Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Feb. 03, 2018 | Apr. 09, 2018 | Jul. 29, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Feb. 3, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PERY | ||
Entity Registrant Name | PERRY ELLIS INTERNATIONAL, INC | ||
Entity Central Index Key | 900,349 | ||
Current Fiscal Year End Date | --02-03 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 15,863,000 | ||
Entity Public Float | $ 248,384,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 35,222 | $ 30,695 |
Investments, at fair value | 14,086 | 10,921 |
Accounts receivable, net | 156,863 | 140,240 |
Inventories | 175,459 | 151,251 |
Prepaid income taxes | 1,647 | |
Prepaid expenses and other current assets | 8,151 | 6,462 |
Total current assets | 389,781 | 341,216 |
Property and equipment, net | 56,164 | 61,835 |
Other intangible assets, net | 186,216 | 187,051 |
Deferred income tax | 411 | 334 |
Other assets | 1,590 | 2,269 |
TOTAL | 634,162 | 592,705 |
Current Liabilities: | ||
Accounts payable | 98,848 | 92,843 |
Accrued expenses and other liabilities | 35,768 | 20,861 |
Accrued interest payable | 1,334 | 1,450 |
Accrued income tax payable | 1,466 | |
Unearned revenues | 2,907 | 2,710 |
Total current liabilities | 140,323 | 117,864 |
Senior subordinated notes payable, net | 49,818 | 49,673 |
Senior credit facility | 11,154 | 22,504 |
Real estate mortgages | 32,721 | 33,591 |
Income tax payable | 4,157 | |
Unearned revenues and other long-term liabilities | 13,524 | 18,271 |
Deferred income taxes | 4,915 | 37,115 |
Total long-term liabilities | 116,289 | 161,154 |
Total liabilities | 256,612 | 279,018 |
Commitment and contingencies | ||
Equity: | ||
Preferred stock $.01 par value; 5,000,000 shares authorized; no shares issued or outstanding | ||
Common stock $.01 par value; 100,000,000 shares authorized; 15,690,669 shares issued and outstanding as of February 3, 2018 and 15,530,273 shares issued and outstanding as of January 28, 2017 | 157 | 155 |
Additional paid-in-capital | 151,563 | 147,300 |
Retained earnings | 232,977 | 176,327 |
Accumulated other comprehensive loss | (7,147) | (10,095) |
Total equity | 377,550 | 313,687 |
TOTAL | $ 634,162 | $ 592,705 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Feb. 03, 2018 | Jan. 28, 2017 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 15,690,669 | 15,530,273 |
Common stock, shares outstanding | 15,690,669 | 15,530,273 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) 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 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Revenues: | |||||||||||||||
Net sales | $ 217,674 | $ 190,389 | $ 198,394 | $ 233,823 | $ 195,572 | $ 185,298 | $ 193,341 | $ 250,875 | $ 205,464 | $ 196,447 | $ 204,638 | $ 258,257 | $ 840,280 | $ 825,086 | $ 864,806 |
Royalty income | 9,642 | 8,449 | 8,215 | 8,267 | 8,608 | 8,661 | 8,312 | 10,419 | 8,899 | 8,992 | 8,661 | 8,157 | 34,573 | 36,000 | 34,709 |
Total revenues | 227,316 | 198,838 | 206,609 | 242,090 | 204,180 | 193,959 | 201,653 | 261,294 | 214,363 | 205,439 | 213,299 | 266,414 | 874,853 | 861,086 | 899,515 |
Cost of sales | 544,679 | 542,578 | 580,448 | ||||||||||||
Gross profit | 88,528 | 74,078 | 76,480 | 91,088 | 78,490 | 71,103 | 73,831 | 95,084 | 79,730 | 73,295 | 75,942 | 90,100 | 330,174 | 318,508 | 319,067 |
Operating expenses: | |||||||||||||||
Selling, general and administrative expenses | 274,665 | 280,019 | 275,863 | ||||||||||||
Depreciation and amortization | 14,272 | 14,542 | 13,693 | ||||||||||||
Impairment on assets | 372 | 1,451 | 20,604 | ||||||||||||
Impairment on goodwill | 6,022 | ||||||||||||||
Total operating expenses | 289,309 | 296,012 | 316,182 | ||||||||||||
Gain on sale of long-lived assets | 3,779 | ||||||||||||||
Operating income | 40,865 | 22,496 | 6,664 | ||||||||||||
Costs on early extinguishment of debt | 195 | 5,121 | |||||||||||||
Interest expense | 7,148 | 7,395 | 9,267 | ||||||||||||
Net income (loss) before income taxes | 33,717 | 14,906 | (7,724) | ||||||||||||
Income tax (benefit) provision | (22,933) | 389 | (432) | ||||||||||||
Net income (loss) | $ 39,685 | $ 3,215 | $ 979 | $ 12,771 | $ 8,997 | $ (5,165) | $ (3,565) | $ 14,250 | $ (17,695) | $ 2,273 | $ (1,281) | $ 9,411 | $ 56,650 | $ 14,517 | $ (7,292) |
Net income (loss) per share: | |||||||||||||||
Basic | $ 2.62 | $ 0.21 | $ 0.06 | $ 0.85 | $ 0.60 | $ (0.34) | $ (0.24) | $ 0.96 | $ (1.18) | $ 0.15 | $ (0.09) | $ 0.64 | $ 3.76 | $ 0.97 | $ (0.49) |
Diluted | $ 2.56 | $ 0.21 | $ 0.06 | $ 0.83 | $ 0.59 | $ (0.34) | $ (0.24) | $ 0.95 | $ (1.18) | $ 0.15 | $ (0.09) | $ 0.62 | $ 3.68 | $ 0.95 | $ (0.49) |
Weighted average number of shares outstanding | |||||||||||||||
Basic | 15,083 | 14,936 | 14,968 | ||||||||||||
Diluted | 15,383 | 15,215 | 14,968 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | ||
Net income (loss) | $ 56,650 | $ 14,517 | $ (7,292) | |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net | 3,414 | (2,771) | (2,357) | |
Unrealized gain (loss) on pension liability, net of tax | [1] | 7,368 | 717 | |
Unrealized loss on forward contract | (468) | (181) | ||
Unrealized (loss) gain on investments | 2 | (3) | (16) | |
Total other comprehensive income (loss) | 2,948 | 4,413 | (1,656) | |
Comprehensive income (loss) | $ 59,598 | $ 18,930 | $ (8,948) | |
[1] | Unrealized gain (loss) on pension liability for the twelve months ended February 3, 2018, January 28, 2017 and January 30, 2016 is net of tax benefit in the amount of $0.0 million, $3.8 million and $0.0 million. See footnote 19 to the consolidated financial statements for further information. |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Unrealized gain (loss) on pension liability, tax benefit | $ 0 | $ 3.8 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | Treasury Stock | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | RETAINED EARNINGS |
Beginning Balance (in shares) at Jan. 31, 2015 | 16,128,775 | |||||
Beginning Balance at Jan. 31, 2015 | $ 302,017 | $ 161 | $ 161,336 | $ (15,730) | $ (12,852) | $ 169,102 |
Exercise of stock options and stock appreciation rights | 1,408 | $ 3 | 1,405 | |||
Exercise of stock options and stock appreciation rights (in shares) | 314,036 | |||||
Restricted shares withheld for income taxes (in shares) | (27,325) | |||||
Restricted shares withheld for income taxes (value) | (664) | (664) | ||||
Net settlement of stock appreciation rights for taxes | (578) | (578) | ||||
Restricted shares and options issued as compensation (in shares) | 137,674 | |||||
Restricted shares and options issued as compensation | 5,196 | $ 1 | 5,195 | |||
Net income (loss) | (7,292) | (7,292) | ||||
Purchase of treasury stock | (6,950) | (6,950) | ||||
Other comprehensive income (loss) | (1,656) | (1,656) | ||||
Retirement of treasury stock | $ (11) | (22,669) | 22,680 | |||
Retirement of treasury stock, shares | (1,143,850) | |||||
Ending Balance (in shares) at Jan. 30, 2016 | 15,409,310 | |||||
Ending Balance at Jan. 30, 2016 | 291,481 | $ 154 | 144,025 | (14,508) | 161,810 | |
Exercise of stock options and stock appreciation rights | 73 | 73 | ||||
Exercise of stock options and stock appreciation rights (in shares) | 25,272 | |||||
Restricted shares withheld for income taxes (in shares) | (49,387) | |||||
Restricted shares withheld for income taxes (value) | (951) | (951) | ||||
Net settlement of stock appreciation rights for taxes | (154) | (154) | ||||
Restricted shares and options issued as compensation (in shares) | 259,013 | |||||
Restricted shares and options issued as compensation | 6,459 | $ 2 | 6,457 | |||
Net income (loss) | 14,517 | 14,517 | ||||
Purchase of treasury stock | (2,151) | (2,151) | ||||
Other comprehensive income (loss) | 4,413 | 4,413 | ||||
Retirement of treasury stock | $ (1) | (2,150) | 2,151 | |||
Retirement of treasury stock, shares | (113,935) | |||||
Ending Balance (in shares) at Jan. 28, 2017 | 15,530,273 | |||||
Ending Balance at Jan. 28, 2017 | 313,687 | $ 155 | 147,300 | (10,095) | 176,327 | |
Exercise of stock options and stock appreciation rights | 24 | 24 | ||||
Exercise of stock options and stock appreciation rights (in shares) | 9,241 | |||||
Restricted shares withheld for income taxes (in shares) | (46,191) | |||||
Restricted shares withheld for income taxes (value) | (961) | (961) | ||||
Net settlement of stock appreciation rights for taxes | (27) | (27) | ||||
Restricted shares and options issued as compensation (in shares) | 247,346 | |||||
Restricted shares and options issued as compensation | 6,166 | $ 2 | 6,164 | |||
Net income (loss) | 56,650 | 56,650 | ||||
Purchase of treasury stock | (937) | (937) | ||||
Other comprehensive income (loss) | 2,948 | 2,948 | ||||
Retirement of treasury stock | (937) | $ 937 | ||||
Retirement of treasury stock, shares | (50,000) | |||||
Ending Balance (in shares) at Feb. 03, 2018 | 15,690,669 | |||||
Ending Balance at Feb. 03, 2018 | $ 377,550 | $ 157 | $ 151,563 | $ (7,147) | $ 232,977 |
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 (loss) | $ 56,650 | $ 14,517 | $ (7,292) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 14,602 | 14,932 | 14,318 | |
Provision for bad debts | 3,698 | 804 | 528 | |
Impairment on assets | 372 | 1,451 | 20,604 | |
Impairment on goodwill | 6,022 | |||
Amortization of debt issue costs | 411 | 412 | 472 | |
Amortization of premiums and discounts | 92 | 56 | 143 | |
Amortization of unrealized (gain) loss on pension liability | 464 | 538 | ||
Pension settlement charge | 7,217 | 4,427 | ||
Costs on early extinguishment of debt | 173 | 1,158 | ||
Deferred income taxes | (32,277) | 2,208 | (2,581) | |
Gain on sale of long-lived assets, net | (3,779) | |||
Share-based compensation | 6,166 | 6,459 | 5,196 | |
Changes in operating assets and liabilities, net of acquisitions | ||||
Accounts receivable, net | (17,937) | (10,880) | 3,078 | |
Inventories | (21,464) | 29,601 | (1,193) | |
Prepaid income taxes | 1,952 | 138 | 4,592 | |
Prepaid expenses and other current assets | (1,593) | 1,891 | (1,399) | |
Other assets | 170 | 140 | 487 | |
Accounts payable and accrued expenses | 18,600 | (15,984) | (9,100) | |
Accrued interest payable | (116) | (71) | (2,524) | |
Income taxes payable | 5,343 | |||
Unearned revenues and other liabilities | (4,497) | 2,208 | (1,219) | |
Deferred pension obligation | (12,337) | (1,069) | ||
Net cash provided by operating activities | 30,172 | 43,399 | 31,407 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchase of property and equipment | (7,936) | (13,273) | (16,150) | |
Purchase of investments | (39,157) | (13,896) | (12,086) | |
Proceeds from investments maturities | 35,931 | 12,746 | 22,197 | |
Proceeds on sale of intangible asset | 2,500 | |||
Proceeds from sale of building | 8,163 | |||
Payment of expenses related to sale of building | (1,887) | |||
Proceeds from note receivable | 250 | 250 | 250 | |
Net cash(used in) provided by investing activities | (10,912) | (14,173) | 2,987 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Borrowings from senior credit facility | 267,292 | 311,241 | 408,209 | |
Payments on senior credit facility | (278,642) | (350,495) | (346,451) | |
Payments on senior subordinated notes | (100,000) | |||
Purchase of treasury stock | (937) | (2,151) | (6,950) | |
Proceeds from real estate mortgages | 24,139 | |||
Payments on real estate mortgages | (865) | (11,768) | (821) | |
Payments for employee taxes on shares withheld | (988) | (1,105) | (1,242) | |
Payments on capital leases | (286) | (264) | (262) | |
Deferred financing fees | (274) | (574) | ||
Proceeds from exercise of stock options | 24 | 73 | 1,408 | |
Net cash used in financing activities | (14,402) | (30,604) | (46,683) | |
Effect of exchange rate changes on cash and cash equivalents | (331) | 171 | 644 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 4,527 | (1,207) | (11,645) | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 30,695 | 31,902 | 43,547 | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 35,222 | 30,695 | 31,902 | |
Cash paid during the period for: | ||||
Interest | 6,761 | 6,998 | 11,176 | |
Income taxes | 1,370 | 1,202 | 718 | |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||||
Capital lease financing | 810 | |||
Accrued purchases of property and equipment | $ 265 | 446 | 210 | |
Unrealized gain (loss) on pension liability included in comprehensive income (loss) | [1] | $ 7,368 | $ 717 | |
[1] | Unrealized gain (loss) on pension liability for the twelve months ended February 3, 2018, January 28, 2017 and January 30, 2016 is net of tax benefit in the amount of $0.0 million, $3.8 million and $0.0 million. See footnote 19 to the consolidated financial statements for further information. |
General
General | 12 Months Ended |
Feb. 03, 2018 | |
General | 1. General Perry Ellis International, Inc. and its Subsidiaries (the “Company”) is one of the leading apparel companies in the United States and manages a portfolio of major brands, some of which were established over 100 years ago. The Company designs, sources, markets and licenses products nationally and internationally at multiple price points and across all major levels of retail distribution. The Company’s portfolio of highly recognized brands includes: legacy brands Perry Ellis ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® The periods presented in these financial statements are the fiscal years ended February 3, 2018 (“fiscal 2018”), January 28, 2017 (“fiscal 2017”) and January 30, 2016 (“fiscal 2016”). Fiscal 2017 and fiscal 2016 each contained 52 weeks while fiscal 2018 contained 53 weeks. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 03, 2018 | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The following is a summary of the Company’s significant accounting policies: PRINCIPLES OF CONSOLIDATION - wholly-owned USE OF ESTIMATES - CASH AND CASH EQUIVALENTS - Cash and cash equivalents include cash, deposits and liquid short-term investments that have an original maturity of three months or less when purchased. INVESTMENTS - The Company’s investments include marketable securities and certificates of deposit for the fiscal year ended February 3, 2018 and the fiscal year ended January 28, 2017. All investments are classified as available-for-sale. available-for-sale INVENTORIES - PROPERTY AND EQUIPMENT - straight-line straight-line Asset Class Average Useful Lives in Years Furniture, fixtures and equipment 3-10 Vehicles 5-7 Leasehold improvements 4-15 Buildings and building improvements 10-39 INTANGIBLE ASSETS - FAIR VALUE MEASUREMENTS - A description of the Company’s policies regarding fair value measurement is summarized below. The Company has chosen not to elect the fair value measurement option for any instruments not required to be measured at fair value on a recurring basis. Fair Value Hierarchy - • Level 1 – Quoted prices for identical • Level 2 – Quoted prices for similar • Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Determination of Fair Value If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest rates, currency rates, etc. Assets or liabilities valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. DERIVATIVES - Derivative financial instruments such as interest rate swap contracts and foreign exchange contracts are recognized in the financial statements and measured at fair value regardless of the purpose or intent for holding them. Changes in the fair value of derivative financial instruments are either recognized in income or stockholders’ equity (as a component of comprehensive income), depending on whether or not the derivative is designated as a hedge of changes in fair value or cash flows. When designated as a hedge of changes in fair value, the effective portion of the hedge is recognized as an offset in income with a corresponding adjustment to the hedged item. When designated as a hedge of changes in cash flows, the effective portion of the hedge is recognized as an offset in comprehensive income with a corresponding adjustment to the hedged item and recognized in income in the same period as the hedged item is settled. LEASES - Leases are evaluated and classified as either operating or capital leases for financial reporting purposes. Capital leases, which transfer substantially all of the risks and benefits incidental to ownership of the leased item, are capitalized at the inception of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income as a component of interest expense. Capitalized leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term. Operating lease payments, other than contingent rentals, are recognized as an expense in the income statement on a straight-line basis over the lease term, whereby an equal amount of rent expense is attributed to each period during the term of the lease, regardless of when actual payments are made. This generally results in rent expense in excess of cash payments during the early years of a lease and rent expense less than cash payments in the later years. The difference between rent expense recognized and actual rental payments is recorded as deferred rent and included in liabilities. Percentage rent expense is generally based on sales levels and is accrued when determined that it is probable that such sales levels will be achieved. DEFERRED DEBT ISSUE COSTS - LONG-LIVED ASSETS - The Company recorded a $0.4 million, $1.4 million, and $2.4 million impairment charge, in fiscal 2018, fiscal 2017 and fiscal 2016, respectively to reduce the net carrying value of certain long-lived assets (primarily real property and leaseholds) to their estimated fair value, considered a Level 3 fair value measure. Impairment charges are included in impairment on assets in the accompanying consolidated statements of operations and were related to the Direct-to RETIREMENT-RELATED BENEFITS - The Company accounts for its defined benefit pension plan using actuarial models. These models use an attribution approach that generally spreads the individual events over the service lives of the employees in the plan. The principle underlying the required attribution approach is that employees render service over their service lives on a relatively consistent basis and therefore, the income statement effects of pensions or non-pension The principal components of the net periodic pension calculations are the expected long-term rate of return on plan assets, the discount rate and the rate of compensation increases. The Company uses long-term historical actual return information, the mix of investments that comprise plan assets, and future estimates of long-term investment returns by reference to external sources to develop its expected return on plan assets. The discount rate assumptions used for pension and non-pension ADVERTISING AND RELATED COSTS - COST OF SALES - Cost of sales includes costs to acquire and source inventory, produce inventory for sale and provisions for inventory shrinkage and obsolescence. These costs include costs of purchased products, inbound freight, custom duties, buying commissions, cargo insurance, customs inspection and licensed product royalty expenses. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - Selling expenses include costs incurred in the selling of merchandise. General and administrative expenses include costs incurred in the administration or general operations of the business. Selling, general and administrative expenses include employee and related costs, advertising, professional fees, distribution, warehouse costs, and other related selling costs. TREASURY STOCK - Treasury stock is recorded at acquisition cost. Gains and losses on disposition are recorded as increases or decreases to additional paid-in paid-in REVENUE RECOGNITION - Royalty income is recognized when earned on the basis of the terms specified in the underlying contractual agreements. A liability for unearned royalty income is recognized when licensees pay contractual obligations before being earned or when up-front ADVERTISING REIMBURSEMENTS - The majority of the Company’s license agreements require licensees to reimburse the Company for advertising placed on behalf of the licensees based on a percentage of the licensees’ net sales. The Company records earned advertising reimbursements received from its licensees as a reduction of the related advertising costs in selling, general and administrative expenses. For fiscal years 2018, 2017 and 2016, the Company has reduced selling, general and administrative expenses by $6.0 million, $7.0 million and $6.6 million of licensee reimbursements, respectively. Unearned advertising reimbursements result when a licensee pays required reimbursements prior to the Company incurring the advertising expense. A liability is recorded for these unearned advertising reimbursements. FOREIGN CURRENCY TRANSLATION - For the Company’s international operations, local currencies are generally considered their functional currencies. The Company translates assets and liabilities to their U.S. dollar equivalents at rates in effect at the balance sheet date and revenue and expenses are translated at average monthly exchange rates. Translation adjustments resulting from this process are recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss). Transactions in foreign currencies during the year are re-measured re-measurement INCOME TAXES - Deferred income taxes result primarily from timing differences in the recognition of expenses for tax for financial reporting purposes, which requires the liability method of computing deferred income taxes. Under the liability method, deferred taxes are adjusted for tax rate changes as they occur. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In the event that a net deferred tax asset is not realizable, a valuation allowance would be recorded. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of its net recorded amount, an adjustment to the valuation allowance would be recorded, which would reduce the provision for income taxes in the period of such determination. In regards to the accounting for uncertainty in income taxes recognized in the financial statements, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on its technical merits. NET INCOME (LOSS) PER SHARE - The following table sets forth the computation of basic and diluted loss per share: 2018 2017 2016 (in thousands, except per share data) Numerator: Net income (loss) $ 56,650 $ 14,517 $ (7,292 ) Denominator: Basic - weighted average shares 15,083 14,936 14,968 Dilutive effect: equity awards 300 279 — Diluted - weighted average shares 15,383 15,215 14,968 Basic income (loss) per share $ 3.76 $ 0.97 $ (0.49 ) Diluted income (loss) income per share $ 3.68 $ 0.95 $ (0.49 ) Antidilutive effect: (1) 276 471 1,154 (1) Represents weighted average of stock options to purchase shares of common stock, SARS and unvested restricted stock that were not included in computing diluted income per share because their effects were antidilutive for the respective periods. STOCK-BASED stock-based For fiscal 2018, 2017, and 2016, approximately $6.2 million, $6.5 million and $5.2 million in compensation expense, respectively, has been recognized in selling, general and administrative expenses in the consolidated statements of operations related to stock options, SARS and restricted stock. During fiscal 2018, 2017, and 2016, the Company received cash of $0.02 million, $0.07 million and $1.4 million, respectively, from the exercise of stock options and SARS. There was no tax benefit from such exercises during fiscal 2018, 2017 and 2016. The fair value of restricted stock awards is based on the quoted market price on the date of grant. The fair value of the options is estimated at the date of grant using the Black-Scholes The following weighted average assumptions for fiscal 2016 were derived from the Black-Scholes model and used to determine the fair value of stock options: 2016 Risk free interest rate 1.5 % Dividend yield 0.0 % Volatility factors 61.4 % Weighted-average life (years) 5.0 RECENT ACCOUNTING PRONOUNCEMENTS - In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606) The Company has established an implementation team to assist with its assessment of the impact that the new standard will have on its operations, consolidated financial statements and related disclosures. This includes a review of current accounting policies and practices to identify potential differences that would result from applying ASC 606. The Company has identified its major revenue streams (sales of products and licenses of symbolic intellectual property) and performed an analysis of its contracts with customers to evaluate the impact ASC 606 will have on the Company’s accounting for royalty and advertising revenue. Based on the evaluation of not completed contracts as of the date of adoption, the cumulative effect adjustment is not expected to be material. The Company currently expects the revenue recognition approaches under ASC 606 for customer contracts that provide for the license of symbolic intellectual property will not differ materially from its historical revenue recognition pattern. The Company has identified certain changes in income statement classification under ASC 606. Under the current recognition model, the Company records advertising reimbursements received from licensees as a net reduction to selling, general and administrative expenses. Under ASC 606, the Company will record this consideration as a component of the transaction price in its contracts with customers and therefore, would be recorded as revenue upon recognition. The total amounts received as consideration under its contracts with customers, as a reduction to selling, general and administrative expenses, in its consolidated financial statements for the year ended February 3, 2018 was approximately $6.0 million. The impact to the Company’s future results from operations other than reclassification of the revenue for reimbursement of advertising expenses are not expected to be material based on the analysis of revenue streams and contracts under ASC 606, which supports revenue recognition at a point in time. The majority of the Company’s revenue relates to product sales of which revenue is recognized when products are shipped to the customer or provided to the customer through its retail channel. In addition, impacts associated with variable consideration received for items such as loyalty rewards, gift cards, sales and markdown allowances are not expected to be material as the Company is currently accounting for this consideration consistent with the new standard. The Company also believes that its pattern of recognizing revenue over the license agreement contract period will not be materially different from the new revenue recognition guidance. The Company will recognize the cumulative effect of adopting ASC 606 as an adjustment to its opening balance of retained earnings. The impact from the cumulative effect adjustment is expected to be immaterial. Prior periods will not be retrospectively adjusted. In July 2015, the FASB issued ASU 2015-11, “ Inventory (Topic 330): Simplifying the Measurement of Inventory,” last-in, 2015-11 No. 2015-11 In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (subtopic 825-10): In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09 2016-09. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments available-for-sale available-for-sale In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force),” In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory,” 2016-16 2016-16 In May 2017, the FASB issued ASU No. 2017-09, In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception,” In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” On December 22, 2017, Staff Accounting Bulletin No. 118 (“SAB 118”) In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10): 2016-01. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Feb. 03, 2018 | |
