Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Mar. 24, 2014 | Aug. 03, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'GUESS INC | ' | ' |
Trading Symbol | 'GES | ' | ' |
Entity Central Index Key | '0000912463 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $2,031,021,093 |
Entity Common Stock, Shares Outstanding | ' | 84,978,559 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $502,945 | $329,021 |
Short-term investments | 5,123 | 6,906 |
Accounts receivable, net | 276,565 | 316,863 |
Inventories | 350,899 | 369,712 |
Deferred tax assets | 24,400 | 21,053 |
Other current assets | 56,154 | 63,670 |
Total current assets | 1,216,086 | 1,107,225 |
Property and equipment, net | 324,606 | 355,729 |
Goodwill | 38,992 | 39,287 |
Other intangible assets, net | 13,143 | 16,032 |
Long-term deferred tax assets | 54,973 | 43,063 |
Other assets | 116,631 | 152,170 |
Total assets | 1,764,431 | 1,713,506 |
Current liabilities: | ' | ' |
Current portion of capital lease obligations and borrowings | 4,160 | 1,901 |
Accounts payable | 191,532 | 191,143 |
Accrued expenses | 174,333 | 191,922 |
Total current liabilities | 370,025 | 384,966 |
Capital lease obligations and other long-term debt | 7,580 | 8,314 |
Deferred rent and lease incentives | 90,492 | 94,218 |
Other long-term liabilities | 120,518 | 121,996 |
Total liabilities | 588,615 | 609,494 |
Redeemable noncontrolling interests | 5,830 | 3,144 |
Commitments and contingencies (Note 14) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, $.01 par value. Authorized 10,000,000 shares; no shares issued and outstanding | 0 | 0 |
Common stock, $.01 par value. Authorized 150,000,000 shares; issued 139,245,729 and 138,812,082 shares, outstanding 84,962,345 and 85,367,984 shares, at February 1, 2014 and February 2, 2013, respectively | 850 | 853 |
Paid-in capital | 439,742 | 423,387 |
Retained earnings | 1,247,180 | 1,162,982 |
Accumulated other comprehensive loss | -13,801 | -2,461 |
Treasury stock, 54,283,384 and 53,444,098 shares at February 1, 2014 and February 2, 2013, respectively | -519,457 | -497,769 |
Guess, Inc. stockholders’ equity | 1,154,514 | 1,086,992 |
Nonredeemable noncontrolling interests | 15,472 | 13,876 |
Total stockholders’ equity | 1,169,986 | 1,100,868 |
Total liabilities and stockholders' equity | $1,764,431 | $1,713,506 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized shares | 150,000,000 | 150,000,000 |
Common stock, shares issued | 139,245,729 | 138,812,082 |
Common stock, shares outstanding | 84,962,345 | 85,367,984 |
Treasury stock, shares | 54,283,384 | 53,444,098 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Product sales | $2,451,580 | $2,541,463 | $2,566,628 |
Net royalties | 118,206 | 117,142 | 121,420 |
Net revenue | 2,569,786 | 2,658,605 | 2,688,048 |
Cost of product sales | 1,593,652 | 1,591,482 | 1,531,823 |
Gross profit | 976,134 | 1,067,123 | 1,156,225 |
Selling, general and administrative expenses | 741,105 | 792,598 | 738,285 |
Restructuring charges | 12,442 | 0 | 0 |
Settlement charge | 0 | 0 | 19,463 |
Pension curtailment expense | 0 | 0 | 1,242 |
Earnings from operations | 222,587 | 274,525 | 397,235 |
Other income (expense): | ' | ' | ' |
Interest expense | -1,923 | -1,640 | -2,002 |
Interest income | 2,015 | 2,016 | 3,147 |
Other income, net | 10,280 | 5,713 | 961 |
Total other income (expense) | 10,372 | 6,089 | 2,106 |
Earnings before income tax expense | 232,959 | 280,614 | 399,341 |
Income tax expense | 75,248 | 99,128 | 128,691 |
Net earnings | 157,711 | 181,486 | 270,650 |
Net earnings attributable to noncontrolling interests | 4,277 | 2,742 | 5,150 |
Net earnings attributable to Guess, Inc. | $153,434 | $178,744 | $265,500 |
Net earnings per common share attributable to common stockholders (Note 18): | ' | ' | ' |
Basic (in dollars per share) | $1.81 | $2.06 | $2.88 |
Diluted (in dollars per share) | $1.80 | $2.05 | $2.86 |
Weighted average common shares outstanding attributable to common stockholders (Note 18): | ' | ' | ' |
Basic (in shares) | 84,271 | 86,262 | 91,533 |
Diluted (in shares) | 84,522 | 86,540 | 91,948 |
Dividends declared per common share (in dollars per share) | $0.80 | $2 | $0.80 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net earnings | $157,711 | $181,486 | $270,650 |
Foreign currency translation adjustment | ' | ' | ' |
Gains (losses) arising during the period | -18,642 | 22,347 | -17,453 |
Reclassification to net income for losses realized | 217 | 0 | 0 |
Derivative financial instruments designated as cash flow hedges | ' | ' | ' |
Gains arising during the period | 4,965 | 2,231 | 845 |
Less income tax effect | -873 | -187 | -183 |
Reclassification to net income for (gains) losses realized | -3,059 | -9,328 | 6,373 |
Less income tax effect | 636 | 1,243 | -987 |
Marketable securities | ' | ' | ' |
Gains (losses) arising during the period | -11 | 218 | -67 |
Less income tax effect | 4 | -83 | 24 |
Reclassification to net income for losses realized | 0 | 6 | 0 |
Less income tax effect | 0 | -2 | 0 |
Supplemental Executive Retirement Plan (“SERPâ€) | ' | ' | ' |
Plan amendment | 4,529 | 0 | 0 |
Actuarial gain (loss) | 1,751 | 3,508 | -9,342 |
Curtailment | 0 | 0 | 1,242 |
Less income tax effect | -2,465 | -1,342 | 3,144 |
Actuarial loss amortization | 1,108 | 3,340 | 2,048 |
Prior service cost amortization | 194 | 620 | 940 |
Less income tax effect | -498 | -1,513 | -1,087 |
Total comprehensive income | 145,567 | 202,544 | 256,147 |
Less comprehensive income attributable to noncontrolling interests: | ' | ' | ' |
Net earnings | 4,277 | 2,742 | 5,150 |
Foreign currency translation adjustment | -804 | 322 | 116 |
Amounts attributable to noncontrolling interests | 3,473 | 3,064 | 5,266 |
Comprehensive income attributable to Guess, Inc. | $142,094 | $199,480 | $250,881 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Nonredeemable Noncontrolling Interests |
In Thousands, unless otherwise specified | |||||||
Balance at Jan. 29, 2011 | $1,066,194 | $923 | $368,225 | $960,460 | ($8,578) | ($266,154) | $11,318 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 270,650 | ' | ' | 265,500 | ' | ' | 5,150 |
Foreign currency translation adjustment | -17,453 | ' | ' | ' | -17,569 | ' | 116 |
Gain (loss) on derivative financial instruments designated as cash flow hedges | 6,048 | ' | ' | ' | 6,048 | ' | ' |
Gain (loss) on marketable securities | -43 | ' | ' | ' | -43 | ' | ' |
SERP plan amendment, prior service cost amortization, curtailment and actuarial valuation gain (loss) and related amortization | -3,055 | ' | ' | ' | -3,055 | ' | ' |
Issuance of common stock under stock compensation plans including tax effect | 2,923 | 5 | 2,918 | ' | ' | ' | ' |
Issuance of stock under Employee Stock Purchase Plan | 1,377 | ' | 1,084 | ' | ' | 293 | ' |
Share-based compensation | 28,100 | ' | 27,919 | 181 | ' | ' | ' |
Dividends | -74,166 | ' | ' | -74,166 | ' | ' | ' |
Share repurchases | -92,082 | -32 | 32 | ' | ' | -92,082 | ' |
Redeemable noncontrolling interest redemption value adjustment | 5,772 | ' | ' | 3,721 | ' | ' | 2,051 |
Balance at Jan. 28, 2012 | 1,194,265 | 896 | 400,178 | 1,155,696 | -23,197 | -357,943 | 18,635 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 181,486 | ' | ' | 178,744 | ' | ' | 2,742 |
Foreign currency translation adjustment | 22,347 | ' | ' | ' | 22,025 | ' | 322 |
Gain (loss) on derivative financial instruments designated as cash flow hedges | -6,041 | ' | ' | ' | -6,041 | ' | ' |
Gain (loss) on marketable securities | 139 | ' | ' | ' | 139 | ' | ' |
SERP plan amendment, prior service cost amortization, curtailment and actuarial valuation gain (loss) and related amortization | 4,613 | ' | ' | ' | 4,613 | ' | ' |
Issuance of common stock under stock compensation plans including tax effect | 1,362 | 7 | 1,355 | ' | ' | ' | ' |
Issuance of stock under Employee Stock Purchase Plan | 1,186 | ' | 750 | ' | ' | 436 | ' |
Share-based compensation | 16,285 | ' | 16,197 | 88 | ' | ' | ' |
Dividends | -172,792 | ' | ' | -172,792 | ' | ' | ' |
Share repurchases | -140,262 | -50 | 50 | ' | ' | -140,262 | ' |
Purchase of redeemable noncontrolling interest | 0 | ' | 4,857 | ' | ' | ' | -4,857 |
Noncontrolling interest capital contribution | 1,488 | ' | ' | ' | ' | ' | 1,488 |
Noncontrolling interest capital distribution | -4,237 | ' | ' | ' | ' | ' | -4,237 |
Redeemable noncontrolling interest redemption value adjustment | 1,029 | ' | ' | 1,246 | ' | ' | -217 |
Balance at Feb. 02, 2013 | 1,100,868 | 853 | 423,387 | 1,162,982 | -2,461 | -497,769 | 13,876 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 157,711 | ' | ' | 153,434 | ' | ' | 4,277 |
Foreign currency translation adjustment | -18,425 | ' | ' | ' | -17,621 | ' | -804 |
Gain (loss) on derivative financial instruments designated as cash flow hedges | 1,669 | ' | ' | ' | 1,669 | ' | ' |
Gain (loss) on marketable securities | -7 | ' | ' | ' | -7 | ' | ' |
SERP plan amendment, prior service cost amortization, curtailment and actuarial valuation gain (loss) and related amortization | 4,619 | ' | ' | ' | 4,619 | ' | ' |
Issuance of common stock under stock compensation plans including tax effect | 2,404 | 6 | 2,398 | ' | ' | ' | ' |
Issuance of stock under Employee Stock Purchase Plan | 980 | ' | 569 | ' | ' | 411 | ' |
Share-based compensation | 13,949 | ' | 13,379 | 570 | ' | ' | ' |
Dividends | -68,215 | ' | ' | -68,215 | ' | ' | ' |
Share repurchases | -22,099 | -9 | 9 | ' | ' | -22,099 | ' |
Noncontrolling interest capital distribution | -1,877 | ' | ' | ' | ' | ' | -1,877 |
Redeemable noncontrolling interest redemption value adjustment | -1,591 | ' | ' | -1,591 | ' | ' | ' |
Balance at Feb. 01, 2014 | $1,169,986 | $850 | $439,742 | $1,247,180 | ($13,801) | ($519,457) | $15,472 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net earnings | $157,711 | $181,486 | $270,650 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization of property and equipment | 85,817 | 87,197 | 77,044 |
Amortization of intangible assets | 2,552 | 2,501 | 2,242 |
Share-based compensation expense | 13,949 | 16,285 | 28,100 |
Unrealized forward contract (gains) losses | -562 | 734 | -4,020 |
Deferred income taxes | -17,804 | 7,303 | -885 |
Net loss on disposition of property and equipment and long-term assets | 16,337 | 11,096 | 6,148 |
Pension curtailment expense | 0 | 0 | 1,242 |
Other items, net | -2,321 | 841 | -6,264 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 38,005 | 28,930 | 10,630 |
Inventories | 17,162 | -30,169 | -35,810 |
Prepaid expenses and other assets | 35,368 | 10,543 | -37,916 |
Accounts payable and accrued expenses | -22,653 | -64,204 | 4,287 |
Deferred rent and lease incentives | -3,616 | 6,426 | 11,544 |
Other long-term liabilities | 7,997 | 9,935 | 37,502 |
Net cash provided by operating activities | 327,942 | 268,904 | 364,494 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property and equipment | -75,438 | -99,591 | -123,531 |
Changes in other assets | 5,761 | -7,642 | 2,173 |
Proceeds from maturity and sale of investment | 6,826 | 9,500 | 15,000 |
Acquisition of lease interest | 0 | 0 | -1,339 |
Acquisition of businesses, net of cash acquired | -1,648 | -15,980 | 0 |
Net cash settlement of forward contracts | 1,423 | 5,216 | -4,428 |
Purchases of investments | 0 | -11,765 | -19,971 |
Net cash used in investing activities | -63,076 | -120,262 | -132,096 |
Cash flows from financing activities: | ' | ' | ' |
Payment of debt issuance costs | 0 | -383 | -970 |
Proceeds from borrowings | 3,103 | 0 | 0 |
Repayment of borrowings and capital lease obligations | -1,474 | -2,296 | -1,771 |
Dividends paid | -68,218 | -172,798 | -74,371 |
Purchase of redeemable noncontrolling interest | 0 | -4,185 | 0 |
Noncontrolling interest capital contributions | 1,199 | 209 | 0 |
Noncontrolling interest capital distributions | -1,877 | -4,237 | 0 |
Issuance of common stock, net of nonvested award repurchases | 3,861 | 4,367 | 4,214 |
Excess tax benefits from share-based compensation | 698 | 1,302 | 1,992 |
Purchase of treasury stock | -22,099 | -140,262 | -92,082 |
Net cash used in financing activities | -84,807 | -318,283 | -162,988 |
Effect of exchange rates on cash and cash equivalents | -6,135 | 6,857 | -4,642 |
Net change in cash and cash equivalents | 173,924 | -162,784 | 64,768 |
Cash and cash equivalents at the beginning of the year | 329,021 | 491,805 | 427,037 |
Cash and cash equivalents at the end of the year | 502,945 | 329,021 | 491,805 |
Supplemental cash flow data: | ' | ' | ' |
Interest paid | 1,460 | 841 | 1,596 |
Income taxes paid | $112,996 | $92,401 | $129,946 |
Description_of_the_Business_an
Description of the Business and Summary of Significant Accounting Policies and Practices | 12 Months Ended | |
Feb. 01, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Description of the Business and Summary of Significant Accounting Policies and Practices | ' | |
Description of the Business and Summary of Significant Accounting Policies and Practices | ||
Description of the Business | ||
Guess?, Inc. (the “Company” or “GUESS?”) designs, markets, distributes and licenses a leading lifestyle collection of contemporary apparel and accessories for men, women and children that reflect the American lifestyle and European fashion sensibilities. The Company’s designs are sold in GUESS? owned stores, to a network of wholesale accounts that includes better department stores, selected specialty retailers and upscale boutiques and through the Internet. GUESS? branded products, some of which are produced under license, are also sold internationally through a series of licensees and distributors. | ||
Fiscal Year End | ||
The Company operates on a 52/53-week fiscal year calendar, which ends on the Saturday nearest to January 31 of each year. All references herein to “fiscal 2014”, “fiscal 2013”, and “fiscal 2012” represent the results of the 52-week fiscal year ended February 1, 2014, the 53-week fiscal year ended February 2, 2013 and the 52-week fiscal year ended January 28, 2012, respectively. The additional week in fiscal 2013 occurred during the fourth quarter ended February 2, 2013. References to “fiscal 2015” represent the 52-week fiscal year ending January 31, 2015. | ||
Reclassifications | ||
The Company has made certain reclassifications to the consolidated financial statements for the year ended February 2, 2013 to conform to classifications in the current year. These reclassifications had no impact on previously reported results from operations or net cash provided by operating activities. | ||
For the year ended January 28, 2012, the Company also reclassified certain retail distribution costs from selling, general and administrative expenses to cost of product sales to conform to current period presentation. This reclassification had no impact on previously reported earnings from operations, net earnings or net earnings per share. | ||
Principles of Consolidation | ||
The consolidated financial statements include the accounts of Guess?, Inc., its wholly-owned direct and indirect subsidiaries and its majority-owned subsidiaries. Accordingly, all references herein to “Guess?, Inc.” include the consolidated results of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated during the consolidation process. | ||
Use of Estimates | ||
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosed in the accompanying notes. Significant areas requiring the use of management estimates relate to the accounts receivable allowances, sales return allowances, gift card and loyalty accruals, valuation of inventories, share-based compensation, recoverability of deferred taxes, unrecognized tax benefits, the useful life of assets for depreciation, evaluation of asset impairment, pension obligations, workers compensation and medical self-insurance expense and accruals, litigation reserves and restructuring expense and accruals. Actual results could differ from those estimates. | ||
Business Segment Reporting | ||
Where applicable, the Company reports information about business segments and related disclosures about products and services, geographic areas and major customers. The Company’s businesses are grouped into five reportable segments for management and internal financial reporting purposes: North American Retail, Europe, Asia, North American Wholesale and Licensing. Management evaluates segment performance based primarily on revenues and earnings from operations before restructuring charges, if any. The Company believes this segment reporting reflects how its five business segments are managed and each segment’s performance is evaluated. The North American Retail segment includes the Company’s retail and e-commerce operations in North America and its retail operations in Central and South America. The Europe segment includes the Company’s wholesale, retail and e-commerce operations in Europe and the Middle East. The Asia segment includes the Company’s wholesale, retail and e-commerce operations in Asia. The North American Wholesale segment includes the Company’s wholesale operations in North America and export sales to Central and South America. The Licensing segment includes the worldwide licensing operations of the Company. The business segment operating results exclude corporate overhead costs, which consist of shared costs of the organization, and restructuring charges. These costs are presented separately and generally include, among other things, the following unallocated corporate costs: accounting and finance, executive compensation, facilities, global advertising and marketing, human resources, information technology and legal. Information regarding these segments is summarized in Note 17. | ||
Revenue Recognition | ||
General | ||
The Company recognizes retail operations revenue at the point of sale and wholesale operations revenue from the sale of merchandise when products are shipped and the customer takes title and assumes risk of loss, collection of the relevant receivable is reasonably assured, pervasive evidence of an arrangement exists, and the sales price is fixed or determinable. Revenue from our e-commerce operations, including shipping fees, is recognized based on the estimated customer receipt date. The Company accrues for estimated sales returns and other allowances in the period in which the related revenue is recognized. To recognize the financial impact of sales returns, the Company estimates the amount of goods that will be returned based on historical experience and reduces sales and cost of sales accordingly. Sales taxes and value added taxes collected from customers and remitted directly to governmental authorities are excluded from net revenues. | ||
Net Royalty Revenue | ||
Royalty revenue is based upon a percentage, as defined in the underlying agreement, of the licensee’s actual net sales or minimum net sales, whichever is greater. The Company may receive special payments in consideration of the grant of license rights. These payments are recognized ratably as revenue over the term of the license agreement. The unrecognized portion of upfront payments is included in deferred royalties in accrued expenses and other long-term liabilities depending on the short or long-term nature of the payments to be recognized. As of February 1, 2014, the Company had $15.4 million and $44.1 million, respectively, of deferred royalties included in accrued expenses and other long-term liabilities. This compares to $12.9 million and $34.9 million, respectively, of deferred royalties included in accrued expenses and other long-term liabilities as of February 2, 2013. | ||
Gift Cards | ||
Gift card breakage is income recognized due to the non-redemption of a portion of gift cards sold by the Company for which a liability was recorded in prior periods. Gifts cards are not utilized outside the U.S. and Canada. The Company issues gift cards through one of its subsidiaries and is not required by law to escheat the value of unredeemed gift cards to the state in which the subsidiary is domiciled. Estimated breakage amounts are accounted for under the redemption recognition method and are classified as additional net revenues as the gift cards are redeemed. The Company’s gift card breakage rate is approximately 5.2% and 4.5% for the U.S. retail business and Canadian retail business, respectively, based upon historical redemption patterns, which represents the cumulative estimated amount of gift card breakage from the inception of the electronic gift card program in late 2002. Based upon historical redemption trends, the Company recognizes estimated gift card breakage as a component of net revenue in proportion to actual gift card redemptions, over the period that remaining gift card values are redeemed. In fiscal 2014, fiscal 2013 and fiscal 2012, the Company recognized $0.8 million, $0.5 million and $0.7 million of gift card breakage to revenue, respectively. Any future revisions to the estimated breakage rate may result in changes in the amount of breakage income recognized in future periods. | ||
Loyalty Programs | ||
The Company launched customer loyalty programs for its GUESS? factory outlet, G by GUESS, GUESS?, and MARCIANO stores in March 2013, July 2009, August 2008 and September 2007, respectively. The GUESS? and MARCIANO loyalty programs were merged in May 2009. Under the programs, customers accumulate points based on purchase activity. Once a loyalty program member achieves a certain point level, the member earns awards that may only be redeemed for merchandise. In all of the programs, unredeemed points generally expire after six months without additional purchase activity and unredeemed awards generally expire after two months. The Company uses historical redemption rates to estimate the value of future award redemptions which are accrued in current liabilities and recorded as a reduction of net revenue in the period which the related revenue is recognized. The aggregate dollar value of the loyalty program accruals included in accrued expenses was $4.2 million and $2.9 million at February 1, 2014 and February 2, 2013, respectively. Future revisions to the estimated liability may result in changes to net revenue. | ||
Classification of Certain Costs and Expenses | ||
The Company includes inbound freight charges, purchasing costs and related overhead, retail store occupancy costs including rent and depreciation and a portion of the Company’s distribution costs related to its retail business in cost of product sales. Distribution costs related primarily to the wholesale business are included in selling, general and administrative (“SG&A”) expenses and amounted to $31.7 million, $36.2 million and $40.4 million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. The Company also includes store selling, selling and merchandising, advertising, design and other corporate overhead costs as a component of selling, general and administrative expenses. | ||
The Company classifies amounts billed to customers for shipping fees as revenues and classifies costs related to shipping as cost of product sales in the accompanying consolidated statements of income. | ||
