $ 16.97 |
Unrecognized compensation expense | $ 17.3 | ||
Period for recognition | 1 year 8 months 4 days 19 hours 12 minutes |
Stock Compensation Plans and 69
Stock Compensation Plans and Capital Stock Transactions - Performance-Based Stock Unit Activity (Details) - Performance-Based Stock Units | 12 Months Ended |
Feb. 03, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested, beginning of period (in shares) | shares | 652,248 |
Granted (in shares) | shares | 601,137 |
Vested (in shares) | shares | (310,901) |
Forfeited (in shares) | shares | (251,534) |
Unvested, end of period (in shares) | shares | 690,950 |
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 usd per share) | $ / shares | $ 13.28 |
Weighted average grant date fair value for grants in period (in usd per share) | $ / shares | 13.93 |
Vested, weighted average grant date fair value (in usd per share) | $ / shares | 13.67 |
Forfeited, weighted average grant date fair value (in usd per share) | $ / shares | 13.33 |
Unvested, end of period, weighted average grant date fair value (in usd per share) | $ / shares | $ 13.65 |
Stock Compensation Plans and 70
Stock Compensation Plans and Capital Stock Transactions - Performance-based Stock Units (Narrative) (Details) - Performance-Based Stock Units - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total fair value of shares vested during the period | $ 4.2 | $ 2.9 | $ 3.9 |
Unrecognized compensation expense | $ 3.6 | ||
Period for recognition | 1 year 7 months 9 days 14 hours 24 minutes |
Stock Compensation Plans and 71
Stock Compensation Plans and Capital Stock Transactions - Stock Option Awards (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Total intrinsic value of options exercised | $ 10 | $ 700 | $ 4,600 |
Stock Compensation Plans and 72
Stock Compensation Plans and Capital Stock Transactions - Stock Option Activity (Details) - Employee Stock Option $ / shares in Units, $ in Thousands | 12 Months Ended |
Feb. 03, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | shares | 577,246 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (13,000) |
Forfeited or expired (in shares) | shares | (195,501) |
Outstanding, end of period (in shares) | shares | 368,745 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding, beginning of period, weighted average exercise price (in usd per share) | $ / shares | $ 13.58 |
Granted, weighted average exercise price (in usd per share) | $ / shares | 0 |
Exercised, weighted average exercise price (in usd per share) | $ / shares | 9.07 |
Forfeited or expired, weighted average exercise price (in usd per share) | $ / shares | 16.21 |
Outstanding, end of period, weighted average exercise price (in usd per share) | $ / shares | $ 12.36 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |
Vested, Number of Shares (in shares) | shares | 368,745 |
Exercisable, Number of Shares (in shares) | shares | 368,745 |
Vested, weighted average exercise price (in usd per share) | $ / shares | $ 12.36 |
Exercisable, weighted average exercise price (in usd per share) | $ / shares | $ 12.36 |
Outstanding, weighted average remaining contractual term, years | 2 years 5 months 29 days 6 hours 43 minutes |
Vested, weighted average remaining contractual term, years | 2 years 5 months 29 days 6 hours 43 minutes |
Exercisable, weighted average remaining contractual term, years | 2 years 5 months 29 days 6 hours 43 minutes |
Outstanding, aggregate intrinsic value | $ | $ 253 |
Vested, aggregate intrinsic value | $ | 253 |
Exercisable, aggregate intrinsic value | $ | $ 253 |
Stock Compensation Plans and 73