Accounts Receivable | 3. Accounts Receivable Accounts receivable consisted of the following as of: February 3, January 28, 2018 2017 (in thousands) Trade accounts $ 163,872 $ 151,370 Royalties 7,107 6,659 Other receivables 902 712 Total 171,881 158,741 Less: Allowances (15,018 ) (18,501 ) Total $ 156,863 $ 140,240 The Company reports accounts receivable at amounts it expects to be collected, less allowances for trade discounts, co-op non-collection |
Inventories
Inventories | 12 Months Ended |
Feb. 03, 2018 | |
Inventories | 4. Inventories Inventories consisted of the following as of: February 3, January 28, (in thousands) Finished goods $ 175,459 $ 151,251 The Company’s inventories are valued at the lower of cost (weighted moving average cost) or net realizable value. The Company evaluates all of its inventory stock keeping units (“SKUs”) to determine excess or slow moving SKUs based on orders on hand and projections of future demand and market conditions. For those units in inventory that are identified as excess or slow moving, the Company estimates their market value based on current sales trends. If the projected net sales value is less than cost, on an individual SKU basis, the Company writes down inventory to reflect the lower value. This methodology recognizes projected inventory losses at the time such losses are evident rather than at the time goods are actually sold. |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Feb. 03, 2018 | |
Prepaid expenses and other current assets | 5. Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following as of: February 3, January 28, 2018 2017 (in thousands) Prepaid expenses $ 8,110 $ 6,365 Other current assets 41 97 Total $ 8,151 $ 6,462 |
Investments
Investments | 12 Months Ended |
Feb. 03, 2018 | |
Investments | 6. Investments The Company’s investments include marketable securities and certificates of deposit for the fiscal years ended February 3, 2018 and January 28, 2017. Certificates of deposit are classified as available-for-sale available-for-sale Investments consisted of the following as of February 3, 2018: Gross Gross Estimated Cost Unrealized Unrealized Fair (in thousands) Marketable securities $ 6,655 $ — $ (5 ) $ 6,650 Certificates of deposit 7,441 — (5 ) 7,436 Total investments $ 14,096 $ — $ (10 ) $ 14,086 Investments consisted of the following as of January 28, 2017: Gross Gross Estimated Cost Unrealized Unrealized Fair (in thousands) Marketable securities $ 3,258 $ — $ (8 ) $ 3,250 Certificates of deposit 7,675 — (4 ) 7,671 Total investments $ 10,933 $ — $ (12 ) $ 10,921 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Feb. 03, 2018 | |
Property and Equipment | 7. Property and Equipment Property and equipment consisted of the following as of: February 3, January 28, (in thousands) Furniture, fixtures and equipment $ 97,414 $ 91,639 Buildings and building improvements 22,341 21,359 Vehicles 537 523 Leasehold improvements 47,765 48,799 Land 9,430 9,430 Total 177,487 171,750 Less: accumulated depreciation and amortization (121,323 ) (109,915 ) Total $ 56,164 $ 61,835 The above table of property and equipment includes assets held under capital leases as of: February 3, January 28, (in thousands) Furniture, fixtures and equipment $ 810 $ 810 Less: accumulated depreciation and amortization (722 ) (452 ) Total $ 88 $ 358 Depreciation and amortization expense relating to property and equipment amounted to $13.8 million , During the fourth quarter of fiscal 2016, the Company executed a sales agreement, in the amount of $8.2 million, for the sale of its sourcing office building located in Beijing, China. As a result of this transaction, the Company recorded a gain in the amount of $4.5 million, net of expenses of $1.9 million, in the Men’s Sportswear and Swim segment. |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Feb. 03, 2018 | |
Other Intangible Assets | 8. Other Intangible Assets Trademarks Trademarks, included in other intangible assets, net, are considered indefinite-lived assets and totaled $184.1 at February 3, 2018 and January 28, 2017, respectively. On March 19, 2015, the Company entered into an agreement to sell the intellectual property of its C&C California brand to a third party. The sales price was $2.5 million, which was collected during the first quarter of fiscal 2016. In connection with this transaction, the Company recorded a loss of ($0.7) million in the Licensing segment. On August 1, 2014, the Company entered into a sales agreement, in the amount of $1.3 million, for the sale of Australian, Fiji and New Zealand trademark rights with respect to Jantzen. Payments on the purchase price are due in five installments of $250,000 over a five year period. Interest on the purchase price that remains unpaid will accrue at a rate of 3.5% per annum calculated on an annual basis. The final payment is due on August 1, 2018. These trademarks are not subject to amortization but are reviewed at least annually for potential impairment. The fair value of each trademark asset is compared to the carrying value of the trademark. The Company recognizes an impairment loss when the estimated fair value of the trademark asset is less than the carrying value. The Company’s impairment test is performed annually during the fourth quarter. The Company primarily estimates the fair value of the trademarks based on (1) the relief from royalty method for our wholesale business and (2) the yield capitalization method for our licensing business. These methodologies assume that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of trademark assets. The cash flow models the Company uses to estimate the fair values of its trademarks involve several assumptions. The fair values are considered to be Level 3 fair value measures due to the use of significant unobservable inputs. Changes in these assumptions could materially impact the Company’s fair value estimates. Assumptions critical to the fair value estimates are: (i) discount rates used to derive the present value factors used in determining the fair value of the trademarks; (ii) royalty rates used in the trademark valuations; (iii) projected revenue growth rates; and (iv) projected long-term growth rates used in the derivation of terminal year values. These and other assumptions are impacted by economic conditions and expectations of management and could change in the future based on period-specific facts and circumstances. The Company bases its fair value estimates on assumptions it believes to be reasonable, but which are unpredictable and inherently uncertain. As a result of the annual trademark impairment analysis performed during the fiscal year ended January 30, 2016, the Company determined that the carrying value of certain trademarks exceeded their estimated fair value. Accordingly, the Company recorded a non-cash, pre-tax Goodwill Goodwill represents the excess of the purchase price over the value assigned to tangible and identifiable intangible assets of businesses acquired and accounted for under the acquisition method. The Company reviews goodwill at least annually for possible impairment during the fourth quarter of each year using a discounted cash flow analysis that requires that certain assumptions and estimates be made regarding industry economic factors and future profitability and cash flows. The goodwill impairment test is a two-step Based on the annual goodwill impairment analysis performed during the fiscal year ended January 30, 2016, the Company determined that the carrying value exceeded the estimated fair value of goodwill. Accordingly, the Company recorded a non-cash, pre-tax Other Other intangible assets represent customer lists as of: February 3, January 28, (in thousands) Customer lists $ 8,450 $ 8,450 Less: accumulated amortization (6,380 ) (5,545 ) Total $ 2,070 $ 2,905 For the years ended February 3, 2018, January 28, 2017, and January 30, 2016, amortization expense relating to customer lists amounted to approximately $0.8 million, $0.9 million, and $0.9 million, respectively. Other intangible assets are amortized over their estimated useful lives of 10 years. Assuming no impairment, the table sets forth the estimated amortization expense for future periods based on recorded amounts as of February 3, 2018: (in thousands) 2019 $ 793 2020 734 2021 543 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Feb. 03, 2018 | |
Accrued Expenses and Other Liabilities | 9. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following as of: February 3, January 28, 2018 2017 (in thousands) Salaries and commissions $ 14,119 $ 2,684 Royalties 5,129 3,868 Unearned advertising reimbursement 1,363 1,242 Insurance and rent 2,291 3,001 State sales and other taxes 2,997 2,218 Professional fees 376 560 Current portion - real estate mortgages 896 862 Other 8,597 6,426 Total $ 35,768 $ 20,861 |
Senior Subordinated Notes Payab
Senior Subordinated Notes Payable | 12 Months Ended |
Feb. 03, 2018 | |
Senior Subordinated Notes Payable | 10. Senior Subordinated Notes Payable In March 2011, the Company issued $150 million of 7 7 8 7 8 On April 6, 2015, the Company elected to call for the partial redemption of $100 million of its $150 million of 7 7 8 write-off 7 8 7 8 Certain Covenants. non-compliance |
Senior Credit Facility
Senior Credit Facility | 12 Months Ended |
Feb. 03, 2018 | |
Senior Credit Facility | 11. Senior Credit Facility On April 22, 2015, the Company amended and restated its existing senior credit facility (the “Credit Facility”), with Wells Fargo Bank, National Association, as agent for the lenders, and Bank of America, N.A., as syndication agent. The Credit Facility provides a revolving credit facility of up to an aggregate amount of $200 million. The Credit Facility has been extended through April 30, 2020 (“Maturity Date”). In connection with this amendment and restatement, the Company paid fees in the amount of $0.6 million. These fees will be amortized over the term of the credit facility as interest expense. At February 3, 2018, the Company had outstanding borrowings of $11.2 million under the Credit Facility. At January 28, 2017, the Company had outstanding borrowings of $22.5 million under the Credit Facility. Certain Covenants non-compliance 7 8 Borrowing Base. Interest. Security non-U.S. |
Letter of Credit Facilities
Letter of Credit Facilities | 12 Months Ended |
Feb. 03, 2018 | |
Letter of Credit Facilities | 12. Letter of Credit Facilities As of February 3, 2018, the Company maintained one U.S. dollar letter of credit facility totaling $30.0 million. Each documentary letter of credit is secured primarily by the consignment of merchandise in transit under that letter of credit and certain subordinated liens on the Company’s assets. During the third quarter of fiscal 2017, one letter of credit facility totaling, $0.3 million utilized by the Company’s United Kingdom subsidiary, expired and has not been renewed. Amounts under letter of credit facilities consisted of the following as of: February 3, January 28, 2018 2017 (in thousands) Total letter of credit facilities $ 30,000 $ 30,000 Outstanding letters of credit (10,268 ) (10,788 ) Total credit available $ 19,732 $ 19,212 |
Real Estate Mortgages
Real Estate Mortgages | 12 Months Ended |
Feb. 03, 2018 | |
Real Estate Mortgages | 13. Real Estate Mortgages In November 2016, the Company paid off its then existing real estate mortgage loan and refinanced its main administrative office, warehouse and distribution facility in Miami with a $21.7 million mortgage loan. The loan is due on November 22, 2026. The interest rate is 3.715% per annum. Monthly payments of principal and interest approximate $112,000, based on a 25-year In June 2006, the Company entered into a mortgage loan for $15 million secured by the Company’s Tampa facility. The loan was originally due on January 23, 2019. In January 2014, the Company amended the mortgage loan to modify the interest rate. The interest rate was reduced to 3.25% per annum and the terms were restated to reflect new monthly payments of principal and interest of approximately $68,000, based on a 20-year 25-year The Company used the excess funds generated from the new mortgage loans described above to pay down its senior credit facility. The real estate mortgage loans contain certain covenants. The Company is not aware of any non-compliance The contractual maturities of the real estate mortgages are as follows: Fiscal year ending: Amount (in thousands) 2019 $ 896 2020 930 2021 962 2022 1,003 2023 1,041 Thereafter 29,042 33,874 Less discount (257 ) Total $ 33,617 |
Retirement Plan
Retirement Plan | 12 Months Ended |
Feb. 03, 2018 | |
Retirement Plan | 14. Retirement Plan The Company has a 401(k) Plan (the “Plan”), which includes a discretionary Company match that has ranged from 0% to 50% of the first 6% contributed to the Plan by eligible employees. Eligible employees may participate in the Plan upon the attainment of age 21, and completion of three continuous months of service. Participants may elect to contribute up to 60% of their compensation, subject to maximum statutory limits. The Company’s discretionary contributions to the Plan were approximately $1.1 million for the fiscal year ended February 3, 2018 and $1.0 million for the years ended January 28, 2017 and January 30, 2016. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Feb. 03, 2018 | |
Benefit Plans | 15. Benefit Plans The Company sponsored two qualified pension plans as a result of the Perry Ellis Menswear acquisition that occurred in June 2003. The plans were frozen and merged as of December 31, 2003. During fiscal 2015, the Board of Directors resolved to terminate the pension plan. As of January 28, 2017, the Company satisfied the regulatory requirements prescribed by the Internal Revenue Service and the Pension Benefit Guaranty Corporation and the distribution of plan assets was completed. The pension plan has been fully terminated. The following is a statement of the funded status as of February 3, 2018 and January 28, 2017. For the fiscal year ended: February 3, January 28, (in thousands) Change in benefit obligation Benefit obligation at beginning of plan year $ — $ 30,971 Service cost — 250 Interest cost — 403 Actuarial loss — (834 ) Lump sums plus annuities paid — (30,790 ) Benefit obligation at end of plan year $ — $ — Change in plan assets Fair value of plan assets at beginning of plan year $ — $ 18,864 Actual return on plan assets — 173 Company contributions — 11,753 Lump sums plus annuities paid — (30,790 ) Fair value of plan assets at end of plan year $ — $ — Unfunded status at end of plan year $ — $ — At February 3, 2018 and January 28, 2017, there was no deferred loss included in accumulated other comprehensive loss. The following table provides the components of net benefit cost for the plans for the fiscal years ended: February 3, January 28, January 30, (in thousands) Service cost $ — $ 250 $ 250 Interest cost — 403 1,349 Expected return on plan assets — (262 ) (2,631 ) Settlement — 9,918 4,427 Amortization of unrecognized net loss — 464 538 Net periodic benefit cost $ — $ 10,773 $ 3,933 The prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of assets are amortized over the average remaining service period of active participants. The settlement charges of $9.9 million in fiscal 2017 were the result of lump sum distributions from the plan’s assets following the termination of the plan. The settlement charges of $4.4 million in fiscal 2016 were the result of lump sum distributions from the plan’s assets in fiscal 2016 in anticipation of the plan’s termination in fiscal 2017. The assumptions used in the measurement of the Company’s benefit obligation are shown in the following table for the plan years ended: February 3, January 28, Discount rate 0.00 % 3.19 % Rate of compensation increase N/A N/A The assumptions used in the measurement of the net periodic benefit cost are as follows: February 3, January 28, Discount rate 0.00 % 3.19 % Expected return on plan assets 0.00 % 4.25 % Rate of compensation increase N/A N/A |
Unearned Revenues and Other Lon
Unearned Revenues and Other Long-Term Liabilities | 12 Months Ended |
Feb. 03, 2018 | |
Unearned Revenues and Other Long-Term Liabilities | 16. Unearned Revenues and Other Long-Term Liabilities Unearned revenues and other long-term liabilities consisted of the following as of: February 3, January 28, 2018 2017 (in thousands) Deferred rent long-term $ 10,634 $ 12,261 Long-term incentive compensation 2,741 5,763 Other 149 247 Total $ 13,524 $ 18,271 |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 03, 2018 | |
Income Taxes | 17. Income Taxes On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Act. The Tax Act makes broad and complex changes to the U.S. tax code that affect fiscal 2018, including, but not limited to requiring a one-time low-taxed In connection with its initial analysis of the impact of the Tax Act, the Company has recorded a net tax expense of $1.9 million in fiscal 2018 which primarily consists of a net current expense for the Transition Tax of $5.8 million offset by a net deferred tax benefit of ($3.9) million primarily related to the revaluation of the Company’s deferred tax assets and liabilities. In addition, the deferred tax benefit is inclusive of a benefit of ($1.0) million for the release of valuation allowances related to certain U.S. federal tax attributes that are now expected to be fully utilized. The Company has not completed its accounting for the income tax effects of the Tax Act. Where the Company has been able to make reasonable estimates of the effects for which its analysis is not yet complete, the Company has recorded provisional amounts in accordance with SAB 118. Where the Company has not yet been able to make reasonable estimates of the impact of certain elements, the Company has not recorded any amounts related to those elements and has continued accounting for them in accordance with ASC 740 on the basis of the tax laws in effect immediately prior to the enactment of the Tax Act. The Company’s accounting for the following elements of the Tax Act is incomplete. However, the Company was able to make reasonable estimates of certain effects and, therefore, has recorded provisional amounts as follows: Transition Tax on unrepatriated foreign earnings non-U.S. non-U.S. Revaluation of deferred tax assets and liabilities State tax effects Valuation allowances The Company’s accounting for the following elements of the Tax Act is incomplete, and it has not yet been able to make reasonable estimates of the effects of these items. Therefore, no provisional amounts were recorded. Global intangible low taxed income (“GILTI”) Indefinite reinvestment assertion 10-percent one-year 740-30-25-18 non-U.S. For financial reporting purposes, income (loss) before income tax provision (benefit) includes the following components: February 3, January 28, January 30, (in thousands) Domestic $ 19,306 $ 8,873 $ (19,447 ) Foreign 14,411 6,033 11,723 Total $ 33,717 $ 14,906 $ (7,724 ) The income tax (benefit) provision consisted of the following components for each of the years ended: February 3, January 28, January 30, (in thousands) Current income taxes: Federal $ 7,125 $ (2,748 ) $ 5 State 719 (286 ) 205 Foreign 1,500 1,215 1,939 Total current income taxes 9,344 (1,819 ) 2,149 Deferred income taxes: Federal (28,706 ) 2,147 (2,246 ) State (3,869 ) (47 ) (617 ) Foreign 298 108 282 Total deferred income taxes (32,277 ) 2,208 (2,581 ) Total $ (22,933 ) $ 389 $ (432 ) The Company’s effective income tax rate was as follows for each of the years ended: February 3, January 28, January 30, 2018 2017 2016 Statutory federal income tax rate 33.7 % 35.0 % 35.0 % Increase (decrease) resulting from State income taxes, net of federal income tax benefit 3.1 % (1.1 %) 5.2 % Foreign tax rate differential (8.9 %) (9.7 %) 35.9 % Change in reserves 15.8 % 0.6 % (2.2 %) Change in valuation allowance (124.8 %) (8.0 %) (38.6 %) Non-deductible 4.8 % 9.5 % (32.2 %) Prior year tax provision adjustments 0.9 % 2.5 % 1.8 % Change in deferred rate (1.1 %) (0.6 %) 4.1 % Pension termination benefit 0.0 % (25.2 %) 0.0 % Impact of Tax Cuts and Job Act 6.1 % 0.0 % 0.0 % Other 2.4 % (0.4 %) (3.4 %) Total (68.0 %) 2.6 % 5.6 % Deferred income taxes are provided for the temporary differences between financial reporting basis and the tax basis of the Company’s assets and liabilities. The tax effects of temporary differences were as follows, as of the years ended: February 3, January 28, 2018 2017 (in thousands) Deferred tax assets: Inventory $ 4,466 $ 5,104 Accounts receivable 938 1,306 Accrued expenses 6,585 8,208 Net operating losses 9,715 19,294 Stock compensation 1,072 2,882 Fixed assets 3,591 7,474 Intangible assets 1,940 3,122 Other 926 4,354 29,233 51,744 Deferred tax liabilities: Intangible assets (25,971 ) (38,869 ) Prepaid expenses (1,101 ) (1,604 ) Other (593 ) — (27,665 ) (40,473 ) Valuation allowance (6,072 ) (48,052 ) Net deferred tax liability $ (4,504 ) $ (36,781 ) During fiscal 2009, the Company initially recorded a $1.0 million deferred tax asset with realized and unrealized losses associated with marketable securities. Management believed it is more likely than not that the related deferred tax asset associated with these losses would not be realized due to tax limitations imposed on the utilization of capital losses. During fiscal 2014, the deferred tax asset associated with these losses was reduced by $0.1 million relating to the expiration of capital loss carryforwards and the reassessment of the deferred tax rate. During fiscal 2018, the Company has further written off the remaining balance of the deferred tax asset against the valuation allowance to reflect expiration of the remaining deduction. The associated write off and reduction in the valuation allowance had no net effect to tax expense during fiscal 2018. The balance of the valuation allowance associated with the unrealized losses associated with marketable securities for fiscal 2018 and fiscal 2017 was $0 and $0.9 million, respectively. During fiscal years 2018 and 2017, the Company realized tax-effected true-up true-up During fiscal years 2018 and 2017, the Company realized tax-effected During fiscal years 2018 and 2017, the Company realized tax-effected true-up In connection with the 2003 Perry Ellis Menswear acquisition, the Company originally acquired a net deferred tax asset of approximately $53.5 million, net of a $20.3 million valuation allowance. Additionally, the acquisition of Perry Ellis Menswear caused an “ownership change” for federal income tax purposes. As a result, the use of any net operating losses existing at the date of the ownership change to offset future taxable income of the Company is limited by Section 382 of the Internal Revenue Code of 1986, as amended (“Section 382”). As of the acquisition date, Perry Ellis Menswear had available federal net operating losses of which approximately $56.0 million expired unutilized as a result of the annual usage limitations under Section 382. The Company has available at February 3, 2018, a net federal operating tax loss carry-forward of approximately $7.7 million. The following table reflects the expiration of the remaining federal net operating losses: Fiscal Year (in thousands) 2019 $ — 2020 - 2025 7,761 2026 - 2029 — Thereafter — $ 7,761 In addition to the Company’s U.S. federal net operating loss, the Company has reflected in its income tax provision deferred tax assets associated with net operating losses generated in various U.S. state jurisdictions. However, with respect to jurisdictions where the Company either has limited operations or statutory limitations on the use of acquired net operating losses, the ability to utilize such losses is restricted. Therefore, management has determined that a valuation allowance for deferred income tax assets is necessary, as the assets are not expected to be fully realized. The balance of the valuation allowance associated with U.S. state net operating losses in states where use is restricted for fiscal 2018 and fiscal 2017 was $1.9 million and $3.2 million, respectively. During fiscal 2018 and fiscal 2017, the valuation allowance decreased by $1.3 million and $0.5 million, respectively. At the end of fiscal 2017, the Company maintained a valuation allowance of $1.3 million associated with charitable contributions expected to expire unutilized. During fiscal 2018, due to the effect of the Transition Tax, the Company was able to fully utilize all prior carryforward amounts, as well as all fiscal 2018 charitable contributions. The balance of the valuation allowance associated with charitable contributions for fiscal 2018 and 2017 was $0 and $1.3 million, respectively. During the fiscal 2018 the valuation allowance decreased by $1.3 million and during fiscal 2017 the valuation allowance did not change. At the end of fiscal 2018, the Company maintained a $0.5 million valuation allowance against its remaining general domestic deferred tax assets. The establishment and release of valuation allowances and development of projected annual effective tax rates requires significant judgment and is impacted by various estimates. Both positive and negative evidence, as well as the objectivity and verifiability of that evidence, is considered in determining the appropriateness of recording a valuation allowance on deferred tax assets. The Company released the majority of the valuation allowances established against the U.S. deferred tax assets in fiscal 2018 based upon the weight of available, positive evidence. The removal of the valuation allowance caused the Company’s effective tax rate to change significantly from fiscal 2017 to fiscal 2018. The balance of the remaining valuation allowance is associated with U.S. domestic operations for different state and local taxing jurisdictions where the Company anticipates that it will generate continuing tax losses. The balance of the valuation allowance for fiscal 2018 and fiscal 2017 was $0.5 million and $38.6 million, respectively. During fiscal 2018 and 2017, the valuation allowance decreased by $38.1 million and $7.6 million, respectively. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. The Company’s U.S. federal income tax returns for fiscal 2011 through fiscal 2018 are open tax years. The statute of limitations related to the Company’s fiscal 2011 through fiscal 2015 U.S. federal tax years was extended by agreement with the Internal Revenue Service until June 30, 2019. The Company’s state and foreign tax filings are subject to varying statutes of limitations. The Company’s unrecognized state tax benefits are related to state tax returns open from fiscal 2006 through fiscal 2018, depending on each state’s particular statute of limitation. As of February 3, 2018 the examination by the Internal Revenue Service is still ongoing. During fiscal 2018, the Company received a revised Notice of Proposed Adjustment from the Internal Revenue Service, which proposed an adjustment to taxable income for fiscal 2013 of $12.6 million, to which the Company agreed. As part of the Company’s conversations with the Internal Revenue Service, the examination of the Company’s fiscal 2011 through fiscal 2013 was expanded to also included fiscal 2014 and fiscal 2015, to allow for the carryback of beneficial tax attributes. Furthermore, various other state and local income tax returns are also under examination by taxing authorities. As of February 3, 2018, the Company had a $1.4 million liability recorded for unrecognized tax benefits, which included interest and penalties of $0.3 million. As of January 28, 2017, the Company had a $1.2 million liability recorded for unrecognized tax benefits, which included interest and penalties of $0.3 million. All of the unrecognized tax benefits, if recognized, would affect the Company’s effective tax rate. A reconciliation of the beginning balance of the Company’s unrecognized tax benefits and the ending amount of the unrecognized tax benefits is as follows as of: February 3, January 28, January 30, 2018 2017 2016 (in thousands) Balance at beginning of period $ 1,182 $ 1,091 $ 1,018 Additions based on tax positions related to the current year 83 87 98 Additions for tax positions of prior years 5,429 33 123 Reductions for tax positions of prior years (180 ) (29 ) (2 ) Reductions due to lapses of statutes of limitations — — (49 ) Settlements (5,143 ) — (97 ) Balance at end of period $ 1,371 $ 1,182 $ 1,091 The Company recognizes interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. During fiscal 2018, there was a $0.2 million increase in interest and penalties included as a component of income tax expense. Comparatively, for fiscal 2017 and fiscal 2016, the Company recognized approximately $0.1 million and $0.0 million in interest and penalties, respectively. The Company had approximately $0.3 million and $0.3 million for the payment of interest and penalties accrued at February 3, 2018 and January 28, 2017, respectively. In the next twelve months, it is reasonably possible the Company could resolve the U.S. federal examinations related to the fiscal 2011 through fiscal 2015 tax years. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Feb. 03, 2018 | |