Fiscal 2012 Settlement Charge | ||
During fiscal 2012, the Company experienced a temporary disruption in service with a former third party logistics service provider in Europe. On July 29, 2011, the Company entered into a settlement agreement with this service provider to facilitate a transition to a new service provider and recorded a settlement charge of $19.5 million related to amounts paid in connection with this agreement. The settlement charge is included within operating expenses of the Europe segment for fiscal 2012. | ||
Advertising and Marketing Costs | ||
The Company expenses the cost of advertising as incurred. Advertising and marketing expenses charged to operations for fiscal 2014, fiscal 2013 and fiscal 2012 were $45.0 million, $59.1 million and $41.0 million, respectively. | ||
Share-Based Compensation | ||
The Company recognizes compensation expense for all share-based awards granted based on the grant date fair value. The fair value of each stock option is estimated on the grant date using the Black-Scholes option-pricing model and involves several assumptions, including the risk-free interest rate, expected volatility, dividend yield, expected life and forfeiture rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. The expected volatility is determined based on an average of both historical volatility and implied volatility. Implied volatility is derived from exchange traded options on the Company’s common stock. The expected dividend yield is based on the Company’s history and expectations of dividend payouts. The expected life is determined based on historical trends. The expected forfeiture rate is determined based on historical data. Compensation expense for nonvested stock options and stock awards is recognized on a straight-line basis over the vesting period. | ||
In addition, the Company has granted certain nonvested stock awards/units and stock options in the past that require the recipient to achieve certain minimum performance targets in order for these awards to vest. If the minimum performance targets have not been achieved or are not expected to be achieved, no expense is recognized during the period. | ||
Foreign Currency | ||
Foreign Currency Translation Adjustment | ||
The local selling currency is typically the functional currency for all of the Company’s significant international operations. In accordance with authoritative guidance, assets and liabilities of the Company’s foreign operations are translated from foreign currencies into U.S. dollars at period-end rates, while income and expenses are translated at the weighted-average exchange rates for the period. The related translation adjustments are reflected as a foreign currency translation adjustment in accumulated other comprehensive income (loss) within stockholders’ equity. In addition, the Company records foreign currency translation adjustments related to its noncontrolling interests within stockholders’ equity. Periodically, the Company may also use foreign currency forward contracts to hedge the translation and economic exposures related to its net investments in certain of its international subsidiaries (see below). Changes in the fair values of these foreign currency forward contracts designated as net investment hedges are included as a foreign currency translation adjustment in accumulated other comprehensive income (loss) within stockholders’ equity. The total foreign currency translation adjustment decreased stockholders’ equity by $18.4 million, from an accumulated foreign currency translation gain of $10.7 million as of February 2, 2013 to an accumulated foreign currency translation loss of $7.7 million as of February 1, 2014. | ||
Foreign Currency Transaction Gains and Losses | ||
Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency, including gains and losses on foreign currency contracts (see below), are included in the consolidated statements of income. Net foreign currency transaction gains (losses) included in the determination of net earnings were $6.3 million, $8.6 million and $(6.8) million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | ||
Forward Contracts Designated As Hedging Instruments | ||
The Company operates in foreign countries, which exposes it to market risk associated with foreign currency exchange rate fluctuations. Various transactions that occur primarily in Canada, Europe and South Korea are denominated in U.S. dollars and British pounds and thus are exposed to earnings risk as a result of exchange rate fluctuations when converted to their functional currencies. These types of transactions include U.S. dollar denominated purchases of merchandise and U.S. dollar and British pound denominated intercompany liabilities. In addition, certain operating expenses and tax liabilities are denominated in Swiss francs and are exposed to earnings risk as a result of exchange rate fluctuations when converted to the functional currency. The Company has entered into certain forward contracts to hedge the risk of a portion of these anticipated foreign currency transactions against foreign currency rate fluctuations. The Company has elected to apply the hedge accounting rules in accordance with authoritative guidance for certain of these hedges. The Company does not hedge all transactions denominated in foreign currency. The Company may also hedge the translation and economic exposures related to its net investments in certain of its international subsidiaries. | ||
Changes in the fair value of the U.S. dollar/euro and U.S. dollar/Canadian dollar forward contracts for anticipated U.S. dollar merchandise purchases designated as cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity and are recognized in cost of product sales in the period which approximates the time the hedged merchandise inventory is sold. Changes in the fair value of U.S. dollar/euro forward contracts for U.S. dollar intercompany royalties designated as cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity and are recognized in other income and expense in the period in which the royalty expense is incurred. Changes in the fair value of the U.S. dollar/euro dollar forward contracts designated as net investment hedges are recorded in foreign currency translation adjustment as a component of accumulated other comprehensive income (loss) within stockholders’ equity and are not recognized in income until the sale or liquidation of the hedged net investment. | ||
Forward Contracts Not Designated as Hedging Instruments | ||
The Company also has forward contracts that are not designated as hedging instruments for accounting purposes. Changes in fair value of forward contracts not qualifying as cash flow hedges or net investment hedges are reported in net earnings as part of other income and expense. | ||
Income Taxes | ||
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. | ||
The Company accounts for uncertainty in income taxes in accordance with authoritative guidance, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company also follows authoritative guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | ||
Earnings Per Share | ||
Basic earnings per share represents net earnings attributable to common stockholders divided by the weighted-average number of common shares outstanding for the period. Diluted earnings per share represents net earnings attributable to common stockholders divided by the weighted-average number of common shares outstanding, inclusive of the dilutive impact of common equivalent shares outstanding during the period. However, nonvested restricted stock awards (referred to as participating securities) are excluded from the dilutive impact of common equivalent shares outstanding in accordance with authoritative guidance under the two-class method since the nonvested restricted stockholders are entitled to participate in dividends declared on common stock as if the shares were fully vested and hence are deemed to be participating securities. Under the two-class method, earnings attributable to nonvested restricted stockholders are excluded from net earnings attributable to common stockholders for purposes of calculating basic and diluted earnings per common share. | ||
Comprehensive Income | ||
Comprehensive income consists of net earnings, foreign currency translation adjustments, the effective portion of the change in the fair value of cash flow hedges, unrealized gains or losses on available-for-sale investments and Supplemental Executive Retirement Plan (“SERP”) impact from plan amendment, prior service cost amortization, curtailment and actuarial valuation gains or losses and related amortization. Comprehensive income is presented in the consolidated statements of comprehensive income. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. | ||
Investment Securities | ||
The Company accounts for its investment securities in accordance with authoritative guidance which requires investments to be classified into one of three categories based on management’s intent: held-to-maturity securities, available-for-sale securities and trading securities. Held-to-maturity securities are recorded at their amortized cost. Available-for-sale securities are recorded at fair value with unrealized gains and losses reported as a separate component of stockholders’ equity. Trading securities are recorded at market value with unrealized gains and losses reported in net earnings. The appropriate classification of investment securities is determined at the time of purchase and reevaluated at each balance sheet date. The Company currently accounts for its short-term investment securities as available-for-sale. The short-term investment securities will mature during fiscal 2015. There were no long-term investment securities as of February 1, 2014. | ||
The Company periodically evaluates investment securities for impairment using both qualitative and quantitative criteria such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery in market value. | ||
Concentration of Credit and Liquidity Risk | ||
Cash used primarily for working capital purposes is maintained with various major financial institutions. The Company performs evaluations of the relative credit standing of these financial institutions in order to limit the amount of asset and liquidity exposure with any institution. Excess cash and cash equivalents, which represent the majority of the Company’s outstanding cash and cash equivalents balance, are held primarily in overnight deposit and short-term time deposit accounts and four diversified money market funds. The money market funds are AAA rated by national credit rating agencies and are generally comprised of high-quality, liquid investments. | ||
The Company is also exposed to concentrations of credit risk through its accounts receivable balances. The Company extends credit to corporate customers based upon an evaluation of the customer’s financial condition and credit history and generally requires no collateral but does obtain credit insurance when considered appropriate. As of February 1, 2014, approximately 64% of total trade accounts receivable was insured or supported by bank guarantees or letters of credit. In Europe, approximately 82% of our trade receivables were insured for collection purposes or subject to certain bank guarantees or letters of credit. The Company maintains allowances for doubtful accounts for estimated losses that result from the inability of its wholesale customers to make their required payments. The Company bases its allowances on analysis of the aging of accounts receivable at the date of the financial statements, assessments of historical collection trends, an evaluation of the impact of current economic conditions and whether the Company has obtained credit insurance or other guarantees. The Company’s corporate customers are principally located throughout Europe, North America and Asia, and their ability to pay amounts due to the Company may be dependent on the prevailing economic conditions of their geographic region. However, such credit risk is considered limited due to the Company’s large customer base. Management performs regular evaluations concerning the ability of its customers to satisfy their obligations and records a provision for doubtful accounts based on these evaluations. The Company’s credit losses for the periods presented were immaterial and did not significantly exceed management’s estimates. One of the Company’s domestic wholesale customers accounted for approximately 2.3%, 2.7%, and 2.7% of the Company’s consolidated net revenue in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | ||
Inventories | ||
Inventories are valued at the lower of cost (primarily weighted average method) or market. The Company continually evaluates its inventories by assessing slow moving product as well as prior seasons’ inventory. Market value of aged inventory is estimated based on historical sales trends for each product line category, the impact of market trends, an evaluation of economic conditions, available liquidation channels and the value of current orders relating to the future sales of this type of inventory. | ||
Depreciation and Amortization | ||
Depreciation and amortization of property and equipment, which includes depreciation of the property under the capital lease, and purchased intangibles are provided using the straight-line method over the following useful lives: | ||
Building and building improvements including properties under capital lease | 10 to 33 years | |
Land improvements | 5 years | |
Furniture, fixtures and equipment | 2 to 10 years | |
Purchased intangibles | 4 to 20 years | |
Leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the term of the lease, unless the renewal is reasonably assured. Construction in progress is not depreciated until the related asset is completed and placed in service. | ||
Long-Lived Assets | ||
Long-lived assets, such as property, plant, and equipment, and purchased intangibles subject to amortization, are reviewed for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company considers each individual store as an asset group for impairment testing, which is the lowest level at which individual cash flows can be identified. The asset group includes store leasehold improvements, furniture, fixtures and equipment, computer hardware and software and certain long-term security deposits and lease acquisition costs. The Company reviews retail stores for impairment risk once the locations have been opened for at least one year, or sooner as changes in circumstances require. The Company believes that waiting one year allows a store to reach a maturity level where a more comprehensive analysis of financial performance can be performed. | ||
An asset is considered to be impaired if the Company determines that the carrying value may not be recoverable based upon its assessment of the asset’s ability to continue to generate income from operations and positive cash flow in future periods or if significant changes in the Company’s strategic business objectives and utilization of the assets occurred. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the estimated fair value, which is determined based on discounted future cash flows. The impairment loss calculations require management to apply judgment in estimating future cash flows and the discount rates that reflect the risk inherent in future cash flows. Future expected cash flows for store assets are based on management’s estimates of future cash flows over the remaining lease period or expected life, if shorter. The Company considers historical trends, expected future business trends and other factors when estimating each store’s future cash flow. The Company also considers factors such as: the local environment for each store location, including mall traffic and competition; the Company’s ability to successfully implement strategic initiatives; and the ability to control variable costs such as cost of sales and payroll, and in some cases, renegotiate lease costs. The estimated cash flows used for this nonrecurring fair value measurement are considered a Level 3 input as defined in Note 20. If actual results are not consistent with the assumptions and judgments used in estimating future cash flows and asset fair values, there may be additional exposure to future impairment losses that could be material to the Company’s results of operations. | ||
See Note 5 for further details on asset impairments. | ||
Goodwill | ||
Goodwill is tested annually for impairment or more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. This determination is made at the reporting unit level which may be either an operating segment or one level below an operating segment if discrete financial information is available. Two or more reporting units may be aggregated for impairment testing if they have similar economic characteristics. The Company has identified its North American Retail and North American Wholesale segments and its European wholesale and European retail components of its Europe segment as separate reporting units for goodwill impairment testing since each have different economic characteristics. In accordance with authoritative accounting guidance, the Company first assesses qualitative factors relevant in determining whether it is more likely than not that the fair value of its reporting units are less than their carrying amounts. Based on this analysis, the Company determines whether it is necessary to perform a quantitative impairment test. If it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the amount of any impairment loss to be recognized for that reporting unit is determined using two steps. First, the Company determines the fair value of the reporting unit using a discounted cash flow analysis, which requires unobservable inputs (Level 3) within the fair value hierarchy as defined in Note 20. These inputs include selection of an appropriate discount rate and the amount and timing of expected future cash flows. Second, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill and other intangibles over the implied fair value. The implied fair value is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation, in accordance with authoritative accounting guidance. | ||
Supplemental Executive Retirement Plan | ||
In accordance with authoritative accounting guidance for defined benefit pension and other postretirement plans, an asset for a plan’s overfunded status or a liability for a plan’s underfunded status is recognized in the consolidated balance sheets; plan assets and obligations that determine the plan’s funded status are measured as of the end of the Company’s fiscal year; and changes in the funded status of defined benefit postretirement plans are recognized in the year in which they occur. Such changes are reported in other comprehensive income (loss) and as a separate component of stockholders’ equity. | ||
Deferred Rent and Lease Incentives | ||
When a lease includes lease incentives (such as a rent holiday) or requires fixed escalations of the minimum lease payments, rental expense is recognized on a straight-line basis over the term of the lease and the difference between the average rental amount charged to expense and amounts payable under the lease is included in deferred rent and lease incentives in the accompanying consolidated balance sheets. For construction allowances, the Company records a deferred lease credit on the consolidated balance sheets and amortizes the deferred lease credit as a reduction of rent expense in the consolidated statements of income over the term of the leases. | ||
Litigation Reserves | ||
Estimated amounts for claims that are probable and can be reasonably estimated are recorded as liabilities in the consolidated balance sheets. The likelihood of a material change in these estimated reserves would be dependent on new claims as they may arise and the expected probable favorable or unfavorable outcome of each claim. As additional information becomes available, the Company assesses the potential liability related to new claims and existing claims and revises estimates as appropriate. As new claims arise or existing claims evolve, such revisions in estimates of the potential liability could materially impact the results of operations and financial position. |
New_Accounting_Guidance
New Accounting Guidance | 12 Months Ended |
Feb. 01, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Guidance | ' |
New Accounting Guidance | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income (loss) by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income (loss) by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The Company adopted this guidance effective February 3, 2013 and accordingly has presented the required comprehensive income disclosures in the accompanying notes to the consolidated financial statements. | |
In July 2013, the FASB issued authoritative guidance which requires that an unrecognized tax benefit be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar loss or a tax credit carryforward, if specific criteria are met. This guidance is effective for fiscal periods beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
Accounts Receivable | ||||||||
Accounts receivable is summarized as follows (in thousands): | ||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||
Trade | $ | 291,411 | $ | 338,365 | ||||
Royalty | 16,372 | 8,766 | ||||||
Other | 8,174 | 8,391 | ||||||
315,957 | 355,522 | |||||||
Less allowance for doubtful accounts | 39,392 | 38,659 | ||||||
$ | 276,565 | $ | 316,863 | |||||
Accounts receivable consists of trade receivables relating primarily to the Company’s wholesale business in Europe, and to a lesser extent, to its wholesale businesses in North America and Asia, and royalty receivables relating to its licensing operations. The accounts receivable allowance includes allowances for doubtful accounts, wholesale sales returns and wholesale markdowns. Retail sales returns allowances are included in accrued expenses. |
Inventories
Inventories | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consist of the following (in thousands): | ||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||
Raw materials | $ | 10,585 | $ | 14,706 | ||||
Work in progress | 977 | 1,765 | ||||||
Finished goods | 339,337 | 353,241 | ||||||
$ | 350,899 | $ | 369,712 | |||||
As of February 1, 2014 and February 2, 2013, the Company had an allowance to write-down inventories to the lower of cost or market of $23.4 million and $20.4 million, respectively. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and Equipment | ||||||||
Property and equipment is summarized as follows (in thousands): | ||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||
Land and land improvements | $ | 2,866 | $ | 2,866 | ||||
Building and building improvements | 4,063 | 4,069 | ||||||