Stock Compensation Plans and Capital Stock Transactions - Employee Stock Purchase Plan (Narrative) (Details) - Employee Stock shares in Thousands, $ in Millions | 12 Months Ended | ||
Feb. 03, 2018USD ($)offering_periodshares | Jan. 28, 2017shares | Jan. 30, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of offering periods under the ESPP | offering_period | 2 | ||
Percentage of the value of stock employees can purchase at | 85.00% | ||
Shares purchased under the ESPP (in shares) | shares | 232 | 191 | 174 |
Cash received from purchases under ESPP | $ | $ 2 |
Stock Compensation Plans and 74
Stock Compensation Plans and Capital Stock Transactions - Share Repurchase Program (Narrative) (Details) - 2015 Share Repurchase Program - USD ($) shares in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Nov. 30, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchased during period (in shares) | 2.7 | 8.1 | |
Total stock repurchased and held during period, value | $ 27,400,000 | $ 96,400,000 | |
Stock repurchase program, authorized amount | $ 300,000,000 | ||
Remaining authorized repurchase amount | $ 136,200,000 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Period of service required for coverage | 1 year | ||
Number of hours required to qualify for 401(k) plan | 1000 hours | ||
Period of service required for full vesting | 5 years | ||
Percentage of employee contributions | 75.00% | ||
Employer matching contribution, percent of employees' gross pay | 50.00% | ||
Maximum annual contribution percentage per employee | 6.00% | ||
Costs under the Plan | $ 3.3 | $ 3.4 | $ 3.8 |
Deferred Salary | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Maximum annual contribution percentage per employee | 80.00% | ||
Deferred Bonus | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Maximum annual contribution percentage per employee | 100.00% |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Current: | |||
Federal | $ 39,376 | $ 49,994 | $ 15,622 |
Foreign | 266 | 260 | 210 |
State | 4,877 | 5,654 | 1,683 |
Deferred: | |||
Federal | (3,669) | (8,483) | (25,004) |
State | 1,750 | 75 | (9,411) |
Income tax provision (benefit) | $ 42,600 | $ 47,500 | $ (16,900) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Feb. 03, 2018 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Foreign component of pre-tax income (loss) | $ 100 | $ 100 | $ (800) | ||
Federal income tax rate (blended rate for fiscal 2017 due to the Tax Act) | 33.80% | 35.00% | 35.00% | ||
Decrease in tax expense from enacted rate | $ 9,700 | ||||
Reduction in income tax expense | 10,000 | $ 1,700 | |||
Application of enacted rate to existing deferred balances | 8,000 | ||||
Unrecognized tax benefits, that would impact the effective tax rate | 1,200 | 1,200 | $ 4,400 | $ 4,000 | |
Uncertain tax positions | 1,522 | 1,522 | 5,158 | 4,840 | $ 2,532 |
Income tax penalties and interest expense | 100 | 200 | 200 | ||
Accrued interest and penalties | $ 300 | $ 300 | $ 500 | $ 400 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Reconciliation (Details) | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax rate (blended rate for fiscal 2017 due to the Tax Act) | 33.80% | 35.00% | 35.00% |
State income tax, net of federal tax benefit | 3.20% | 3.40% | 4.30% |
Impact of the Tax Act | (5.60%) | 0.00% | 0.00% |
Excess share based compensation | 0.90% | 0.00% | 0.00% |
Goodwill impairment | 0.00% | 0.00% | (124.20%) |
Outside basis difference - Boston Proper sale | 0.00% | (2.80%) | 165.20% |
Other state benefits associated with sale and liquidation of Boston Proper | 0.00% | (0.30%) | 20.10% |
Enhanced charitable contribution | (1.10%) | (1.90%) | 19.30% |