Fair Value Measurements | 18. Fair Value Measurements Accounts receivable, accounts payable, accrued interest payable and accrued expenses short-term Investments. available-for-sale Real estate mortgages. Senior credit facility. Senior subordinated notes payable 7 8 7 8 See footnote 20 to the consolidated financial statements for disclosure of the fair value and line item caption of derivative instruments recorded in the consolidated balance sheets. These estimated fair value amounts have been determined using available market information and appropriate valuation methods. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Feb. 03, 2018 | |
Accumulated Other Comprehensive Loss | 19. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, are as follows: Unrealized Loss on Foreign Currency Translation Adjustments, Net Unrealized Loss on Investments Unrealized Loss on Total (in thousands) Balance, January 28, 2017 $ — $ (9,902 ) $ (12 ) $ (181 ) $ (10,095 ) Other comprehensive loss before reclassifications — 3,414 2 (1,005 ) 2,411 Amounts reclassified from accumulated other comprehensive loss — — — 537 537 Balance, February 3, 2018 $ — $ (6,488 ) $ (10 ) $ (649 ) $ (7,147 ) Unrealized Loss on Pension Liability Foreign Currency Translation Adjustments, Net Unrealized Unrealized Loss on Forward Contract Total (in thousands) Balance, January 30, 2016 $ (7,368 ) $ (7,131 ) $ (9 ) $ — $ (14,508 ) Other comprehensive loss before reclassifications (313 ) (2,771 ) (3 ) (181 ) (3,268 ) Amounts reclassified from accumulated other comprehensive loss 7,681 — — — 7,681 Balance, January 28, 2017 $ — $ (9,902 ) $ (12 ) $ (181 ) $ (10,095 ) Unrealized on Pension Liability Foreign Currency Adjustments, Unrealized (Loss) Gain on Investments Total (in thousands) Balance, January 31, 2015 $ (8,085 ) $ (4,774 ) $ 7 $ (12,852 ) Other comprehensive loss (income) before reclassifications (4,248 ) (2,357 ) (16 ) (6,621 ) Amounts reclassified from accumulated other comprehensive loss 4,965 — — 4,965 Balance, January 30, 2016 $ (7,368 ) $ (7,131 ) $ (9 ) $ (14,508 ) A summary of the impact on the consolidated statements of operations line items is as follows: Statement of Operations Location February 3, January 28, January 30, (in thousands) Forward contract gain reclassified from accumulated other comprehensive loss to income Costs of goods sold $ 537 $ — $ — Amortization of defined benefit pension items actuarial losses Selling, general and administrative expenses — 464 538 Defined benefit pension lump sum settlement Selling, general and administrative expenses — 10,977 4,427 Defined benefit pension tax benefit Income tax benefit — (3,760 ) — Total, net of tax $ 537 $ 7,681 $ 4,965 |
Derivative Financial Instrument
Derivative Financial Instrument - Cash Flow Hedges | 12 Months Ended |
Feb. 03, 2018 | |
Derivative Financial Instrument - Cash Flow Hedges | 20. Derivative Financial Instrument – Cash Flow Hedges The Company has a risk management policy to manage foreign currency risk relating to inventory purchases by its subsidiaries that are denominated in foreign currencies. As such, the Company may employ hedging and derivative strategies to limit the effects of changes in foreign currency on its operating income and cash flows. The financial impact of these hedging instruments is primarily offset by corresponding changes in the underlying exposures being hedged. The Company achieves this by closely matching the notional amount, terms and conditions of the derivative instrument with the underlying risk being hedged. The Company does not use derivative instruments for trading or speculative purposes. For derivatives that will be accounted for as hedging instruments, the Company formally designates and documents at inception the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, the Company will formally assess at least quarterly whether the financial instruments used in hedging are “highly effective” at offsetting changes in cash flows of the related underlying exposures. For purposes of assessing hedge effectiveness, the Company uses the forward method, and assesses effectiveness based on the changes in both spot and forward points of the hedging instrument. If and when a derivative is no longer expected to be “highly effective,” hedge accounting is discontinued and hedge ineffectiveness, if any, is included in current period earnings. As of February 3, 2018, there was no hedge ineffectiveness. The Company’s United Kingdom subsidiary is exposed to foreign currency risk from inventory purchases. In order to mitigate the financial risk of settlement of inventory at various prices based on movement of the U.S. dollar against the British pound, the Company entered into foreign currency forward exchange contracts (the “Hedging Instruments”). These are formally designated and “highly effective” as cash flow hedges. The Company will hedge approximately 45% of its U.S. dollar denominated purchases. All changes in the Hedging Instruments’ fair value associated with inventory purchases are recorded in equity as a component of accumulated other comprehensive income until the underlying hedged item is reclassified to earnings. The Company records the foreign currency forward exchange contracts at fair value in its consolidated balance sheets. The cash flows from derivative instruments that are designated as cash flow hedges are classified in the same category as the cash flows from the underlying hedged items. In the event that hedge accounting is discontinued, cash flows subsequent to the date of discontinuance are classified within investing activities. The Company considers the classification of the underlying hedged item’s cash flows in determining the classification for the designated derivative instrument’s cash flows. The Company classifies derivative instrument cash flows from hedges of foreign currency risk on the settlement of inventory as operating activities. The Company’s Hedging Instruments were classified within Level 2 of the fair value hierarchy. The following table summarizes the effects, fair value and balance sheet classification of the Company’s Hedging Instruments. Derivatives Designated As Hedging Instruments Balance sheet February 3, January 28, (in thousands) Foreign currency forward exchange contract (inventory purchases) Accounts Payable $ 649 $ 181 Total $ 649 $ 181 The following table summarizes the effect and classification of the Company’s Hedging Instruments. Derivatives Designated As Hedging Instruments Statement of February 3, January 28, January 30, (in thousands) Foreign currency forward exchange contract (inventory purchases): Loss (gain) reclassified from accumulated other comprehensive loss to income Cost of goods sold $ 537 $ (135 ) $ — At February 3, 2018 and January 28, 2017, the notional amount outstanding of foreign exchange forward contracts was $6.0 million and $15.0 million, respectively. Such contracts expire through July 2018. There were no outstanding Hedging Instruments at January 30, 2016. At February 3, 2018, accumulated other comprehensive loss included a $0.6 million net deferred loss for Hedging Instruments that are expected to be reclassified during the next 12 months. The net deferred loss will be reclassified from accumulated other comprehensive loss to costs of goods sold when the inventory is sold. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Feb. 03, 2018 | |
Related Party Transactions | 21. Related Party Transactions The Company leases approximately 16,000 square feet for administrative offices, and leased approximately 50,000 square feet for warehouse distribution and retail, at facilities owned by its Founder and Director, George Feldenkreis. These facilities were designed specifically for use by the Company and were originally leased by the Company under a 10-year 10-year 12-month Rent expense, including insurance and taxes, for these leases amounted to approximately $487,000, or $9.87 per square foot for the year ended January 30, 2016. As of October 1, 2014, the Company transitioned its operations out of the warehouse space. In order to minimize the costs associated with an early termination of the lease relating to the warehouse and retail space, the Company engaged a real estate broker to assist it in finding a replacement tenant and agreed to be responsible for the related brokerage fees incurred of approximately $215,000. The retained broker identified a new tenant for the warehouse and retail space that is unrelated to the Company. The Company entered into a lease termination agreement relating to the warehouse and retail space on April 13, 2015. The Company incurred $180,000 of lease termination fees, including costs related to certain tenant improvements such as painting the interior and exterior of the building and improvements to the parking lot, which were agreed upon in order to induce the new tenant to lease the space and allow the Company to terminate the lease prior to its expiration. Because of the termination of the warehouse and retail lease, the basic monthly rent has been reduced to $14,666 and will increase 3% on the first of each of the remaining 12-month During the year ended January 30, 2016 the Company chartered an aircraft from a third party aircraft charter business, who chartered the aircraft from an entity controlled by the Chief Executive Officer and President. The Company paid $42,000 for flights related to the chartered aircraft for the year ended January 30, 2016. There were no payments made in fiscal 2018 and 2017. The Company is a party to licensing agreements with Isaco International, Inc. (“Isaco”), pursuant to which Isaco has been granted the exclusive license to use various Perry Ellis trademarks in the United States and Puerto Rico to market a line of men’s underwear, hosiery and loungewear. The principal shareholder of Isaco is the father-in-law direct-to-consumer The Company is a party to an agreement with Sprezzatura Insurance Group LLC. Joseph Hanono, the nephew of the Company’s Chief Executive Officer, is a member of Sprezzatura Insurance Group. The Company paid under this agreement, to this third party, $0.8 million, $0.8 million and $0.9 million in premiums for property and casualty insurance for the years ended February 3, 2018, January 28, 2017, and January 30, 2016, respectively. |
Equity
Equity | 12 Months Ended |
Feb. 03, 2018 | |
Equity | 22. Equity The Board of Directors has authorized the Company to purchase, from time to time and as market and business conditions warrant, up to $70 million of the Company’s common stock for cash in the open market or in privately negotiated transactions through October 31, 2018. Although The Board of Directors allocated a maximum of $70 million to carry out the program, the Company is not obligated to purchase any specific number of outstanding shares and reevaluates the program on an ongoing basis. Total purchases under the plan to date amount to approximately $61.7 million. Purchases of treasury shares are subject to certain covenants under the senior credit facility and the indenture governing the senior subordinated notes. See footnotes 10 and 11 to the consolidated financial statements for further information. During fiscal 2018, 2017 and 2016, the Company repurchased shares of its common stock at a cost of $0.9 million, $2.2 million and $7.0 million, respectively. There were no treasury shares outstanding as of February 3, 2018 and January 28, 2017. During fiscal 2018, the Company retired shares of treasury stock recorded at a cost of approximately $0.9 million. Accordingly, the Company reduced additional paid-in-capital During fiscal 2017, the Company retired shares of treasury stock recorded at a cost of approximately $2.2 million. Accordingly, the Company reduced common stock and additional paid-in-capital During fiscal 2016, the Company retired shares of treasury stock recorded at a cost of approximately $22.7 million. Accordingly, the Company reduced common stock and additional paid-in-capital |
Stock Options, SARS and Restric
Stock Options, SARS and Restricted Shares | 12 Months Ended |
Feb. 03, 2018 | |
Stock Options, SARS and Restricted Shares | 23. Stock Options, SARS and Restricted Shares In 2005, the Company adopted the 2005 Long-Term Incentive Compensation Plan (the “2005 Plan”). The 2005 Plan allowed the Company to grant options and other awards to purchase or receive up to an aggregate of 2,250,000 shares of the Company’s common stock, reduced by any awards outstanding under the 2002 Plan. On March 13, 2008, the Board of Directors unanimously adopted an amendment and restatement of the 2005 Plan that increased the number of shares available for grants to an aggregate of 4,750,000 shares of common stock. On March 17, 2011, the Board of Directors unanimously adopted the second amendment and restatement of the 2005 Plan, which increased the number of shares available for grants by an additional 500,000 shares to an aggregate of 5,250,000 shares of common stock. On May 20, 2015, the Board of Directors unanimously adopted, subject to shareholder approval at the annual meeting, the Perry Ellis International, Inc. 2015 Long Term Incentive Compensation Plan, which is an amendment and restatement of the 2005 Plan (the “2015 Plan, and collectively with the 2002 Plan and the prior 2005 Plan, as amended, the “Stock Plans”). The amendment was approved by the shareholders at the Company’s 2015 annual meeting. The 2015 Plan extends the term of the 2005 Plan until July 17, 2025 as well as increases the number of shares of common stock reserved for issuance by an additional 1,000,000 shares to an aggregate of 6,250,000 shares. On March 16, 2017, the Board of Directors unanimously adopted an amendment and restatement of the 2015 Plan (as amended and restated, the “Amended Plan”). The Amended Plan increases the number of shares available for grants by an additional 1,400,000 shares to an aggregate of 7,650,000 shares of common stock and makes other clarifications and technical revisions designed primarily to improve administration and ensure compliance with recent changes in the law including Internal Revenue Code Section 409A. Other than the amendments noted above, the Amended Plan generally contains the same features, terms and conditions as the 2015 Plan. The Amended Plan was approved by the shareholders at the Company’s 2017 annual meeting. The following table lists information regarding shares under the 2015 Plan as of February 3, 2018: Shares Underlying Outstanding Grants Unvested Restricted Shares Shares Available for Grant 2015 Stock Option Plan 212,208 568,860 1,664,466 During fiscal 2016, the Company granted an aggregate of 8,130 SARs, to be settled in shares of common stock to two new directors. The SARs have an exercise price of $23.38, generally vest over a three-year period and have a seven-year term, at an estimated value, based on the Black-Scholes A summary of the stock option and SARS activity for grants issued under the 2002 Plan and 2015 Plan is as follows: Option and SARS Price Per Share Number of Shares Low High Weighted Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding January 31, 2015 1,030,630 $ 17.27 3.49 $ 7,905 Vested or expected to vest 1,030,630 $ 17.27 3.49 $ 7,905 Options and SARS Exercisable 912,273 $ 17.13 2.98 $ 7,238 Granted 8,130 $ 23.38 $ 23.38 $ 23.38 Exercised (487,834 ) $ 4.63 $ 22.46 $ 10.60 Cancelled (8,907 ) $ 18.19 $ 30.00 $ 23.74 Outstanding January 30, 2016 542,019 $ 23.25 2.06 $ 752 Vested or expected to vest 542,019 $ 23.25 2.06 $ 752 Options and SARS Exercisable 516,651 $ 23.41 1.84 $ 729 Granted — $ — $ — $ — Exercised (121,165 ) $ 4.63 $ 24.93 $ 21.04 Cancelled (47,016 ) $ 20.12 $ 28.38 $ 25.38 Outstanding January 28, 2017 373,838 $ 23.70 1.29 $ 915 Vested or expected to vest 373,838 $ 23.70 1.29 $ 915 Options and SARS Exercisable 360,466 $ 23.82 1.13 $ 874 Granted — $ — $ — $ — Exercised (35,047 ) $ 4.53 $ 18.57 $ 15.67 Cancelled (126,583 ) $ 24.93 $ 31.00 $ 25.74 Outstanding February 3, 2018 212,208 $ 23.81 0.86 $ 649 Vested or expected to vest 212,208 $ 23.81 0.86 $ 649 Options and SARS Exercisable 209,498 $ 23.82 0.82 $ 648 The aggregate intrinsic value for stock options and SARS in the preceding table represents the total pre-tax pre-tax Additional information regarding options and SARS outstanding and exercisable as of February 3, 2018 is as follows: Options and SARS Outstanding Options and SARS Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $4.00 - 25,689 1.14 $ 4.69 25,689 $ 4.69 $15.00 - $21.00 30,802 2.50 $ 18.43 30,802 $ 18.43 $23.00 - $26.00 11,946 4.26 $ 23.66 9,236 $ 23.74 $27.00 - $31.00 143,771 0.18 $ 28.39 143,771 $ 28.39 212,208 209,498 Restricted Stock During fiscal 2018, the Company granted an aggregate of 111,025 shares of restricted stock to certain key employees, which vest primarily over a three-year period, at an estimated value of $2.4 million. This value is being recorded as compensation expense on a straight-line basis over the vesting period of the restricted stock. Also, during fiscal 2018, the Company awarded to five directors an aggregate of 28,995 shares of restricted stock. The restricted stock awarded vests over a one-year During fiscal 2018, the Company granted performance-based restricted stock to certain key employees. Such stock vests 100% in April 2020, provided that each employee is still an employee of the Company on such date, and that the Company has met certain performance criteria. A total of 154,401 shares of performance-based restricted stock were issued at an estimated value of $3.3 million. During fiscal 2018, the Company granted an aggregate of 10,953 shares of restricted stock units to a key employee that vest primarily over a three-year period, at an estimated value of $0.2 million. This value is being recorded as compensation expense on a straight-line basis over the vesting period of the restricted stock. During fiscal 2018, of the 222,785 restricted shares that vested, a total of 135,371 shares had 46,191 shares were withheld to cover the employees’ minimum statutory income tax requirements. The estimated value of the withheld shares was $1.0 million. During fiscal 2017, the Company granted an aggregate of 115,588 shares of restricted stock to certain key employees, which vest primarily over a three-year period, at an estimated value of $2.2 million. This value is being recorded as compensation expense on a straight-line basis over the vesting period of the restricted stock. Also, during fiscal 2017, the Company awarded to six directors an aggregate of 31,902 shares of restricted stock. The restricted stock awarded vests over a one-year During fiscal 2017, the Company granted performance-based restricted stock to certain key employees. Such stock vests 100% in April 2019, provided that each employee is still an employee of the Company on such date, and that the Company has met certain performance criteria. A total of 184,004 shares of performance-based restricted stock were issued at an estimated value of $3.5 million. During fiscal 2017, of the 337,685 restricted shares that vested, a total of 171,871 shares had 49,387 shares were withheld to cover the employees’ minimum statutory income tax requirements. The estimated value of the withheld shares was $1.0 million. During fiscal 2016, the Company granted an aggregate of 219,566 shares of restricted stock to certain key employees, which vest primarily over a three-year period, at an estimated value of $5.4 million. This value is being recorded as compensation expense on a straight-line basis over the vesting period of the restricted stock. Also, during fiscal 2016, the Company awarded to five directors an aggregate of 12,840 shares of restricted stock. The restricted stock awarded vests primarily over a three-year period, at an estimated value of $0.3 million. This value is being recorded as compensation expense on a straight-line basis over the vesting period of the restricted stock. During fiscal 2016, of the 242,968 restricted shares that vested, a total of 91,083 shares had 27,325 shares were withheld to cover the employees’ minimum statutory income tax requirements. The estimated value of the withheld shares was $0.7 million. The values of the restricted stock expected to vest are being recorded as compensation expense on a straight-line basis over the vesting period of the restricted shares. The fair value of restricted stock grants is estimated on the date of grant and is generally equal to the closing stock price of the Company’s common stock on the date of grant. The following table summarizes the restricted stock-based award activity: Restricted Weighted Average Grant Price Weighted Average Remaining Vesting Period Unvested as of January 31, 2015 717,311 $ 17.18 1.84 Granted 232,406 Vested (242,968 ) Forfeited (94,731 ) Unvested as of January 30, 2016 612,018 $ 19.79 1.55 Granted 331,494 Vested (337,685 ) Forfeited (72,481 ) Unvested as of January 28, 2017 533,346 $ 20.14 1.67 Granted 305,374 Vested (222,785 ) Forfeited (47,075 ) Unvested as of February 3, 2018 568,860 $ 20.61 1.54 As of February 3, 2018, the total unrecognized compensation cost related to unvested stock options and SARS outstanding under the Stock Plans is approximately $0.02 million. That cost is expected to be recognized over a weighted-average period of 2 years. As of February 3, 2018, the total unrecognized compensation cost related to unvested restricted stock was approximately $6.8 million, which is expected to be recognized over a weighted-average period of 3 years. |
Segment Information
Segment Information | 12 Months Ended |
Feb. 03, 2018 | |
Segment Information | 24. Segment Information The Company has four reportable segments: Men’s Sportswear and Swim, Women’s Sportswear, Direct-to-Consumer States. The Direct-to-Consumer e-commerce The Company allocates certain corporate selling, general and administrative expenses based primarily on the revenues generated by the segments. February 3, January 28, January 30, (in thousands) Revenues: Men’s Sportswear and Swim $ 648,765 $ 625,115 $ 640,600 Women’s Sportswear 102,382 107,784 127,692 Direct-to-Consumer 89,133 92,187 96,514 Licensing 34,573 36,000 34,709 Total revenues $ 874,853 $ 861,086 $ 899,515 Depreciation and amortization Men’s Sportswear and Swim $ 7,408 $ 7,633 $ 7,375 Women’s Sportswear 3,580 3,066 2,250 Direct-to-Consumer 3,047 3,608 3,884 Licensing 237 235 184 Total depreciation and amortization $ 14,272 $ 14,542 $ 13,693 Operating income: Men’s Sportswear and Swim (1) $ 35,228 $ 14,708 $ 20,068 Women’s Sportswear (2) (9,973 ) (6,904 ) (9,248 ) Direct-to-Consumer (10,630 ) (13,913 ) (11,805 ) Licensing (3) 26,240 28,605 7,649 Total operating income 40,865 22,496 6,664 Costs on early extinguishment of debt — 195 5,121 Total interest expense 7,148 7,395 9,267 Total net income (loss) before income taxes $ 33,717 $ 14,906 $ (7,724 ) Identifiable assets Men’s Sportswear and Swim $ 317,165 $ 276,232 Women’s Sportswear 33,825 39,934 Direct-to-Consumer 15,917 16,358 Licensing 241,668 232,118 Corporate 25,587 28,063 Total identifiable assets $ 634,162 $ 592,705 (1) Operating income for the Men’s Sportswear and Swim segment for the years ended January 28, 2017 and January 30, 2016 includes a settlement charge related to the pension plan in the amount of $9.9 million and $4.4 million, respectively. See footnote 15 to the consolidated financial statements for further information. Operating income for the Men’s Sportswear and Swim segment for the year ended January 30, 2016 includes a gain on the sale of long lived assets in the amount of $4.5 million. See footnote 7 to the consolidated financial statements for further information. (2) Operating loss for the women’s sportswear segment for the year ended January 30, 2016 includes an impairment on long lived assets in the amount of $6.0 million. See footnote 8 to the consolidated financial statements for further information. (3) Operating income for the licensing segment for the year ended January 30, 2016 includes an impairment on long lived assets in the amount of $18.2 million and a loss on sale of long-lived assets in the amount of $0.7 million. See footnote 8 to the consolidated financial statements for further information. Revenues from external customers and long-lived assets excluding deferred taxes related to continuing operations in the United States and foreign countries are as follows: February 3, January 28, January 30, (in thousands) Revenues United States $ 753,900 $ 752,378 $ 785,493 International 120,953 108,708 114,022 Total revenues $ 874,853 $ 861,086 $ 899,515 Long-lived assets at years ended: February 3, January 28, (in thousands) United States $ 207,497 $ 214,370 International 34,883 34,516 Total long-lived assets $ 242,380 $ 248,886 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 03, 2018 | |