Leasehold improvements | 409,582 | 410,943 | ||||||
Furniture, fixtures and equipment | 383,127 | 374,432 | ||||||
Construction in progress | 9,706 | 10,676 | ||||||
Properties under capital lease | 22,931 | 23,188 | ||||||
832,275 | 826,174 | |||||||
Less accumulated depreciation and amortization | 507,669 | 470,445 | ||||||
$ | 324,606 | $ | 355,729 | |||||
Construction in progress represents the costs associated with the construction in progress of leasehold improvements to be used in the Company’s operations, primarily for new and remodeled stores in retail operations. No interest costs were capitalized related to construction in progress during fiscal 2014, fiscal 2013 and fiscal 2012. | ||||||||
The accumulated depreciation and amortization related to the property under the capital lease was approximately $6.1 million and $5.3 million at February 1, 2014 and February 2, 2013, respectively, and is included in depreciation expense. See Notes 8 and 14 for information regarding the associated capital lease obligations. | ||||||||
Impairment | ||||||||
The Company recorded impairment charges of $8.8 million, $10.1 million and $7.7 million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively, related primarily to the impairment of certain under-performing retail stores in North America and Europe. These impairment charges, which exclude impairment charges incurred related to restructuring activities, were included in SG&A expenses in the Company's consolidated statements of income for each of the respective periods. Refer to Note 9 for more information regarding impairment charges related to restructuring activities. | ||||||||
Impairments to long-lived assets, excluding impairment charges related to restructuring activities, are summarized as follows (in thousands): | ||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||
Aggregate carrying value of all long-lived assets impaired | $ | 8,928 | $ | 12,119 | ||||
Less impairment charges | 8,821 | 10,143 | ||||||
Aggregate remaining fair value of all long-lived assets impaired | $ | 107 | $ | 1,976 | ||||
The Company’s impairment evaluations during fiscal 2014 and fiscal 2013 included testing of 90 stores and 74 stores, respectively, which were deemed to have impairment indicators. The Company concluded that 31 stores and 30 stores, respectively, were determined to be impaired, as the carrying amount of the store assets exceeded their estimated fair values (determined based on discounted cash flows) at each of the respective dates. Refer to Note 1 for a description of other assumptions that management considers in estimating the future discounted cash flows. If actual results are not consistent with the assumptions and judgments used in estimating future cash flows and asset fair values, there may be additional exposure to future impairment losses that could be material to the Company’s results of operations. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||
Goodwill activity is summarized by business segment as follows (in thousands): | ||||||||||||||||
North American | Europe | North American | Total | |||||||||||||
Retail | Wholesale | |||||||||||||||
Goodwill balance at January 28, 2012 | $ | 907 | $ | 17,150 | $ | 11,013 | $ | 29,070 | ||||||||
Adjustments: | ||||||||||||||||
Acquisition | — | 9,360 | — | 9,360 | ||||||||||||
Translation Adjustments | 4 | 852 | 1 | 857 | ||||||||||||
Goodwill balance at February 2, 2013 | 911 | 27,362 | 11,014 | 39,287 | ||||||||||||
Adjustments: | ||||||||||||||||
Translation Adjustments | (85 | ) | (195 | ) | (15 | ) | (295 | ) | ||||||||
Goodwill balance at February 1, 2014 | $ | 826 | $ | 27,167 | $ | 10,999 | $ | 38,992 | ||||||||
The Company has no accumulated impairment related to goodwill. | ||||||||||||||||
On May 3, 2012, the Company acquired 26 retail stores and certain related assets and liabilities from one of its European licensees for $16.0 million in cash. This transaction resulted in goodwill and other intangible assets of $9.4 million and $5.2 million, respectively. The other intangible assets consisted of lease and license acquisition costs of $4.5 million and $0.7 million, respectively. The Company amortizes these costs on a straight-line basis over the expected useful life which was estimated to be approximately 7.6 years on a combined basis as of the acquisition date, with the lease and license acquisition costs separately amortized over original weighted-average periods of approximately 8.1 years and 4.7 years, respectively. The net assets were recorded at their estimated fair values and operating results were included in the Company’s financial statements from the date of acquisition. | ||||||||||||||||
Other intangible assets as of February 1, 2014 consisted primarily of lease and license acquisition costs related to European acquisitions. Gross intangible assets were $37.7 million and $38.1 million at February 1, 2014 and February 2, 2013, respectively. The accumulated amortization of intangible assets with finite useful lives was $24.6 million and $22.1 million at February 1, 2014 and February 2, 2013, respectively. For these assets, amortization expense over the next five years is expected to be approximately $3.3 million in fiscal 2015, $2.5 million in fiscal 2016, $2.0 million in fiscal 2017, $1.3 million in fiscal 2018 and $1.0 million in fiscal 2019. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
Accrued Expenses | ||||||||
Accrued expenses are summarized as follows (in thousands): | ||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||
Accrued compensation and benefits | $ | 68,354 | $ | 65,905 | ||||
Sales and use taxes, property taxes and other indirect taxes | 23,126 | 26,766 | ||||||
Deferred royalties and other revenue | 15,787 | 12,924 | ||||||
Income taxes | 11,823 | 30,342 | ||||||
Store credits, loyalty and gift cards | 9,738 | 8,904 | ||||||
Accrued rent | 9,607 | 9,338 | ||||||
Advertising | 7,853 | 7,830 | ||||||
Professional fees | 5,871 | 5,627 | ||||||
Restructuring charges | 4,578 | — | ||||||
Construction costs | 3,714 | 3,593 | ||||||
Derivative financial instruments | 1,712 | 5,552 | ||||||
Other | 12,170 | 15,141 | ||||||
$ | 174,333 | $ | 191,922 | |||||
Borrowings_and_Capital_Lease_O
Borrowings and Capital Lease Obligations | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Borrowings and Capital Lease Obligations | ' | |||||||||||
Borrowings and Capital Lease Obligations | ||||||||||||
Borrowings and capital lease obligations are summarized as follows (in thousands): | ||||||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||
European capital lease, maturing quarterly through 2016 | $ | 8,637 | $ | 10,121 | ||||||||
Other | 3,103 | 94 | ||||||||||
11,740 | 10,215 | |||||||||||
Less current installments | 4,160 | 1,901 | ||||||||||
Long-term capital lease obligations and other debt | $ | 7,580 | $ | 8,314 | ||||||||
Capital Lease | ||||||||||||
The Company entered into a capital lease in December 2005 for a new building in Florence, Italy. At February 1, 2014, the capital lease obligation was $8.6 million. The Company entered into a separate interest rate swap agreement designated as a non-hedging instrument that resulted in a swap fixed rate of 3.55%. This interest rate swap agreement matures in 2016 and converts the nature of the capital lease obligation from Euribor floating-rate debt to fixed-rate debt. The fair value of the interest rate swap liability at February 1, 2014 was approximately $0.6 million. | ||||||||||||
Credit Facilities | ||||||||||||
On July 6, 2011, the Company entered into a five-year senior secured revolving credit facility with JPMorgan Chase Bank, N.A., Bank of America, N.A. and the other lenders party thereto (the “Credit Facility”) which provided for a $200 million revolving multicurrency line of credit. The Credit Facility is available for direct borrowings and the issuance of letters of credit, subject to certain letters of credit sublimits. It may be used for working capital and other general corporate purposes. | ||||||||||||
On August 31, 2012, the Company increased its borrowing capacity under the Credit Facility from $200 million to $300 million by exercising the accordion feature in the Credit Facility pursuant to a Lender Joinder Agreement with the lenders party thereto. Also on August 31, 2012, the Company entered into an Amendment to the Credit Facility with the lenders party thereto to provide for (i) greater flexibility in certain of the Company’s covenants under the Credit Facility and (ii) access to a new $100 million accordion feature, subject to certain conditions and the willingness of existing or new lenders to assume such increased amount. | ||||||||||||
All obligations under the Credit Facility are unconditionally guaranteed by certain of the Company’s domestic subsidiaries and are secured by substantially all of the personal assets of the Company and such domestic subsidiaries, including a pledge of 65% of the equity interests of certain of the Company’s foreign subsidiaries. | ||||||||||||
Direct borrowings under the Credit Facility will be made, at the Company’s option, as (a) Eurodollar Rate Loans, which shall bear interest at the published LIBOR rate for the respective interest period plus an applicable margin (varying from 1.15% to 1.65%) based on the Company’s leverage ratio at the time, or (b) Base Rate Loans, which shall bear interest at the higher of (i) 0.50% in excess of the federal funds rate, (ii) the rate of interest as announced by JP Morgan as its “prime rate,” or (iii) 1.0% in excess of the one month adjusted LIBOR rate, plus an applicable margin (varying from 0.15% to 0.65%) based on the Company’s leverage ratio at the time. The Company is also obligated to pay certain commitment, letter of credit and other fees customary for a credit facility of this size and type. At February 1, 2014, the Company had $3.9 million in outstanding standby letters of credit, no outstanding documentary letters of credit and no outstanding borrowings under the Credit Facility. | ||||||||||||
The Credit Facility requires the Company to comply with a leverage ratio and a fixed charge coverage ratio. In addition, the Credit Facility contains customary covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to: incur liens, incur indebtedness, make investments, dispose of assets, make certain restricted payments, merge or consolidate and enter into certain transactions with affiliates. The Credit Facility also limits the Company’s ability to pay dividends unless immediately after giving effect thereto the aggregate amount of unrestricted cash and cash equivalents held by Guess?, Inc. and its domestic subsidiaries is at least $50 million. The Company may need to borrow against this facility periodically to ensure it will continue to meet the requirements of this covenant. Upon the occurrence of an event of default under the Credit Facility, the lenders may cease making loans, terminate the Credit Facility and declare all amounts outstanding to be immediately due and payable. The Credit Facility specifies a number of events of default (some of which are subject to applicable grace or cure periods), including, among other things, non-payment defaults, covenant defaults, cross-defaults to other material indebtedness, bankruptcy and insolvency defaults and material judgment defaults. The Credit Facility allows for both secured and unsecured borrowings outside of the Credit Facility up to specified amounts. | ||||||||||||
The Company, through its European subsidiaries, maintains short-term uncommitted borrowing agreements, primarily for working capital purposes, with various banks in Europe. The majority of the borrowings under these agreements are secured by specific accounts receivable balances. Based on the applicable accounts receivable balances at February 1, 2014, the Company could have borrowed up to $143.6 million under these agreements. At February 1, 2014, the Company had no outstanding borrowings and $0.5 million in outstanding documentary letters of credit under these agreements. The agreements are denominated primarily in euros and provide for annual interest rates ranging from 0.5% to 3.1%. The maturities of any short-term borrowings under these agreements are generally linked to the credit terms of the underlying accounts receivable that secure the borrowings. With the exception of one facility for up to $47.2 million that has a minimum net equity requirement, there are no other financial ratio covenants. | ||||||||||||
Other | ||||||||||||
From time-to-time, the Company will obtain other financing in foreign countries for working capital to finance its local operations. | ||||||||||||
Maturities of debt and capital lease obligations at February 1, 2014 are as follows (in thousands): | ||||||||||||
Capital Lease | Debt | Total | ||||||||||
Fiscal 2015 | $ | 1,769 | $ | 2,391 | $ | 4,160 | ||||||
Fiscal 2016 | 1,853 | — | 1,853 | |||||||||
Fiscal 2017 | 5,015 | — | 5,015 | |||||||||
Fiscal 2018 | — | — | — | |||||||||
Fiscal 2019 | — | 712 | 712 | |||||||||
Thereafter | — | — | — | |||||||||
Total | $ | 8,637 | $ | 3,103 | $ | 11,740 | ||||||
Restructuring_Charges_Notes
Restructuring Charges (Notes) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||
Restructuring Charges | ' | |||||||||||
Restructuring Charges | ||||||||||||
During the first quarter of fiscal 2014, the Company implemented plans to streamline its structure and reduce expenses in both Europe and North America. During the second quarter of fiscal 2014, the Company expanded these plans to include the consolidation and streamlining of certain operations in Europe and Asia. These actions resulted in restructuring charges related primarily to severance, impairment and lease termination costs of $12.4 million during fiscal 2014. As of February 1, 2014, the Company had a balance of approximately $4.6 million in accrued expenses for amounts expected to be paid during fiscal 2015. The Company has substantially completed its actions under these plans and does not expect significant future cash-related severance and lease termination costs to be incurred during fiscal 2015. | ||||||||||||
The following table summarizes the components of the restructuring activity during fiscal 2014 (in thousands): | ||||||||||||
Year Ended Feb 1, 2014 | ||||||||||||
Severance | Impairment and Lease Termination | Total | ||||||||||
Beginning balance | $ | — | $ | — | $ | — | ||||||
Charges to operations | 9,206 | 3,236 | 12,442 | |||||||||
Non-cash write-offs | — | (1,717 | ) | (1,717 | ) | |||||||
Cash payments | (4,567 | ) | (1,492 | ) | (6,059 | ) | ||||||
Foreign currency and other adjustments | (61 | ) | (27 | ) | (88 | ) | ||||||
Ending balance | $ | 4,578 | $ | — | $ | 4,578 | ||||||
Comprehensive_Income
Comprehensive Income | 12 Months Ended | |||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||
Comprehensive Income | ' | |||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||
The changes in accumulated other comprehensive income (loss), net of related income taxes, for fiscal 2014 are as follows (in thousands): | ||||||||||||||||||||
Foreign currency translation adjustment | Derivative financial instruments designated as cash flow hedges | Marketable securities | SERP | Total | ||||||||||||||||
Balances at February 2, 2013 | $ | 10,618 | $ | (1,782 | ) | $ | 110 | $ | (11,407 | ) | $ | (2,461 | ) | |||||||
Gains (losses) arising during the period | (17,838 | ) | 4,092 | (7 | ) | 3,815 | (9,938 | ) | ||||||||||||
Reclassification to net income for (gains) losses realized | 217 | (2,423 | ) | — | 804 | (1,402 | ) | |||||||||||||
Net other comprehensive income (loss) | (17,621 | ) | 1,669 | (7 | ) | 4,619 | (11,340 | ) | ||||||||||||
Balances at February 1, 2014 | $ | (7,003 | ) | $ | (113 | ) | $ | 103 | $ | (6,788 | ) | $ | (13,801 | ) | ||||||
Details on reclassifications out of accumulated other comprehensive income (loss) to net income during fiscal 2014 are as follows (in thousands): | ||||||||||||||||||||
Year Ended | Location of (Gain)/Loss | |||||||||||||||||||
Reclassified from | ||||||||||||||||||||
Accumulated OCI | ||||||||||||||||||||
Feb 1, 2014 | into Income | |||||||||||||||||||
Foreign currency translation adjustment: | ||||||||||||||||||||
Liquidation of investment in a foreign entity | $ | 217 | Restructuring charges | |||||||||||||||||
217 | ||||||||||||||||||||
Derivative financial instruments designated as cash flow hedges: | ||||||||||||||||||||
Foreign exchange currency contracts | (3,050 | ) | Cost of sales | |||||||||||||||||
Foreign exchange currency contracts | (9 | ) | Other income/expense | |||||||||||||||||
Less income tax effect | 636 | Income tax expense | ||||||||||||||||||
(2,423 | ) | |||||||||||||||||||
SERP: | ||||||||||||||||||||
Actuarial loss amortization | 1,108 | (1) | ||||||||||||||||||
Prior service cost amortization | 194 | (1) | ||||||||||||||||||
Less income tax effect | (498 | ) | Income tax expense | |||||||||||||||||
804 | ||||||||||||||||||||
Total reclassifications during the period ended February 1, 2014 | $ | (1,402 | ) | |||||||||||||||||
__________________________________ | ||||||||||||||||||||
(1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost. Refer to Note 12 for further information. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income tax expense (benefit) is summarized as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Federal: | ||||||||||||
Current | $ | 61,239 | $ | 42,365 | $ | 84,994 | ||||||
Deferred | (20,294 | ) | 10,943 | (3,136 | ) | |||||||
State: | ||||||||||||
Current | 6,202 | 5,853 | 11,607 | |||||||||
Deferred | (1,627 | ) | 1,494 | (193 | ) | |||||||
Foreign: | ||||||||||||
Current | 25,611 | 30,775 | 32,975 | |||||||||
Deferred | 4,117 | 7,698 | 2,444 | |||||||||
Total | $ | 75,248 | $ | 99,128 | $ | 128,691 | ||||||
Except where required by U.S. tax law, no provision was made for U.S. income taxes on the undistributed earnings of the foreign subsidiaries as the Company intends to utilize those earnings in the foreign operations for an indefinite period of time or repatriate such earnings only when tax-effective to do so. That portion of accumulated undistributed earnings of foreign subsidiaries as of February 1, 2014 and February 2, 2013 was approximately $747 million and $689 million, respectively. | ||||||||||||
Actual income tax expense differs from expected income tax expense obtained by applying the statutory federal income tax rate to earnings before income taxes as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Computed “expected” tax expense | $ | 81,536 | $ | 98,215 | $ | 139,769 | ||||||
State taxes, net of federal benefit | 2,974 | 4,776 | 7,419 | |||||||||
Incremental foreign taxes less than federal statutory tax rate | (10,107 | ) | (13,307 | ) | (19,457 | ) | ||||||
Net tax settlements | — | 12,832 | — | |||||||||
Unrecognized tax benefit | 6,856 | 147 | 147 | |||||||||
Prior year tax adjustments | (3,489 | ) | (2,300 | ) | (1,152 | ) | ||||||
Other | (2,522 | ) | (1,235 | ) | 1,965 | |||||||
Total | $ | 75,248 | $ | 99,128 | $ | 128,691 | ||||||
Total income tax expense (benefit) was allocated as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Operations | $ | 75,248 | $ | 99,128 | $ | 128,691 | ||||||
Stockholders’ equity | 3,673 | 3,703 | (208 | ) | ||||||||
Total income taxes | $ | 78,921 | $ | 102,831 | $ | 128,483 | ||||||
The tax effects of the components of other comprehensive income were allocated as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Derivative financial instruments designated as cash flow hedges | $ | 237 | $ | (1,056 | ) | $ | 1,170 | |||||
Marketable securities | (4 | ) | 85 | (24 | ) | |||||||
SERP | 2,963 | 2,855 | (2,057 | ) | ||||||||
Total income tax expense (benefit) | $ | 3,196 | $ | 1,884 | $ | (911 | ) | |||||
Total earnings before income tax expense and noncontrolling interests were comprised of the following (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Domestic operations | $ | 140,153 | $ | 169,755 | $ | 245,554 | ||||||
Foreign operations | 92,806 | 110,859 | 153,787 | |||||||||
Earnings before income tax expense and noncontrolling interests | $ | 232,959 | $ | 280,614 | $ | 399,341 | ||||||
The tax effects of temporary differences that give rise to significant portions of current and non-current deferred tax assets and deferred tax liabilities at February 1, 2014 and February 2, 2013 are presented below (in thousands): | ||||||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
SERP | $ | 21,716 | $ | 22,719 | ||||||||
Rent expense | 14,986 | 14,680 | ||||||||||
Fixed assets bases difference | 12,358 | 5,695 | ||||||||||
Deferred income | 11,261 | 1,642 | ||||||||||
Deferred compensation | 10,692 | 8,483 | ||||||||||
Bad debt reserve | 9,526 | 7,006 | ||||||||||
Accrued bonus | 2,954 | — | ||||||||||
Uniform capitalization | 2,162 | 2,096 | ||||||||||
Net operating losses | 2,133 | 2,413 | ||||||||||
Other | 13,111 | 17,014 | ||||||||||
Total deferred assets | 100,899 | 81,748 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Lease incentives | (13,488 | ) | (10,819 | ) | ||||||||
Goodwill amortization | (3,693 | ) | (3,189 | ) | ||||||||
Other | (492 | ) | (278 | ) | ||||||||
Valuation allowance | (3,853 | ) | (3,346 | ) | ||||||||
Net deferred tax assets | $ | 79,373 | $ | 64,116 | ||||||||
Included above at February 1, 2014 and February 2, 2013, were $24.4 million and $21.1 million for current deferred tax assets, respectively, and $55.0 million and $43.1 million for non-current deferred tax assets, respectively. Based on the historical earnings of the Company and projections of future taxable income, management believes it is more likely than not that the results of operations will not generate sufficient taxable earnings to realize net deferred tax assets. Therefore, the Company has recorded a valuation allowance of $3.9 million, which is an increase of $0.5 million from the prior year. | ||||||||||||
At February 1, 2014, the Company’s U.S. and certain European retail operations had net operating loss carryforwards of $4.0 million and capital loss carryforwards of $0.2 million. These are comprised of $1.7 million of foreign operating loss carryforwards that expire between fiscal 2015 and fiscal 2023, $2.3 million of state operating loss carryforwards that expire between fiscal 2015 and fiscal 2018 and $0.2 million of U.S. capital loss carryforwards that expire in 2020. Based on the historical earnings of these operations, management believes that it is more likely than not that some of the operations will not generate sufficient income or capital gains to utilize all of the net operating loss and the capital loss. As of February 1, 2014 and February 2, 2013, the Company had a valuation allowance of $0.7 million and $0.9 million, respectively, related to its net operating loss carryforwards. | ||||||||||||