Executive compensation limitation | 0.70% | 1.20% | (7.30%) |
Foreign losses with full valuation allowance | 0.10% | 0.20% | (2.90%) |
Federal tax credits | (1.20%) | (0.50%) | 3.40% |
Other items, net | (1.10%) | (0.10%) | 0.40% |
Total | 29.70% | 34.20% | 113.30% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Deferred tax assets: | ||
Accrued liabilities and allowances | $ 9,690 | $ 17,790 |
Accrued straight-line rent | 13,364 | 20,361 |
Stock-based compensation | 5,606 | 10,329 |
Property related | 2,009 | 1,816 |
Charitable contribution limitation carryforwards | 2,604 | 5,109 |
State tax credits and net operating loss carryforwards | 5,548 | 5,105 |
Other | 1,879 | 3,376 |
Total deferred tax assets | 40,700 | 63,886 |
Valuation allowance | (444) | (749) |
Net deferred tax assets | 40,256 | 63,137 |
Deferred tax liabilities: | ||
Other | (119) | 0 |
Prepaid expenses | (4,823) | (2,976) |
Property related | (23,961) | (43,271) |
Other intangible assets | (16,666) | (24,197) |
Total deferred tax liabilities | (45,569) | (70,444) |
Net deferred taxes | $ (5,313) | $ (7,307) |
Income Taxes - Schedule of Unce
Income Taxes - Schedule of Uncertain Tax Positions Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 5,158 | $ 4,840 | $ 2,532 |
Additions for tax positions of prior years | 0 | 1,280 | 2,618 |
Reductions for tax positions of prior years | (105) | (1) | (56) |
Additions for tax positions for the current year | 289 | 246 | 259 |
Settlements/payments with tax authorities | (3,667) | (850) | 0 |
Reductions due to lapse of applicable statutes of limitation | (153) | (357) | (513) |
Balance at end of year | $ 1,522 | $ 5,158 | $ 4,840 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Numerator | |||||||||||
Net income | $ 27,975 | $ 16,690 | $ 22,716 | $ 33,619 | $ 13,508 | $ 23,598 | $ 23,039 | $ 31,084 | $ 101,000 | $ 91,229 | $ 1,946 |
Net income and dividends declared allocated to participating securities | (2,300) | (1,915) | 0 | ||||||||
Net income available to common shareholders | $ 98,700 | $ 89,314 | $ 1,946 | ||||||||
Denominator | |||||||||||
Weighted average common shares outstanding–basic (in shares) | 125,341 | 128,995 | 138,366 | ||||||||
Dilutive effect of non-participating securities (in shares) | 62 | 242 | 375 | ||||||||
Weighted average common and common equivalent shares outstanding–diluted (in shares) | 125,403 | 129,237 | 138,741 | ||||||||
Net income per common share: | |||||||||||
Basic (in usd per share) | $ 0.79 | $ 0.69 | $ 0.01 | ||||||||
Diluted (in usd per share) | $ 0.79 | $ 0.69 | $ 0.01 | ||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 700 | 700 | 300 |
Quarterly Results of Operatio82
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Sales | $ 587,783 | $ 532,287 | $ 578,581 | $ 583,728 | $ 600,789 | $ 596,912 | $ 635,732 | $ 642,977 | $ 2,282,379 | $ 2,476,410 | $ 2,660,635 |
Gross Margin | 221,561 | 196,702 | 209,101 | 237,413 | 213,397 | 230,294 | 240,810 | 262,335 | 864,777 | 946,836 | 1,026,871 |
Net Income | $ 27,975 | $ 16,690 | $ 22,716 | $ 33,619 | $ 13,508 | $ 23,598 | $ 23,039 | $ 31,084 | 101,000 | $ 91,229 | $ 1,946 |
Net Income Per Common Share - Basic (in usd per share) | $ 0.22 | $ 0.13 | $ 0.18 | $ 0.26 | $ 0.10 | $ 0.18 | $ 0.17 | $ 0.23 | |||
Net Income Per Common and Common Equivalent Share - Diluted (in usd per share) | $ 0.22 | $ 0.13 | $ 0.18 | $ 0.26 | $ 0.10 | $ 0.18 | $ 0.17 | $ 0.23 | |||
Favorable impact of Tax Act | $ 10,000 | $ 1,700 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 21, 2018$ / shares |
Subsequent Event | |
Subsequent Event [Line Items] | |
Quarterly dividend (in usd per share) | $ 0.0850 |