Commitments and Contingencies | 25. Commitments and Contingencies The Company has licensing agreements, as licensee, for the use of certain branded and designer labels. The license agreements expire on varying dates through December 2024. Total royalty payments under these license agreements amounted to approximately $16.5 million, $14.4 million and $13.2 million for the years ended February 3, 2018, January 28, 2017, and January 30, 2016, respectively, and were classified as cost of sales. Under certain licensing agreements, the Company is required to pay certain guaranteed minimum payments. Future minimum payments under these contracts amount to $47.2 million. The Company leases approximately 16,000 square feet for administrative offices, from its Founder. During fiscal 2015, the Company amended the lease to extend the term for 60 months, beginning July 1, 2014 and expiring June 30, 2019. Beginning July 1, 2014, the basic monthly rent was $14,666, which increases 3% on the first of each of the remaining 12-month The Company leases several locations for offices, showrooms and retail stores primarily throughout the United States. Lease terms generally range from approximately 3 to 15 years, including anticipated renewal options. The leases generally provide for minimum annual rental payments and are subject to escalations based upon increases in the consumer price index, contractual base rent increases, real estate taxes and other costs. In addition, certain leases contain contingent rental provisions based upon the sales of the underlying retail stores. Certain leases also provide for rent deferral during the initial term of such lease, landlord contributions, and/or scheduled minimum rent increases during the terms of the leases. These leases are classified as either capital leases or operating leases as appropriate. For financial reporting purposes, rent expense associated with operating leases is recorded on a straight-line basis over the life of the lease. These leases expire through 2028. Minimum aggregate annual commitments for the Company’s non-cancelable, Year Ending Amount (in thousands) 2019 $ 19,427 2020 18,349 2021 17,645 2022 15,647 2023 14,897 Thereafter 46,751 Total $ 132,716 Rent expense for these operating leases, including the related party rent payments discussed in footnote 21 to the consolidated financial statements amounted to $25.8 million, $26.4 million, and $27.2 million for the years ended February 3, 2018, January 28, 2017, and January 30, 2016 respectively. Capital lease obligations primarily relate to equipment as indicated in footnote 7 to the consolidated financial statements. The current portion of the capital lease obligation in the amount of $0.1 million is included in accrued expenses and other liabilities. Minimum aggregate annual commitments for the Company’s capital lease obligations are as follows: Year Ending Amount (in thousands) 2019 $ 75 On April 20, 2016, the Company entered into an employment agreement with Oscar Feldenkreis, the Company’s Chief Executive Officer. The term of the employment agreement ends on February 2, 2019. Pursuant to the employment agreement, he will be paid a base salary of not less than $1,350,000 per year during the term of his employment with the Company. Additionally, he is entitled to participate in the Company’s incentive compensation plans. On September 9, 2013, the Company entered into an employment agreement with Stanley Silverstein, the President of International Development and Global Licensing. The term of the agreement ends on September 9, 2018. Pursuant to the employment agreement, Mr. Silverstein receives an annual salary of $500,000, subject to annual reviews for increases at the sole discretion of the Company’s Chief Executive Officer. Additionally, Mr. Silverstein is eligible to participate in the Company’s incentive compensation plans. The Company was a defendant in Joseph T. Cook v. Perry Ellis International, Inc. and Oscar Feldenkreis, Case No. 1:2015-cv-08290 |
Summarized Quarterly Financial
Summarized Quarterly Financial Data (Unaudited) | 12 Months Ended |
Feb. 03, 2018 | |
Summarized Quarterly Financial Data (Unaudited) | 26. Summarized Quarterly Financial Data (Unaudited) First Second Third Fourth Total Year (Dollars in thousands, except per share data) FISCAL YEAR ENDED FEBRUARY 3, 2018 Net Sales $ 233,823 $ 198,394 $ 190,389 $ 217,674 $ 840,280 Royalty Income 8,267 8,215 8,449 9,642 34,573 Total Revenues 242,090 206,609 198,838 227,316 874,853 Gross Profit 91,088 76,480 74,078 88,528 330,174 Net income 12,771 979 3,215 39,685 56,650 Net income per share: Basic $ 0.85 $ 0.06 $ 0.21 $ 2.62 $ 3.76 Diluted $ 0.83 $ 0.06 $ 0.21 $ 2.56 $ 3.68 FISCAL YEAR ENDED JANUARY 28, 2017 Net Sales $ 250,875 $ 193,341 $ 185,298 $ 195,572 $ 825,086 Royalty Income 10,419 8,312 8,661 8,608 36,000 Total Revenues 261,294 201,653 193,959 204,180 861,086 Gross Profit 95,084 73,831 71,103 78,490 318,508 Net income (loss) 14,250 (3,565 ) (5,165 ) 8,997 14,517 Net income (loss) per share: Basic $ 0.96 ($ 0.24 ) ($ 0.34 ) $ 0.60 $ 0.97 Diluted $ 0.95 ($ 0.24 ) ($ 0.34 ) $ 0.59 $ 0.95 FISCAL YEAR ENDED JANUARY 30, 2016 Net Sales $ 258,257 $ 204,638 $ 196,447 $ 205,464 $ 864,806 Royalty Income 8,157 8,661 8,992 8,899 34,709 Total Revenues 266,414 213,299 205,439 214,363 899,515 Gross Profit 90,100 75,942 73,295 79,730 319,067 Net income (loss) 9,411 (1,281 ) 2,273 (17,695 ) (7,292 ) Net income (loss) per share: Basic $ 0.64 ($ 0.09 ) $ 0.15 ($ 1.18 ) ($ 0.49 ) Diluted $ 0.62 ($ 0.09 ) $ 0.15 ($ 1.18 ) ($ 0.49 ) See footnotes 2 and 8 to the consolidated financial statements for further information regarding the impairments on long-lived assets and/or trademarks that occurred during the fourth quarter ended January 28, 2017 and January 30, 2016. |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Feb. 03, 2018 | |
Condensed Consolidating Financial Statements | 27. Condensed Consolidating Financial Statements The Company and several of its subsidiaries (the “Guarantors”) have fully and unconditionally guaranteed the senior subordinated notes payable on a joint and several basis. These guarantees are subject to release in limited circumstances (only upon the occurrence of certain customary conditions). The following are condensed consolidating financial statements, which present, in separate columns: Perry Ellis International, Inc., (Parent Only), the Guarantors on a combined, or where appropriate, consolidated basis, and the Non-Guarantors The Company adopted the provisions of ASU 2016-09 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) AS OF FEBRUARY 3, 2018 (amounts in thousands) Parent Only Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 830 $ 34,392 $ — $ 35,222 Investment, at fair value — — 14,086 — 14,086 Accounts receivable, net — 125,534 31,329 — 156,863 Intercompany receivable, net 97,692 — — (97,692 ) — Inventories — 145,797 29,662 — 175,459 Prepaid expenses and other current assets — 7,116 1,035 — 8,151 Total current assets 97,692 279,277 110,504 (97,692 ) 389,781 Property and equipment, net — 53,614 2,550 — 56,164 Other intangible assets, net — 153,884 32,332 — 186,216 Deferred income taxes — — 411 — 411 Investment in subsidiaries 335,883 — — (335,883 ) — Other assets — 1,391 199 — 1,590 TOTAL $ 433,575 $ 488,166 $ 145,996 $ (433,575 ) $ 634,162 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ — $ 85,659 $ 13,189 $ — $ 98,848 Accrued expenses and other liabilities — 27,621 8,147 — 35,768 Accrued interest payable 1,334 1,334 Income taxes payable 716 624 126 — 1,466 Unearned revenues — 2,372 535 — 2,907 Intercompany payable, net — 83,376 18,886 (102,262 ) — Total current liabilities 2,050 199,652 40,883 (102,262 ) 140,323 Senior subordinated notes payable, net 49,818 — — — 49,818 Senior credit facility — 11,154 — — 11,154 Real estate mortgages — 32,721 — — 32,721 Income taxes payable 4,157 — — — 4,157 Unearned revenues and other long-term liabilities — 13,277 247 — 13,524 Deferred income taxes — 4,915 — — 4,915 Total long-term liabilities 53,975 62,067 247 — 116,289 Total liabilities 56,025 261,719 41,130 (102,262 ) 256,612 Total equity 377,550 226,447 104,866 (331,313 ) 377,550 TOTAL $ 433,575 $ 488,166 $ 145,996 $ (433,575 ) $ 634,162 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) AS OF JANUARY 28, 2017 (amounts in thousands) Parent Only Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 2,578 $ 28,117 $ — $ 30,695 Investment, at fair value — — 10,921 — 10,921 Accounts receivable, net — 116,874 23,366 — 140,240 Intercompany receivable, net 85,028 — — (85,028 ) — Inventories — 126,557 24,694 — 151,251 Prepaid income taxes 549 — 25 1,073 1,647 Prepaid expenses and other current assets — 5,584 878 — 6,462 Total current assets 85,577 251,593 88,001 (83,955 ) 341,216 Property and equipment, net — 59,651 2,184 — 61,835 Other intangible assets, net — 154,719 32,332 — 187,051 Deferred income taxes — — 334 — 334 Investment in subsidiaries 279,233 — — (279,233 ) — Other assets — 1,797 472 — 2,269 TOTAL $ 364,810 $ 467,760 $ 123,323 $ (363,188 ) $ 592,705 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ — $ 79,600 $ 13,243 $ — $ 92,843 Accrued expenses and other liabilities — 15,543 5,318 — 20,861 Accrued interest payable 1,450 — — — 1,450 Income taxes payable — 623 — (623 ) — Unearned revenues — 2,353 357 — 2,710 Deferred pension obligation — — — — — Intercompany payable, net — 77,398 15,614 (93,012 ) — Total current liabilities 1,450 175,517 34,532 (93,635 ) 117,864 Senior subordinated notes payable, net 49,673 — — — 49,673 Senior credit facility — 22,504 — — 22,504 Real estate mortgages — 33,591 — — 33,591 Unearned revenues and other long-term liabilities — 17,945 326 — 18,271 Deferred income taxes — 35,419 — 1,696 37,115 Total long-term liabilities 49,673 109,459 326 1,696 161,154 Total liabilities 51,123 284,976 34,858 (91,939 ) 279,018 Total equity 313,687 182,784 88,465 (271,249 ) 313,687 TOTAL $ 364,810 $ 467,760 $ 123,323 $ (363,188 ) $ 592,705 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED FEBRUARY 3, 2018 (amounts in thousands) Parent Only Guarantors Non- Eliminations Consolidated Revenues: Net sales $ — $ 732,418 $ 107,862 $ — $ 840,280 Royalty income — 21,482 13,091 — 34,573 Total revenues — 753,900 120,953 — 874,853 Cost of sales — 476,980 67,699 — 544,679 Gross profit — 276,920 53,254 — 330,174 Operating expenses: Selling, general and administrative expenses — 236,701 37,964 — 274,665 Depreciation and amortization — 13,152 1,120 — 14,272 Impairment on long-lived assets — 372 — — 372 Total operating expenses — 250,225 39,084 — 289,309 Operating income — 26,695 14,170 — 40,865 Costs on early extinguishment of debt — — — — — Interest expense (income) — 7,389 (241 ) — 7,148 Net income before income taxes — 19,306 14,411 — 33,717 Income tax (benefit) provision — (24,357 ) 1,424 — (22,933 ) Equity in earnings of subsidiaries, net 56,650 — — (56,650 ) — Net income 56,650 43,663 12,987 (56,650 ) 56,650 Other comprehensive income 2,948 — 2,948 (2,948 ) 2,948 Comprehensive income $ 59,598 $ 43,663 $ 15,935 $ (59,598 ) $ 59,598 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED JANUARY 28, 2017 (amounts in thousands) Parent Only Guarantors Non-Guarantors Eliminations Consolidated Revenues: Net sales $ — $ 729,721 $ 95,365 $ — $ 825,086 Royalty income — 22,656 13,344 — 36,000 Total revenues — 752,377 108,709 — 861,086 Cost of sales — 479,669 62,909 — 542,578 Gross profit — 272,708 45,800 — 318,508 Operating expenses: Selling, general and administrative expenses — 241,510 38,509 — 280,019 Depreciation and amortization — 13,231 1,311 — 14,542 Impairment on long-lived assets — 1,451 — — 1,451 Total operating expenses — 256,192 39,820 — 296,012 Operating income — 16,516 5,980 — 22,496 Costs on early extinguishment of debt — 195 — — 195 Interest expense (income) — 7,448 (53 ) — 7,395 Net income before income taxes — 8,873 6,033 — 14,906 Income tax (benefit) provision — (934 ) 1,323 — 389 Equity in earnings of subsidiaries, net 14,517 — — (14,517 ) — Net income 14,517 9,807 4,710 (14,517 ) 14,517 Other comprehensive income (loss) 4,413 7,368 (2,955 ) (4,413 ) 4,413 Comprehensive income $ 18,930 $ 17,175 $ 1,755 $ (18,930 ) $ 18,930 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME FOR THE YEAR ENDED JANUARY 30, 2016 (amounts in thousands) Parent Only Guarantors Non-Guarantors Eliminations Consolidated Revenues: Net sales $ — $ 765,102 $ 99,704 $ — $ 864,806 Royalty income — 20,843 13,866 — 34,709 Total revenues — 785,945 113,570 — 899,515 Cost of sales — 518,410 62,038 — 580,448 Gross profit — 267,535 51,532 — 319,067 Operating expenses: Selling, general and administrative expenses — 234,129 41,734 — 275,863 Depreciation and amortization — 12,500 1,193 — 13,693 Impairment on long-lived assets — 19,299 1,305 — 20,604 Impairment of goodwill — 6,022 — — 6,022 Total operating expenses — 271,950 44,232 — 316,182 Loss on sale of long-lived assets — (697 ) 4,476 — 3,779 Operating (loss) income — (5,112 ) 11,776 — 6,664 Costs of early extinguishment of debt — 5,121 — — 5,121 Interest expense — 9,205 62 — 9,267 Net (loss) income before income taxes — (19,438 ) 11,714 — (7,724 ) Income tax (benefit) provision — (2,652 ) 2,220 — (432 ) Equity in earnings of subsidiaries, net (7,292 ) — — 7,292 — Net (loss) income (7,292 ) (16,786 ) 9,494 7,292 (7,292 ) Other comprehensive (loss) income (1,656 ) 717 (2,373 ) 1,656 (1,656 ) Comprehensive (loss) income $ (8,948 ) $ (16,069 ) $ 7,121 $ 8,948 $ (8,948 ) PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED FEBRUARY 3, 2018 (amounts in thousands) Parent Only Guarantors Non-Guarantors Eliminations Consolidated NET CASH PROVIDED BY OPERATING ACTIVITIES: $ 5,451 $ 16,763 $ 7,958 $ — $ 30,172 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (6,674 ) (1,262 ) — (7,936 ) Purchase of investments — — (39,157 ) — (39,157 ) Proceeds from investment maturities — — 35,931 — 35,931 Proceeds from note receivable — — 250 — 250 Intercompany transactions (4,207 ) — — 4,207 — Net cash used in investing activities (4,207 ) (6,674 ) (4,238 ) 4,207 (10,912 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings from senior credit facility — 267,292 267,292 Payments on senior credit facility — (278,642 ) — — (278,642 ) Payments on real estate mortgages — (865 ) — — (865 ) Purchase of treasury shares (937 ) — — — (937 ) Payments for employee taxes on shares withheld — (988 ) — — (988 ) Payments on capital leases — (286 ) — — (286 ) Proceeds from exercise of stock options 24 — — — 24 Intercompany transactions — 1,652 2,886 (4,538 ) — Net cash (used) provided by financing activities (913 ) (11,837 ) 2,886 (4,538 ) (14,402 ) Effect of exchange rate changes on cash and cash equivalents (331 ) — (331 ) 331 (331 ) NET INCREASE (DECREASE) CASH AND CASH EQUIVALENTS — (1,748 ) 6,275 — 4,527 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD — 2,578 28,117 — 30,695 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 830 $ 34,392 $ — $ 35,222 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JANUARY 28, 2017 (amounts in thousands) Parent Only Guarantors Non-Guarantors Eliminations Consolidated NET CASH PROVIDED BY OPERATING ACTIVITIES: $ 3,207 $ 34,838 $ 8,059 $ (2,705 ) $ 43,399 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (12,105 ) (1,168 ) — (13,273 ) Purchase of investments — — (13,896 ) — (13,896 ) Proceeds from investment maturities — — 12,746 — 12,746 Proceeds from note receivable — — 250 — 250 Intercompany transactions (1,300 ) — — 1,300 — Net cash used in investing activities (1,300 ) (12,105 ) (2,068 ) 1,300 (14,173 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on senior subordinated notes — — — — — Borrowings from senior credit facility — 311,241 — — 311,241 Payments on senior credit facility — (350,495 ) — — (350,495 ) Payments on real estate mortgages — (11,768 ) — — (11,768 ) Proceeds from refinancing real estate mortgages — 24,139 — — 24,139 Payments for employee taxes on shares withheld — (1,105 ) — — (1,105 ) Payments on capital leases — (264 ) — — (264 ) Dividends paid to stockholder — — (2,706 ) 2,706 — Deferred financing fees — (274 ) — — (274 ) Purchase of treasury stock (2,151 ) — — — (2,151 ) Proceeds from exercise of stock options 73 — — — 73 Intercompany transactions — 7,596 (6,466 ) (1,130 ) — Net cash used in financing activities (2,078 ) (20,930 ) (9,172 ) 1,576 (30,604 ) Effect of exchange rate changes on cash and cash equivalents 171 — 171 (171 ) 171 NET (DECREASE) INCREASE CASH AND CASH EQUIVALENTS — 1,803 (3,010 ) — (1,207 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD — 775 31,127 — 31,902 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 2,578 $ 28,117 $ — $ 30,695 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JANUARY 30, 2016 (amounts in thousands) Parent Guarantors Non-Guarantors Eliminations Consolidated NET CASH PROVIDED BY OPERATING ACTIVITIES: $ 3,112 $ 23,813 $ 4,482 $ — $ 31,407 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (14,424 ) (1,726 ) — (16,150 ) Purchase of investments — — (12,086 ) — (12,086 ) Proceeds from investment maturities — — 22,197 — 22,197 Proceeds on sale of intangible assets — 2,500 — — 2,500 Proceeds on sale of building — — 8,163 — 8,163 Payment of expenses related to sale of building — — (1,887 ) — (1,887 ) Proceeds from note receivable — — 250 — 250 Intercompany transactions 101,786 — — (101,786 ) — Net cash provided by (used in) investing activities 101,786 (11,924 ) 14,911 (101,786 ) 2,987 CASH FLOWS FROM FINANCING ACTIVITIES: Payments on senior subordinated notes (100,000 ) — — — (100,000 ) Borrowings from senior credit facility — 408,209 — — 408,209 Payments on senior credit facility — (346,451 ) — — (346,451 ) Payments on real estate mortgages — (821 ) — — (821 ) Payments for employee taxes on shares withheld — (1,242 ) — — (1,242 ) Payments on capital leases — (262 ) — — (262 ) Deferred financing fees — (574 ) — — (574 ) Proceeds from exercise of stock options 1,408 — — — 1,408 Purchase of treasury stock (6,950 ) — — — (6,950 ) Intercompany transactions — (100,028 ) (2,402 ) 102,430 — Net cash used in financing activities (105,542 ) (41,169 ) (2,402 ) 102,430 (46,683 ) Effect of exchange rate changes on cash and cash equivalents 644 — 644 (644 ) 644 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS — (29,280 ) 17,635 — (11,645 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD — 30,055 13,492 — 43,547 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 775 $ 31,127 $ — $ 31,902 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Feb. 03, 2018 | |
Subsequent Events | 28. Subsequent Events On February 6, 2018, the Company received a non-binding |
Schedule II
Schedule II | 12 Months Ended |
Feb. 03, 2018 | |
Schedule II | Sche PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED (amounts in thousands) Balance at Charged to Adjustments Deductions Balance at Year Ended February 3, 2018: Allowance for doubtful accounts $ 1,158 3,698 — (3,272 ) $ 1,584 Allowance for deferred tax asset $ 48,052 (42,440 ) 459 — $ 6,071 Allowance for operational chargebacks, returns, and customer markdowns $ 17,343 60,901 — (64,810 ) $ 13,434 Year Ended January 28, 2017: Allowance for doubtful accounts $ 1,193 804 — (839 ) $ 1,158 Allowance for deferred tax asset $ 54,791 (1,070 ) (5,669 ) — $ 48,052 Allowance for operational chargebacks, returns, and customer markdowns $ 19,110 68,634 — (70,401 ) $ 17,343 Year Ended January 30, 2016: Allowance for doubtful accounts $ 1,181 528 — (516 ) $ 1,193 Allowance for deferred tax asset $ 50,013 3,223 1,555 — $ 54,791 Allowance for operational chargebacks, returns, and customer markdowns $ 19,598 69,610 — (70,098 ) $ 19,110 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 03, 2018 | |
Principles of Consolidation | PRINCIPLES OF CONSOLIDATION - wholly-owned |
Use of Estimates | USE OF ESTIMATES - |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS - Cash and cash equivalents include cash, deposits and liquid short-term investments that have an original maturity of three months or less when purchased. |
Investments | INVESTMENTS - The Company’s investments include marketable securities and certificates of deposit for the fiscal year ended February 3, 2018 and the fiscal year ended January 28, 2017. All investments are classified as available-for-sale. available-for-sale |
Inventories | INVENTORIES - |
Property and Equipment | PROPERTY AND EQUIPMENT - straight-line straight-line Asset Class Average Useful Lives in Years Furniture, fixtures and equipment 3-10 Vehicles 5-7 Leasehold improvements 4-15 Buildings and building improvements 10-39 |
Intangible Assets | INTANGIBLE ASSETS - |
Fair Value Measurements | FAIR VALUE MEASUREMENTS - A description of the Company’s policies regarding fair value measurement is summarized below. The Company has chosen not to elect the fair value measurement option for any instruments not required to be measured at fair value on a recurring basis. Fair Value Hierarchy - • Level 1 – Quoted prices for identical • Level 2 – Quoted prices for similar • Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Determination of Fair Value If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest rates, currency rates, etc. Assets or liabilities valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. |
Derivatives | DERIVATIVES - Derivative financial instruments such as interest rate swap contracts and foreign exchange contracts are recognized in the financial statements and measured at fair value regardless of the purpose or intent for holding them. Changes in the fair value of derivative financial instruments are either recognized in income or stockholders’ equity (as a component of comprehensive income), depending on whether or not the derivative is designated as a hedge of changes in fair value or cash flows. When designated as a hedge of changes in fair value, the effective portion of the hedge is recognized as an offset in income with a corresponding adjustment to the hedged item. When designated as a hedge of changes in cash flows, the effective portion of the hedge is recognized as an offset in comprehensive income with a corresponding adjustment to the hedged item and recognized in income in the same period as the hedged item is settled. |
Leases | LEASES - Leases are evaluated and classified as either operating or capital leases for financial reporting purposes. Capital leases, which transfer substantially all of the risks and benefits incidental to ownership of the leased item, are capitalized at the inception of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income as a component of interest expense. Capitalized leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term. Operating lease payments, other than contingent rentals, are recognized as an expense in the income statement on a straight-line basis over the lease term, whereby an equal amount of rent expense is attributed to each period during the term of the lease, regardless of when actual payments are made. This generally results in rent expense in excess of cash payments during the early years of a lease and rent expense less than cash payments in the later years. The difference between rent expense recognized and actual rental payments is recorded as deferred rent and included in liabilities. Percentage rent expense is generally based on sales levels and is accrued when determined that it is probable that such sales levels will be achieved. |
Deferred Debt Issue Costs | DEFERRED DEBT ISSUE COSTS - |
Long-Lived Assets | LONG-LIVED ASSETS - The Company recorded a $0.4 million, $1.4 million, and $2.4 million impairment charge, in fiscal 2018, fiscal 2017 and fiscal 2016, respectively to reduce the net carrying value of certain long-lived assets (primarily real property and leaseholds) to their estimated fair value, considered a Level 3 fair value measure. Impairment charges are included in impairment on assets in the accompanying consolidated statements of operations and were related to the Direct-to |
Retirement-Related Benefits | RETIREMENT-RELATED BENEFITS - The Company accounts for its defined benefit pension plan using actuarial models. These models use an attribution approach that generally spreads the individual events over the service lives of the employees in the plan. The principle underlying the required attribution approach is that employees render service over their service lives on a relatively consistent basis and therefore, the income statement effects of pensions or non-pension The principal components of the net periodic pension calculations are the expected long-term rate of return on plan assets, the discount rate and the rate of compensation increases. The Company uses long-term historical actual return information, the mix of investments that comprise plan assets, and future estimates of long-term investment returns by reference to external sources to develop its expected return on plan assets. The discount rate assumptions used for pension and non-pension |
Advertising and Related Costs | ADVERTISING AND RELATED COSTS - |
Cost of Sales | COST OF SALES |
Selling, General and Administrative Expenses | SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
Treasury Stock | TREASURY STOCK - Treasury stock is recorded at acquisition cost. Gains and losses on disposition are recorded as increases or decreases to additional paid-in paid-in |
Revenue Recognition | REVENUE RECOGNITION - Royalty income is recognized when earned on the basis of the terms specified in the underlying contractual agreements. A liability for unearned royalty income is recognized when licensees pay contractual obligations before being earned or when up-front |
Advertising Reimbursements | ADVERTISING REIMBURSEMENTS - The majority of the Company’s license agreements require licensees to reimburse the Company for advertising placed on behalf of the licensees based on a percentage of the licensees’ net sales. The Company records earned advertising reimbursements received from its licensees as a reduction of the related advertising costs in selling, general and administrative expenses. For fiscal years 2018, 2017 and 2016, the Company has reduced selling, general and administrative expenses by $6.0 million, $7.0 million and $6.6 million of licensee reimbursements, respectively. Unearned advertising reimbursements result when a licensee pays required reimbursements prior to the Company incurring the advertising expense. A liability is recorded for these unearned advertising reimbursements. |
Foreign Currency Translation | FOREIGN CURRENCY TRANSLATION - For the Company’s international operations, local currencies are generally considered their functional currencies. The Company translates assets and liabilities to their U.S. dollar equivalents at rates in effect at the balance sheet date and revenue and expenses are translated at average monthly exchange rates. Translation adjustments resulting from this process are recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss). Transactions in foreign currencies during the year are re-measured re-measurement |
Income Taxes | INCOME TAXES - Deferred income taxes result primarily from timing differences in the recognition of expenses for tax for financial reporting purposes, which requires the liability method of computing deferred income taxes. Under the liability method, deferred taxes are adjusted for tax rate changes as they occur. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In the event that a net deferred tax asset is not realizable, a valuation allowance would be recorded. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of its net recorded amount, an adjustment to the valuation allowance would be recorded, which would reduce the provision for income taxes in the period of such determination. In regards to the accounting for uncertainty in income taxes recognized in the financial statements, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on its technical merits. |
Net Income (Loss) Per Share | NET INCOME (LOSS) PER SHARE - The following table sets forth the computation of basic and diluted loss per share: 2018 2017 2016 (in thousands, except per share data) Numerator: Net income (loss) $ 56,650 $ 14,517 $ (7,292 ) Denominator: Basic - weighted average shares 15,083 14,936 14,968 Dilutive effect: equity awards 300 279 — Diluted - weighted average shares 15,383 15,215 14,968 Basic income (loss) per share $ 3.76 $ 0.97 $ (0.49 ) Diluted income (loss) income per share $ 3.68 $ 0.95 $ (0.49 ) Antidilutive effect: (1) 276 471 1,154 (1) Represents weighted average of stock options to purchase shares of common stock, SARS and unvested restricted stock that were not included in computing diluted income per share because their effects were antidilutive for the respective periods. |