The Company accrues an amount for its estimate of additional income tax liability which the Company, more likely than not, could incur as a result of the ultimate resolution of income tax audits (“uncertain tax positions”). The Company reviews and updates the estimates used in the accrual for uncertain tax positions as more definitive information becomes available from taxing authorities, upon completion of tax audits, upon expiration of statutes of limitation, or upon occurrence of other events. | ||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefit (excluding interest and penalties) is as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Beginning Balance | $ | 4,527 | $ | 16,045 | $ | 10,828 | ||||||
Additions: | ||||||||||||
Tax positions related to the prior year | — | — | 4,782 | |||||||||
Tax positions related to the current year | 7,501 | — | 78 | |||||||||
Reductions: | ||||||||||||
Tax positions related to the prior year | (1,128 | ) | (568 | ) | 357 | |||||||
Settlements | — | (10,950 | ) | — | ||||||||
Expiration of statutes of limitation | — | — | — | |||||||||
Ending Balance | $ | 10,900 | $ | 4,527 | $ | 16,045 | ||||||
The amount of unrecognized tax benefit at February 1, 2014 includes $9.6 million (net of federal benefit on state issues) which, if ultimately recognized, may reduce our future annual effective tax rate. As of February 1, 2014 and February 2, 2013, the Company had $11.4 million and $5.0 million, respectively, of aggregate accruals for uncertain tax positions, including penalties and interest. | ||||||||||||
The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. There were minimal interest and penalties related to uncertain tax positions included in net income tax expense for fiscal 2014. The Company included benefits from interest and penalties related to uncertain tax positions of $0.9 million and $5.8 million in net income tax expense for fiscal 2013 and fiscal 2012, respectively. Total interest and penalties related to uncertain tax positions was $0.5 million for each of the years ended February 1, 2014 and February 2, 2013. | ||||||||||||
The Company and its subsidiaries are subject to U.S. federal and foreign income tax as well as income tax of multiple state and foreign local jurisdictions. From time-to-time, the Company is subject to routine income tax audits on various tax matters around the world in the ordinary course of business. Although the Company has substantially concluded all U.S. federal, foreign, state and foreign local income tax matters for years through fiscal 2009, as of February 1, 2014, several income tax audits were underway in multiple jurisdictions for various periods after fiscal 2009. The Company does not believe that the resolution of open matters will have a material effect on the Company’s financial position or liquidity. | ||||||||||||
Italian Tax Settlement | ||||||||||||
In January 2013, to avoid a potentially long and costly litigation process, the Company reached an agreement with the Italian tax authority regarding an ongoing audit of one of the Company’s Italian subsidiaries. The agreement covered fiscal years 2008 through 2013 (with fiscal year 2013 remaining subject to final documentation). As a result of the agreement during the fourth quarter of fiscal 2013, the Company recorded a settlement charge of $12.8 million (including penalty and interest and net of related offsets in other tax jurisdictions) in excess of prior uncertain tax position reserves of $11.7 million. As part of the agreement, a portion of the amount payable to the Italian tax authority will be payable in three installments during fiscal 2015. At February 1, 2014, there were no amounts included in other long-term liabilities in the Company’s consolidated balance sheet related to this agreement. At February 2, 2013, the Company included €9.1 million (US$12.4 million) in other long-term liabilities related to this agreement. | ||||||||||||
The Company was advised by its Italian counsel that tax audits like this one in Italy involving proposed income adjustments greater than €2 million are automatically referred for review by a public prosecutor who may seek to pursue charges or close the matter, and that resulting criminal charges, if any, would be instituted against individuals rather than against the affected companies under Italian law. Consistent with this process, a review proceeding by a prosecutor in Italy was initiated with respect to one current and two former members of the Guess European management team and the Company’s former President (as the signing officer for certain Italian tax returns covering the relevant periods). In July 2013, the matter was closed based on the prosecutor’s recommendation. |
Supplemental_Executive_Retirem
Supplemental Executive Retirement Plan | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Supplemental Executive Retirement Plan | ' | |||||||||||
Supplemental Executive Retirement Plan | ||||||||||||
On August 23, 2005, the Board of Directors of the Company adopted a Supplemental Executive Retirement Plan (“SERP”) which became effective January 1, 2006. The SERP provides select employees who satisfy certain eligibility requirements with certain benefits upon retirement, termination of employment, death, disability or a change in control of the Company, in certain prescribed circumstances. Paul Marciano, Chief Executive Officer and Vice Chairman of the Board, is the only active employee participating in the SERP. Maurice Marciano, non-executive Chairman of the Board of Directors, was an active participant in the SERP until his retirement effective on January 28, 2012. Mr. Maurice Marciano will be eligible to receive vested SERP benefits in the future in accordance with the terms of the SERP. | ||||||||||||
In July 2013, the Company amended the SERP to limit the amount of eligible wages under the plan that count toward the SERP benefit for the active participant. As a result, the projected benefit obligation and unrecognized prior service cost were reduced by $4.5 million during fiscal 2014. | ||||||||||||
During the year ended January 28, 2012, the Company recorded a SERP curtailment expense of $1.2 million before taxes related to the accelerated amortization of prior service cost resulting from the retirement of Mr. Maurice Marciano as an employee and executive officer, effective upon the expiration of his employment agreement on January 28, 2012. Mr. Maurice Marciano did not receive or earn any additional SERP-related benefits in connection with his retirement and, as of the date of his retirement, ceased vesting or accruing any additional benefits under the terms of the SERP. Mr. Maurice Marciano’s retirement resulted in a significant reduction in the total expected remaining years of future service of all SERP participants combined, resulting in the pension curtailment during fiscal 2012. | ||||||||||||
As a non-qualified pension plan, no dedicated funding of the SERP is required; however, the Company has made, and expects to continue to make, periodic payments into insurance policies held in a rabbi trust to fund the expected obligations arising under the non-qualified SERP. The amount of future payments into the insurance policies may vary, depending on any changes to the estimates of final annual compensation levels and investment performance of the trust. The cash surrender values of the insurance policies were $51.4 million and $47.9 million as of February 1, 2014 and February 2, 2013, respectively, and were included in other assets in the Company’s consolidated balance sheets. As a result of changes in the value of the insurance policy investments, the Company recorded unrealized gains (losses) of $3.6 million, $3.4 million and ($0.2) million in other income and expense during fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | ||||||||||||
In accordance with authoritative accounting guidance for defined benefit pension and other postretirement plans, an asset for a plan’s overfunded status or a liability for a plan’s underfunded status is recognized in the consolidated balance sheets; plan assets and obligations that determine the plan’s funded status are measured as of the end of the Company’s fiscal year; and changes in the funded status of defined benefit postretirement plans are recognized in the year in which they occur. Such changes are reported in other comprehensive income (loss) and as a separate component of stockholders’ equity. | ||||||||||||
The components of net periodic pension cost to comprehensive income for fiscal 2014, fiscal 2013 and fiscal 2012 were as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Interest cost | $ | 2,345 | $ | 2,392 | $ | 2,641 | ||||||
Net amortization of unrecognized prior service cost | 194 | 620 | 940 | |||||||||
Net amortization of actuarial losses | 1,108 | 3,340 | 2,048 | |||||||||
Curtailment expense | — | — | 1,242 | |||||||||
Net periodic defined benefit pension cost | $ | 3,647 | $ | 6,352 | $ | 6,871 | ||||||
Unrecognized prior service cost charged to comprehensive income | $ | 194 | $ | 620 | $ | 940 | ||||||
Unrecognized net actuarial loss charged to comprehensive income | 1,108 | 3,340 | 2,048 | |||||||||
Actuarial gains (losses) | 1,751 | 3,508 | (9,342 | ) | ||||||||
Plan amendment | 4,529 | — | — | |||||||||
Curtailment expense | — | — | 1,242 | |||||||||
Related tax impact | (2,963 | ) | (2,855 | ) | 2,057 | |||||||
Total periodic costs and other charges to comprehensive income | $ | 4,619 | $ | 4,613 | $ | (3,055 | ) | |||||
Included in accumulated other comprehensive income (loss), before tax, as of February 1, 2014 and February 2, 2013 were the following amounts that have not yet been recognized in net periodic benefit cost (in thousands): | ||||||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||
Unrecognized prior service (credit) cost (1) | $ | (1,981 | ) | $ | 2,742 | |||||||
Unrecognized net actuarial loss | 12,974 | 15,832 | ||||||||||
Total included in accumulated other comprehensive income (loss) | $ | 10,993 | $ | 18,574 | ||||||||
_______________________________________________________________________________ | ||||||||||||
-1 | During fiscal 2014, the Company amended the SERP to limit the amount of eligible wages under the plan that count toward the SERP benefit for the active participant. As a result, unrecognized prior service cost was reduced by $4.5 million during fiscal 2014. | |||||||||||
The following chart summarizes the SERP’s funded status and the amounts recognized in the Company’s consolidated balance sheets (in thousands): | ||||||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||
Projected benefit obligation | $ | (54,704 | ) | $ | (58,639 | ) | ||||||
Plan assets at fair value (1) | — | — | ||||||||||
Net liability (included in other long-term liabilities) | $ | (54,704 | ) | $ | (58,639 | ) | ||||||
_______________________________________________________________________________ | ||||||||||||
-1 | The SERP is a non-qualified pension plan and hence the insurance policies are not considered to be plan assets. Accordingly, the table above does not include the insurance policies with cash surrender values of $51.4 million and $47.9 million at February 1, 2014 and February 2, 2013, respectively. | |||||||||||
A reconciliation of the changes in the projected benefit obligation for fiscal 2014 and fiscal 2013 is as follows (in thousands): | ||||||||||||
Projected Benefit | ||||||||||||
Obligation | ||||||||||||
Balance at January 28, 2012 | $ | 59,755 | ||||||||||
Interest cost | 2,392 | |||||||||||
Actuarial gains | (3,508 | ) | ||||||||||
Balance at February 2, 2013 | $ | 58,639 | ||||||||||
Interest cost | 2,345 | |||||||||||
Plan amendment | (4,529 | ) | ||||||||||
Actuarial gains | (1,751 | ) | ||||||||||
Balance at February 1, 2014 | $ | 54,704 | ||||||||||
The Company assumed a discount rate of approximately 4.3% and 4.0% for the years ended February 1, 2014 and February 2, 2013, respectively, as part of the actuarial valuation performed to calculate the projected benefit obligation disclosed above, based on the timing of cash flows expected to be made in the future to the participants, applied to high quality yield curves. Compensation levels utilized in calculating the projected benefit obligation were derived from expected future compensation as outlined in employment contracts in effect at the time. At February 1, 2014, amounts included in comprehensive income (loss) that are expected to be recognized as components of net periodic defined benefit pension cost in fiscal 2015 consist of amortization of prior service credits of $0.2 million and actuarial losses of $0.9 million. Benefits projected to be paid in the next five fiscal years amount to $8.5 million with equal amounts expected to be paid during each of the years. Aggregate benefits projected to be paid in the following five fiscal years amount to $16.7 million. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Feb. 01, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
The Company and its subsidiaries periodically enter into transactions with other entities or individuals that are considered related parties, including certain transactions with entities affiliated with trusts for the respective benefit of Paul Marciano, who is an executive of the Company, Maurice Marciano, Chairman of the Board, Armand Marciano, their brother and former executive of the Company, and certain of their children (the “Marciano Trusts”). | |
Leases | |
The Company leases warehouse and administrative facilities, including the Company’s corporate headquarters in Los Angeles, California, from partnerships affiliated with the Marciano Trusts and certain of their affiliates. There were four of these leases in effect at February 1, 2014 with expiration dates ranging from 2015 to 2020. | |
Aggregate rent and property tax expense under these related party leases for fiscal 2014, fiscal 2013 and fiscal 2012 was $5.8 million, $5.8 million and $5.3 million, respectively. The Company believes the related party lease terms have not been significantly affected by the fact that the Company and the lessors are related. Refer to Note 14 for more information on lease commitments. | |
Aircraft Arrangements | |
The Company periodically charters aircraft owned by MPM Financial, LLC (“MPM Financial”), an entity affiliated with the Marciano Trusts, through independent third party management companies contracted by MPM Financial to manage its aircraft. Under an informal arrangement with MPM Financial and the third party management companies, the Company has chartered, and may from time-to-time continue to charter, aircraft owned by MPM Financial at a discount from the third party management companies’ preferred customer hourly charter rates. The total fees paid under these arrangements for fiscal 2014, fiscal 2013 and fiscal 2012 were approximately $0.8 million, $1.3 million and $0.8 million, respectively. | |
Consulting Arrangement | |
After serving for over 30 years as an executive and leader for Guess?, co-founder Maurice Marciano elected to retire from his position as executive Chairman of the Board and as an employee of the Company upon the expiration of his employment agreement on January 28, 2012. Mr. Marciano continues to serve the Company as its non-executive Chairman of the Board. In addition, under the terms of his previously existing employment agreement, the Company and Mr. Marciano entered into a two-year consulting agreement (the “Marciano Consulting Agreement”) under which Mr. Marciano provided certain consulting services to the Company, including advice and counsel to the Company’s Chief Executive Officer and other senior executives. The Marciano Consulting Agreement, which had a two-year term that commenced on January 28, 2012, provided for consulting fees of $500,000 per year and continued automobile use in a manner consistent with past practice. In January 2014, the Company extended the Marciano Consulting Agreement for an additional one-year period. Total expenses incurred with respect to the Marciano Consulting Agreement were approximately $0.6 million for each of fiscal 2014 and fiscal 2013. There were no expenses incurred with respect to the Marciano Consulting Agreement in prior periods. | |
Other Transactions | |
From time-to-time, the Company utilizes a third-party agent named Harmony Collection, LLC to produce specific apparel products on behalf of the Company. Armand Marciano, brother of Maurice and Paul Marciano, is part owner and an executive of the parent company of Harmony Collection, LLC. The total payments made by the Company under this arrangement for fiscal 2014, fiscal 2013 and fiscal 2012 were approximately $2.2 million, $0.6 million and $0.1 million, respectively. The Company believes that the price and transaction terms have not been significantly affected by the relationship between the parties. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||
Commitments and Contingencies | ||||||||||||||||
Leases | ||||||||||||||||
The Company leases its showrooms and retail store locations under operating lease agreements expiring on various dates through September 2031. Some of these leases require the Company to make periodic payments for property taxes, utilities and common area operating expenses. Certain retail store leases provide for rents based upon the minimum annual rental amount and a percentage of annual sales volume, generally ranging from 3% to 12%, when specific sales volumes are exceeded. Some leases include lease incentives, rent abatements and fixed rent escalations, which are amortized and recorded over the initial lease term on a straight-line basis. The Company also leases some of its equipment under operating lease agreements expiring at various dates through October 2018. As discussed in further detail in Note 8, the Company leases a building in Florence, Italy under a capital lease. | ||||||||||||||||
Future minimum property and equipment lease payments under the capital lease and non-cancelable operating leases at February 1, 2014 are as follows (in thousands): | ||||||||||||||||
Operating Leases | ||||||||||||||||
Capital Lease | Non-Related | Related | Total | |||||||||||||
Parties | Parties | |||||||||||||||
Fiscal 2015 | $ | 2,128 | $ | 193,964 | $ | 4,675 | $ | 200,767 | ||||||||
Fiscal 2016 | 2,130 | 166,378 | 4,570 | 173,078 | ||||||||||||
Fiscal 2017 | 5,029 | 146,578 | 4,090 | 155,697 | ||||||||||||
Fiscal 2018 | — | 128,829 | 4,090 | 132,919 | ||||||||||||
Fiscal 2019 | — | 105,282 | 4,091 | 109,373 | ||||||||||||
Thereafter | — | 254,087 | 5,880 | 259,967 | ||||||||||||
Total minimum lease payments | $ | 9,287 | $ | 995,118 | $ | 27,396 | $ | 1,031,801 | ||||||||
Less interest | (650 | ) | ||||||||||||||
Capital lease obligations | $ | 8,637 | ||||||||||||||
Less current portion | (1,769 | ) | ||||||||||||||
Long-term capital lease obligations | $ | 6,868 | ||||||||||||||
Rental expense for all property and equipment operating leases during fiscal 2014, fiscal 2013 and fiscal 2012 aggregated $283.5 million, $273.4 million and $252.4 million, respectively, including percentage rent of $68.7 million, $81.4 million and $71.7 million, respectively. | ||||||||||||||||
Purchase Commitments | ||||||||||||||||
Inventory purchase commitments as of February 1, 2014 were $210.3 million. These purchase commitments can be impacted by various factors, including the scheduling of market weeks, the timing of issuing orders, the timing of the shipment of orders and currency fluctuations. Accordingly, a comparison of purchase orders from period to period is not necessarily meaningful. | ||||||||||||||||
Incentive Bonuses | ||||||||||||||||
Certain officers and key employees of the Company are eligible to receive annual cash incentive bonuses based on the achievement of certain performance criteria. These bonuses are based on performance measures such as earnings per share and earnings from operations of the Company or particular segments thereof, as well as other objective and subjective criteria as determined by the Compensation Committee of the Board of Directors. In addition to such annual incentive opportunities, Paul Marciano, Chief Executive Officer and Vice Chairman of the Company, received a $3.5 million special cash bonus in January 2012 related to the Company’s receipt of a fixed cash rights payment of $35.0 million from one of its licensees. | ||||||||||||||||
Litigation | ||||||||||||||||
On May 6, 2009, Gucci America, Inc. filed a complaint in the U.S. District Court for the Southern District of New York against Guess?, Inc. and certain third-party licensees for the Company asserting, among other things, trademark and trade dress law violations and unfair competition. The complaint sought injunctive relief, compensatory damages, including treble damages, and certain other relief. Complaints similar to those in the above action have also been filed by Gucci entities against the Company and certain of its subsidiaries in the Court of Milan, Italy, the Court of Paris, France and the Intermediate People’s Court of Nanjing, China. The three week bench trial in the U.S. matter concluded on April 19, 2012, with the court issuing a preliminary ruling on May 21, 2012 and a final ruling on July 19, 2012. Although the plaintiff was seeking compensation in the U.S. matter in the form of damages of $26 million and an accounting of profits of $99 million, the final ruling provided for monetary damages of $2.3 million against the Company and $2.3 million against certain of its licensees. The court also granted narrow injunctions in favor of the plaintiff for certain of the claimed infringements. On August 20, 2012, the appeal period expired without any party having filed an appeal, rendering the judgment final. On May 2, 2013, the Court of Milan ruled in favor of the Company in the Milan, Italy matter. In the ruling, the Court rejected all of the plaintiff’s claims and ordered the cancellation of three of the plaintiff’s Italian and four of the plaintiff’s European Community trademark registrations. On June 10, 2013, the plaintiff appealed the Court’s ruling in the Milan matter. In the China matter, the Intermediate People’s Court of Nanjing, China issued a ruling on November 8, 2013 granting an injunction in favor of the plaintiff for certain of the claimed infringements on handbags and small leather goods and awarding the plaintiff statutory damages in the amount of approximately $80,000. The Company strongly disagrees with the Court’s decision and has appealed the ruling. The judgment in the China matter is stayed pending the appeal. | ||||||||||||||||