Stock-Based Compensation | STOCK-BASED stock-based For fiscal 2018, 2017, and 2016, approximately $6.2 million, $6.5 million and $5.2 million in compensation expense, respectively, has been recognized in selling, general and administrative expenses in the consolidated statements of operations related to stock options, SARS and restricted stock. During fiscal 2018, 2017, and 2016, the Company received cash of $0.02 million, $0.07 million and $1.4 million, respectively, from the exercise of stock options and SARS. There was no tax benefit from such exercises during fiscal 2018, 2017 and 2016. The fair value of restricted stock awards is based on the quoted market price on the date of grant. The fair value of the options is estimated at the date of grant using the Black-Scholes The following weighted average assumptions for fiscal 2016 were derived from the Black-Scholes model and used to determine the fair value of stock options: 2016 Risk free interest rate 1.5 % Dividend yield 0.0 % Volatility factors 61.4 % Weighted-average life (years) 5.0 |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS - In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606) The Company has established an implementation team to assist with its assessment of the impact that the new standard will have on its operations, consolidated financial statements and related disclosures. This includes a review of current accounting policies and practices to identify potential differences that would result from applying ASC 606. The Company has identified its major revenue streams (sales of products and licenses of symbolic intellectual property) and performed an analysis of its contracts with customers to evaluate the impact ASC 606 will have on the Company’s accounting for royalty and advertising revenue. Based on the evaluation of not completed contracts as of the date of adoption, the cumulative effect adjustment is not expected to be material. The Company currently expects the revenue recognition approaches under ASC 606 for customer contracts that provide for the license of symbolic intellectual property will not differ materially from its historical revenue recognition pattern. The Company has identified certain changes in income statement classification under ASC 606. Under the current recognition model, the Company records advertising reimbursements received from licensees as a net reduction to selling, general and administrative expenses. Under ASC 606, the Company will record this consideration as a component of the transaction price in its contracts with customers and therefore, would be recorded as revenue upon recognition. The total amounts received as consideration under its contracts with customers, as a reduction to selling, general and administrative expenses, in its consolidated financial statements for the year ended February 3, 2018 was approximately $6.0 million. The impact to the Company’s future results from operations other than reclassification of the revenue for reimbursement of advertising expenses are not expected to be material based on the analysis of revenue streams and contracts under ASC 606, which supports revenue recognition at a point in time. The majority of the Company’s revenue relates to product sales of which revenue is recognized when products are shipped to the customer or provided to the customer through its retail channel. In addition, impacts associated with variable consideration received for items such as loyalty rewards, gift cards, sales and markdown allowances are not expected to be material as the Company is currently accounting for this consideration consistent with the new standard. The Company also believes that its pattern of recognizing revenue over the license agreement contract period will not be materially different from the new revenue recognition guidance. The Company will recognize the cumulative effect of adopting ASC 606 as an adjustment to its opening balance of retained earnings. The impact from the cumulative effect adjustment is expected to be immaterial. Prior periods will not be retrospectively adjusted. In July 2015, the FASB issued ASU 2015-11, “ Inventory (Topic 330): Simplifying the Measurement of Inventory,” last-in, 2015-11 No. 2015-11 In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (subtopic 825-10): In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09 2016-09. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments available-for-sale available-for-sale In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force),” In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory,” 2016-16 2016-16 In May 2017, the FASB issued ASU No. 2017-09, In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception,” In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” On December 22, 2017, Staff Accounting Bulletin No. 118 (“SAB 118”) In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10): 2016-01. |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Property and Equipment Average Useful Lives | The useful lives are as follows: Asset Class Average Useful Lives in Years Furniture, fixtures and equipment 3-10 Vehicles 5-7 Leasehold improvements 4-15 Buildings and building improvements 10-39 |
Calculation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted loss per share: 2018 2017 2016 (in thousands, except per share data) Numerator: Net income (loss) $ 56,650 $ 14,517 $ (7,292 ) Denominator: Basic - weighted average shares 15,083 14,936 14,968 Dilutive effect: equity awards 300 279 — Diluted - weighted average shares 15,383 15,215 14,968 Basic income (loss) per share $ 3.76 $ 0.97 $ (0.49 ) Diluted income (loss) income per share $ 3.68 $ 0.95 $ (0.49 ) Antidilutive effect: (1) 276 471 1,154 (1) Represents weighted average of stock options to purchase shares of common stock, SARS and unvested restricted stock that were not included in computing diluted income per share because their effects were antidilutive for the respective periods. |
Weighted-Average Assumptions Derived from Black-Scholes Model Used to Determine Fair Value of Stock Options | The following weighted average assumptions for fiscal 2016 were derived from the Black-Scholes model and used to determine the fair value of stock options: 2016 Risk free interest rate 1.5 % Dividend yield 0.0 % Volatility factors 61.4 % Weighted-average life (years) 5.0 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Components of Accounts Receivable | Accounts receivable consisted of the following as of: February 3, January 28, 2018 2017 (in thousands) Trade accounts $ 163,872 $ 151,370 Royalties 7,107 6,659 Other receivables 902 712 Total 171,881 158,741 Less: Allowances (15,018 ) (18,501 ) Total $ 156,863 $ 140,240 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Summary of Inventories | Inventories consisted of the following as of: February 3, January 28, (in thousands) Finished goods $ 175,459 $ 151,251 |
Prepaid expenses and other cu42
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following as of: February 3, January 28, 2018 2017 (in thousands) Prepaid expenses $ 8,110 $ 6,365 Other current assets 41 97 Total $ 8,151 $ 6,462 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Investments | Investments consisted of the following as of February 3, 2018: Gross Gross Estimated Cost Unrealized Unrealized Fair (in thousands) Marketable securities $ 6,655 $ — $ (5 ) $ 6,650 Certificates of deposit 7,441 — (5 ) 7,436 Total investments $ 14,096 $ — $ (10 ) $ 14,086 Investments consisted of the following as of January 28, 2017: Gross Gross Estimated Cost Unrealized Unrealized Fair (in thousands) Marketable securities $ 3,258 $ — $ (8 ) $ 3,250 Certificates of deposit 7,675 — (4 ) 7,671 Total investments $ 10,933 $ — $ (12 ) $ 10,921 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Summary of Property and Equipment | Property and equipment consisted of the following as of: February 3, January 28, (in thousands) Furniture, fixtures and equipment $ 97,414 $ 91,639 Buildings and building improvements 22,341 21,359 Vehicles 537 523 Leasehold improvements 47,765 48,799 Land 9,430 9,430 Total 177,487 171,750 Less: accumulated depreciation and amortization (121,323 ) (109,915 ) Total $ 56,164 $ 61,835 |
Summary of Property and Equipment Includes Assets Held under Capital Leases | The above table of property and equipment includes assets held under capital leases as of: February 3, January 28, (in thousands) Furniture, fixtures and equipment $ 810 $ 810 Less: accumulated depreciation and amortization (722 ) (452 ) Total $ 88 $ 358 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Summary of Other Intangible Assets | Other intangible assets represent customer lists as of: February 3, January 28, (in thousands) Customer lists $ 8,450 $ 8,450 Less: accumulated amortization (6,380 ) (5,545 ) Total $ 2,070 $ 2,905 |
Schedule of Estimated Amortization Expense for Future Periods | Assuming no impairment, the table sets forth the estimated amortization expense for future periods based on recorded amounts as of February 3, 2018: (in thousands) 2019 $ 793 2020 734 2021 543 |
Accrued Expenses and Other Li46
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Components of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following as of: February 3, January 28, 2018 2017 (in thousands) Salaries and commissions $ 14,119 $ 2,684 Royalties 5,129 3,868 Unearned advertising reimbursement 1,363 1,242 Insurance and rent 2,291 3,001 State sales and other taxes 2,997 2,218 Professional fees 376 560 Current portion - real estate mortgages 896 862 Other 8,597 6,426 Total $ 35,768 $ 20,861 |
Letter of Credit Facilities (Ta
Letter of Credit Facilities (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Amounts under Letter of Credit Facilities | Amounts under letter of credit facilities consisted of the following as of: February 3, January 28, 2018 2017 (in thousands) Total letter of credit facilities $ 30,000 $ 30,000 Outstanding letters of credit (10,268 ) (10,788 ) Total credit available $ 19,732 $ 19,212 |
Real Estate Mortgages (Tables)
Real Estate Mortgages (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Contractual Maturities of Real Estate Mortgages | The contractual maturities of the real estate mortgages are as follows: Fiscal year ending: Amount (in thousands) 2019 $ 896 2020 930 2021 962 2022 1,003 2023 1,041 Thereafter 29,042 33,874 Less discount (257 ) Total $ 33,617 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Statement of Funded Status | The following is a statement of the funded status as of February 3, 2018 and January 28, 2017. For the fiscal year ended: February 3, January 28, (in thousands) Change in benefit obligation Benefit obligation at beginning of plan year $ — $ 30,971 Service cost — 250 Interest cost — 403 Actuarial loss — (834 ) Lump sums plus annuities paid — (30,790 ) Benefit obligation at end of plan year $ — $ — Change in plan assets Fair value of plan assets at beginning of plan year $ — $ 18,864 Actual return on plan assets — 173 Company contributions — 11,753 Lump sums plus annuities paid — (30,790 ) Fair value of plan assets at end of plan year $ — $ — Unfunded status at end of plan year $ — $ — |
Components of Net Benefit Cost | The following table provides the components of net benefit cost for the plans for the fiscal years ended: February 3, January 28, January 30, (in thousands) Service cost $ — $ 250 $ 250 Interest cost — 403 1,349 Expected return on plan assets — (262 ) (2,631 ) Settlement — 9,918 4,427 Amortization of unrecognized net loss — 464 538 Net periodic benefit cost $ — $ 10,773 $ 3,933 |
Benefit Obligation | |
Assumptions Used in Measurement of Benefit Obligation | The assumptions used in the measurement of the Company’s benefit obligation are shown in the following table for the plan years ended: February 3, January 28, Discount rate 0.00 % 3.19 % Rate of compensation increase N/A N/A |
Net Periodic Benefit Cost | |
Assumptions Used in Measurement of Benefit Obligation | The assumptions used in the measurement of the net periodic benefit cost are as follows: February 3, January 28, Discount rate 0.00 % 3.19 % Expected return on plan assets 0.00 % 4.25 % Rate of compensation increase N/A N/A |
Unearned Revenues and Other L50
Unearned Revenues and Other Long-Term Liabilities (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Other Long-Term Liabilities | Unearned revenues and other long-term liabilities consisted of the following as of: February 3, January 28, 2018 2017 (in thousands) Deferred rent long-term $ 10,634 $ 12,261 Long-term incentive compensation 2,741 5,763 Other 149 247 Total $ 13,524 $ 18,271 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Components of Income (Loss) Before Income Tax Provision (Benefit) | For financial reporting purposes, income (loss) before income tax provision (benefit) includes the following components: February 3, January 28, January 30, (in thousands) Domestic $ 19,306 $ 8,873 $ (19,447 ) Foreign 14,411 6,033 11,723 Total $ 33,717 $ 14,906 $ (7,724 ) |
Income Tax (Benefit) Provision | The income tax (benefit) provision consisted of the following components for each of the years ended: February 3, January 28, January 30, (in thousands) Current income taxes: Federal $ 7,125 $ (2,748 ) $ 5 State 719 (286 ) 205 Foreign 1,500 1,215 1,939 Total current income taxes 9,344 (1,819 ) 2,149 Deferred income taxes: Federal (28,706 ) 2,147 (2,246 ) State (3,869 ) (47 ) (617 ) Foreign 298 108 282 Total deferred income taxes (32,277 ) 2,208 (2,581 ) Total $ (22,933 ) $ 389 $ (432 ) |
Effective Income Tax Rate | The Company’s effective income tax rate was as follows for each of the years ended: February 3, January 28, January 30, 2018 2017 2016 Statutory federal income tax rate 33.7 % 35.0 % 35.0 % Increase (decrease) resulting from State income taxes, net of federal income tax benefit 3.1 % (1.1 %) 5.2 % Foreign tax rate differential (8.9 %) (9.7 %) 35.9 % Change in reserves 15.8 % 0.6 % (2.2 %) Change in valuation allowance (124.8 %) (8.0 %) (38.6 %) Non-deductible 4.8 % 9.5 % (32.2 %) Prior year tax provision adjustments 0.9 % 2.5 % 1.8 % Change in deferred rate (1.1 %) (0.6 %) 4.1 % Pension termination benefit 0.0 % (25.2 %) 0.0 % Impact of Tax Cuts and Job Act 6.1 % 0.0 % 0.0 % Other 2.4 % (0.4 %) (3.4 %) Total (68.0 %) 2.6 % 5.6 % |
Tax Effects of Temporary Differences | Deferred income taxes are provided for the temporary differences between financial reporting basis and the tax basis of the Company’s assets and liabilities. The tax effects of temporary differences were as follows, as of the years ended: February 3, January 28, 2018 2017 (in thousands) Deferred tax assets: Inventory $ 4,466 $ 5,104 Accounts receivable 938 1,306 Accrued expenses 6,585 8,208 Net operating losses 9,715 19,294 Stock compensation 1,072 2,882 Fixed assets 3,591 7,474 Intangible assets 1,940 3,122 Other 926 4,354 29,233 51,744 Deferred tax liabilities: Intangible assets (25,971 ) (38,869 ) Prepaid expenses (1,101 ) (1,604 ) Other (593 ) — (27,665 ) (40,473 ) Valuation allowance (6,072 ) (48,052 ) Net deferred tax liability $ (4,504 ) $ (36,781 ) |
Expiration of Remaining Federal Net Operating Losses | The following table reflects the expiration of the remaining federal net operating losses: Fiscal Year (in thousands) 2019 $ — 2020 - 2025 7,761 2026 - 2029 — Thereafter — $ 7,761 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning balance of the Company’s unrecognized tax benefits and the ending amount of the unrecognized tax benefits is as follows as of: February 3, January 28, January 30, 2018 2017 2016 (in thousands) Balance at beginning of period $ 1,182 $ 1,091 $ 1,018 Additions based on tax positions related to the current year 83 87 98 Additions for tax positions of prior years 5,429 33 123 Reductions for tax positions of prior years (180 ) (29 ) (2 ) Reductions due to lapses of statutes of limitations — — (49 ) Settlements (5,143 ) — (97 ) Balance at end of period $ 1,371 $ 1,182 $ 1,091 |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Changes in Accumulated Other Comprehensive Loss by Component Net of Tax | Changes in accumulated other comprehensive loss by component, net of tax, are as follows: Unrealized Loss on Foreign Currency Translation Adjustments, Net Unrealized Loss on Investments Unrealized Loss on Total (in thousands) Balance, January 28, 2017 $ — $ (9,902 ) $ (12 ) $ (181 ) $ (10,095 ) Other comprehensive loss before reclassifications — 3,414 2 (1,005 ) 2,411 Amounts reclassified from accumulated other comprehensive loss — — — 537 537 Balance, February 3, 2018 $ — $ (6,488 ) $ (10 ) $ (649 ) $ (7,147 ) Unrealized Loss on Pension Liability Foreign Currency Translation Adjustments, Net Unrealized Unrealized Loss on Forward Contract Total (in thousands) Balance, January 30, 2016 $ (7,368 ) $ (7,131 ) $ (9 ) $ — $ (14,508 ) Other comprehensive loss before reclassifications (313 ) (2,771 ) (3 ) (181 ) (3,268 ) Amounts reclassified from accumulated other comprehensive loss 7,681 — — — 7,681 Balance, January 28, 2017 $ — $ (9,902 ) $ (12 ) $ (181 ) $ (10,095 ) Unrealized on Pension Liability Foreign Currency Adjustments, Unrealized (Loss) Gain on Investments Total (in thousands) Balance, January 31, 2015 $ (8,085 ) $ (4,774 ) $ 7 $ (12,852 ) Other comprehensive loss (income) before reclassifications (4,248 ) (2,357 ) (16 ) (6,621 ) Amounts reclassified from accumulated other comprehensive loss 4,965 — — 4,965 Balance, January 30, 2016 $ (7,368 ) $ (7,131 ) $ (9 ) $ (14,508 ) |
Summary of Impact on Condensed Consolidated Statements of Operations Line Items | A summary of the impact on the consolidated statements of operations line items is as follows: Statement of Operations Location February 3, January 28, January 30, (in thousands) Forward contract gain reclassified from accumulated other comprehensive loss to income Costs of goods sold $ 537 $ — $ — Amortization of defined benefit pension items actuarial losses Selling, general and administrative expenses — 464 538 Defined benefit pension lump sum settlement Selling, general and administrative expenses — 10,977 4,427 Defined benefit pension tax benefit Income tax benefit — (3,760 ) — Total, net of tax $ 537 $ 7,681 $ 4,965 |
Derivative Financial Instrume53
Derivative Financial Instrument - Cash Flow Hedges (Tables) - Designated as Hedging Instrument | 12 Months Ended |
Feb. 03, 2018 | |
Fair Value and Classification of Hedging Instruments in Balance Sheet and Statement of Operations | The Company’s Hedging Instruments were classified within Level 2 of the fair value hierarchy. The following table summarizes the effects, fair value and balance sheet classification of the Company’s Hedging Instruments. Derivatives Designated As Hedging Instruments Balance sheet February 3, January 28, (in thousands) Foreign currency forward exchange contract (inventory purchases) Accounts Payable $ 649 $ 181 Total $ 649 $ 181 |
Summary of Effect and Classification of Hedging Instruments | The following table summarizes the effect and classification of the Company’s Hedging Instruments. Derivatives Designated As Hedging Instruments Statement of February 3, January 28, January 30, (in thousands) Foreign currency forward exchange contract (inventory purchases): Loss (gain) reclassified from accumulated other comprehensive loss to income Cost of goods sold $ 537 $ (135 ) $ — |
Stock Options, SARS and Restr54
Stock Options, SARS and Restricted Shares (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Information Regarding Shares Under Stock Option Plans | The following table lists information regarding shares under the 2015 Plan as of February 3, 2018: Shares Underlying Outstanding Grants Unvested Restricted Shares Shares Available for Grant 2015 Stock Option Plan 212,208 568,860 1,664,466 |
Summary of Stock Option and Stock Appreciation Rights Activity | A summary of the stock option and SARS activity for grants issued under the 2002 Plan and 2015 Plan is as follows: Option and SARS Price Per Share Number of Shares Low High Weighted Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding January 31, 2015 1,030,630 $ 17.27 3.49 $ 7,905 Vested or expected to vest 1,030,630 $ 17.27 3.49 $ 7,905 Options and SARS Exercisable 912,273 $ 17.13 2.98 $ 7,238 Granted 8,130 $ 23.38 $ 23.38 $ 23.38 Exercised (487,834 ) $ 4.63 $ 22.46 $ 10.60 Cancelled (8,907 ) $ 18.19 $ 30.00 $ 23.74 Outstanding January 30, 2016 542,019 $ 23.25 2.06 $ 752 Vested or expected to vest 542,019 $ 23.25 2.06 $ 752 Options and SARS Exercisable 516,651 $ 23.41 1.84 $ 729 Granted — $ — $ — $ — Exercised (121,165 ) $ 4.63 $ 24.93 $ 21.04 Cancelled (47,016 ) $ 20.12 $ 28.38 $ 25.38 Outstanding January 28, 2017 373,838 $ 23.70 1.29 $ 915 Vested or expected to vest 373,838 $ 23.70 1.29 $ 915 Options and SARS Exercisable 360,466 $ 23.82 1.13 $ 874 Granted — $ — $ — $ — Exercised (35,047 ) $ 4.53 $ 18.57 $ 15.67 Cancelled (126,583 ) $ 24.93 $ 31.00 $ 25.74 Outstanding February 3, 2018 212,208 $ 23.81 0.86 $ 649 Vested or expected to vest 212,208 $ 23.81 0.86 $ 649 Options and SARS Exercisable 209,498 $ 23.82 0.82 $ 648 |
Information Regarding Option and Stock Appreciation Rights Outstanding and Exercisable | Additional information regarding options and SARS outstanding and exercisable as of February 3, 2018 is as follows: Options and SARS Outstanding Options and SARS Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $4.00 - 25,689 1.14 $ 4.69 25,689 $ 4.69 $15.00 - $21.00 30,802 2.50 $ 18.43 30,802 $ 18.43 $23.00 - $26.00 11,946 4.26 $ 23.66 9,236 $ 23.74 $27.00 - $31.00 143,771 0.18 $ 28.39 143,771 $ 28.39 212,208 209,498 |
Summary of Restricted Stock Based Awards | The following table summarizes the restricted stock-based award activity: Restricted Weighted Average Grant Price Weighted Average Remaining Vesting Period Unvested as of January 31, 2015 717,311 $ 17.18 1.84 Granted 232,406 Vested (242,968 ) Forfeited (94,731 ) Unvested as of January 30, 2016 612,018 $ 19.79 1.55 Granted 331,494 Vested (337,685 ) Forfeited (72,481 ) Unvested as of January 28, 2017 533,346 $ 20.14 1.67 Granted 305,374 Vested (222,785 ) Forfeited (47,075 ) Unvested as of February 3, 2018 568,860 $ 20.61 1.54 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Segment Information | The Company allocates certain corporate selling, general and administrative expenses based primarily on the revenues generated by the segments. February 3, January 28, January 30, (in thousands) Revenues: Men’s Sportswear and Swim $ 648,765 $ 625,115 $ 640,600 Women’s Sportswear 102,382 107,784 127,692 Direct-to-Consumer 89,133 92,187 96,514 Licensing 34,573 36,000 34,709 Total revenues $ 874,853 $ 861,086 $ 899,515 Depreciation and amortization Men’s Sportswear and Swim $ 7,408 $ 7,633 $ 7,375 Women’s Sportswear 3,580 3,066 2,250 Direct-to-Consumer 3,047 3,608 3,884 Licensing 237 235 184 Total depreciation and amortization $ 14,272 $ 14,542 $ 13,693 Operating income: Men’s Sportswear and Swim (1) $ 35,228 $ 14,708 $ 20,068 Women’s Sportswear (2) (9,973 ) (6,904 ) (9,248 ) Direct-to-Consumer (10,630 ) (13,913 ) (11,805 ) Licensing (3) 26,240 28,605 7,649 Total operating income 40,865 22,496 6,664 Costs on early extinguishment of debt — 195 5,121 Total interest expense 7,148 7,395 9,267 Total net income (loss) before income taxes $ 33,717 $ 14,906 $ (7,724 ) Identifiable assets Men’s Sportswear and Swim $ 317,165 $ 276,232 Women’s Sportswear 33,825 39,934 Direct-to-Consumer 15,917 16,358 Licensing 241,668 232,118 Corporate 25,587 28,063 Total identifiable assets $ 634,162 $ 592,705 (1) Operating income for the Men’s Sportswear and Swim segment for the years ended January 28, 2017 and January 30, 2016 includes a settlement charge related to the pension plan in the amount of $9.9 million and $4.4 million, respectively. See footnote 15 to the consolidated financial statements for further information. Operating income for the Men’s Sportswear and Swim segment for the year ended January 30, 2016 includes a gain on the sale of long lived assets in the amount of $4.5 million. See footnote 7 to the consolidated financial statements for further information. (2) Operating loss for the women’s sportswear segment for the year ended January 30, 2016 includes an impairment on long lived assets in the amount of $6.0 million. See footnote 8 to the consolidated financial statements for further information. (3) Operating income for the licensing segment for the year ended January 30, 2016 includes an impairment on long lived assets in the amount of $18.2 million and a loss on sale of long-lived assets in the amount of $0.7 million. See footnote 8 to the consolidated financial statements for further information. |
Revenues From External Customers and Long Lived Assets Excluding Deferred Taxes Related To Continuing Operations In United States and Foreign Countries | Revenues from external customers and long-lived assets excluding deferred taxes related to continuing operations in the United States and foreign countries are as follows: February 3, January 28, January 30, (in thousands) Revenues United States $ 753,900 $ 752,378 $ 785,493 International 120,953 108,708 114,022 Total revenues $ 874,853 $ 861,086 $ 899,515 Long-lived assets at years ended: February 3, January 28, (in thousands) United States $ 207,497 $ 214,370 International 34,883 34,516 Total long-lived assets $ 242,380 $ 248,886 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Minimum Aggregate Annual Commitments for Company's Non - Cancelable, Unrelated Operating Lease Commitments | Minimum aggregate annual commitments for the Company’s non-cancelable, Year Ending Amount (in thousands) 2019 $ 19,427 2020 18,349 2021 17,645 2022 15,647 2023 14,897 Thereafter 46,751 Total $ 132,716 |
Minimum Aggregate Annual Commitments for Company's Capital Lease Obligations | Minimum aggregate annual commitments for the Company’s capital lease obligations are as follows: Year Ending Amount (in thousands) 2019 $ 75 |
Summarized Quarterly Financia57
Summarized Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Summarized Quarterly Financial Data | First Second Third Fourth Total Year (Dollars in thousands, except per share data) FISCAL YEAR ENDED FEBRUARY 3, 2018 Net Sales $ 233,823 $ 198,394 $ 190,389 $ 217,674 $ 840,280 Royalty Income 8,267 8,215 8,449 9,642 34,573 Total Revenues 242,090 206,609 198,838 227,316 874,853 Gross Profit 91,088 76,480 74,078 88,528 330,174 Net income 12,771 979 3,215 39,685 56,650 Net income per share: Basic $ 0.85 $ 0.06 $ 0.21 $ 2.62 $ 3.76 Diluted $ 0.83 $ 0.06 $ 0.21 $ 2.56 $ 3.68 FISCAL YEAR ENDED JANUARY 28, 2017 Net Sales $ 250,875 $ 193,341 $ 185,298 $ 195,572 $ 825,086 Royalty Income 10,419 8,312 8,661 8,608 36,000 Total Revenues 261,294 201,653 193,959 204,180 861,086 Gross Profit 95,084 73,831 71,103 78,490 318,508 Net income (loss) 14,250 (3,565 ) (5,165 ) 8,997 14,517 Net income (loss) per share: Basic $ 0.96 ($ 0.24 ) ($ 0.34 ) $ 0.60 $ 0.97 Diluted $ 0.95 ($ 0.24 ) ($ 0.34 ) $ 0.59 $ 0.95 FISCAL YEAR ENDED JANUARY 30, 2016 Net Sales $ 258,257 $ 204,638 $ 196,447 $ 205,464 $ 864,806 Royalty Income 8,157 8,661 8,992 8,899 34,709 Total Revenues 266,414 213,299 205,439 214,363 899,515 Gross Profit 90,100 75,942 73,295 79,730 319,067 Net income (loss) 9,411 (1,281 ) 2,273 (17,695 ) (7,292 ) Net income (loss) per share: Basic $ 0.64 ($ 0.09 ) $ 0.15 ($ 1.18 ) ($ 0.49 ) Diluted $ 0.62 ($ 0.09 ) $ 0.15 ($ 1.18 ) ($ 0.49 ) |
Condensed Consolidating Finan58
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Condensed Consolidating Balance Sheet | PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) AS OF FEBRUARY 3, 2018 (amounts in thousands) Parent Only Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 830 $ 34,392 $ — $ 35,222 Investment, at fair value — — 14,086 — 14,086 Accounts receivable, net — 125,534 31,329 — 156,863 Intercompany receivable, net 97,692 — — (97,692 ) — Inventories — 145,797 29,662 — 175,459 Prepaid expenses and other current assets — 7,116 1,035 — 8,151 Total current assets 97,692 279,277 110,504 (97,692 ) 389,781 Property and equipment, net — 53,614 2,550 — 56,164 Other intangible assets, net — 153,884 32,332 — 186,216 Deferred income taxes — — 411 — 411 Investment in subsidiaries 335,883 — — (335,883 ) — Other assets — 1,391 199 — 1,590 TOTAL $ 433,575 $ 488,166 $ 145,996 $ (433,575 ) $ 634,162 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ — $ 85,659 $ 13,189 $ — $ 98,848 Accrued expenses and other liabilities — 27,621 8,147 — 35,768 Accrued interest payable 1,334 1,334 Income taxes payable 716 624 126 — 1,466 Unearned revenues — 2,372 535 — 2,907 Intercompany payable, net — 83,376 18,886 (102,262 ) — Total current liabilities 2,050 199,652 40,883 (102,262 ) 140,323 Senior subordinated notes payable, net 49,818 — — — 49,818 Senior credit facility — 11,154 — — 11,154 Real estate mortgages — 32,721 — — 32,721 Income taxes payable 4,157 — — — 4,157 Unearned revenues and other long-term liabilities — 13,277 247 — 13,524 Deferred income taxes — 4,915 — — 4,915 Total long-term liabilities 53,975 62,067 247 — 116,289 Total liabilities 56,025 261,719 41,130 (102,262 ) 256,612 Total equity 377,550 226,447 104,866 (331,313 ) 377,550 TOTAL $ 433,575 $ 488,166 $ 145,996 $ (433,575 ) $ 634,162 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) AS OF JANUARY 28, 2017 (amounts in thousands) Parent Only Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 2,578 $ 28,117 $ — $ 30,695 Investment, at fair value — — 10,921 — 10,921 Accounts receivable, net — 116,874 23,366 — 140,240 Intercompany receivable, net 85,028 — — (85,028 ) — Inventories — 126,557 24,694 — 151,251 Prepaid income taxes 549 — 25 1,073 1,647 Prepaid expenses and other current assets — 5,584 878 — 6,462 Total current assets 85,577 251,593 88,001 (83,955 ) 341,216 Property and equipment, net — 59,651 2,184 — 61,835 Other intangible assets, net — 154,719 32,332 — 187,051 Deferred income taxes — — 334 — 334 Investment in subsidiaries 279,233 — — (279,233 ) — Other assets — 1,797 472 — 2,269 TOTAL $ 364,810 $ 467,760 $ 123,323 $ (363,188 ) $ 592,705 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ — $ 79,600 $ 13,243 $ — $ 92,843 Accrued expenses and other liabilities — 15,543 5,318 — 20,861 Accrued interest payable 1,450 — — — 1,450 Income taxes payable — 623 — (623 ) — Unearned revenues — 2,353 357 — 2,710 Deferred pension obligation — — — — — Intercompany payable, net — 77,398 15,614 (93,012 ) — Total current liabilities 1,450 175,517 34,532 (93,635 ) 117,864 Senior subordinated notes payable, net 49,673 — — — 49,673 Senior credit facility — 22,504 — — 22,504 Real estate mortgages — 33,591 — — 33,591 Unearned revenues and other long-term liabilities — 17,945 326 — 18,271 Deferred income taxes — 35,419 — 1,696 37,115 Total long-term liabilities 49,673 109,459 326 1,696 161,154 Total liabilities 51,123 284,976 34,858 (91,939 ) 279,018 Total equity 313,687 182,784 88,465 (271,249 ) 313,687 TOTAL $ 364,810 $ 467,760 $ 123,323 $ (363,188 ) $ 592,705 |
Condensed Consolidating Statement of Comprehensive Income (Loss) | PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED FEBRUARY 3, 2018 (amounts in thousands) Parent Only Guarantors Non- Eliminations Consolidated Revenues: Net sales $ — $ 732,418 $ 107,862 $ — $ 840,280 Royalty income — 21,482 13,091 — 34,573 Total revenues — 753,900 120,953 — 874,853 Cost of sales — 476,980 67,699 — 544,679 Gross profit — 276,920 53,254 — 330,174 Operating expenses: Selling, general and administrative expenses — 236,701 37,964 — 274,665 Depreciation and amortization — 13,152 1,120 — 14,272 Impairment on long-lived assets — 372 — — 372 Total operating expenses — 250,225 39,084 — 289,309 Operating income — 26,695 14,170 — 40,865 Costs on early extinguishment of debt — — — — — Interest expense (income) — 7,389 (241 ) — 7,148 Net income before income taxes — 19,306 14,411 — 33,717 Income tax (benefit) provision — (24,357 ) 1,424 — (22,933 ) Equity in earnings of subsidiaries, net 56,650 — — (56,650 ) — Net income 56,650 43,663 12,987 (56,650 ) 56,650 Other comprehensive income 2,948 — 2,948 (2,948 ) 2,948 Comprehensive income $ 59,598 $ 43,663 $ 15,935 $ (59,598 ) $ 59,598 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED JANUARY 28, 2017 (amounts in thousands) Parent Only Guarantors Non-Guarantors Eliminations Consolidated Revenues: Net sales $ — $ 729,721 $ 95,365 $ — $ 825,086 Royalty income — 22,656 13,344 — 36,000 Total revenues — 752,377 108,709 — 861,086 Cost of sales — 479,669 62,909 — 542,578 Gross profit — 272,708 45,800 — 318,508 Operating expenses: Selling, general and administrative expenses — 241,510 38,509 — 280,019 Depreciation and amortization — 13,231 1,311 — 14,542 Impairment on long-lived assets — 1,451 — — 1,451 Total operating expenses — 256,192 39,820 — 296,012 Operating income — 16,516 5,980 — 22,496 Costs on early extinguishment of debt — 195 — — 195 Interest expense (income) — 7,448 (53 ) — 7,395 Net income before income taxes — 8,873 6,033 — 14,906 Income tax (benefit) provision — (934 ) 1,323 — 389 Equity in earnings of subsidiaries, net 14,517 — — (14,517 ) — Net income 14,517 9,807 4,710 (14,517 ) 14,517 Other comprehensive income (loss) 4,413 7,368 (2,955 ) (4,413 ) 4,413 Comprehensive income $ 18,930 $ 17,175 $ 1,755 $ (18,930 ) $ 18,930 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME FOR THE YEAR ENDED JANUARY 30, 2016 (amounts in thousands) Parent Only Guarantors Non-Guarantors Eliminations Consolidated Revenues: Net sales $ — $ 765,102 $ 99,704 $ — $ 864,806 Royalty income — 20,843 13,866 — 34,709 Total revenues — 785,945 113,570 — 899,515 Cost of sales — 518,410 62,038 — 580,448 Gross profit — 267,535 51,532 — 319,067 Operating expenses: Selling, general and administrative expenses — 234,129 41,734 — 275,863 Depreciation and amortization — 12,500 1,193 — 13,693 Impairment on long-lived assets — 19,299 1,305 — 20,604 Impairment of goodwill — 6,022 — — 6,022 Total operating expenses — 271,950 44,232 — 316,182 Loss on sale of long-lived assets — (697 ) 4,476 — 3,779 Operating (loss) income — (5,112 ) 11,776 — 6,664 Costs of early extinguishment of debt — 5,121 — — 5,121 Interest expense — 9,205 62 — 9,267 Net (loss) income before income taxes — (19,438 ) 11,714 — (7,724 ) Income tax (benefit) provision — (2,652 ) 2,220 — (432 ) Equity in earnings of subsidiaries, net (7,292 ) — — 7,292 — Net (loss) income (7,292 ) (16,786 ) 9,494 7,292 (7,292 ) Other comprehensive (loss) income (1,656 ) 717 (2,373 ) 1,656 (1,656 ) Comprehensive (loss) income $ (8,948 ) $ (16,069 ) $ 7,121 $ 8,948 $ (8,948 ) |
Condensed Consolidating Statement of Cash Flows | PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED FEBRUARY 3, 2018 (amounts in thousands) Parent Only Guarantors Non-Guarantors Eliminations Consolidated NET CASH PROVIDED BY OPERATING ACTIVITIES: $ 5,451 $ 16,763 $ 7,958 $ — $ 30,172 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (6,674 ) (1,262 ) — (7,936 ) Purchase of investments — — (39,157 ) — (39,157 ) Proceeds from investment maturities — — 35,931 — 35,931 Proceeds from note receivable — — 250 — 250 Intercompany transactions (4,207 ) — — 4,207 — Net cash used in investing activities (4,207 ) (6,674 ) (4,238 ) 4,207 (10,912 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings from senior credit facility — 267,292 267,292 Payments on senior credit facility — (278,642 ) — — (278,642 ) Payments on real estate mortgages — (865 ) — — (865 ) Purchase of treasury shares (937 ) — — — (937 ) Payments for employee taxes on shares withheld — (988 ) — — (988 ) Payments on capital leases — (286 ) — — (286 ) Proceeds from exercise of stock options 24 — — — 24 Intercompany transactions — 1,652 2,886 (4,538 ) — Net cash (used) provided by financing activities (913 ) (11,837 ) 2,886 (4,538 ) (14,402 ) Effect of exchange rate changes on cash and cash equivalents (331 ) — (331 ) 331 (331 ) NET INCREASE (DECREASE) CASH AND CASH EQUIVALENTS — (1,748 ) 6,275 — 4,527 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD — 2,578 28,117 — 30,695 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 830 $ 34,392 $ — $ 35,222 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JANUARY 28, 2017 (amounts in thousands) Parent Only Guarantors Non-Guarantors Eliminations Consolidated NET CASH PROVIDED BY OPERATING ACTIVITIES: $ 3,207 $ 34,838 $ 8,059 $ (2,705 ) $ 43,399 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (12,105 ) (1,168 ) — (13,273 ) Purchase of investments — — (13,896 ) — (13,896 ) Proceeds from investment maturities — — 12,746 — 12,746 Proceeds from note receivable — — 250 — 250 Intercompany transactions (1,300 ) — — 1,300 — Net cash used in investing activities (1,300 ) (12,105 ) (2,068 ) 1,300 (14,173 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on senior subordinated notes — — — — — Borrowings from senior credit facility — 311,241 — — 311,241 Payments on senior credit facility — (350,495 ) — — (350,495 ) Payments on real estate mortgages — (11,768 ) — — (11,768 ) Proceeds from refinancing real estate mortgages — 24,139 — — 24,139 Payments for employee taxes on shares withheld — (1,105 ) — — (1,105 ) Payments on capital leases — (264 ) — — (264 ) Dividends paid to stockholder — — (2,706 ) 2,706 — Deferred financing fees — (274 ) — — (274 ) Purchase of treasury stock (2,151 ) — — — (2,151 ) Proceeds from exercise of stock options 73 — — — 73 Intercompany transactions — 7,596 (6,466 ) (1,130 ) — Net cash used in financing activities (2,078 ) (20,930 ) (9,172 ) 1,576 (30,604 ) Effect of exchange rate changes on cash and cash equivalents 171 — 171 (171 ) 171 NET (DECREASE) INCREASE CASH AND CASH EQUIVALENTS — 1,803 (3,010 ) — (1,207 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD — 775 31,127 — 31,902 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 2,578 $ 28,117 $ — $ 30,695 PERRY ELLIS INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JANUARY 30, 2016 (amounts in thousands) Parent Guarantors Non-Guarantors Eliminations Consolidated NET CASH PROVIDED BY OPERATING ACTIVITIES: $ 3,112 $ 23,813 $ 4,482 $ — $ 31,407 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment — (14,424 ) (1,726 ) — (16,150 ) Purchase of investments — — (12,086 ) — (12,086 ) Proceeds from investment maturities — — 22,197 — 22,197 Proceeds on sale of intangible assets — 2,500 — — 2,500 Proceeds on sale of building — — 8,163 — 8,163 Payment of expenses related to sale of building — — (1,887 ) — (1,887 ) Proceeds from note receivable — — 250 — 250 Intercompany transactions 101,786 — — (101,786 ) — Net cash provided by (used in) investing activities 101,786 (11,924 ) 14,911 (101,786 ) 2,987 CASH FLOWS FROM FINANCING ACTIVITIES: Payments on senior subordinated notes (100,000 ) — — — (100,000 ) Borrowings from senior credit facility — 408,209 — — 408,209 Payments on senior credit facility — (346,451 ) — — (346,451 ) Payments on real estate mortgages — (821 ) — — (821 ) Payments for employee taxes on shares withheld — (1,242 ) — — (1,242 ) Payments on capital leases — (262 ) — — (262 ) Deferred financing fees — (574 ) — — (574 ) Proceeds from exercise of stock options 1,408 — — — 1,408 Purchase of treasury stock (6,950 ) — — — (6,950 ) Intercompany transactions — (100,028 ) (2,402 ) 102,430 — Net cash used in financing activities (105,542 ) (41,169 ) (2,402 ) 102,430 (46,683 ) Effect of exchange rate changes on cash and cash equivalents 644 — 644 (644 ) 644 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS — (29,280 ) 17,635 — (11,645 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD — 30,055 13,492 — 43,547 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 775 $ 31,127 $ — $ 31,902 |
Property and Equipment Average
Property and Equipment Average Useful Lives (Detail) | 12 Months Ended |
Feb. 03, 2018 | |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, and Equipment, Average Useful Lives | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, and Equipment, Average Useful Lives | 10 years |
Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, and Equipment, Average Useful Lives | 5 years |
Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, and Equipment, Average Useful Lives | 7 years |
Leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, and Equipment, Average Useful Lives | 4 years |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, and Equipment, Average Useful Lives | 15 years |
Buildings and building improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, and Equipment, Average Useful Lives | 10 years |
Buildings and building improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, and Equipment, Average Useful Lives | 39 years |
Summary of Significant Accoun60
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Feb. 03, 2018USD ($)Customershares | Jan. 28, 2017USD ($)Customershares | Jan. 30, 2016USD ($)Customer$ / shares | |
Summary Of Significant Accounting Policies [Line Items] | |||
Impairment on long-lived assets | $ 400,000 | $ 1,400,000 | $ 2,400,000 |
Advertising and related costs | 16,700,000 | 16,100,000 | 15,100,000 |
Licensee reimbursements | 6,000,000 | 7,000,000 | 6,600,000 |
Compensation expense | 6,200,000 | 6,500,000 | 5,200,000 |
Cash received from exercise of stock options and stock appreciation rights | 20,000 | 70,000 | 1,400,000 |
Tax benefit from exercise of stock options and stock appreciation rights | $ 0 | $ 0 | $ 0 |
Estimated weighted-average fair value per options and stock appreciation rights granted | $ / shares | $ 12.30 | ||
Number of options granted | shares | 0 | 0 | |
Number of shares awarded | shares | 115,588 | ||
Changes in prepaid income taxes | $ (1,952,000) | $ (138,000) | $ (4,592,000) |
Deferred tax expense recorded in connection with remeasurement of certain deferred tax assets and liabilities | (3,900,000) | ||
Current tax expense recorded in connection with transition tax provisional amount | 5,800,000 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Licensee reimbursements | 6,000,000 | ||
ASU 2016-09 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Increase in net cash provided by operating activities | 1,100,000 | 1,200,000 | |
Increase in net cash provided by financing activities | $ 1,100,000 | $ 1,200,000 | |
ASU 2016-16 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Changes in prepaid income taxes | (1,700,000) | ||
Changes in deferred tax liabilities | $ 1,700,000 | ||
Stock Appreciation Rights (SARs) | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of shares awarded | shares | 0 | 0 | |
Customer Concentration Risk | Sales Revenue, Net | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of customers accounting for more than ten percent of revenue | Customer | 2 | 2 | 3 |
Customer Concentration Risk | Sales Revenue, Net | Customer 1 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk | 15.00% | 13.00% | 12.00% |
Customer Concentration Risk | Sales Revenue, Net | Customer 2 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk | 11.00% | 10.00% | 11.00% |
Customer Concentration Risk | Sales Revenue, Net | Customer 3 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk | 10.00% | ||
North America | Geographic Concentration Risk | Sales Revenue, Net | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk | 91.00% |
Computation of Basic and Dilute
Computation of Basic and Diluted Income (Loss) Per Share (Detail) - 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 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | ||
Numerator: | ||||||||||||||||
Net income (loss) | $ 39,685 | $ 3,215 | $ 979 | $ 12,771 | $ 8,997 | $ (5,165) | $ (3,565) | $ 14,250 | $ (17,695) | $ 2,273 | $ (1,281) | $ 9,411 | $ 56,650 | $ 14,517 | $ (7,292) | |
Denominator: | ||||||||||||||||
Basic - weighted average shares | 15,083 | 14,936 | 14,968 | |||||||||||||
Dilutive effect: equity awards | 300 | 279 | ||||||||||||||
Diluted - weighted average shares | 15,383 | 15,215 | 14,968 | |||||||||||||
Basic income (loss) per share | $ 2.62 | $ 0.21 | $ 0.06 | $ 0.85 | $ 0.60 | $ (0.34) | $ (0.24) | $ 0.96 | $ (1.18) | $ 0.15 | $ (0.09) | $ 0.64 | $ 3.76 | $ 0.97 | $ (0.49) | |
Diluted income (loss) income per share | $ 2.56 | $ 0.21 | $ 0.06 | $ 0.83 | $ 0.59 | $ (0.34) | $ (0.24) | $ 0.95 | $ (1.18) | $ 0.15 | $ (0.09) | $ 0.62 | $ 3.68 | $ 0.95 | $ (0.49) | |
Antidilutive effect | [1] | 276 | 471 | 1,154 | ||||||||||||
[1] | Represents weighted average of stock options to purchase shares of common stock, SARS and unvested restricted stock that were not included in computing diluted income per share because their effects were antidilutive for the respective periods. |
Weighted-Average Assumptions De
Weighted-Average Assumptions Derived from Black-Scholes Model Used to Determine Fair Value of Stock Options (Detail) | 12 Months Ended |
Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk free interest rate | 1.50% |
Dividend yield | 0.00% |
Volatility factors | 61.40% |
Weighted-average life (years) | 5 years |
Components of Accounts Receivab
Components of Accounts Receivable (Detail) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 171,881 | $ 158,741 |
Less: Allowances | (15,018) | (18,501) |
Total | 156,863 | 140,240 |
Trade Accounts Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 163,872 | 151,370 |
Royalties Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 7,107 | 6,659 |
Other Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 902 | $ 712 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Inventory [Line Items] | ||
Finished goods | $ 175,459 | $ 151,251 |
Prepaid Expenses and Other Cu65
Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Prepaid Expenses And Other Current Assets [Line Items] | ||
Prepaid expenses | $ 8,110 | $ 6,365 |
Other current assets | 41 | 97 |
Total | $ 8,151 | $ 6,462 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Millions | Feb. 03, 2018USD ($) |
Certificates of Deposit | |
Schedule of Available-for-sale Securities [Line Items] | |
Available for sale securities maturing within one year or less | $ 7.4 |
Investments (Detail)
Investments (Detail) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Schedule of Investments [Line Items] | ||
Cost | $ 14,096 | $ 10,933 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (10) | (12) |
Estimated Fair Value | 14,086 | 10,921 |
Marketable securities | ||
Schedule of Investments [Line Items] | ||
Cost | 6,655 | 3,258 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (5) | (8) |
Estimated Fair Value | 6,650 | 3,250 |
Certificates of Deposit | ||
Schedule of Investments [Line Items] | ||
Cost | 7,441 | 7,675 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (5) | (4) |
Estimated Fair Value | $ 7,436 | $ 7,671 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 177,487 | $ 171,750 |
Less: accumulated depreciation and amortization | (121,323) | (109,915) |
Total | 56,164 | 61,835 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 97,414 | 91,639 |
Buildings and building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 22,341 | 21,359 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total | 537 | 523 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 47,765 | 48,799 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 9,430 | $ 9,430 |
Summary of Property and Equipme
Summary of Property and Equipment Includes Assets Held under Capital Leases (Detail) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Property, Plant and Equipment [Line Items] | ||
Furniture, fixtures and equipment | $ 810 | $ 810 |
Less: accumulated depreciation and amortization | (722) | (452) |
Total | $ 88 | $ 358 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization expense related to property and equipment | $ 13,800 | $ 14,100 | $ 13,400 | |
Proceeds from sale of building | $ 8,163 | 8,163 | ||
Gain on sale of building | 4,500 | |||
Payment of expenses related to sale of building | $ 1,900 | $ 1,887 |
Other Intangible Assets - Addit
Other Intangible Assets - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
May 02, 2015USD ($) | Aug. 02, 2014USD ($)Investment | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | |
Intangible Assets [Line Items] | |||||
Asset sales agreement date | Aug. 1, 2014 | Mar. 19, 2015 | |||
Sale of intellectual property, collected during first quarter of fiscal 2016 | $ 2,500,000 | $ 2,500,000 | |||
Sales agreement amount | $ 1,300,000 | ||||
Number of installments | Investment | 5 | ||||
Notes receivable installments payments amount resulting from sale of intangible asset | $ 250,000 | ||||
Interest rate on purchase price | 3.50% | ||||
Notes receivable installments payments, final payment date | Aug. 1, 2018 | ||||
Goodwill | 6,000,000 | ||||
Intangible assets amortized estimated useful lives | 10 years | ||||
Customer Lists | |||||
Intangible Assets [Line Items] | |||||
Amortization expense | $ 800,000 | $ 900,000 | 900,000 | ||
Licensing | |||||
Intangible Assets [Line Items] | |||||
Gain (loss) on sale of intangible assets | $ (700,000) | (700,000) | |||
Intangible asset impairment charges | 18,200,000 | ||||
Trademarks | |||||
Intangible Assets [Line Items] | |||||
Trademarks included in other intangible assets, net | $ 184,100,000 | $ 184,100,000 | |||
Intangible asset impairment charges | $ 18,200,000 |
Intangible Assets (Detail)
Intangible Assets (Detail) - Customer Lists - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Customer lists | $ 8,450 | $ 8,450 |
Less: accumulated amortization | (6,380) | (5,545) |
Total | $ 2,070 | $ 2,905 |
Schedule of Estimated Amortizat
Schedule of Estimated Amortization Expense for Future Periods (Detail) $ in Thousands | Feb. 03, 2018USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Estimated amortization expense 2019 | $ 793 |
Estimated amortization expense 2020 | 734 |
Estimated amortization expense 2021 | $ 543 |
Components of Accrued Expenses
Components of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Accrued Expenses And Other Liabilities [Line Items] | ||
Salaries and commissions | $ 14,119 | $ 2,684 |
Royalties | 5,129 | 3,868 |
Unearned advertising reimbursement | 1,363 | 1,242 |
Insurance and rent | 2,291 | 3,001 |
State sales and other taxes | 2,997 | 2,218 |
Professional fees | 376 | 560 |
Current portion - real estate mortgages | 896 | 862 |
Other | 8,597 | 6,426 |
Total | $ 35,768 | $ 20,861 |
Senior Subordinated Notes Pay75
Senior Subordinated Notes Payable - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 06, 2015 | Mar. 31, 2011 | Jan. 28, 2017 | Jan. 30, 2016 | Feb. 03, 2018 | |
Senior Secured Notes [Line Items] | |||||
Payments on senior subordinated notes | $ 100,000 | ||||
Costs of early extinguishment of debt | $ (195) | $ (5,121) | |||
Senior notes amount outstanding | 49,673 | $ 49,818 | |||
7 7/8% Senior Subordinated Notes Due 2019 | |||||
Senior Secured Notes [Line Items] | |||||
Debt instrument face amount | $ 150,000 | ||||
Debt instrument stated interest rate | 7.875% | ||||
Debt instrument maturity date | Apr. 1, 2019 | ||||
Proceeds from issuance of senior subordinated notes | $ 146,500 | ||||
Debt instrument interest rate, effective percentage | 8.00% | ||||
Payments on senior subordinated notes | $ 100,000 | ||||
Redemption price for the senior subordinated notes | 103.938% | ||||
Redemption date | May 6, 2015 | ||||
Costs of early extinguishment of debt | $ (5,100) | ||||
Senior notes amount outstanding | 49,700 | 49,800 | |||
Debt issuance cost | $ 300 | $ 200 | |||
8 7/8% Senior Subordinated Notes Due 2013 | |||||
Senior Secured Notes [Line Items] | |||||
Debt instrument stated interest rate | 8.875% | ||||
Debt instrument maturity date | Sep. 15, 2013 | ||||
Retire senior subordinated notes | $ 150,000 |
Senior Credit Facility - Additi
Senior Credit Facility - Additional Information (Detail) - USD ($) | Apr. 22, 2015 | Feb. 03, 2018 | Jan. 28, 2017 |
Level 1 | Senior Subordinated Notes | |||
Line of Credit Facility [Line Items] | |||
Debt instrument stated interest rate | 7.875% | ||
Senior Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Credit facility maximum borrowing capacity | $ 200,000,000 | ||
Credit facility expiry date | Apr. 30, 2020 | ||
Credit facility outstanding borrowings | $ 11,200,000 | $ 22,500,000 | |
Amendment and restatement fees | $ 600,000 | ||
Credit facility borrowing base calculation, percentage of eligible receivables | 87.50% | ||
Credit facility borrowing base calculation, percentage of eligible accounts | 87.50% | ||
Credit facility borrowing base calculation, percentage of eligible inventory loan limit | 80.00% | ||
Credit facility borrowing base calculation, net recovery percentage of eligible inventory | 90.00% | ||
Senior Credit Facility | Maximum | |||
Line of Credit Facility [Line Items] | |||
Credit facility borrowing base calculation, amount of eligible accounts | $ 1,500,000 | ||
Credit facility borrowing base calculation, percentage of eligible finished goods inventory | 70.00% | ||
Credit facility borrowing base calculation, amount of eligible finished goods inventory | $ 125,000,000 | ||
Senior Credit Facility | Maximum | Prime Rate Loans | |||
Line of Credit Facility [Line Items] | |||
Spread above selected rate | 1.00% | ||
Senior Credit Facility | Maximum | Euro Dollar Rate | |||
Line of Credit Facility [Line Items] | |||
Spread above selected rate | 2.00% | ||
Senior Credit Facility | Minimum | Prime Rate Loans | |||
Line of Credit Facility [Line Items] | |||
Spread above selected rate | 0.50% | ||
Senior Credit Facility | Minimum | Euro Dollar Rate | |||
Line of Credit Facility [Line Items] | |||
Spread above selected rate | 1.50% |
Letter of Credit Facilities - A
Letter of Credit Facilities - Additional Information (Detail) - Letter of Credit | Feb. 03, 2018USD ($)CreditFacility | Jan. 28, 2017USD ($) | Oct. 29, 2016USD ($) |
Line of Credit Facility [Line Items] | |||
Number of letter of credit facility | CreditFacility | 1 | ||
Credit facility maximum borrowing capacity | $ 30,000,000 | $ 30,000,000 | |
United Kingdom Subsidiary | |||
Line of Credit Facility [Line Items] | |||
Line Of Credit, amount expired and not renewed | $ 300,000 |
Letter of Credit Facilities (De
Letter of Credit Facilities (Detail) - Letter of Credit - USD ($) | Feb. 03, 2018 | Jan. 28, 2017 |
Line of Credit Facility [Line Items] | ||
Total letter of credit facilities | $ 30,000,000 | $ 30,000,000 |
Outstanding letters of credit | (10,268,000) | (10,788,000) |
Total credit available | $ 19,732,000 | $ 19,212,000 |
Real Estate Mortgages - Additio
Real Estate Mortgages - Additional Information (Detail) - USD ($) | 1 Months Ended | |||
Nov. 30, 2016 | Jan. 31, 2014 | Jun. 30, 2006 | Feb. 03, 2018 | |
Debt Instrument [Line Items] | ||||
Real Estate Mortgage Loan, Ending Balance | $ 33,874,000 | |||
Mortgages | Miami Facility | ||||
Debt Instrument [Line Items] | ||||
Mortgage Loan | $ 21,700,000 | |||