On August 25, 2006, Franchez Isaguirre, a former employee of the Company, filed a complaint in the Superior Court of California, County of Los Angeles alleging violations by the Company of California wage and hour laws. The complaint was subsequently amended, adding a second former employee as an additional named party. The plaintiffs purport to represent a class of similarly situated employees in California who allegedly had been injured by not being provided adequate meal and rest breaks. The complaint seeks unspecified compensatory damages, statutory penalties, attorney’s fees and injunctive and declaratory relief. On June 9, 2009, the Court certified the class but immediately stayed the case pending the resolution of a separate California Supreme Court case on the standards of class treatment for meal and rest break claims. Following the Supreme Court ruling, the Superior Court denied the Company’s motions to decertify the class and to narrow the class in January 2013 and June 2013, respectively. The Company filed a writ petition in July 2013 challenging the Court’s decision not to narrow the class definitions. In January 2014, the Court of Appeals denied the writ petition. In February 2014, the Company petitioned the California Supreme Court for review of the Court of Appeals decision and is awaiting a ruling. No trial date has been set. | ||||||||||||||||
Although the Company believes that it has a strong position and will continue to vigorously defend each of these remaining matters, it is unable to predict with certainty whether or not these efforts will ultimately be successful or whether the outcomes will have a material impact on the Company’s financial position or results of operations. | ||||||||||||||||
The Company is also involved in various other claims and other matters incidental to the Company’s business, the resolution of which is not expected to have a material adverse effect on the Company’s financial position or results of operations. No material amounts were accrued as of February 1, 2014 or February 2, 2013 related to any of the Company’s legal proceedings. | ||||||||||||||||
Redeemable Noncontrolling Interests | ||||||||||||||||
The Company is party to a put arrangement with respect to the common securities that represent the remaining noncontrolling interest from the acquisition of its majority-owned subsidiary, Guess Sud SAS (“Guess Sud”). The put arrangement for Guess Sud, representing 40% of the total outstanding equity interest of that subsidiary, may be exercised at the discretion of the noncontrolling interest holders by providing written notice to the Company any time after January 30, 2012. The put arrangement is recorded on the balance sheet at its expected redemption value and classified as a redeemable noncontrolling interest outside of permanent equity. On May 15, 2012, the Company and the noncontrolling interest holders executed an amendment to the Guess Sud put arrangement which modified the put price to be based on a method which approximates fair value instead of being based on a multiple of Guess Sud’s earnings before interest, taxes, depreciation and amortization. The redemption value of the Guess Sud redeemable put arrangement was $4.7 million and $3.1 million at February 1, 2014 and February 2, 2013, respectively. | ||||||||||||||||
During fiscal 2014, the Company entered into a new majority-owned joint venture to establish Guess Brasil Comércio e Distribuição S.A. ("Guess Brazil"). The Company funded $1.8 million to obtain a 60% interest in Guess Brazil and is subject to a put arrangement with respect to the common securities that represent the remaining noncontrolling interest. The put arrangement may be exercised at the discretion of the noncontrolling interest holder by providing written notice to the Company beginning in fiscal 2020, or sooner in certain limited circumstances, and every third anniversary thereafter subject to certain time restrictions. The redemption value of the Guess Brazil put arrangement is based on a multiple of Guess Brazil's earnings before interest, taxes, depreciation and amortization subject to certain adjustments. The redemption value of the Guess Brazil redeemable put arrangement was $1.1 million at February 1, 2014. | ||||||||||||||||
The Company was previously party to a put arrangement in connection with its now wholly-owned subsidiary, Focus Europe S.r.l. (“Focus”). Under the terms of this put arrangement, which represented 25% of the total outstanding interest of that subsidiary, the noncontrolling interest holder had the option to exercise the put arrangement at its discretion by providing written notice to the Company no later than June 27, 2012. The redemption value of the put arrangement was determined based on a multiple of Focus’s net earnings. In June 2012, the noncontrolling interest holder notified the Company of its intent to exercise the put arrangement. On July 9, 2012, the Company paid $4.2 million to the noncontrolling interest holder to acquire the remaining 25% interest in Focus. This amount was determined based on a multiple of Focus’s net earnings in accordance with the terms of the put arrangement. | ||||||||||||||||
A reconciliation of the total carrying amount of redeemable noncontrolling interests for fiscal 2014 and fiscal 2013 is as follows (in thousands): | ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||||||
Beginning balance | $ | 3,144 | $ | 8,293 | ||||||||||||
Foreign currency translation adjustment | (104 | ) | 65 | |||||||||||||
Noncontrolling interest capital contribution | 1,199 | — | ||||||||||||||
Purchase of redeemable noncontrolling interest | — | (4,185 | ) | |||||||||||||
Redeemable noncontrolling interest redemption value adjustment | 1,591 | (1,029 | ) | |||||||||||||
Ending balance | $ | 5,830 | $ | 3,144 | ||||||||||||
Savings_Plans
Savings Plans | 12 Months Ended |
Feb. 01, 2014 | |
Savings Plans | ' |
Savings Plans | ' |
Savings Plans | |
The Company established the Guess?, Inc. Savings Plan (the “Savings Plan”) under Section 401(k) of the Internal Revenue Code. Under the Savings Plan, employees (“associates”) may contribute up to 100% of their compensation per year subject to the elective limits as defined by IRS guidelines, and the Company may make matching contributions in amounts not to exceed 3.0% of the associates’ annual compensation. Investment selections consist of mutual funds and do not include any Company common stock. The Company’s contributions to the Savings Plan for fiscal 2014, fiscal 2013 and fiscal 2012 amounted to $1.3 million, $1.3 million and $1.2 million, respectively. | |
Effective January 1, 2006, the Company adopted a Non-qualified Deferred Compensation Plan (the “DCP”). Under the DCP, select employees who satisfy certain eligibility requirements and members of the Board of Directors may make annual irrevocable elections to defer a portion of their base compensation and/or bonuses. The deferred amounts and earnings thereon are payable to participants at specified future distribution dates, upon termination of employment, retirement, disability, death or change in control of the Company, in a lump sum or installments, pursuant to elections under the rules of the DCP. The participants to the DCP have an unsecured contractual commitment by the Company to pay the amounts due under the DCP. The Company has purchased corporate-owned life insurance, which is held in a rabbi trust, to offset this liability. The assets held in the rabbi trust are not available for general corporate purposes except in the event of bankruptcy of the Company. All earnings and expenses of the rabbi trust are reported in the Company’s consolidated statement of income in other income and expenses. For fiscal 2014, fiscal 2013 and fiscal 2012, the Company incurred gains (losses) of $0.6 million, $0.4 million and $(0.1) million, respectively, related to the change in the value of the insurance policy investments. The deferred compensation liability as of February 1, 2014 and February 2, 2013 was $7.5 million and $7.6 million, respectively. The related long-term asset as of February 1, 2014 and February 2, 2013 was $9.1 million and $8.5 million, respectively |
Quarterly_Information_Unaudite
Quarterly Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Information (Unaudited) | ' | ||||||||||||||||
Quarterly Information (Unaudited) | |||||||||||||||||
The following is a summary of the unaudited quarterly financial information for fiscal 2014 and fiscal 2013 (in thousands, except per share data): | |||||||||||||||||
Quarterly Periods Ended (1) | |||||||||||||||||
Year ended February 1, 2014 | May 4, | Aug 3, | Nov 2, | Feb 1, | |||||||||||||
2013 | 2013 | 2013 | 2014 | ||||||||||||||
Net revenue | $ | 548,914 | $ | 639,012 | $ | 613,497 | $ | 768,363 | |||||||||
Gross profit | 197,426 | 248,532 | 228,227 | 301,949 | |||||||||||||
Net earnings | 11,100 | 40,703 | 34,811 | 71,097 | |||||||||||||
Net earnings attributable to Guess?, Inc. | 9,916 | 39,866 | 34,020 | 69,632 | |||||||||||||
Net earnings per common share attributable to common stockholders: (2) (3) | |||||||||||||||||
Basic | $ | 0.12 | $ | 0.47 | $ | 0.4 | $ | 0.82 | |||||||||
Diluted | $ | 0.12 | $ | 0.47 | $ | 0.4 | $ | 0.82 | |||||||||
Quarterly Periods Ended (1) | |||||||||||||||||
Year ended February 2, 2013 | Apr 28, | Jul 28, | Oct 27, | Feb 2, | |||||||||||||
2012 | 2012 | 2012 | 2013 | ||||||||||||||
Net revenue | $ | 579,266 | $ | 635,393 | $ | 628,828 | $ | 815,118 | |||||||||
Gross profit | 235,076 | 251,560 | 247,609 | 332,878 | |||||||||||||
Net earnings | 27,213 | 42,949 | 37,459 | 73,865 | |||||||||||||
Net earnings attributable to Guess?, Inc. | 26,646 | 42,899 | 36,647 | 72,552 | |||||||||||||
Net earnings per common share attributable to common stockholders: (2) (4) | |||||||||||||||||
Basic | $ | 0.3 | $ | 0.49 | $ | 0.43 | $ | 0.85 | |||||||||
Diluted | $ | 0.3 | $ | 0.49 | $ | 0.43 | $ | 0.85 | |||||||||
___________________________________________________________________________ | |||||||||||||||||
-1 | All fiscal quarters presented consisted of 13 weeks with the exception of the quarter ended February 2, 2013 which consisted of 14 weeks. | ||||||||||||||||
-2 | Per common share amounts for the quarters and full years have been calculated separately. Accordingly, quarterly amounts may not add to the annual amount because of differences in the average common shares outstanding during each period. | ||||||||||||||||
-3 | During the first quarter of fiscal 2014, the Company implemented plans to streamline its structure and reduce expenses in both Europe and North America. During the second quarter of fiscal 2014, the Company expanded these plans to include the consolidation and streamlining of certain operations in Europe and Asia. These actions resulted in restructuring charges of $2.3 million, $6.1 million, $1.9 million and $2.1 million, respectively, during the first, second, third and fourth quarters of fiscal 2014. Refer to Note 9 for further detail regarding the restructuring charges. | ||||||||||||||||
-4 | In January 2013, the Company settled a tax audit dispute in Italy, resulting in a charge of $12.8 million in the fourth quarter of fiscal 2013 in excess of amounts previously reserved, which was partially offset by unrelated tax benefits of $4.0 million. Refer to Note 11 for further detail regarding the tax settlement charge. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Segment Information | ||||||||||||
The Company’s reportable business segments and respective accounting policies of the segments are the same as those described in Note 1. Management evaluates segment performance based primarily on revenues and earnings from operations before restructuring charges, if any. Corporate overhead, restructuring charges, interest income, interest expense and other income and expense are evaluated on a consolidated basis and not allocated to the Company’s business segments. | ||||||||||||
Segment information is summarized as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Net revenue: | ||||||||||||
North American Retail | $ | 1,075,475 | $ | 1,116,836 | $ | 1,117,643 | ||||||
Europe | 903,791 | 939,599 | 1,010,896 | |||||||||
Asia | 292,714 | 290,655 | 250,727 | |||||||||
North American Wholesale | 179,600 | 194,373 | 187,362 | |||||||||
Licensing | 118,206 | 117,142 | 121,420 | |||||||||
Total net revenue | $ | 2,569,786 | $ | 2,658,605 | $ | 2,688,048 | ||||||
Earnings (loss) from operations: | ||||||||||||
North American Retail | $ | 39,540 | $ | 78,285 | $ | 133,184 | ||||||
Europe | 97,231 | 103,975 | 167,014 | |||||||||
Asia | 25,592 | 26,525 | 28,463 | |||||||||
North American Wholesale | 38,771 | 45,008 | 47,162 | |||||||||
Licensing | 107,805 | 101,182 | 108,638 | |||||||||
Corporate Overhead | (73,910 | ) | (80,450 | ) | (87,226 | ) | ||||||
Restructuring Charges | (12,442 | ) | — | — | ||||||||
Total earnings from operations | $ | 222,587 | $ | 274,525 | $ | 397,235 | ||||||
Capital expenditures: | ||||||||||||
North American Retail | $ | 29,980 | $ | 49,759 | $ | 65,329 | ||||||
Europe | 30,994 | 31,930 | 38,818 | |||||||||
Asia | 7,150 | 8,614 | 10,696 | |||||||||
North American Wholesale | 4,870 | 2,725 | 1,541 | |||||||||
Licensing | 39 | 40 | 24 | |||||||||
Corporate Overhead | 2,405 | 6,523 | 7,123 | |||||||||
Total capital expenditures | $ | 75,438 | $ | 99,591 | $ | 123,531 | ||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||
Total assets: | ||||||||||||
North American Retail | $ | 333,479 | $ | 353,875 | ||||||||
Europe | 819,999 | 873,988 | ||||||||||
Asia | 158,798 | 144,825 | ||||||||||
North American Wholesale | 141,482 | 111,373 | ||||||||||
Licensing | 14,458 | 6,945 | ||||||||||
Corporate Overhead | 296,215 | 222,500 | ||||||||||
Total assets | $ | 1,764,431 | $ | 1,713,506 | ||||||||
The table below presents information related to geographic areas in which the Company operated. Net revenue is classified primarily based on the country where the Company’s customer is located (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Net revenue: | ||||||||||||
U.S. | $ | 988,746 | $ | 1,028,549 | $ | 1,031,131 | ||||||
Italy | 306,281 | 365,299 | 375,385 | |||||||||
Canada | 264,107 | 290,320 | 295,574 | |||||||||
Other foreign countries | 1,010,652 | 974,437 | 985,958 | |||||||||
Total net revenue | $ | 2,569,786 | $ | 2,658,605 | $ | 2,688,048 | ||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||
Long-lived assets: | ||||||||||||
U.S. | $ | 154,251 | $ | 170,129 | ||||||||
Italy | 86,781 | 58,994 | ||||||||||
Canada | 29,803 | 38,699 | ||||||||||
Other foreign countries | 110,935 | 184,048 | ||||||||||
Total long-lived assets | $ | 381,770 | $ | 451,870 | ||||||||
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings per Share | ' | |||||||||||
Earnings per Share | ||||||||||||
The computation of basic and diluted net earnings per common share attributable to common stockholders is as follows (in thousands, except per share data): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Net earnings attributable to Guess?, Inc. | $ | 153,434 | $ | 178,744 | $ | 265,500 | ||||||
Less net earnings attributable to nonvested restricted stockholders | 1,243 | 1,347 | 2,074 | |||||||||
Net earnings attributable to common stockholders | $ | 152,191 | $ | 177,397 | $ | 263,426 | ||||||
Weighted average common shares used in basic computations | 84,271 | 86,262 | 91,533 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock units | 251 | 278 | 415 | |||||||||
Weighted average common shares used in diluted computations | 84,522 | 86,540 | 91,948 | |||||||||
Net earnings per common share attributable to common stockholders: | ||||||||||||
Basic | $ | 1.81 | $ | 2.06 | $ | 2.88 | ||||||
Diluted | $ | 1.8 | $ | 2.05 | $ | 2.86 | ||||||
For fiscal 2014, fiscal 2013 and fiscal 2012, equity awards granted for 1,251,927, 1,364,703 and 935,712, respectively, of the Company’s common shares were outstanding but were excluded from the computation of diluted weighted average common shares and common share equivalents outstanding because their effect would have been anti-dilutive. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Share-Based Compensation | ' | ||||||||||||
Share-Based Compensation | |||||||||||||
Share-Based Compensation Plans | |||||||||||||
The Company has four share-based compensation plans. The Guess?, Inc. 2004 Equity Incentive Plan (the “Plan”) provides that the Board of Directors may grant stock options and other equity awards to officers, key employees and certain consultants and advisors to the Company or any of its subsidiaries. The Plan authorizes the issuance of up to 20,000,000 shares of common stock. At February 1, 2014 and February 2, 2013, there were 12,151,436 and 12,835,693 shares available for grant under the Plan, respectively. Stock options granted under the Plan have ten-year terms and typically vest and become fully exercisable in increments of one-fourth of the shares granted on each anniversary from the date of grant. Stock awards/units granted under the Plan typically vest in increments of one-fourth of the shares granted on each anniversary from the date of grant. The three most recent annual grants for stock options and other equity awards had initial vesting periods of nine months followed by three annual vesting periods. The Guess?, Inc. Employee Stock Purchase Plan (“ESPP”) allows for qualified employees to participate in the purchase of designated shares of the Company’s common stock at a price equal to 85% of the lower of the closing price at the beginning or end of each quarterly stock purchase period. The Guess?, Inc. 2006 Non-Employee Directors’ Stock Grant and Stock Option Plan (the “Director Plan”) provides for the grant of equity awards to non-employee directors. The Director Plan authorizes the issuance of up to 2,000,000 shares of common stock which consists of 1,000,000 shares that were initially approved for issuance on July 30, 1996 plus an additional 1,000,000 shares that were approved for issuance effective May 9, 2006. At February 1, 2014 and February 2, 2013, there were 860,432 and 899,931 shares available for grant under this plan, respectively. In addition, the Guess?, Inc. 1996 Equity Incentive Plan, under which equity grants have not been permitted since the approval of the Plan in 2004, continues to govern outstanding awards previously made thereunder. | |||||||||||||
Performance Awards | |||||||||||||
On July 11, 2013, the Company granted 100,000 nonvested stock units to Paul Marciano, the Company’s Chief Executive Officer and Vice Chairman of the Board, in connection with a new employment agreement entered into between the Company and Mr. Paul Marciano. The nonvested stock units have an initial vesting period of seven months followed by two annual vesting periods, which were subject to the achievement of performance-based vesting conditions for the last three quarters of fiscal 2014. The Company also granted a target of 143,700 nonvested stock units to Mr. Paul Marciano, of which approximately 84% are expected to vest based on the achievement of performance-based conditions for the last three quarters of fiscal 2014. Such shares are scheduled to vest on February 1, 2016. | |||||||||||||
On May 1, 2008, the Company granted an aggregate of 167,000 nonvested stock awards to certain employees which were subject to certain annual performance-based vesting conditions over a five-year period. On October 30, 2008, the Company granted an aggregate of 563,400 nonvested stock options to certain employees scheduled to vest over a four-year period, which were subject to the achievement of performance-based vesting conditions for fiscal 2010. During the first quarter of fiscal 2010, the Compensation Committee determined that the performance goals established in the prior year were no longer set at an appropriate level to incentivize and help retain employees given the greater than previously anticipated deterioration of the economy that had occurred since the goals were established. Therefore, in April 2009, the Compensation Committee modified the performance goals of that year’s tranche of the outstanding performance-based stock awards and options to address the challenges associated with the economic environment. During first quarter of fiscal 2011, fiscal 2012 and fiscal 2013, the Compensation Committee modified the performance goals of the respective year’s tranche of the outstanding performance-based stock awards to address the continuing challenges associated with the economic environment. None of the modifications had a material impact on the consolidated financial statements of the Company. | |||||||||||||
Consulting Arrangement | |||||||||||||
On June 18, 2011, Maurice Marciano, the Company’s then-serving executive Chairman of the Board of Directors, notified the Company of his decision to retire as an employee and executive officer effective January 28, 2012, the end of fiscal 2012. Mr. Maurice Marciano continues to serve as non-executive Chairman of the Board of Directors. In accordance with the terms of Mr. Maurice Marciano’s employment agreement, the Company and Mr. Maurice Marciano entered into a two-year consulting agreement, under which Mr. Maurice Marciano provided certain consulting services to the Company through January 2014. In January 2014, the consulting agreement was extended for an additional one-year period. In connection with the ongoing services to be provided, Mr. Maurice Marciano’s outstanding equity awards were modified to provide that all awards that would have otherwise been unvested and forfeited at January 28, 2012, will continue to vest in accordance with the original vesting terms for as long as Mr. Maurice Marciano continues to serve as a member of the Board of Directors of the Company. The original grant date fair value of the modified equity awards aggregated $4.7 million while the modified grant date fair value aggregated $5.0 million. As a result of the modification, compensation expense of $2.5 million was accelerated and recorded in fiscal 2012. | |||||||||||||
Share-Based Compensation Expense | |||||||||||||
Compensation expense for nonvested stock options and stock awards is recognized on a straight-line basis over the vesting period. The Company estimates forfeitures in calculating the expense relating to share-based compensation as opposed to recognizing forfeitures as an expense reduction as they occur. | |||||||||||||
The following table summarizes the share-based compensation expense recognized under all of the Company’s stock plans during fiscal 2014, fiscal 2013 and fiscal 2012 (in thousands): | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | |||||||||||
Stock options | $ | 2,490 | $ | 4,633 | $ | 7,123 | |||||||
Nonvested stock awards/units | 11,225 | 11,337 | 20,584 | ||||||||||
ESPP | 234 | 315 | 393 | ||||||||||
Total share-based compensation expense | $ | 13,949 | $ | 16,285 | $ | 28,100 | |||||||
Stock options | |||||||||||||
The following table summarizes the stock option activity under all of the Company’s stock plans during fiscal 2014: | |||||||||||||
Number of Shares | Weighted-Average | Weighted-Average | Aggregate | ||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||
Contractual | Value ($000’s) | ||||||||||||
Term (Years) | |||||||||||||
Options outstanding at February 2, 2013 | 1,814,466 | $ | 30.57 | ||||||||||
Granted | 583,500 | 26.87 | |||||||||||
Exercised | (245,350 | ) | 20.47 | ||||||||||
Forfeited | (370,690 | ) | 31.98 | ||||||||||
Expired | — | — | |||||||||||
Options outstanding at February 1, 2014 | 1,781,926 | $ | 30.46 | 6.71 | $ | 4,675 | |||||||
Exercisable at February 1, 2014 | 1,150,655 | $ | 30.99 | 5.57 | $ | 3,923 | |||||||
Options exercisable and expected to vest at February 1, 2014 | 1,718,223 | $ | 30.52 | 6.62 | $ | 4,597 | |||||||
The fair value of each stock option was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants during fiscal 2014, fiscal 2013 and fiscal 2012: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
Valuation Assumptions | Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Risk-free interest rate | 0.5 | % | 0.4 | % | 1.1 | % | |||||||
Expected stock price volatility | 39.7 | % | 46.8 | % | 48.5 | % | |||||||
Expected dividend yield | 3 | % | 2.6 | % | 2.2 | % | |||||||
Expected life of stock options in years | 3.7 | 3.6 | 3.7 | ||||||||||
The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. The expected volatility is determined based on an average of both historical volatility and implied volatility. Implied volatility is derived from exchange traded options on the Company’s common stock. The expected dividend yield is based on the Company’s history and expectations of dividend payouts. The expected life is determined based on historical trends. The expected forfeiture rate is determined based on historical data. | |||||||||||||
The weighted-average grant-date fair value of options granted was $6.38, $8.92 and $11.58 during fiscal 2014, fiscal 2013 and fiscal 2012, respectively. The total intrinsic value of stock options exercised during fiscal 2014, fiscal 2013 and fiscal 2012 was $2.2 million, $3.4 million and $5.9 million, respectively. The intrinsic value of stock options is defined as the difference between the Company’s stock price on the exercise date and the grant-date exercise price. The total cash received from option exercises was $5.0 million, $5.1 million and $7.2 million during fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | |||||||||||||
The excess tax benefit realized for the tax deductions from option exercises for fiscal 2014 was $0.3 million and has been included in cash flows from financing activities for fiscal 2014. The excess tax shortfall of $0.8 million was included in cash flows from operating activities for fiscal 2014. The compensation expense included in SG&A expense recognized was $2.5 million before the recognized income tax benefit of $0.9 million during fiscal 2014. As of February 1, 2014, there was approximately $3.9 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to nonvested stock options. This cost is expected to be recognized over a weighted-average period of 1.7 years. | |||||||||||||
Nonvested stock awards/units | |||||||||||||
The following table summarizes the nonvested stock awards/units activity under all of the Company’s stock plans during fiscal 2014: | |||||||||||||
Number of | Weighted- | ||||||||||||
Shares/Units | Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at February 2, 2013 | 721,497 | $ | 33.17 | ||||||||||
Granted | 819,966 | 28.34 | |||||||||||
Vested | (268,788 | ) | 33.39 | ||||||||||
Forfeited | (309,020 | ) | 30.79 | ||||||||||
Nonvested at February 1, 2014 | 963,655 | $ | 29.76 | ||||||||||
The weighted-average grant-date fair value of nonvested stock awards/units granted was $28.34, $29.71 and $38.98 during fiscal 2014, fiscal 2013 and fiscal 2012, respectively. The total fair value at grant date of previously nonvested stock awards/units that were vested during fiscal 2014, fiscal 2013 and fiscal 2012 was $9.0 million, $17.5 million and $19.4 million, respectively. During fiscal 2014, fiscal 2013 and fiscal 2012, the total intrinsic value of nonvested stock awards/units that vested was $8.3 million, $15.0 million and $19.3 million, respectively. | |||||||||||||
The excess tax benefit realized for the tax deductions from vested shares and dividends paid on unvested shares for fiscal 2014 was $0.4 million and has been included in cash flows from financing activities for fiscal 2014. The excess tax shortfall of $0.3 million was included in cash flows from operating activities for fiscal 2014. The total intrinsic value of nonvested stock awards/units outstanding and unvested at February 1, 2014 was $27.0 million. The compensation expense included in SG&A expense recognized during fiscal 2014 was $11.2 million before the recognized income tax benefit of $3.8 million. As of February 1, 2014, there was approximately $20.6 million of total unrecognized compensation cost, adjusted for estimated forfeitures, related to nonvested stock awards/units. This cost is expected to be recognized over a weighted-average period of 1.8 years. | |||||||||||||
ESPP | |||||||||||||
In January 2002, the Company established an ESPP, the terms of which allow for qualified employees (as defined) to participate in the purchase of designated shares of the Company’s common stock at a price equal to 85% of the lower of the closing price at the beginning or end of each quarterly stock purchase period. Prior to March 4, 2009, the ESPP was a straight purchase plan with no holding period requirement. Effective March 4, 2009, the ESPP was amended to require participants to hold any shares purchased under the ESPP after April 1, 2009 for a minimum period of six months after purchase. In addition, all Company employees are subject to the terms of the Company’s securities trading policy which generally prohibits the purchase or sale of any Company securities during the two weeks before the end of each fiscal quarter through two days after the public announcement by the Company of its earnings for that period. On January 23, 2002, the Company filed with the SEC a Registration Statement on Form S-8 registering 4,000,000 shares of common stock for the ESPP. Effective March 12, 2012, the ESPP was amended and restated to extend the term for an additional ten years. | |||||||||||||
During fiscal 2014, fiscal 2013 and fiscal 2012, 43,265 shares, 50,013 shares and 47,456 shares of the Company’s common stock were issued pursuant to the ESPP at an average price of $22.64, $23.72 and $29.00 per share, respectively. | |||||||||||||
The fair value of stock compensation expense associated with the Company’s ESPP was estimated on the date of grant using the Black-Scholes option-pricing valuation model with the following weighted-average assumptions used for grants during fiscal 2014, fiscal 2013 and fiscal 2012. | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
Valuation Assumptions | Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.1 | % | |||||||
Expected stock price volatility | 29.7 | % | 46.4 | % | 49 | % | |||||||
Expected dividend yield | 3.1 | % | 2.8 | % | 2.2 | % | |||||||
Expected life of ESPP options (in months) | 3 | 3 | 3 | ||||||||||
The weighted-average grant-date fair value of ESPP options granted during fiscal 2014, fiscal 2013 and fiscal 2012 was $5.46, $6.84 and $9.35, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||||
Authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels as follows: | |||||||||||||||||||||||||||||||||
Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date. | |||||||||||||||||||||||||||||||||
Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e. interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). | |||||||||||||||||||||||||||||||||
Level 3—Unobservable inputs that reflect assumptions about what market participants would use in pricing the asset or liability. These inputs would be based on the best information available, including the Company’s own data. | |||||||||||||||||||||||||||||||||
The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of February 1, 2014 and February 2, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Fair Value Measurements at Feb 1, | Fair Value Measurements at Feb 2, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Foreign exchange currency contracts | $ | — | $ | 2,116 | $ | — | $ | 2,116 | $ | — | $ | 1,358 | $ | — | $ | 1,358 | |||||||||||||||||
Available-for-sale securities | 5,732 | — | — | 5,732 | 12,630 | — | — | 12,630 | |||||||||||||||||||||||||
Total | $ | 5,732 | $ | 2,116 | $ | — | $ | 7,848 | $ | 12,630 | $ | 1,358 | $ | — | $ | 13,988 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Foreign exchange currency contracts | $ | — | $ | 1,712 | $ | — | $ | 1,712 | $ | — | $ | 5,552 | $ | — | $ | 5,552 | |||||||||||||||||
Interest rate swap | — | 581 | — | 581 | — | 852 | — | 852 | |||||||||||||||||||||||||
Deferred compensation obligations | — | 7,498 | — | 7,498 | — | 7,574 | — | 7,574 | |||||||||||||||||||||||||
Total | $ | — | $ | 9,791 | $ | — | $ | 9,791 | $ | — | $ | 13,978 | $ | — | $ | 13,978 | |||||||||||||||||
There were no transfers of financial instruments between the three levels of fair value hierarchy during fiscal 2014 and fiscal 2013. | |||||||||||||||||||||||||||||||||
The fair values of the Company’s available-for-sale securities are based on quoted prices. The fair value of interest rate swaps are based on inputs corroborated by observable market data. Foreign exchange forward contracts are entered into by the Company principally to hedge the future payment of inventory and intercompany transactions by non-U.S. subsidiaries. Periodically, the Company may also use foreign currency forward contracts to hedge the translation and economic exposures related to its net investments in certain of its international subsidiaries. The fair values of the Company’s foreign exchange forward contracts are based on quoted foreign exchange forward rates at the reporting date. Deferred compensation obligations to employees are adjusted based on changes in the fair value of the underlying employee-directed investments. Fair value of these obligations is based upon inputs corroborated by observable market data. | |||||||||||||||||||||||||||||||||
Available-for-sale securities are recorded at fair value and are included in short-term investments and other assets in the accompanying consolidated balance sheets depending on their respective maturity dates. At February 1, 2014, available-for-sale securities consisted of $5.1 million of corporate bonds which mature in September 2014 and $0.6 million of marketable equity securities. At February 2, 2013, available-for-sale securities consisted of $10.3 million of corporate bonds, $1.8 million of certificates of deposit and $0.5 million of marketable equity securities. Corporate bonds of $5.5 million, which were classified as available-for-sale securities, were sold during fiscal 2013. The cost of securities sold is based on the specific identification method. Gains recognized during fiscal 2013 were minimal as a result of this sale and were included in other income and expense. Unrealized gains (losses), net of taxes, are included as a component of stockholders’ equity and comprehensive income (loss). The accumulated unrealized gains, net of taxes, included in accumulated other comprehensive income (loss) related to available-for-sale securities owned by the Company were $0.1 million for each of the years ended February 1, 2014 and February 2, 2013. | |||||||||||||||||||||||||||||||||
The carrying amount of the Company’s remaining financial instruments, which principally include cash and cash equivalents, trade receivables, accounts payable and accrued expenses, approximates fair value due to the relatively short maturity of such instruments. The fair values of the Company’s debt instruments (see Note 8) are based on the amount of future cash flows associated with each instrument discounted using the Company’s incremental borrowing rate. At February 1, 2014 and February 2, 2013, the carrying value of all financial instruments was not materially different from fair value, as the interest rates on variable-rate debt including the capital lease obligation approximated rates currently available to the Company. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||
Derivative Financial Instruments | |||||||||||||||
Hedging Strategy | |||||||||||||||
The Company operates in foreign countries, which exposes it to market risk associated with foreign currency exchange rate fluctuations. The Company has entered into certain forward contracts to hedge the risk of foreign currency rate fluctuations. The Company has elected to apply the hedge accounting rules in accordance with authoritative guidance for certain of these hedges. | |||||||||||||||
The Company’s primary objective is to hedge the variability in forecasted cash flows due to the foreign currency risk. Various transactions that occur primarily in Canada, Europe and South Korea are denominated in U.S. dollars and British pounds and thus are exposed to earnings risk as a result of exchange rate fluctuations when converted to their functional currencies. These types of transactions include U.S. dollar denominated purchases of merchandise and U.S. dollar and British pound denominated intercompany liabilities. In addition, certain operating expenses and tax liabilities are denominated in Swiss francs and are exposed to earnings risk as a result of exchange rate fluctuations when converted to the functional currency. The Company enters into derivative financial instruments, including forward exchange contracts, to offset some but not all of the exchange risk on certain of these anticipated foreign currency transactions. | |||||||||||||||
Periodically, the Company may also use foreign currency forward contracts to hedge the translation and economic exposures related to its net investments in certain of its international subsidiaries. | |||||||||||||||
The impact of the credit risk of the counterparties to the derivative contracts is considered in determining the fair value of the foreign currency forward contracts. As of February 1, 2014, credit risk has not had a significant effect on the fair value of the Company’s foreign currency contracts. | |||||||||||||||
The Company also has interest rate swap agreements, which are not designated as hedges for accounting purposes, to effectively convert its floating-rate debt to a fixed-rate basis. The principal objective of these contracts is to eliminate or reduce the variability of the cash flows in interest payments associated with the Company’s variable-rate capital lease obligation, thus reducing the impact of interest rate changes on future interest payment cash flows. For fiscal 2014, the Company recorded a net gain of $0.2 million in other income related to the interest rate swaps. Refer to Note 8 for further information. | |||||||||||||||
Hedge Accounting Policy | |||||||||||||||
U.S. dollar forward contracts are used to hedge forecasted merchandise purchases over specific months. Changes in the fair value of these U.S. dollar forward contracts, designated as cash flow hedges, are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity and are recognized in cost of product sales in the period which approximates the time the hedged merchandise inventory is sold. The Company also hedges forecasted intercompany royalties over specific months. Changes in the fair value of these U.S. dollar forward contracts, designated as cash flow hedges, are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity and are recognized in other income and expense in the period in which the royalty expense is incurred. | |||||||||||||||
U.S. dollar forward contracts are also used to hedge the net investments of certain of the Company’s international subsidiaries over specific months. Changes in the fair value of these U.S. dollar forward contracts, designated as net investment hedges, are recorded in foreign currency translation adjustment as a component of accumulated other comprehensive income (loss) within stockholders’ equity and are not recognized in income until the sale or liquidation of the hedged net investment. | |||||||||||||||
The Company also has foreign currency contracts that are not designated as hedging instruments for accounting purposes. Changes in fair value of foreign currency contracts not qualifying as cash flow hedges or net investment hedges are reported in net earnings as part of other income and expense. | |||||||||||||||
Summary of Derivative Instruments | |||||||||||||||
The fair value of derivative instruments in the consolidated balance sheets as of February 1, 2014 and February 2, 2013 was as follows (in thousands): | |||||||||||||||
Derivative | Fair Value at Feb 1, 2014 | Fair Value at Feb 2, 2013 | |||||||||||||
Balance Sheet | |||||||||||||||
Location | |||||||||||||||
ASSETS: | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Foreign exchange currency contracts: | |||||||||||||||
Cash flow hedges | Other current assets | $ | 977 | $ | 387 | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Foreign exchange currency contracts | Other current assets | 1,139 | 971 | ||||||||||||
Total | $ | 2,116 | $ | 1,358 | |||||||||||
LIABILITIES: | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Foreign exchange currency contracts: | |||||||||||||||
Cash flow hedges | Current liabilities | $ | 672 | $ | 2,904 | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Foreign exchange currency contracts | Current liabilities | 1,040 | 2,648 | ||||||||||||
Interest rate swaps | Long-term liabilities | 581 | 852 | ||||||||||||
Total derivatives not designated as hedging instruments | 1,621 | 3,500 | |||||||||||||
Total | $ | 2,293 | $ | 6,404 | |||||||||||
Derivatives Designated As Hedging Instruments | |||||||||||||||
Cash Flow Hedges | |||||||||||||||
During fiscal 2014, the Company purchased U.S. dollar forward contracts in Europe and Canada totaling US$119.2 million and US$31.5 million, respectively, to hedge forecasted merchandise purchases and intercompany royalties that were designated as cash flow hedges. As of February 1, 2014, the Company had forward contracts outstanding for its European and Canadian operations of US$87.1 million and US$15.2 million, respectively, which are expected to mature over the next 11 months. At February 2, 2013, the Company had forward contracts outstanding for its European and Canadian operations of US$106.9 million and US$40.3 million, respectively. | |||||||||||||||
The following table summarizes the gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings for fiscal 2014, fiscal 2013 and fiscal 2012 (in thousands): | |||||||||||||||
Gain/(Loss) | Location of | Gain/(Loss) | |||||||||||||
Recognized in | Gain/(Loss) | Reclassified from | |||||||||||||
OCI | Reclassified from | Accumulated OCI into Income | |||||||||||||
Accumulated OCI | |||||||||||||||
Year Ended Feb 1, 2014 | into Income (1) | Year Ended Feb 1, 2014 | |||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||
Foreign exchange currency contracts | $ | 4,595 | Cost of sales | $ | 3,050 | ||||||||||
Foreign exchange currency contracts | $ | 370 | Other income/expense | $ | 9 | ||||||||||
Gain/(Loss) | Location of | Gain/(Loss) | |||||||||||||
Recognized in | Gain/(Loss) | Reclassified from | |||||||||||||
OCI | Reclassified from | Accumulated OCI into Income | |||||||||||||
Accumulated OCI | |||||||||||||||
Year Ended Feb 2, 2013 | into Income (1) | Year Ended Feb 2, 2013 | |||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||
Foreign exchange currency contracts | $ | 2,126 | Cost of sales | $ | 8,700 | ||||||||||
Foreign exchange currency contracts | $ | 105 | Other income/expense | $ | 628 | ||||||||||
Gain/(Loss) | Location of | Gain/(Loss) | |||||||||||||
Recognized in | Gain/(Loss) | Reclassified from | |||||||||||||
OCI | Reclassified from | Accumulated OCI into Income | |||||||||||||
Accumulated OCI | |||||||||||||||
Year Ended Jan 28, 2012 | into Income (1) | Year Ended Jan 28, 2012 | |||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||
Foreign exchange currency contracts | $ | 935 | Cost of sales | $ | (6,641 | ) | |||||||||
Foreign exchange currency contracts | $ | (90 | ) | Other income/expense | $ | 268 | |||||||||
___________________________________________________________________________ | |||||||||||||||
-1 | The ineffective portion was immaterial during fiscal 2014, fiscal 2013 and fiscal 2012 and was recorded in net earnings and included in interest income/expense. | ||||||||||||||
As of February 1, 2014, accumulated other comprehensive loss included a net unrealized loss of approximately $0.1 million, net of tax, of which $0.2 million will be recognized in other expense or cost of product sales over the following 12 months, at the then current values on a pre-tax basis, which can be different than the current year-end values. | |||||||||||||||
The following table summarizes net after-tax derivative activity recorded in accumulated other comprehensive income (loss) (in thousands): | |||||||||||||||
Year Ended Feb 1, 2014 | Year Ended Feb 2, 2013 | ||||||||||||||
Beginning balance gain (loss) | $ | (1,782 | ) | $ | 4,259 | ||||||||||
Net gains from changes in cash flow hedges | 4,092 | 2,044 | |||||||||||||
Net gains reclassified to income | (2,423 | ) | (8,085 | ) | |||||||||||
Ending balance loss | $ | (113 | ) | $ | (1,782 | ) | |||||||||
Net Investment Hedges | |||||||||||||||
During fiscal 2014, the Company purchased U.S. dollar forward contracts in Europe totaling US$17.9 million to hedge the net investments in certain of the Company’s international subsidiaries that were designated as net investment hedges. The Company had no forward contracts outstanding for its European net investments as of February 1, 2014. There were no forward contracts that were designated as net investment hedges during fiscal 2013. | |||||||||||||||
The Company recognized gains, net of tax, of $0.2 million in the foreign currency translation adjustment component of accumulated other comprehensive income (loss) during fiscal 2014. There were no amounts that were recognized or reclassified into net income during the fiscal 2014. | |||||||||||||||
Derivatives Not Designated As Hedging Instruments | |||||||||||||||
As of February 1, 2014, the Company had euro foreign currency contracts to purchase US$111.8 million expected to mature over the next 11 months and Canadian dollar foreign currency contracts to purchase US$13.8 million expected to mature over the next three months. | |||||||||||||||
As of February 2, 2013, the Company had euro foreign currency contracts to purchase US$90.2 million, Canadian dollar foreign currency contracts to purchase US$39.7 million and GBP£4.7 million of foreign currency contracts to purchase euros. | |||||||||||||||
The following table summarizes the gains (losses) before taxes recognized on the derivative instruments not designated as hedging instruments in other income and expense for fiscal 2014, fiscal 2013 and fiscal 2012 (in thousands): | |||||||||||||||
Location of | Gain/(Loss) Recognized in Income | ||||||||||||||
Gain/(Loss) | |||||||||||||||
Recognized in | |||||||||||||||