Mortgage loan, maturity date | Nov. 22, 2026 | |||
Mortgage loan, interest rate | 3.715% | |||
Monthly payments of principal and interest | $ 112,000 | |||
Maturity Period, based on Amortization | 25 years | |||
Real Estate Mortgage Loan, Ending Balance | 20,900,000 | |||
Due within a year | 557,000 | |||
Mortgages | Tampa Facility | ||||
Debt Instrument [Line Items] | ||||
Mortgage Loan | $ 13,200,000 | $ 15,000,000 | ||
Mortgage loan, maturity date | Nov. 22, 2026 | Jan. 23, 2019 | ||
Mortgage loan, interest rate | 3.715% | 3.25% | ||
Monthly payments of principal and interest | $ 68,000 | $ 68,000 | ||
Maturity Period, based on Amortization | 25 years | 20 years | ||
Real Estate Mortgage Loan, Ending Balance | 12,700,000 | |||
Due within a year | $ 339,000 |
Contractual Maturities of Real
Contractual Maturities of Real Estate Mortgages (Detail) $ in Thousands | Feb. 03, 2018USD ($) |
Debt Instrument [Line Items] | |
2,019 | $ 896 |
2,020 | 930 |
2,021 | 962 |
2,022 | 1,003 |
2,023 | 1,041 |
Thereafter | 29,042 |
Long-term Debt, Gross, Total | 33,874 |
Less discount | (257) |
Total | $ 33,617 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) Plan, Percentage of matching contribution | 6.00% | ||
401(k) Plan, eligible age for participation | 21 years | ||
401(k) Plan, eligible service period for participation | 3 months | ||
401(k) Plan, maximum percentage of employee contribution | 60.00% | ||
401(k) Plan, amount of discretionary company match | $ 1.1 | $ 1 | $ 1 |
Minimum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) Plan, percentage of discretionary company match | 0.00% | ||
Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) Plan, percentage of discretionary company match | 50.00% |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) | Dec. 31, 2003CompensationPlan | Jun. 30, 2003CompensationPlan | Feb. 03, 2018USD ($) | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of qualified pension plans | CompensationPlan | 1 | 2 | |||
Retirement benefits, description | During fiscal 2015, the Board of Directors resolved to terminate the pension plan. As of January 28, 2017, the Company satisfied the regulatory requirements prescribed by the Internal Revenue Service and the Pension Benefit Guaranty Corporation and the distribution of plan assets was completed. The pension plan has been fully terminated. | ||||
Benefit plans, deferred loss included in accumulated other comprehensive loss before tax | $ 0 | $ 0 | |||
Settlement and curtailment, Total | 9,900,000 | ||||
Settlement | $ 0 | $ (9,918,000) | $ (4,427,000) |
Statement of Funded Status (Det
Statement of Funded Status (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Change in benefit obligation | |||
Benefit obligation at beginning of plan year | $ 30,971 | ||
Service cost | $ 0 | 250 | $ 250 |
Interest cost | 0 | 403 | 1,349 |
Actuarial loss | (834) | ||
Lump sums plus annuities paid | (30,790) | ||
Benefit obligation at end of plan year | 30,971 | ||
Change in plan assets | |||
Fair value of plan assets at beginning of plan year | 18,864 | ||
Actual return on plan assets | 173 | ||
Company contributions | 11,753 | ||
Lump sums plus annuities paid | (30,790) | ||
Fair value of plan assets at end of plan year | $ 18,864 | ||
Unfunded status at end of plan year | $ 0 | $ 0 |
Components of Net Benefit Cost
Components of Net Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 250 | $ 250 |
Interest cost | 0 | 403 | 1,349 |
Expected return on plan assets | 0 | (262) | (2,631) |
Settlement | 0 | 9,918 | 4,427 |
Amortization of unrecognized net loss | 0 | 464 | 538 |
Net periodic benefit cost | $ 0 | $ 10,773 | $ 3,933 |
Assumptions Used in Measurement
Assumptions Used in Measurement of Benefit Obligation (Detail) | Feb. 03, 2018 | Jan. 28, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 0.00% | 3.19% |
Rate of compensation increase |
Assumptions Used in Measureme86
Assumptions Used in Measurement of Net Periodic Benefit Cost (Detail) | 12 Months Ended | |
Feb. 03, 2018 | Jan. 28, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 0.00% | 3.19% |
Expected return on plan assets | 0.00% | 4.25% |
Rate of compensation increase |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Other Long Term Liabilities [Line Items] | ||
Deferred rent long-term | $ 10,634 | $ 12,261 |
Long-term incentive compensation | 2,741 | 5,763 |
Other | 149 | 247 |
Total | $ 13,524 | $ 18,271 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||||
Feb. 02, 2019 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | Feb. 01, 2014 | Jan. 31, 2015 | Jan. 30, 2010 | Jan. 31, 2004 | |
Income Tax Disclosure [Line Items] | ||||||||
Effective income tax rate | 33.70% | 35.00% | 35.00% | |||||
Deferred tax benefit recorded in connection with remeasurement of certain deferred tax assets and liabilities | $ (3,900,000) | |||||||
Current tax expense recorded in connection with transition tax provisional amount | 5,800,000 | |||||||
Deferred tax benefit forrelease of valuation allowances related to certain U.S. federal tax | (1,000,000) | |||||||
Tax cuts and jobs act of 2017 income tax expense benefit | 1,900,000 | |||||||
Accrued deferred taxes associated with future repatriation pertaining to foreign withholding | 373,000 | |||||||
Accrued deferred taxes associated with future repatriation pertaining to U.S. state taxes | 219,000 | |||||||
Provisional decrease to net deferred tax liabilities with a corresponding increase to deferred tax benefit | $ (3,400,000) | |||||||
Percentage of bonus depreciation for qualified assets placed in service | 100.00% | |||||||
Percentage of Indefinite reinvestment assertion | 100.00% | |||||||
Deferred tax asset with realized and unrealized losses associated with marketable securities | $ 1,000,000 | |||||||
Valuation allowance | $ 6,072,000 | $ 48,052,000 | $ 20,300,000 | |||||
Net deferred tax assets | 9,715,000 | 19,294,000 | 53,500,000 | |||||
Operating tax loss carry-forward | 7,700,000 | |||||||
Deferred Tax Assets, Valuation Allowance against remaining assets | 500,000 | |||||||
Unrecognized tax benefits | 1,371,000 | 1,182,000 | $ 1,091,000 | $ 1,018,000 | ||||
Unrecognized tax benefits, interest and penalties | 300,000 | 300,000 | ||||||
Unrecognized tax benefits, interest and penalties recognized in income tax expense | 100,000 | $ 0 | ||||||
Unrecognized tax benefits, interest and penalties increase | $ (200,000) | |||||||
Maximum | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Effective income tax rate | 35.00% | |||||||
Scenario, Forecast | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Effective income tax rate | 21.00% | |||||||
Internal Revenue Service (IRS) | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Net Operating Losses | $ 56,000,000 | |||||||
Year selected for income tax examination year | 2,015 | |||||||
Internal Revenue Service (IRS) | Earliest Tax Year | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Open tax years | 2,011 | |||||||
Internal Revenue Service (IRS) | Latest Tax Year | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Open tax years | 2,018 | |||||||
Internal Revenue Service (IRS) | Tax Year 2013 | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Adjustments to taxable income | $ 12,600,000 | |||||||
Marketable securities | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Valuation allowance | 0 | 900,000 | ||||||
Deferred tax asset losses, expiration of capital loss carryforwards | $ (100,000) | |||||||
Charitable contribution carryovers | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Valuation allowance | 1,300,000 | |||||||
Valuation allowance on operating loss carryforwards | 0 | 1,300,000 | ||||||
Decrease in valuation allowance | 1,300,000 | 0 | ||||||
United Kingdom Subsidiary | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Net Operating Losses | 200,000 | 600,000 | ||||||
Valuation allowance on operating loss carryforwards | 2,200,000 | 2,300,000 | ||||||
Decrease in valuation allowance | 100,000 | |||||||
Hong Kong Subsidiary | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Valuation allowance | 1,300,000 | 1,200,000 | ||||||
Net Operating Losses | 100,000 | 100,000 | ||||||
Mexican Subsidiary | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Valuation allowance | 200,000 | 600,000 | ||||||
Net Operating Losses | 400,000 | (400,000) | ||||||
State and Local Jurisdiction | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Valuation allowance on operating loss carryforwards | 1,900,000 | 3,200,000 | ||||||
Increase (Decrease) in valuation allowance on operating loss carryforwards | (1,300,000) | (500,000) | ||||||
Domestic Deferred Tax Asset | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Valuation allowance | 500,000 | 38,600,000 | ||||||
Decrease in valuation allowance | $ 38,100,000 | $ 7,600,000 |
Components of Income (Loss) Bef
Components of Income (Loss) Before Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Schedule of Income Before Income Tax [Line Items] | |||
Domestic | $ 19,306 | $ 8,873 | $ (19,447) |
Foreign | 14,411 | 6,033 | 11,723 |
Net income (loss) before income taxes | $ 33,717 | $ 14,906 | $ (7,724) |
Income Tax (Benefit) Provision
Income Tax (Benefit) Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Current income taxes: | |||
Federal | $ 7,125 | $ (2,748) | $ 5 |
State | 719 | (286) | 205 |
Foreign | 1,500 | 1,215 | 1,939 |
Total current income taxes | 9,344 | (1,819) | 2,149 |
Deferred income taxes: | |||
Federal | (28,706) | 2,147 | (2,246) |
State | (3,869) | (47) | (617) |
Foreign | 298 | 108 | 282 |
Total deferred income taxes | (32,277) | 2,208 | (2,581) |
Total | $ (22,933) | $ 389 | $ (432) |
Effective Income Tax Rate (Deta
Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Reconciliation of Effective Income Tax Rate [Line Items] | |||
Statutory federal income tax rate | 33.70% | 35.00% | 35.00% |
Increase (decrease) resulting from State income taxes, net of federal income tax benefit | 3.10% | (1.10%) | 5.20% |
Foreign tax rate differential | (8.90%) | (9.70%) | 35.90% |
Change in reserves | 15.80% | 0.60% | (2.20%) |
Change in valuation allowance | (124.80%) | (8.00%) | (38.60%) |
Non-deductible items | 4.80% | 9.50% | (32.20%) |
Prior year tax provision adjustments | 0.90% | 2.50% | 1.80% |
Change in deferred rate | (1.10%) | (0.60%) | 4.10% |
Pension termination benefit | (0.00%) | (25.20%) | (0.00%) |
Impact of Tax Cuts and Job Act | 6.10% | 0.00% | 0.00% |
Other | 2.40% | (0.40%) | (3.40%) |
Total | (68.00%) | 2.60% | 5.60% |
Tax Effects of Temporary Differ
Tax Effects of Temporary Differences (Detail) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 31, 2004 |
Deferred tax assets: | |||
Inventory | $ 4,466 | $ 5,104 | |
Accounts receivable | 938 | 1,306 | |
Accrued expenses | 6,585 | 8,208 | |
Net operating losses | 9,715 | 19,294 | $ 53,500 |
Stock compensation | 1,072 | 2,882 | |
Fixed assets | 3,591 | 7,474 | |
Intangible assets | 1,940 | 3,122 | |
Other | 926 | 4,354 | |
Deferred tax asset | 29,233 | 51,744 | |
Deferred tax liabilities: | |||
Intangible assets | (25,971) | (38,869) | |
Prepaid expenses | (1,101) | (1,604) | |
Other | (593) | ||
Deferred Tax Liabilities, Gross | (27,665) | (40,473) | |
Valuation allowance | (6,072) | (48,052) | $ (20,300) |
Net deferred tax liability | $ (4,504) | $ (36,781) |
Expiration of Remaining Federal
Expiration of Remaining Federal Net Operating Losses (Detail) - Internal Revenue Service (IRS) $ in Thousands | Feb. 03, 2018USD ($) |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | $ 7,761 |
2020-2025 | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Losses | $ 7,761 |
Reconciliation of Unrecognized
Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Income Tax Contingency [Line Items] | |||
Balance at beginning of period | $ 1,182 | $ 1,091 | $ 1,018 |
Additions based on tax positions related to the current year | 83 | 87 | 98 |
Additions for tax positions of prior years | 5,429 | 33 | 123 |
Reductions for tax positions of prior years | (180) | (29) | (2) |
Reductions due to lapses of statutes of limitations | (49) | ||
Settlements | (5,143) | (97) | |
Balance at end of period | $ 1,371 | $ 1,182 | $ 1,091 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying amounts of the real estate mortgages | $ 33,617 | |
Senior subordinated notes payable, net | 49,818 | $ 49,673 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying amounts of the real estate mortgages | 33,600 | 34,500 |
Level 2 | Senior Subordinated Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of the 7 7/8% senior subordinated notes payable | $ 50,100 | $ 50,100 |
Debt instrument stated interest rate | 7.875% | 7.875% |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 313,687 | $ 291,481 | $ 302,017 |
Amounts reclassified from accumulated other comprehensive loss | 537 | 7,681 | 4,965 |
Ending Balance | 377,550 | 313,687 | 291,481 |
Unrealized Loss on Pension Liability | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (7,368) | (8,085) | |
Other comprehensive loss (income) before reclassifications | (313) | (4,248) | |
Amounts reclassified from accumulated other comprehensive loss | 7,681 | 4,965 | |
Ending Balance | (7,368) | ||
Foreign Currency Translation Adjustments, Net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (9,902) | (7,131) | (4,774) |
Other comprehensive loss (income) before reclassifications | 3,414 | (2,771) | (2,357) |
Ending Balance | (6,488) | (9,902) | (7,131) |
Unrealized Loss on Investments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (12) | (9) | 7 |
Other comprehensive loss (income) before reclassifications | 2 | (3) | (16) |
Ending Balance | (10) | (12) | (9) |
Unrealized Loss on Forward Contract | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (181) | ||
Other comprehensive loss (income) before reclassifications | (1,005) | (181) | |
Amounts reclassified from accumulated other comprehensive loss | 537 | ||
Ending Balance | (649) | (181) | |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (10,095) | (14,508) | (12,852) |
Other comprehensive loss (income) before reclassifications | 2,411 | (3,268) | (6,621) |
Amounts reclassified from accumulated other comprehensive loss | 537 | 7,681 | 4,965 |
Ending Balance | $ (7,147) | $ (10,095) | $ (14,508) |
Summary of Impact on Condensed
Summary of Impact on Condensed Consolidated Statements of Operations Line Items (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | $ 544,679 | $ 542,578 | $ 580,448 |
Selling, general and administrative expenses | 274,665 | 280,019 | 275,863 |
Income tax (benefit) provision | (22,933) | 389 | (432) |
Total, net of tax | 537 | 7,681 | 4,965 |
Accumulated Other Comprehensive Loss | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total, net of tax | 537 | 7,681 | 4,965 |
Unrealized Loss on Pension Liability | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total, net of tax | 7,681 | 4,965 | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Loss | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | $ 537 | ||
Reclassification out of Accumulated Other Comprehensive Income | Actuarial Losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Selling, general and administrative expenses | 464 | 538 | |
Reclassification out of Accumulated Other Comprehensive Income | Lump sum settlement | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Selling, general and administrative expenses | 10,977 | $ 4,427 | |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Loss on Pension Liability | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax (benefit) provision | $ (3,760) |
Derivative Financial Instrume98
Derivative Financial Instrument - Cash Flow Hedges - Additional Information (Detail) - USD ($) | Feb. 03, 2018 | Feb. 03, 2018 | Jan. 28, 2017 |
Derivative [Line Items] | |||
Cash flow hedge ineffectiveness | $ 0 | ||
Foreign currency forward exchange contract loss to be reclassified during next 12 months | 600,000 | $ 600,000 | |
Foreign currency forward exchange contract | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative instrument, hedging percentage | 45.00% | ||
Notional amount outstanding | $ 6,000,000 | $ 6,000,000 | $ 15,000,000 |
Derivative maturity, month and year | 2018-07 |
Fair Value and Balance Sheet Cl
Fair Value and Balance Sheet Classification of Hedging Instruments (Detail) - Designated as Hedging Instrument - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative financial instrument, fair value | $ 649 | $ 181 |
Foreign currency forward exchange contract | Accounts Payable | Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instrument, fair value | $ 649 | $ 181 |
Summary of Effect and Classific
Summary of Effect and Classification of the Company's Hedging Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Foreign currency forward exchange contract | Designated as Hedging Instrument | Cost of goods sold | Level 2 | |||
Derivatives, Fair Value [Line Items] | |||
Loss (gain) reclassified from accumulated other comprehensive loss to income | $ 537 | $ (135) | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Apr. 13, 2015USD ($) | Oct. 01, 2014USD ($) | Feb. 03, 2018USD ($)ft²$ / ft² | Jan. 28, 2017USD ($)$ / ft² | Jan. 30, 2016USD ($)$ / ft² | Jan. 31, 2015USD ($) |
Related Party Transaction [Line Items] | ||||||
Rent expense | $ 25,800,000 | $ 26,400,000 | $ 27,200,000 | |||
Founder and Director | ||||||
Related Party Transaction [Line Items] | ||||||
Monthly lease rental | $ 41,750 | |||||
Percentage of annual lease amount increase for every remaining twelve months | 3.00% | |||||
Term of lease | 10 years | |||||
Term of lease extension | 5 years | |||||
Lease contract beginning date | Jul. 1, 2014 | |||||
Lease contract expiration date | Jun. 30, 2019 | |||||
Rent expense | $ 246,000 | $ 243,000 | $ 487,000 | |||
Rent expense per square foot | $ / ft² | 15.40 | 15.19 | 9.87 | |||
Founder and Director | Real Estate Brokerage Fee | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | $ 215,000 | |||||
Founder and Director | Lease Termination Fee | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | $ 180,000 | |||||
Founder and Director | Administrative Offices | ||||||
Related Party Transaction [Line Items] | ||||||
Lease arrangements | ft² | 16,000 | |||||
Percentage of annual lease amount increase for every remaining twelve months | 3.00% | |||||
Rent expense | $ 14,666 | |||||
Founder and Director | Warehouse distribution and retail | ||||||
Related Party Transaction [Line Items] | ||||||
Lease arrangements | ft² | 50,000 | |||||
Executive Chairman and Chief Executive Officer | Aircraft Charter | ||||||
Related Party Transaction [Line Items] | ||||||
Amount paid to third party under agreements | $ 0 | $ 0 | $ 42,000 | |||
Immediate Family Member of Management or Principal Owner | ||||||
Related Party Transaction [Line Items] | ||||||
Royalty income earned from Isaco license agreements | 2,200,000 | 2,200,000 | 2,100,000 | |||
Product purchases from Isaco | 500,000 | 600,000 | 700,000 | |||
Advertising reimbursements from the license agreements | 500,000 | 500,000 | 500,000 | |||
Insurance premiums paid for property and casualty | $ 800,000 | $ 800,000 | $ 900,000 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Shareholders Equity [Line Items] | |||
Common stock repurchase program, amount authorized | $ 70,000,000 | ||
Total purchases under common stock repurchase program | 61,700,000 | ||
Purchase of treasury stock | $ 937,000 | $ 2,151,000 | $ 6,950,000 |
Treasury stock, shares | 0 | 0 | |
ADDITIONAL PAID-IN CAPITAL | |||
Shareholders Equity [Line Items] | |||
Retirement of treasury stock | $ (937,000) | $ (2,150,000) | (22,669,000) |
COMMON STOCK | |||
Shareholders Equity [Line Items] | |||
Retirement of treasury stock | (1,000) | (11,000) | |
Treasury Stock | |||
Shareholders Equity [Line Items] | |||
Purchase of treasury stock | 937,000 | 2,151,000 | 6,950,000 |
Retirement of treasury stock | $ 937,000 | $ 2,151,000 | $ 22,680,000 |
Stock Options, SARS and Rest103
Stock Options, SARS and Restricted Shares - Additional Information (Detail) | Mar. 16, 2017shares | Mar. 17, 2011shares | Feb. 03, 2018USD ($)Director$ / sharesshares | Jan. 28, 2017USD ($)Director$ / sharesshares | Jan. 30, 2016USD ($)Director$ / sharesshares | Mar. 13, 2008shares | Dec. 31, 2006shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares awarded | 115,588 | ||||||
Vesting period of awards | 3 years | ||||||
Fair value of stock granted | $ | $ 2.2 | ||||||
Closing price of stock | $ / shares | $ 23.63 | $ 23.50 | $ 19.01 | ||||
Total Intrinsic value of stock options and SARS exercised | $ | $ 200,000 | $ 700,000 | $ 7,400,000 | ||||
Total fair value of stock options and SARS vested | $ | $ 100,000 | $ 100,000 | $ 1,000,000 | ||||
Number of restricted stock vested | 222,785 | 337,685 | 242,968 | ||||
Number of restricted stock tax withholding value | $ | $ 1,000,000 | $ 1,000,000 | $ 700,000 | ||||
Unrecognized compensation cost related to unvested stock options | $ | 20,000 | ||||||
Unrecognized compensation cost related to unvested restricted stock | $ | $ 6,800,000 | ||||||
Subject to Withholding | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of restricted stock vested | 135,371 | 171,871 | 91,083 | ||||
2005 Stock Option Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for grant | 5,250,000 | 4,750,000 | 2,250,000 | ||||
Increase in number of shares authorized for grant | 500,000 | ||||||
2015 Long-Term Incentive Compensation Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for grant | 7,650,000 | 6,250,000 | |||||
Increase in number of shares authorized for grant | 1,400,000 | 1,000,000 | |||||
Expiration date of the plan | Jul. 17, 2025 | ||||||
Stock Appreciation Rights (SARs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares awarded | 0 | 0 | |||||
Stock Appreciation Rights (SARs) | Director | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares awarded | 8,130 | ||||||
Number of directors awarded | Director | 2 | ||||||
Exercise price per share of shares awarded | $ / shares | $ 23.38 | ||||||
Vesting period of awards | 3 years | ||||||
Award expiration term | 7 years | ||||||
Fair value of stock granted | $ | $ 100,000 | ||||||
Performance Based Restricted Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares awarded | 111,025 | 219,566 | |||||
Vesting period of awards | 3 years | 3 years | |||||
Fair value of stock granted | $ | $ 2,400,000 | $ 5,400,000 | |||||
Performance Based Restricted Stock Awards | Second Amended And Restated Long Term Incentive Compensation Plan, 2005 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares awarded | 154,401 | 184,004 | |||||
Value of award granted | $ | $ 3,300,000 | $ 3,500,000 | |||||
Awards expected vesting percentage | 100.00% | 100.00% | |||||
Award vesting date | 2020-04 | 2019-04 | |||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of restricted stock tax withheld | 46,191 | 49,387 | 27,325 | ||||
Weighted-average period over which unrecognized compensation cost are recognized | 3 years | ||||||
Restricted Stock | Director | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares awarded | 28,995 | 31,902 | 12,840 | ||||
Vesting period of awards | 1 year | 1 year | 3 years | ||||
Number of directors awarded restricted stock | 5 | 6 | 5 | ||||
Value of award granted | $ | $ 600,000 | $ 700,000 | $ 300,000 | ||||
Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares awarded | 10,953 | ||||||
Vesting period of awards | 3 years | ||||||
Fair value of stock granted | $ | $ 200,000 | ||||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average period over which unrecognized compensation cost are recognized | 2 years |
Information Regarding Shares Un
Information Regarding Shares Under Stock Option Plans (Detail) - shares | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Unvested Restricted Shares | 568,860 | 533,346 | 612,018 | 717,311 |
2015 Long-Term Incentive Compensation Plan | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Shares Underlying Outstanding Grants | 212,208 | |||
Unvested Restricted Shares | 568,860 | |||
Shares Available for Grant | 1,664,466 |
Summary of Stock Option and Sto
Summary of Stock Option and Stock Appreciation Rights Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Option and SARS, Number of Shares | ||||
Beginning Balance | 373,838 | 542,019 | 1,030,630 | |
Granted | 8,130 | |||
Exercised | (35,047) | (121,165) | (487,834) | |
Cancelled | (126,583) | (47,016) | (8,907) | |
Ending Balance | 212,208 | 373,838 | 542,019 | 1,030,630 |
Vested or expected to vest | 212,208 | 373,838 | 542,019 | 1,030,630 |
Options and SARS Exercisable | 209,498 | 360,466 | 516,651 | 912,273 |
Option and SARS, Weighted Average Exercise Price | ||||
Beginning Balance | $ 23.70 | $ 23.25 | $ 17.27 | |
Ending Balance | 23.81 | 23.70 | 23.25 | $ 17.27 |
Vested or expected to vest | 23.81 | 23.70 | 23.25 | 17.27 |
Options and SARS Exercisable | $ 23.82 | $ 23.82 | $ 23.41 | $ 17.13 |
Option and SARS, Weighted Average Remaining Contractual Life | ||||
Outstanding | 10 months 10 days | 1 year 3 months 15 days | 2 years 22 days | 3 years 5 months 27 days |
Vested or expected to vest | 10 months 10 days | 1 year 3 months 15 days | 2 years 22 days | 3 years 5 months 27 days |
Options and SARS Exercisable | 9 months 25 days | 1 year 1 month 17 days | 1 year 10 months 2 days | 2 years 11 months 23 days |
Option and SARS, Aggregate Intrinsic Value | ||||
Outstanding | $ 649 | $ 915 | $ 752 | $ 7,905 |
Vested or expected to vest | 649 | 915 | 752 | 7,905 |
Options and SARS Exercisable | $ 648 | $ 874 | $ 729 | $ 7,238 |
Minimum | ||||
Option and SARS, Price Per Share | ||||
Granted | $ 23.38 | |||
Exercised | $ 4.53 | $ 4.63 | 4.63 | |
Cancelled | 24.93 | 20.12 | 18.19 | |
Maximum | ||||
Option and SARS, Price Per Share | ||||
Granted | 23.38 | |||
Exercised | 18.57 | 24.93 | 22.46 | |
Cancelled | 31 | 28.38 | 30 | |
Weighted Average | ||||
Option and SARS, Price Per Share | ||||
Granted | 23.38 | |||
Exercised | 15.67 | 21.04 | 10.60 | |
Cancelled | $ 25.74 | $ 25.38 | $ 23.74 |
Information Regarding Option an
Information Regarding Option and Stock Appreciation Rights Outstanding and Exercisable (Detail) | 12 Months Ended |
Feb. 03, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding | shares | 212,208 |
Number Exercisable | shares | 209,498 |
Exercise Prices Range One | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower range | $ 4 |
Range of Exercise Prices, upper range | $ 5 |
Number Outstanding | shares | 25,689 |
Weighted Average Remaining Contractual Life (in years) | 1 year 1 month 20 days |
Weighted Average Exercise Price | $ 4.69 |
Number Exercisable | shares | 25,689 |
Weighted Average Exercise Price | $ 4.69 |
Exercise Prices Range Two | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower range | 15 |
Range of Exercise Prices, upper range | $ 21 |
Number Outstanding | shares | 30,802 |
Weighted Average Remaining Contractual Life (in years) | 2 years 6 months |
Weighted Average Exercise Price | $ 18.43 |
Number Exercisable | shares | 30,802 |
Weighted Average Exercise Price | $ 18.43 |
Exercise Prices Range Three | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower range | 23 |
Range of Exercise Prices, upper range | $ 26 |
Number Outstanding | shares | 11,946 |
Weighted Average Remaining Contractual Life (in years) | 4 years 3 months 4 days |
Weighted Average Exercise Price | $ 23.66 |
Number Exercisable | shares | 9,236 |
Weighted Average Exercise Price | $ 23.74 |
Exercise Prices Range Four | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower range | 27 |
Range of Exercise Prices, upper range | $ 31 |
Number Outstanding | shares | 143,771 |
Weighted Average Remaining Contractual Life (in years) | 2 months 5 days |
Weighted Average Exercise Price | $ 28.39 |
Number Exercisable | shares | 143,771 |
Weighted Average Exercise Price | $ 28.39 |
Summary of Restricted Stock Bas
Summary of Restricted Stock Based Awards (Detail) - $ / shares | 12 Months Ended | |||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Restricted Shares | ||||
Beginning Balance | 533,346 | 612,018 | 717,311 | |
Granted | 305,374 | 331,494 | 232,406 | |
Vested | (222,785) | (337,685) | (242,968) | |
Forfeited | (47,075) | (72,481) | (94,731) | |
Ending Balance | 568,860 | 533,346 | 612,018 | 717,311 |
Weighted Average Grant Price | ||||
Weighted Average Grant Price | $ 20.61 | $ 20.14 | $ 19.79 | $ 17.18 |
Weighted Average Remaining Vesting Period | ||||
Weighted Average Remaining Vesting Period | 1 year 6 months 14 days | 1 year 8 months 2 days | 1 year 6 months 18 days | 1 year 10 months 3 days |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Feb. 03, 2018Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 4 |
Revenues Generated by Segments
Revenues Generated by Segments (Detail) - USD ($) $ 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 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | ||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | $ 227,316 | $ 198,838 | $ 206,609 | $ 242,090 | $ 204,180 | $ 193,959 | $ 201,653 | $ 261,294 | $ 214,363 | $ 205,439 | $ 213,299 | $ 266,414 | $ 874,853 | $ 861,086 | $ 899,515 | |
Total depreciation and amortization | 14,272 | 14,542 | 13,693 | |||||||||||||
Total operating income | 40,865 | 22,496 | 6,664 | |||||||||||||
Costs on early extinguishment of debt | 195 | 5,121 | ||||||||||||||
Total identifiable assets | 634,162 | 592,705 | 634,162 | 592,705 | ||||||||||||
Interest expense | 7,148 | 7,395 | 9,267 | |||||||||||||
Total net income (loss) before income taxes | 33,717 | 14,906 | (7,724) | |||||||||||||
Men's Sportswear and Swim | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 648,765 | 625,115 | 640,600 | |||||||||||||
Total depreciation and amortization | 7,408 | 7,633 | 7,375 | |||||||||||||
Total operating income | [1] | 35,228 | 14,708 | 20,068 | ||||||||||||
Total identifiable assets | 317,165 | 276,232 | 317,165 | 276,232 | ||||||||||||
Women's Sportswear | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 102,382 | 107,784 | 127,692 | |||||||||||||
Total depreciation and amortization | 3,580 | 3,066 | 2,250 | |||||||||||||
Total operating income | [2] | (9,973) | (6,904) | (9,248) | ||||||||||||
Total identifiable assets | 33,825 | 39,934 | 33,825 | 39,934 | ||||||||||||
Direct-to-Consumer | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 89,133 | 92,187 | 96,514 | |||||||||||||
Total depreciation and amortization | 3,047 | 3,608 | 3,884 | |||||||||||||
Total operating income | (10,630) | (13,913) | (11,805) | |||||||||||||
Total identifiable assets | 15,917 | 16,358 | 15,917 | 16,358 | ||||||||||||
Licensing | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 34,573 | 36,000 | 34,709 | |||||||||||||
Total depreciation and amortization | 237 | 235 | 184 | |||||||||||||
Total operating income | [3] | 26,240 | 28,605 | $ 7,649 | ||||||||||||
Total identifiable assets | 241,668 | 232,118 | 241,668 | 232,118 | ||||||||||||
Corporate | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total identifiable assets | $ 25,587 | $ 28,063 | $ 25,587 | $ 28,063 | ||||||||||||
[1] | Operating income for the Men's Sportswear and Swim segment for the years ended January 28, 2017 and January 30, 2016 includes a settlement charge related to the pension plan in the amount of $9.9 million and $4.4 million, respectively. See footnote 15 to the consolidated financial statements for further information. Operating income for the Men's Sportswear and Swim segment for the year ended January 30, 2016 includes a gain on the sale of long lived assets in the amount of $4.5 million. See footnote 7 to the consolidated financial statements for further information. | |||||||||||||||
[2] | Operating loss for the women's sportswear segment for the year ended January 30, 2016 includes an impairment on long lived assets in the amount of $6.0 million. See footnote 8 to the consolidated financial statements for further information. | |||||||||||||||
[3] | Operating income for the licensing segment for the year ended January 30, 2016 includes an impairment on long lived assets in the amount of $18.2 million and a loss on sale of long-lived assets in the amount of $0.7 million. See footnote 8 to the consolidated financial statements for further information. |
Revenues Generated by Segmen110
Revenues Generated by Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | |
Segment Reporting Information [Line Items] | |||
Pension plan settlement charge | $ 7,217 | $ 4,427 | |
Men's Sportswear and Swim | |||
Segment Reporting Information [Line Items] | |||
Pension plan settlement charge | $ 9,900 | 4,400 | |
Gain (loss) on sale of intangible assets | 4,500 | ||
Women's Sportswear | |||
Segment Reporting Information [Line Items] | |||
Impairment on long-lived assets | 6,000 | ||
Licensing | |||
Segment Reporting Information [Line Items] | |||
Impairment on long-lived assets | 18,200 | ||
Gain (loss) on sale of intangible assets | $ (700) | $ (700) |
Revenues From External Customer
Revenues From External Customers and Long Lived Assets Excluding Deferred Taxes Related To Continuing Operations In United States and Foreign Countries (Detail) - USD ($) $ 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 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Total revenues | $ 227,316 | $ 198,838 | $ 206,609 | $ 242,090 | $ 204,180 | $ 193,959 | $ 201,653 | $ 261,294 | $ 214,363 | $ 205,439 | $ 213,299 | $ 266,414 | $ 874,853 | $ 861,086 | $ 899,515 |
Total long-lived assets | 242,380 | 248,886 | 242,380 | 248,886 | |||||||||||
United States | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Total revenues | 753,900 | 752,378 | 785,493 | ||||||||||||
Total long-lived assets | 207,497 | 214,370 | 207,497 | 214,370 | |||||||||||
International | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Total revenues | 120,953 | 108,708 | $ 114,022 | ||||||||||||
Total long-lived assets | $ 34,883 | $ 34,516 | $ 34,883 | $ 34,516 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Apr. 20, 2016USD ($) | Feb. 03, 2018USD ($)ft² | Jan. 28, 2017USD ($) | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | Sep. 09, 2013USD ($) |
Commitments and Contingencies Disclosure [Line Items] | ||||||
License agreements expiry period | Dec. 31, 2024 | |||||
Total royalty payment under license agreement | $ 16,500,000 | $ 14,400,000 | $ 13,200,000 | |||
Rent expense | 25,800,000 | $ 26,400,000 | $ 27,200,000 | |||
Capital lease obligation | $ 100,000 | |||||
Executive Chairman of the Board | Administrative Offices | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Lease arrangements | ft² | 16,000 | |||||
Lease contract beginning date | Jul. 1, 2014 | |||||
Lease contract expiration date | Jun. 30, 2019 | |||||
Lease term | 60 months | |||||
Rent expense | $ 14,666 | |||||
Percentage of annual lease amount increase for every remaining twelve months | 3.00% | |||||
License Agreement | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Future minimum payments | $ 47,200,000 | |||||
Chief Executive Officer | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Employment agreement expiration date | Feb. 2, 2019 | |||||
President of International Development and Global Licensing | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Employment agreement expiration date | Sep. 9, 2018 | |||||
Employment agreements base salaries | $ 500,000 | |||||
Minimum | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Lease term | 3 years | |||||
Minimum | Chief Executive Officer | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Employment agreements base salaries | $ 1,350,000 | |||||
Maximum | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Lease term | 15 years |
Minimum Aggregate Annual Commit
Minimum Aggregate Annual Commitments For Non-Cancelable, Unrelated Operating Lease Commitments (Detail) $ in Thousands | Feb. 03, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2,019 | $ 19,427 |
2,020 | 18,349 |
2,021 | 17,645 |
2,022 | 15,647 |
2,023 | 14,897 |
Thereafter | 46,751 |
Total | $ 132,716 |
Minimum Aggregate Annual Com114
Minimum Aggregate Annual Commitments For Capital Lease Obligations (Detail) $ in Thousands | Feb. 03, 2018USD ($) |
Capital Leased Assets [Line Items] | |
2,019 | $ 75 |
Summarized Quarterly Financi115
Summarized Quarterly Financial Data (Detail) - 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 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Quarterly Financial Data [Line Items] | |||||||||||||||
Net sales | $ 217,674 | $ 190,389 | $ 198,394 | $ 233,823 | $ 195,572 | $ 185,298 | $ 193,341 | $ 250,875 | $ 205,464 | $ 196,447 | $ 204,638 | $ 258,257 | $ 840,280 | $ 825,086 | $ 864,806 |
Royalty income | 9,642 | 8,449 | 8,215 | 8,267 | 8,608 | 8,661 | 8,312 | 10,419 | 8,899 | 8,992 | 8,661 | 8,157 | 34,573 | 36,000 | 34,709 |
Total revenues | 227,316 | 198,838 | 206,609 | 242,090 | 204,180 | 193,959 | 201,653 | 261,294 | 214,363 | 205,439 | 213,299 | 266,414 | 874,853 | 861,086 | 899,515 |
Gross profit | 88,528 | 74,078 | 76,480 | 91,088 | 78,490 | 71,103 | 73,831 | 95,084 | 79,730 | 73,295 | 75,942 | 90,100 | 330,174 | 318,508 | 319,067 |
Net income (loss) | $ 39,685 | $ 3,215 | $ 979 | $ 12,771 | $ 8,997 | $ (5,165) | $ (3,565) | $ 14,250 | $ (17,695) | $ 2,273 | $ (1,281) | $ 9,411 | $ 56,650 | $ 14,517 | $ (7,292) |
Net income (loss) per share: | |||||||||||||||
Basic | $ 2.62 | $ 0.21 | $ 0.06 | $ 0.85 | $ 0.60 | $ (0.34) | $ (0.24) | $ 0.96 | $ (1.18) | $ 0.15 | $ (0.09) | $ 0.64 | $ 3.76 | $ 0.97 | $ (0.49) |
Diluted | $ 2.56 | $ 0.21 | $ 0.06 | $ 0.83 | $ 0.59 | $ (0.34) | $ (0.24) | $ 0.95 | $ (1.18) | $ 0.15 | $ (0.09) | $ 0.62 | $ 3.68 | $ 0.95 | $ (0.49) |
Condensed Consolidating Fina116
Condensed Consolidating Financial Statements - Additional Information (Detail) - ASU 2016-09 - USD ($) $ in Millions | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Increase in net cash used in financing activities | $ 1.1 | $ 1.2 |
Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Increase in net cash used in financing activities | 1.1 | 1.2 |
Increase in net cash provided by operating activities | $ 1.1 | $ 1.2 |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 |
Current Assets: | ||||
Cash and cash equivalents | $ 35,222 | $ 30,695 | $ 31,902 | $ 43,547 |
Investment, at fair value | 14,086 | 10,921 | ||
Accounts receivable, net | 156,863 | 140,240 | ||
Inventories | 175,459 | 151,251 | ||
Prepaid income taxes | 1,647 | |||
Prepaid expenses and other current assets | 8,151 | 6,462 | ||
Total current assets | 389,781 | 341,216 | ||
Property and equipment, net | 56,164 | 61,835 | ||
Other intangible assets, net | 186,216 | 187,051 | ||
Deferred income taxes | 411 | 334 | ||
Other assets | 1,590 | 2,269 | ||
TOTAL | 634,162 | 592,705 | ||
Current Liabilities: | ||||
Accounts payable | 98,848 | 92,843 | ||
Accrued expenses and other liabilities | 35,768 | 20,861 | ||
Accrued interest payable | 1,334 | 1,450 | ||
Income taxes payable | 1,466 | |||
Unearned revenues | 2,907 | 2,710 | ||
Deferred pension obligation | ||||
Total current liabilities | 140,323 | 117,864 | ||
Senior subordinated notes payable, net | 49,818 | 49,673 | ||
Senior credit facility | 11,154 | 22,504 | ||
Real estate mortgages | 32,721 | 33,591 | ||
Income taxes payable | 4,157 | |||
Unearned revenues and other long-term liabilities | 13,524 | 18,271 | ||
Deferred income taxes | 4,915 | 37,115 | ||
Total long-term liabilities | 116,289 | 161,154 | ||
Total liabilities | 256,612 | 279,018 | ||
Total equity | 377,550 | 313,687 | 291,481 | 302,017 |
TOTAL | 634,162 | 592,705 | ||
Parent | ||||
Current Assets: | ||||
Intercompany receivable, net | 97,692 | 85,028 | ||
Prepaid income taxes | 549 | |||
Total current assets | 97,692 | 85,577 | ||
Investment in subsidiaries | 335,883 | 279,233 | ||
TOTAL | 433,575 | 364,810 | ||
Current Liabilities: | ||||
Accrued interest payable | 1,334 | 1,450 | ||
Income taxes payable | 716 | |||
Deferred pension obligation | ||||
Total current liabilities | 2,050 | 1,450 | ||
Senior subordinated notes payable, net | 49,818 | 49,673 | ||
Income taxes payable | 4,157 | |||
Total long-term liabilities | 53,975 | 49,673 | ||
Total liabilities | 56,025 | 51,123 | ||
Total equity | 377,550 | 313,687 | ||
TOTAL | 433,575 | 364,810 | ||
Guarantors | ||||
Current Assets: | ||||
Cash and cash equivalents | 830 | 2,578 | 775 | 30,055 |
Accounts receivable, net | 125,534 | 116,874 | ||
Inventories | 145,797 | 126,557 | ||
Prepaid expenses and other current assets | 7,116 | 5,584 | ||
Total current assets | 279,277 | 251,593 | ||
Property and equipment, net | 53,614 | 59,651 | ||
Other intangible assets, net | 153,884 | 154,719 | ||
Other assets | 1,391 | 1,797 | ||
TOTAL | 488,166 | 467,760 | ||
Current Liabilities: | ||||
Accounts payable | 85,659 | 79,600 | ||
Accrued expenses and other liabilities | 27,621 | 15,543 | ||
Income taxes payable | 624 | 623 | ||
Unearned revenues | 2,372 | 2,353 | ||
Deferred pension obligation | ||||
Intercompany payable, net | 83,376 | 77,398 | ||
Total current liabilities | 199,652 | 175,517 | ||
Senior credit facility | 11,154 | 22,504 | ||
Real estate mortgages | 32,721 | 33,591 | ||
Unearned revenues and other long-term liabilities | 13,277 | 17,945 | ||
Deferred income taxes | 4,915 | 35,419 | ||
Total long-term liabilities | 62,067 | 109,459 | ||
Total liabilities | 261,719 | 284,976 | ||
Total equity | 226,447 | 182,784 | ||
TOTAL | 488,166 | 467,760 | ||
Non-Guarantors | ||||
Current Assets: | ||||
Cash and cash equivalents | 34,392 | 28,117 | $ 31,127 | $ 13,492 |
Investment, at fair value | 14,086 | 10,921 | ||
Accounts receivable, net | 31,329 | 23,366 | ||
Inventories | 29,662 | 24,694 | ||
Prepaid income taxes | 25 | |||
Prepaid expenses and other current assets | 1,035 | 878 | ||
Total current assets | 110,504 | 88,001 | ||
Property and equipment, net | 2,550 | 2,184 | ||
Other intangible assets, net | 32,332 | 32,332 | ||
Deferred income taxes | 411 | 334 | ||
Other assets | 199 | 472 | ||
TOTAL | 145,996 | 123,323 | ||
Current Liabilities: | ||||
Accounts payable | 13,189 | 13,243 | ||
Accrued expenses and other liabilities | 8,147 | 5,318 | ||
Income taxes payable | 126 | |||
Unearned revenues | 535 | 357 | ||
Deferred pension obligation | ||||
Intercompany payable, net | 18,886 | 15,614 | ||
Total current liabilities | 40,883 | 34,532 | ||
Unearned revenues and other long-term liabilities | 247 | 326 | ||
Total long-term liabilities | 247 | 326 | ||
Total liabilities | 41,130 | 34,858 | ||
Total equity | 104,866 | 88,465 | ||
TOTAL | 145,996 | 123,323 | ||
Eliminations | ||||
Current Assets: | ||||
Intercompany receivable, net | (97,692) | (85,028) | ||
Prepaid income taxes | 1,073 | |||
Total current assets | (97,692) | (83,955) | ||
Investment in subsidiaries | (335,883) | (279,233) | ||
TOTAL | (433,575) | (363,188) | ||
Current Liabilities: | ||||
Income taxes payable | (623) | |||
Deferred pension obligation | ||||
Intercompany payable, net | (102,262) | (93,012) | ||
Total current liabilities | (102,262) | (93,635) | ||
Deferred income taxes | 1,696 | |||
Total long-term liabilities | 1,696 | |||
Total liabilities | (102,262) | (91,939) | ||
Total equity | (331,313) | (271,249) | ||
TOTAL | $ (433,575) | $ (363,188) |
Condensed Consolidating Stateme
Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ 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 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Revenues: | |||||||||||||||
Net sales | $ 217,674 | $ 190,389 | $ 198,394 | $ 233,823 | $ 195,572 | $ 185,298 | $ 193,341 | $ 250,875 | $ 205,464 | $ 196,447 | $ 204,638 | $ 258,257 | $ 840,280 | $ 825,086 | $ 864,806 |
Royalty income | 9,642 | 8,449 | 8,215 | 8,267 | 8,608 | 8,661 | 8,312 | 10,419 | 8,899 | 8,992 | 8,661 | 8,157 | 34,573 | 36,000 | 34,709 |
Total revenues | 227,316 | 198,838 | 206,609 | 242,090 | 204,180 | 193,959 | 201,653 | 261,294 | 214,363 | 205,439 | 213,299 | 266,414 | 874,853 | 861,086 | 899,515 |
Cost of sales | 544,679 | 542,578 | 580,448 | ||||||||||||
Gross profit | 88,528 | 74,078 | 76,480 | 91,088 | 78,490 | 71,103 | 73,831 | 95,084 | 79,730 | 73,295 | 75,942 | 90,100 | 330,174 | 318,508 | 319,067 |
Operating expenses: | |||||||||||||||
Selling, general and administrative expenses | 274,665 | 280,019 | 275,863 | ||||||||||||
Depreciation and amortization | 14,272 | 14,542 | 13,693 | ||||||||||||
Impairment on long-lived assets | 372 | 1,451 | 20,604 | ||||||||||||
Impairment of goodwill | 6,022 | ||||||||||||||
Total operating expenses | 289,309 | 296,012 | 316,182 | ||||||||||||
Loss on sale of long-lived assets | 3,779 | ||||||||||||||
Operating (loss) income | 40,865 | 22,496 | 6,664 | ||||||||||||
Costs of early extinguishment of debt | 195 | 5,121 | |||||||||||||
Interest expense | 7,148 | 7,395 | 9,267 | ||||||||||||
Net (loss) income before income taxes | 33,717 | 14,906 | (7,724) | ||||||||||||
Income tax (benefit) provision | (22,933) | 389 | (432) | ||||||||||||
Net (loss) income | $ 39,685 | $ 3,215 | $ 979 | $ 12,771 | $ 8,997 | $ (5,165) | $ (3,565) | $ 14,250 | $ (17,695) | $ 2,273 | $ (1,281) | $ 9,411 | 56,650 | 14,517 | (7,292) |
Other comprehensive (loss) income | 2,948 | 4,413 | (1,656) | ||||||||||||
Comprehensive (loss) income | 59,598 | 18,930 | (8,948) | ||||||||||||
Parent | |||||||||||||||
Operating expenses: | |||||||||||||||
Equity in earnings of subsidiaries, net | 56,650 | 14,517 | (7,292) | ||||||||||||
Net (loss) income | 56,650 | 14,517 | (7,292) | ||||||||||||
Other comprehensive (loss) income | 2,948 | 4,413 | (1,656) | ||||||||||||
Comprehensive (loss) income | 59,598 | 18,930 | (8,948) | ||||||||||||
Guarantors | |||||||||||||||
Revenues: | |||||||||||||||
Net sales | 732,418 | 729,721 | 765,102 | ||||||||||||
Royalty income | 21,482 | 22,656 | 20,843 | ||||||||||||
Total revenues | 753,900 | 752,377 | 785,945 | ||||||||||||
Cost of sales | 476,980 | 479,669 | 518,410 | ||||||||||||
Gross profit | 276,920 | 272,708 | 267,535 | ||||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative expenses | 236,701 | 241,510 | 234,129 | ||||||||||||
Depreciation and amortization | 13,152 | 13,231 | 12,500 | ||||||||||||
Impairment on long-lived assets | 372 | 1,451 | 19,299 | ||||||||||||
Impairment of goodwill | 6,022 | ||||||||||||||
Total operating expenses | 250,225 | 256,192 | 271,950 | ||||||||||||
Loss on sale of long-lived assets | (697) | ||||||||||||||
Operating (loss) income | 26,695 | 16,516 | (5,112) | ||||||||||||
Costs of early extinguishment of debt | 195 | 5,121 | |||||||||||||
Interest expense | 7,389 | 7,448 | 9,205 | ||||||||||||
Net (loss) income before income taxes | 19,306 | 8,873 | (19,438) | ||||||||||||
Income tax (benefit) provision | (24,357) | (934) | (2,652) | ||||||||||||
Net (loss) income | 43,663 | 9,807 | (16,786) | ||||||||||||
Other comprehensive (loss) income | 7,368 | 717 | |||||||||||||
Comprehensive (loss) income | 43,663 | 17,175 | (16,069) | ||||||||||||
Non-Guarantors | |||||||||||||||
Revenues: | |||||||||||||||
Net sales | 107,862 | 95,365 | 99,704 | ||||||||||||
Royalty income | 13,091 | 13,344 | 13,866 | ||||||||||||
Total revenues | 120,953 | 108,709 | 113,570 | ||||||||||||
Cost of sales | 67,699 | 62,909 | 62,038 | ||||||||||||
Gross profit | 53,254 | 45,800 | 51,532 | ||||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative expenses | 37,964 | 38,509 | 41,734 | ||||||||||||
Depreciation and amortization | 1,120 | 1,311 | 1,193 | ||||||||||||
Impairment on long-lived assets | 1,305 | ||||||||||||||
Total operating expenses | 39,084 | 39,820 | 44,232 | ||||||||||||
Loss on sale of long-lived assets | 4,476 | ||||||||||||||
Operating (loss) income | 14,170 | 5,980 | 11,776 | ||||||||||||
Interest expense | (241) | (53) | 62 | ||||||||||||
Net (loss) income before income taxes | 14,411 | 6,033 | 11,714 | ||||||||||||
Income tax (benefit) provision | 1,424 | 1,323 | 2,220 | ||||||||||||
Net (loss) income | 12,987 | 4,710 | 9,494 | ||||||||||||
Other comprehensive (loss) income | 2,948 | (2,955) | (2,373) | ||||||||||||
Comprehensive (loss) income | 15,935 | 1,755 | 7,121 | ||||||||||||
Eliminations | |||||||||||||||
Operating expenses: | |||||||||||||||
Equity in earnings of subsidiaries, net | (56,650) | (14,517) | 7,292 | ||||||||||||
Net (loss) income | (56,650) | (14,517) | 7,292 | ||||||||||||
Other comprehensive (loss) income | (2,948) | (4,413) | 1,656 | ||||||||||||
Comprehensive (loss) income | $ (59,598) | $ (18,930) | $ 8,948 |
Condensed Consolidating Stat119
Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jan. 30, 2016 | May 02, 2015 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||||
NET CASH PROVIDED BY OPERATING ACTIVITIES: | $ 30,172 | $ 43,399 | $ 31,407 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Purchase of property and equipment | (7,936) | (13,273) | (16,150) | ||
Purchase of investments | (39,157) | (13,896) | (12,086) | ||
Proceeds from investment maturities | 35,931 | 12,746 | 22,197 | ||
Proceeds on sale of intangible assets | $ 2,500 | 2,500 | |||
Proceeds on sale of building | $ 8,163 | 8,163 | |||
Payment of expenses related to sale of building | (1,900) | (1,887) | |||
Proceeds from note receivable | 250 | 250 | 250 | ||
Net cash provided by (used in) investing activities | (10,912) | (14,173) | 2,987 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Payments on senior subordinated notes | (100,000) | ||||
Borrowings from senior credit facility | 267,292 | 311,241 | 408,209 | ||
Payments on senior credit facility | (278,642) | (350,495) | (346,451) | ||
Payments on real estate mortgages | (865) | (11,768) | (821) | ||
Proceeds from refinancing real estate mortgages | 24,139 | ||||
Payments for employee taxes on shares withheld | (988) | (1,105) | (1,242) | ||
Payments on capital leases | (286) | (264) | (262) | ||
Deferred financing fees | (274) | (574) | |||
Proceeds from exercise of stock options | 24 | 73 | 1,408 | ||
Purchase of treasury shares | (937) | (2,151) | (6,950) | ||
Net cash (used) provided by financing activities | (14,402) | (30,604) | (46,683) | ||
Effect of exchange rate changes on cash and cash equivalents | (331) | 171 | 644 | ||
NET INCREASE (DECREASE) CASH AND CASH EQUIVALENTS | 4,527 | (1,207) | (11,645) | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 43,547 | 30,695 | 31,902 | 43,547 | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 31,902 | 35,222 | 30,695 | 31,902 | |
Parent | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
NET CASH PROVIDED BY OPERATING ACTIVITIES: | 5,451 | 3,207 | 3,112 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Intercompany transactions | (4,207) | (1,300) | 101,786 | ||
Net cash provided by (used in) investing activities | (4,207) | (1,300) | 101,786 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Payments on senior subordinated notes | (100,000) | ||||
Proceeds from exercise of stock options | 24 | 73 | 1,408 | ||
Purchase of treasury shares | (937) | (2,151) | (6,950) | ||
Net cash (used) provided by financing activities | (913) | (2,078) | (105,542) | ||
Effect of exchange rate changes on cash and cash equivalents | (331) | 171 | 644 | ||
Guarantors | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
NET CASH PROVIDED BY OPERATING ACTIVITIES: | 16,763 | 34,838 | 23,813 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Purchase of property and equipment | (6,674) | (12,105) | (14,424) | ||
Proceeds on sale of intangible assets | 2,500 | ||||
Net cash provided by (used in) investing activities | (6,674) | (12,105) | (11,924) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Borrowings from senior credit facility | 267,292 | 311,241 | 408,209 | ||
Payments on senior credit facility | (278,642) | (350,495) | (346,451) | ||
Payments on real estate mortgages | (865) | (11,768) | (821) | ||
Proceeds from refinancing real estate mortgages | 24,139 | ||||
Payments for employee taxes on shares withheld | (988) | (1,105) | (1,242) | ||
Payments on capital leases | (286) | (264) | (262) | ||
Deferred financing fees | (274) | (574) | |||
Intercompany transactions | 1,652 | 7,596 | (100,028) | ||
Net cash (used) provided by financing activities | (11,837) | (20,930) | (41,169) | ||
NET INCREASE (DECREASE) CASH AND CASH EQUIVALENTS | (1,748) | 1,803 | (29,280) | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 30,055 | 2,578 | 775 | 30,055 | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 775 | 830 | 2,578 | 775 | |
Non-Guarantors | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
NET CASH PROVIDED BY OPERATING ACTIVITIES: | 7,958 | 8,059 | 4,482 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Purchase of property and equipment | (1,262) | (1,168) | (1,726) | ||
Purchase of investments | (39,157) | (13,896) | (12,086) | ||
Proceeds from investment maturities | 35,931 | 12,746 | 22,197 | ||
Proceeds on sale of building | 8,163 | ||||
Payment of expenses related to sale of building | (1,887) | ||||
Proceeds from note receivable | 250 | 250 | 250 | ||
Net cash provided by (used in) investing activities | (4,238) | (2,068) | 14,911 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Dividends paid to stockholder | (2,706) | ||||
Intercompany transactions | 2,886 | (6,466) | (2,402) | ||
Net cash (used) provided by financing activities | 2,886 | (9,172) | (2,402) | ||
Effect of exchange rate changes on cash and cash equivalents | (331) | 171 | 644 | ||
NET INCREASE (DECREASE) CASH AND CASH EQUIVALENTS | 6,275 | (3,010) | 17,635 | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | $ 13,492 | 28,117 | 31,127 | 13,492 | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 31,127 | 34,392 | 28,117 | 31,127 | |
Eliminations | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
NET CASH PROVIDED BY OPERATING ACTIVITIES: | (2,705) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Intercompany transactions | 4,207 | 1,300 | (101,786) | ||
Net cash provided by (used in) investing activities | 4,207 | 1,300 | (101,786) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Dividends paid to stockholder | 2,706 | ||||
Intercompany transactions | (4,538) | (1,130) | 102,430 | ||
Net cash (used) provided by financing activities | (4,538) | 1,576 | 102,430 | ||
Effect of exchange rate changes on cash and cash equivalents | $ 331 | $ (171) | $ (644) |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Allowance for Doubtful Accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 1,158 | $ 1,193 | $ 1,181 |
Charged to expense | 3,698 | 804 | 528 |
Deductions | (3,272) | (839) | (516) |
Balance at end of period | 1,584 | 1,158 | 1,193 |
Valuation Allowance of Deferred Tax Asset | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 48,052 | 54,791 | 50,013 |
Charged to expense | (42,440) | (1,070) | 3,223 |
Adjustment to valuation accounts | 459 | (5,669) | 1,555 |
Balance at end of period | 6,071 | 48,052 | 54,791 |
Allowance for operational chargebacks, returns, and customer markdowns | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 17,343 | 19,110 | 19,598 |
Charged to expense | 60,901 | 68,634 | 69,610 |
Deductions | (64,810) | (70,401) | (70,098) |
Balance at end of period | $ 13,434 | $ 17,343 | $ 19,110 |