Income | Year Ended Feb 1, 2014 | Year Ended Feb 2, 2013 | Year Ended Jan 28, 2012 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Foreign exchange currency contracts | Other income/expense | $ | 1,843 | $ | (20 | ) | $ | 4,254 | |||||||
Interest rate swaps | Other income/expense | $ | 238 | $ | 166 | $ | (171 | ) | |||||||
Share_Repurchase_Program
Share Repurchase Program | 12 Months Ended |
Feb. 01, 2014 | |
Equity [Abstract] | ' |
Share Repurchase Program | ' |
Share Repurchase Program | |
On March 14, 2011, the Company’s Board of Directors authorized a program to repurchase, from time-to-time and as market and business conditions warrant, up to $250 million of the Company’s common stock (the “2011 Share Repurchase Program”). On June 26, 2012, the Company’s Board of Directors authorized a new program to repurchase, from time-to-time and as market and business conditions warrant, up to $500 million of the Company’s common stock (the “2012 Share Repurchase Program”). The 2012 Share Repurchase Program was in addition to the 2011 Share Repurchase Program. Repurchases under programs may be made on the open market or in privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or other available means. There is no minimum or maximum number of shares to be repurchased under programs and programs may be discontinued at any time, without prior notice. During fiscal 2014, the Company repurchased 882,551 shares under the 2011 and 2012 Share Repurchase Programs at an aggregate cost of $22.1 million. During fiscal 2013, the Company repurchased 5,036,418 shares under the 2011 Share Repurchase Program at an aggregate cost of $140.1 million. There were no share repurchases under the 2012 Share Repurchase Program during fiscal 2013. During fiscal 2012, the Company repurchased 3,216,514 shares under the 2011 Share Repurchase Program at an aggregate cost of $92.0 million. At February 1, 2014, the Company had remaining authority under the 2012 Share Repurchase Program to purchase $495.8 million of its common stock and no remaining authority to purchase shares under the 2011 Share Repurchase Program. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Feb. 01, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On March 19, 2014, the Company announced a 12.5% increase in its quarterly cash dividend for the first quarter of fiscal 2015, to $0.225 per share. The cash dividend will be paid on April 18, 2014 to shareholders of record as of the close of business on April 2, 2014. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||
SCHEDULE II | |||||||||||||||||
GUESS?, INC. & SUBSIDIARIES | |||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
Years ended February 1, 2014, February 2, 2013 and January 28, 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at | Costs | Deductions and | Balance | ||||||||||||||
beginning | charged / | write-offs | at end of period | ||||||||||||||
of period | credited to expenses | ||||||||||||||||
Description | |||||||||||||||||
As of February 1, 2014 | |||||||||||||||||
Allowance for accounts receivable | $ | 20,588 | $ | 32,339 | $ | (32,809 | ) | $ | 20,118 | ||||||||
Allowance for royalties receivable | 294 | 190 | (75 | ) | 409 | ||||||||||||
Allowance for sales returns | 20,757 | 98,112 | (98,585 | ) | 20,284 | ||||||||||||
Total | $ | 41,639 | $ | 130,641 | $ | (131,469 | ) | $ | 40,811 | ||||||||
As of February 2, 2013 | |||||||||||||||||
Allowance for accounts receivable | $ | 19,423 | $ | 39,322 | $ | (38,157 | ) | $ | 20,588 | ||||||||
Allowance for royalties receivable | 402 | (108 | ) | — | 294 | ||||||||||||
Allowance for sales returns | 18,306 | 83,007 | (80,556 | ) | 20,757 | ||||||||||||
Total | $ | 38,131 | $ | 122,221 | $ | (118,713 | ) | $ | 41,639 | ||||||||
As of January 28, 2012 | |||||||||||||||||
Allowance for accounts receivable | $ | 15,993 | $ | 35,934 | $ | (32,504 | ) | $ | 19,423 | ||||||||
Allowance for royalties receivable | 763 | (361 | ) | — | 402 | ||||||||||||
Allowance for sales returns | 16,514 | 84,663 | (82,871 | ) | 18,306 | ||||||||||||
Total | $ | 33,270 | $ | 120,236 | $ | (115,375 | ) | $ | 38,131 | ||||||||
Description_of_the_Business_an1
Description of the Business and Summary of Significant Accounting Policies and Practices (Policies) | 12 Months Ended | |
Feb. 01, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Fiscal Year End | ' | |
Fiscal Year End | ||
The Company operates on a 52/53-week fiscal year calendar, which ends on the Saturday nearest to January 31 of each year. All references herein to “fiscal 2014”, “fiscal 2013”, and “fiscal 2012” represent the results of the 52-week fiscal year ended February 1, 2014, the 53-week fiscal year ended February 2, 2013 and the 52-week fiscal year ended January 28, 2012, respectively. The additional week in fiscal 2013 occurred during the fourth quarter ended February 2, 2013. References to “fiscal 2015” represent the 52-week fiscal year ending January 31, 2015. | ||
Reclassifications | ' | |
Reclassifications | ||
The Company has made certain reclassifications to the consolidated financial statements for the year ended February 2, 2013 to conform to classifications in the current year. These reclassifications had no impact on previously reported results from operations or net cash provided by operating activities. | ||
For the year ended January 28, 2012, the Company also reclassified certain retail distribution costs from selling, general and administrative expenses to cost of product sales to conform to current period presentation. This reclassification had no impact on previously reported earnings from operations, net earnings or net earnings per share. | ||
Principles of Consolidation | ' | |
Principles of Consolidation | ||
The consolidated financial statements include the accounts of Guess?, Inc., its wholly-owned direct and indirect subsidiaries and its majority-owned subsidiaries. Accordingly, all references herein to “Guess?, Inc.” include the consolidated results of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated during the consolidation process. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosed in the accompanying notes. Significant areas requiring the use of management estimates relate to the accounts receivable allowances, sales return allowances, gift card and loyalty accruals, valuation of inventories, share-based compensation, recoverability of deferred taxes, unrecognized tax benefits, the useful life of assets for depreciation, evaluation of asset impairment, pension obligations, workers compensation and medical self-insurance expense and accruals, litigation reserves and restructuring expense and accruals. Actual results could differ from those estimates. | ||
Business Segment Reporting | ' | |
Business Segment Reporting | ||
Where applicable, the Company reports information about business segments and related disclosures about products and services, geographic areas and major customers. The Company’s businesses are grouped into five reportable segments for management and internal financial reporting purposes: North American Retail, Europe, Asia, North American Wholesale and Licensing. Management evaluates segment performance based primarily on revenues and earnings from operations before restructuring charges, if any. The Company believes this segment reporting reflects how its five business segments are managed and each segment’s performance is evaluated. The North American Retail segment includes the Company’s retail and e-commerce operations in North America and its retail operations in Central and South America. The Europe segment includes the Company’s wholesale, retail and e-commerce operations in Europe and the Middle East. The Asia segment includes the Company’s wholesale, retail and e-commerce operations in Asia. The North American Wholesale segment includes the Company’s wholesale operations in North America and export sales to Central and South America. The Licensing segment includes the worldwide licensing operations of the Company. The business segment operating results exclude corporate overhead costs, which consist of shared costs of the organization, and restructuring charges. These costs are presented separately and generally include, among other things, the following unallocated corporate costs: accounting and finance, executive compensation, facilities, global advertising and marketing, human resources, information technology and legal. Information regarding these segments is summarized in Note 17. | ||
Revenue Recognition - General | ' | |
Revenue Recognition | ||
General | ||
The Company recognizes retail operations revenue at the point of sale and wholesale operations revenue from the sale of merchandise when products are shipped and the customer takes title and assumes risk of loss, collection of the relevant receivable is reasonably assured, pervasive evidence of an arrangement exists, and the sales price is fixed or determinable. Revenue from our e-commerce operations, including shipping fees, is recognized based on the estimated customer receipt date. The Company accrues for estimated sales returns and other allowances in the period in which the related revenue is recognized. To recognize the financial impact of sales returns, the Company estimates the amount of goods that will be returned based on historical experience and reduces sales and cost of sales accordingly. Sales taxes and value added taxes collected from customers and remitted directly to governmental authorities are excluded from net revenues. | ||
Net Royalty Revenue | ' | |
Net Royalty Revenue | ||
Royalty revenue is based upon a percentage, as defined in the underlying agreement, of the licensee’s actual net sales or minimum net sales, whichever is greater. The Company may receive special payments in consideration of the grant of license rights. These payments are recognized ratably as revenue over the term of the license agreement. The unrecognized portion of upfront payments is included in deferred royalties in accrued expenses and other long-term liabilities depending on the short or long-term nature of the payments to be recognized. As of February 1, 2014, the Company had $15.4 million and $44.1 million, respectively, of deferred royalties included in accrued expenses and other long-term liabilities. This compares to $12.9 million and $34.9 million, respectively, of deferred royalties included in accrued expenses and other long-term liabilities as of February 2, 2013. | ||
Gift Cards | ' | |
Gift Cards | ||
Gift card breakage is income recognized due to the non-redemption of a portion of gift cards sold by the Company for which a liability was recorded in prior periods. Gifts cards are not utilized outside the U.S. and Canada. The Company issues gift cards through one of its subsidiaries and is not required by law to escheat the value of unredeemed gift cards to the state in which the subsidiary is domiciled. Estimated breakage amounts are accounted for under the redemption recognition method and are classified as additional net revenues as the gift cards are redeemed. The Company’s gift card breakage rate is approximately 5.2% and 4.5% for the U.S. retail business and Canadian retail business, respectively, based upon historical redemption patterns, which represents the cumulative estimated amount of gift card breakage from the inception of the electronic gift card program in late 2002. Based upon historical redemption trends, the Company recognizes estimated gift card breakage as a component of net revenue in proportion to actual gift card redemptions, over the period that remaining gift card values are redeemed. In fiscal 2014, fiscal 2013 and fiscal 2012, the Company recognized $0.8 million, $0.5 million and $0.7 million of gift card breakage to revenue, respectively. Any future revisions to the estimated breakage rate may result in changes in the amount of breakage income recognized in future periods. | ||
Loyalty Programs | ' | |
Loyalty Programs | ||
The Company launched customer loyalty programs for its GUESS? factory outlet, G by GUESS, GUESS?, and MARCIANO stores in March 2013, July 2009, August 2008 and September 2007, respectively. The GUESS? and MARCIANO loyalty programs were merged in May 2009. Under the programs, customers accumulate points based on purchase activity. Once a loyalty program member achieves a certain point level, the member earns awards that may only be redeemed for merchandise. In all of the programs, unredeemed points generally expire after six months without additional purchase activity and unredeemed awards generally expire after two months. The Company uses historical redemption rates to estimate the value of future award redemptions which are accrued in current liabilities and recorded as a reduction of net revenue in the period which the related revenue is recognized. The aggregate dollar value of the loyalty program accruals included in accrued expenses was $4.2 million and $2.9 million at February 1, 2014 and February 2, 2013, respectively. Future revisions to the estimated liability may result in changes to net revenue. | ||
Classification of Certain Costs and Expenses | ' | |
Classification of Certain Costs and Expenses | ||
The Company includes inbound freight charges, purchasing costs and related overhead, retail store occupancy costs including rent and depreciation and a portion of the Company’s distribution costs related to its retail business in cost of product sales. Distribution costs related primarily to the wholesale business are included in selling, general and administrative (“SG&A”) expenses and amounted to $31.7 million, $36.2 million and $40.4 million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. The Company also includes store selling, selling and merchandising, advertising, design and other corporate overhead costs as a component of selling, general and administrative expenses. | ||
The Company classifies amounts billed to customers for shipping fees as revenues and classifies costs related to shipping as cost of product sales in the accompanying consolidated statements of income. | ||
Advertising and Marketing Costs | ' | |
Advertising and Marketing Costs | ||
The Company expenses the cost of advertising as incurred. Advertising and marketing expenses charged to operations for fiscal 2014, fiscal 2013 and fiscal 2012 were $45.0 million, $59.1 million and $41.0 million, respectively. | ||
Share-Based Compensation | ' | |
Share-Based Compensation | ||
The Company recognizes compensation expense for all share-based awards granted based on the grant date fair value. The fair value of each stock option is estimated on the grant date using the Black-Scholes option-pricing model and involves several assumptions, including the risk-free interest rate, expected volatility, dividend yield, expected life and forfeiture rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. The expected volatility is determined based on an average of both historical volatility and implied volatility. Implied volatility is derived from exchange traded options on the Company’s common stock. The expected dividend yield is based on the Company’s history and expectations of dividend payouts. The expected life is determined based on historical trends. The expected forfeiture rate is determined based on historical data. Compensation expense for nonvested stock options and stock awards is recognized on a straight-line basis over the vesting period. | ||
In addition, the Company has granted certain nonvested stock awards/units and stock options in the past that require the recipient to achieve certain minimum performance targets in order for these awards to vest. If the minimum performance targets have not been achieved or are not expected to be achieved, no expense is recognized during the period. | ||
Foreign Currency - Translation and Transaction Gains and Losses | ' | |
Foreign Currency | ||
Foreign Currency Translation Adjustment | ||
The local selling currency is typically the functional currency for all of the Company’s significant international operations. In accordance with authoritative guidance, assets and liabilities of the Company’s foreign operations are translated from foreign currencies into U.S. dollars at period-end rates, while income and expenses are translated at the weighted-average exchange rates for the period. The related translation adjustments are reflected as a foreign currency translation adjustment in accumulated other comprehensive income (loss) within stockholders’ equity. In addition, the Company records foreign currency translation adjustments related to its noncontrolling interests within stockholders’ equity. Periodically, the Company may also use foreign currency forward contracts to hedge the translation and economic exposures related to its net investments in certain of its international subsidiaries (see below). Changes in the fair values of these foreign currency forward contracts designated as net investment hedges are included as a foreign currency translation adjustment in accumulated other comprehensive income (loss) within stockholders’ equity. The total foreign currency translation adjustment decreased stockholders’ equity by $18.4 million, from an accumulated foreign currency translation gain of $10.7 million as of February 2, 2013 to an accumulated foreign currency translation loss of $7.7 million as of February 1, 2014. | ||
Foreign Currency Transaction Gains and Losses | ||
Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency, including gains and losses on foreign currency contracts (see below), are included in the consolidated statements of income. Net foreign currency transaction gains (losses) included in the determination of net earnings were $6.3 million, $8.6 million and $(6.8) million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | ||
Forward Contracts Designated as Hedging Instruments | ' | |
Forward Contracts Designated As Hedging Instruments | ||
The Company operates in foreign countries, which exposes it to market risk associated with foreign currency exchange rate fluctuations. Various transactions that occur primarily in Canada, Europe and South Korea are denominated in U.S. dollars and British pounds and thus are exposed to earnings risk as a result of exchange rate fluctuations when converted to their functional currencies. These types of transactions include U.S. dollar denominated purchases of merchandise and U.S. dollar and British pound denominated intercompany liabilities. In addition, certain operating expenses and tax liabilities are denominated in Swiss francs and are exposed to earnings risk as a result of exchange rate fluctuations when converted to the functional currency. The Company has entered into certain forward contracts to hedge the risk of a portion of these anticipated foreign currency transactions against foreign currency rate fluctuations. The Company has elected to apply the hedge accounting rules in accordance with authoritative guidance for certain of these hedges. The Company does not hedge all transactions denominated in foreign currency. The Company may also hedge the translation and economic exposures related to its net investments in certain of its international subsidiaries. | ||
Changes in the fair value of the U.S. dollar/euro and U.S. dollar/Canadian dollar forward contracts for anticipated U.S. dollar merchandise purchases designated as cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity and are recognized in cost of product sales in the period which approximates the time the hedged merchandise inventory is sold. Changes in the fair value of U.S. dollar/euro forward contracts for U.S. dollar intercompany royalties designated as cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) within stockholders’ equity and are recognized in other income and expense in the period in which the royalty expense is incurred. Changes in the fair value of the U.S. dollar/euro dollar forward contracts designated as net investment hedges are recorded in foreign currency translation adjustment as a component of accumulated other comprehensive income (loss) within stockholders’ equity and are not recognized in income until the sale or liquidation of the hedged net investment. | ||
Forward Contracts Not Designated as Hedging Instruments | ' | |
Forward Contracts Not Designated as Hedging Instruments | ||
The Company also has forward contracts that are not designated as hedging instruments for accounting purposes. Changes in fair value of forward contracts not qualifying as cash flow hedges or net investment hedges are reported in net earnings as part of other income and expense. | ||
Income Taxes | ' | |
Income Taxes | ||
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. | ||
The Company accounts for uncertainty in income taxes in accordance with authoritative guidance, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company also follows authoritative guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | ||
Earnings Per Share | ' | |
Earnings Per Share | ||
Basic earnings per share represents net earnings attributable to common stockholders divided by the weighted-average number of common shares outstanding for the period. Diluted earnings per share represents net earnings attributable to common stockholders divided by the weighted-average number of common shares outstanding, inclusive of the dilutive impact of common equivalent shares outstanding during the period. However, nonvested restricted stock awards (referred to as participating securities) are excluded from the dilutive impact of common equivalent shares outstanding in accordance with authoritative guidance under the two-class method since the nonvested restricted stockholders are entitled to participate in dividends declared on common stock as if the shares were fully vested and hence are deemed to be participating securities. Under the two-class method, earnings attributable to nonvested restricted stockholders are excluded from net earnings attributable to common stockholders for purposes of calculating basic and diluted earnings per common share. | ||
Comprehensive Income | ' | |
Comprehensive Income | ||
Comprehensive income consists of net earnings, foreign currency translation adjustments, the effective portion of the change in the fair value of cash flow hedges, unrealized gains or losses on available-for-sale investments and Supplemental Executive Retirement Plan (“SERP”) impact from plan amendment, prior service cost amortization, curtailment and actuarial valuation gains or losses and related amortization. Comprehensive income is presented in the consolidated statements of comprehensive income. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. | ||
Investment Securities | ' | |
Investment Securities | ||
The Company accounts for its investment securities in accordance with authoritative guidance which requires investments to be classified into one of three categories based on management’s intent: held-to-maturity securities, available-for-sale securities and trading securities. Held-to-maturity securities are recorded at their amortized cost. Available-for-sale securities are recorded at fair value with unrealized gains and losses reported as a separate component of stockholders’ equity. Trading securities are recorded at market value with unrealized gains and losses reported in net earnings. The appropriate classification of investment securities is determined at the time of purchase and reevaluated at each balance sheet date. The Company currently accounts for its short-term investment securities as available-for-sale. The short-term investment securities will mature during fiscal 2015. There were no long-term investment securities as of February 1, 2014. | ||
The Company periodically evaluates investment securities for impairment using both qualitative and quantitative criteria such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery in market value. | ||
Concentration of Credit and Liquidity Risk | ' | |
Concentration of Credit and Liquidity Risk | ||
Cash used primarily for working capital purposes is maintained with various major financial institutions. The Company performs evaluations of the relative credit standing of these financial institutions in order to limit the amount of asset and liquidity exposure with any institution. Excess cash and cash equivalents, which represent the majority of the Company’s outstanding cash and cash equivalents balance, are held primarily in overnight deposit and short-term time deposit accounts and four diversified money market funds. The money market funds are AAA rated by national credit rating agencies and are generally comprised of high-quality, liquid investments. | ||
The Company is also exposed to concentrations of credit risk through its accounts receivable balances. The Company extends credit to corporate customers based upon an evaluation of the customer’s financial condition and credit history and generally requires no collateral but does obtain credit insurance when considered appropriate. As of February 1, 2014, approximately 64% of total trade accounts receivable was insured or supported by bank guarantees or letters of credit. In Europe, approximately 82% of our trade receivables were insured for collection purposes or subject to certain bank guarantees or letters of credit. The Company maintains allowances for doubtful accounts for estimated losses that result from the inability of its wholesale customers to make their required payments. The Company bases its allowances on analysis of the aging of accounts receivable at the date of the financial statements, assessments of historical collection trends, an evaluation of the impact of current economic conditions and whether the Company has obtained credit insurance or other guarantees. The Company’s corporate customers are principally located throughout Europe, North America and Asia, and their ability to pay amounts due to the Company may be dependent on the prevailing economic conditions of their geographic region. However, such credit risk is considered limited due to the Company’s large customer base. Management performs regular evaluations concerning the ability of its customers to satisfy their obligations and records a provision for doubtful accounts based on these evaluations. The Company’s credit losses for the periods presented were immaterial and did not significantly exceed management’s estimates. One of the Company’s domestic wholesale customers accounted for approximately 2.3%, 2.7%, and 2.7% of the Company’s consolidated net revenue in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | ||
Inventories | ' | |
Inventories | ||
Inventories are valued at the lower of cost (primarily weighted average method) or market. The Company continually evaluates its inventories by assessing slow moving product as well as prior seasons’ inventory. Market value of aged inventory is estimated based on historical sales trends for each product line category, the impact of market trends, an evaluation of economic conditions, available liquidation channels and the value of current orders relating to the future sales of this type of inventory. | ||
Depreciation and Amortization | ' | |
Depreciation and Amortization | ||
Depreciation and amortization of property and equipment, which includes depreciation of the property under the capital lease, and purchased intangibles are provided using the straight-line method over the following useful lives: | ||
Building and building improvements including properties under capital lease | 10 to 33 years | |
Land improvements | 5 years | |
Furniture, fixtures and equipment | 2 to 10 years | |
Purchased intangibles | 4 to 20 years | |
Leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the term of the lease, unless the renewal is reasonably assured. Construction in progress is not depreciated until the related asset is completed and placed in service. | ||
Long-Lived Assets | ' | |
Long-Lived Assets | ||
Long-lived assets, such as property, plant, and equipment, and purchased intangibles subject to amortization, are reviewed for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company considers each individual store as an asset group for impairment testing, which is the lowest level at which individual cash flows can be identified. The asset group includes store leasehold improvements, furniture, fixtures and equipment, computer hardware and software and certain long-term security deposits and lease acquisition costs. The Company reviews retail stores for impairment risk once the locations have been opened for at least one year, or sooner as changes in circumstances require. The Company believes that waiting one year allows a store to reach a maturity level where a more comprehensive analysis of financial performance can be performed. | ||
An asset is considered to be impaired if the Company determines that the carrying value may not be recoverable based upon its assessment of the asset’s ability to continue to generate income from operations and positive cash flow in future periods or if significant changes in the Company’s strategic business objectives and utilization of the assets occurred. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the estimated fair value, which is determined based on discounted future cash flows. The impairment loss calculations require management to apply judgment in estimating future cash flows and the discount rates that reflect the risk inherent in future cash flows. Future expected cash flows for store assets are based on management’s estimates of future cash flows over the remaining lease period or expected life, if shorter. The Company considers historical trends, expected future business trends and other factors when estimating each store’s future cash flow. The Company also considers factors such as: the local environment for each store location, including mall traffic and competition; the Company’s ability to successfully implement strategic initiatives; and the ability to control variable costs such as cost of sales and payroll, and in some cases, renegotiate lease costs. The estimated cash flows used for this nonrecurring fair value measurement are considered a Level 3 input as defined in Note 20. If actual results are not consistent with the assumptions and judgments used in estimating future cash flows and asset fair values, there may be additional exposure to future impairment losses that could be material to the Company’s results of operations. | ||
See Note 5 for further details on asset impairments. | ||
Goodwill | ' | |
Goodwill | ||
Goodwill is tested annually for impairment or more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. This determination is made at the reporting unit level which may be either an operating segment or one level below an operating segment if discrete financial information is available. Two or more reporting units may be aggregated for impairment testing if they have similar economic characteristics. The Company has identified its North American Retail and North American Wholesale segments and its European wholesale and European retail components of its Europe segment as separate reporting units for goodwill impairment testing since each have different economic characteristics. In accordance with authoritative accounting guidance, the Company first assesses qualitative factors relevant in determining whether it is more likely than not that the fair value of its reporting units are less than their carrying amounts. Based on this analysis, the Company determines whether it is necessary to perform a quantitative impairment test. If it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the amount of any impairment loss to be recognized for that reporting unit is determined using two steps. First, the Company determines the fair value of the reporting unit using a discounted cash flow analysis, which requires unobservable inputs (Level 3) within the fair value hierarchy as defined in Note 20. These inputs include selection of an appropriate discount rate and the amount and timing of expected future cash flows. Second, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill and other intangibles over the implied fair value. The implied fair value is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation, in accordance with authoritative accounting guidance. | ||
Supplemental Executive Retirement Plan | ' | |
Supplemental Executive Retirement Plan | ||
In accordance with authoritative accounting guidance for defined benefit pension and other postretirement plans, an asset for a plan’s overfunded status or a liability for a plan’s underfunded status is recognized in the consolidated balance sheets; plan assets and obligations that determine the plan’s funded status are measured as of the end of the Company’s fiscal year; and changes in the funded status of defined benefit postretirement plans are recognized in the year in which they occur. Such changes are reported in other comprehensive income (loss) and as a separate component of stockholders’ equity. | ||
Deferred Rent and Lease Incentives | ' | |
Deferred Rent and Lease Incentives | ||
When a lease includes lease incentives (such as a rent holiday) or requires fixed escalations of the minimum lease payments, rental expense is recognized on a straight-line basis over the term of the lease and the difference between the average rental amount charged to expense and amounts payable under the lease is included in deferred rent and lease incentives in the accompanying consolidated balance sheets. For construction allowances, the Company records a deferred lease credit on the consolidated balance sheets and amortizes the deferred lease credit as a reduction of rent expense in the consolidated statements of income over the term of the leases. | ||
Litigation Reserves | ' | |
Litigation Reserves | ||
Estimated amounts for claims that are probable and can be reasonably estimated are recorded as liabilities in the consolidated balance sheets. The likelihood of a material change in these estimated reserves would be dependent on new claims as they may arise and the expected probable favorable or unfavorable outcome of each claim. As additional information becomes available, the Company assesses the potential liability related to new claims and existing claims and revises estimates as appropriate. As new claims arise or existing claims evolve, such revisions in estimates of the potential liability could materially impact the results of operations and financial position. | ||
New Accounting Guidance | ' | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income (loss) by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income (loss) by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The Company adopted this guidance effective February 3, 2013 and accordingly has presented the required comprehensive income disclosures in the accompanying notes to the consolidated financial statements. | ||
In July 2013, the FASB issued authoritative guidance which requires that an unrecognized tax benefit be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar loss or a tax credit carryforward, if specific criteria are met. This guidance is effective for fiscal periods beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
Description_of_the_Business_an2
Description of the Business and Summary of Significant Accounting Policies and Practices (Tables) | 12 Months Ended | |
Feb. 01, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Schedule of useful lives of property and equipment and purchased intangibles | ' | |
Depreciation and amortization of property and equipment, which includes depreciation of the property under the capital lease, and purchased intangibles are provided using the straight-line method over the following useful lives: | ||
Building and building improvements including properties under capital lease | 10 to 33 years | |
Land improvements | 5 years | |
Furniture, fixtures and equipment | 2 to 10 years | |
Purchased intangibles | 4 to 20 years |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of accounts receivable | ' | |||||||
Accounts receivable is summarized as follows (in thousands): | ||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||
Trade | $ | 291,411 | $ | 338,365 | ||||
Royalty | 16,372 | 8,766 | ||||||
Other | 8,174 | 8,391 | ||||||
315,957 | 355,522 | |||||||
Less allowance for doubtful accounts | 39,392 | 38,659 | ||||||
$ | 276,565 | $ | 316,863 | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of inventory | ' | |||||||
Inventories consist of the following (in thousands): | ||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||
Raw materials | $ | 10,585 | $ | 14,706 | ||||
Work in progress | 977 | 1,765 | ||||||
Finished goods | 339,337 | 353,241 | ||||||
$ | 350,899 | $ | 369,712 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of property and equipment | ' | |||||||
Property and equipment is summarized as follows (in thousands): | ||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||
Land and land improvements | $ | 2,866 | $ | 2,866 | ||||
Building and building improvements | 4,063 | 4,069 | ||||||
Leasehold improvements | 409,582 | 410,943 | ||||||
Furniture, fixtures and equipment | 383,127 | 374,432 | ||||||
Construction in progress | 9,706 | 10,676 | ||||||
Properties under capital lease | 22,931 | 23,188 | ||||||
832,275 | 826,174 | |||||||
Less accumulated depreciation and amortization | 507,669 | 470,445 | ||||||
$ | 324,606 | $ | 355,729 | |||||
Schedule of impairments to long-lived assets | ' | |||||||
Impairments to long-lived assets, excluding impairment charges related to restructuring activities, are summarized as follows (in thousands): | ||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||
Aggregate carrying value of all long-lived assets impaired | $ | 8,928 | $ | 12,119 | ||||
Less impairment charges | 8,821 | 10,143 | ||||||
Aggregate remaining fair value of all long-lived assets impaired | $ | 107 | $ | 1,976 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Summary of goodwill activity by business segment | ' | |||||||||||||||
Goodwill activity is summarized by business segment as follows (in thousands): | ||||||||||||||||
North American | Europe | North American | Total | |||||||||||||
Retail | Wholesale | |||||||||||||||
Goodwill balance at January 28, 2012 | $ | 907 | $ | 17,150 | $ | 11,013 | $ | 29,070 | ||||||||
Adjustments: | ||||||||||||||||
Acquisition | — | 9,360 | — | 9,360 | ||||||||||||
Translation Adjustments | 4 | 852 | 1 | 857 | ||||||||||||
Goodwill balance at February 2, 2013 | 911 | 27,362 | 11,014 | 39,287 | ||||||||||||
Adjustments: | ||||||||||||||||
Translation Adjustments | (85 | ) | (195 | ) | (15 | ) | (295 | ) | ||||||||
Goodwill balance at February 1, 2014 | $ | 826 | $ | 27,167 | $ | 10,999 | $ | 38,992 | ||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Summary of accrued expenses | ' | |||||||
Accrued expenses are summarized as follows (in thousands): | ||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||
Accrued compensation and benefits | $ | 68,354 | $ | 65,905 | ||||
Sales and use taxes, property taxes and other indirect taxes | 23,126 | 26,766 | ||||||
Deferred royalties and other revenue | 15,787 | 12,924 | ||||||
Income taxes | 11,823 | 30,342 | ||||||
Store credits, loyalty and gift cards | 9,738 | 8,904 | ||||||
Accrued rent | 9,607 | 9,338 | ||||||
Advertising | 7,853 | 7,830 | ||||||
Professional fees | 5,871 | 5,627 | ||||||
Restructuring charges | 4,578 | — | ||||||
Construction costs | 3,714 | 3,593 | ||||||
Derivative financial instruments | 1,712 | 5,552 | ||||||
Other | 12,170 | 15,141 | ||||||
$ | 174,333 | $ | 191,922 | |||||
Borrowings_and_Capital_Lease_O1
Borrowings and Capital Lease Obligations (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Summary of borrowings and capital lease obligations | ' | |||||||||||
Borrowings and capital lease obligations are summarized as follows (in thousands): | ||||||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||
European capital lease, maturing quarterly through 2016 | $ | 8,637 | $ | 10,121 | ||||||||
Other | 3,103 | 94 | ||||||||||
11,740 | 10,215 | |||||||||||
Less current installments | 4,160 | 1,901 | ||||||||||
Long-term capital lease obligations and other debt | $ | 7,580 | $ | 8,314 | ||||||||
Summary of maturities of debt and capital lease obligations | ' | |||||||||||
Maturities of debt and capital lease obligations at February 1, 2014 are as follows (in thousands): | ||||||||||||
Capital Lease | Debt | Total | ||||||||||
Fiscal 2015 | $ | 1,769 | $ | 2,391 | $ | 4,160 | ||||||
Fiscal 2016 | 1,853 | — | 1,853 | |||||||||
Fiscal 2017 | 5,015 | — | 5,015 | |||||||||
Fiscal 2018 | — | — | — | |||||||||
Fiscal 2019 | — | 712 | 712 | |||||||||
Thereafter | — | — | — | |||||||||
Total | $ | 8,637 | $ | 3,103 | $ | 11,740 | ||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||
Schedule of restructuring components and activity | ' | |||||||||||
The following table summarizes the components of the restructuring activity during fiscal 2014 (in thousands): | ||||||||||||
Year Ended Feb 1, 2014 | ||||||||||||
Severance | Impairment and Lease Termination | Total | ||||||||||
Beginning balance | $ | — | $ | — | $ | — | ||||||
Charges to operations | 9,206 | 3,236 | 12,442 | |||||||||
Non-cash write-offs | — | (1,717 | ) | (1,717 | ) | |||||||
Cash payments | (4,567 | ) | (1,492 | ) | (6,059 | ) | ||||||
Foreign currency and other adjustments | (61 | ) | (27 | ) | (88 | ) | ||||||
Ending balance | $ | 4,578 | $ | — | $ | 4,578 | ||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||
Schedule of changes in accumulated other comprehensive income (loss) | ' | |||||||||||||||||||
The changes in accumulated other comprehensive income (loss), net of related income taxes, for fiscal 2014 are as follows (in thousands): | ||||||||||||||||||||
Foreign currency translation adjustment | Derivative financial instruments designated as cash flow hedges | Marketable securities | SERP | Total | ||||||||||||||||
Balances at February 2, 2013 | $ | 10,618 | $ | (1,782 | ) | $ | 110 | $ | (11,407 | ) | $ | (2,461 | ) | |||||||
Gains (losses) arising during the period | (17,838 | ) | 4,092 | (7 | ) | 3,815 | (9,938 | ) | ||||||||||||
Reclassification to net income for (gains) losses realized | 217 | (2,423 | ) | — | 804 | (1,402 | ) | |||||||||||||
Net other comprehensive income (loss) | (17,621 | ) | 1,669 | (7 | ) | 4,619 | (11,340 | ) | ||||||||||||
Balances at February 1, 2014 | $ | (7,003 | ) | $ | (113 | ) | $ | 103 | $ | (6,788 | ) | $ | (13,801 | ) | ||||||
Reclassifications out of accumulated other comprehensive income (loss) | ' | |||||||||||||||||||
Details on reclassifications out of accumulated other comprehensive income (loss) to net income during fiscal 2014 are as follows (in thousands): | ||||||||||||||||||||
Year Ended | Location of (Gain)/Loss | |||||||||||||||||||
Reclassified from | ||||||||||||||||||||
Accumulated OCI | ||||||||||||||||||||
Feb 1, 2014 | into Income | |||||||||||||||||||
Foreign currency translation adjustment: | ||||||||||||||||||||
Liquidation of investment in a foreign entity | $ | 217 | Restructuring charges | |||||||||||||||||
217 | ||||||||||||||||||||
Derivative financial instruments designated as cash flow hedges: | ||||||||||||||||||||
Foreign exchange currency contracts | (3,050 | ) | Cost of sales | |||||||||||||||||
Foreign exchange currency contracts | (9 | ) | Other income/expense | |||||||||||||||||
Less income tax effect | 636 | Income tax expense | ||||||||||||||||||
(2,423 | ) | |||||||||||||||||||
SERP: | ||||||||||||||||||||
Actuarial loss amortization | 1,108 | (1) | ||||||||||||||||||
Prior service cost amortization | 194 | (1) | ||||||||||||||||||
Less income tax effect | (498 | ) | Income tax expense | |||||||||||||||||
804 | ||||||||||||||||||||
Total reclassifications during the period ended February 1, 2014 | $ | (1,402 | ) | |||||||||||||||||
__________________________________ | ||||||||||||||||||||
(1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost. Refer to Note 12 for further information. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of income tax expense (benefit) | ' | |||||||||||
Income tax expense (benefit) is summarized as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Federal: | ||||||||||||
Current | $ | 61,239 | $ | 42,365 | $ | 84,994 | ||||||
Deferred | (20,294 | ) | 10,943 | (3,136 | ) | |||||||
State: | ||||||||||||
Current | 6,202 | 5,853 | 11,607 | |||||||||
Deferred | (1,627 | ) | 1,494 | (193 | ) | |||||||
Foreign: | ||||||||||||
Current | 25,611 | 30,775 | 32,975 | |||||||||
Deferred | 4,117 | 7,698 | 2,444 | |||||||||
Total | $ | 75,248 | $ | 99,128 | $ | 128,691 | ||||||
Schedule of difference between actual income tax expense and expected income tax expense | ' | |||||||||||
Actual income tax expense differs from expected income tax expense obtained by applying the statutory federal income tax rate to earnings before income taxes as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Computed “expected” tax expense | $ | 81,536 | $ | 98,215 | $ | 139,769 | ||||||
State taxes, net of federal benefit | 2,974 | 4,776 | 7,419 | |||||||||
Incremental foreign taxes less than federal statutory tax rate | (10,107 | ) | (13,307 | ) | (19,457 | ) | ||||||
Net tax settlements | — | 12,832 | — | |||||||||
Unrecognized tax benefit | 6,856 | 147 | 147 | |||||||||
Prior year tax adjustments | (3,489 | ) | (2,300 | ) | (1,152 | ) | ||||||
Other | (2,522 | ) | (1,235 | ) | 1,965 | |||||||
Total | $ | 75,248 | $ | 99,128 | $ | 128,691 | ||||||
Schedule of total income tax expense (benefit) | ' | |||||||||||
Total income tax expense (benefit) was allocated as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Operations | $ | 75,248 | $ | 99,128 | $ | 128,691 | ||||||
Stockholders’ equity | 3,673 | 3,703 | (208 | ) | ||||||||
Total income taxes | $ | 78,921 | $ | 102,831 | $ | 128,483 | ||||||
Schedule of tax effects of the components of other comprehensive income | ' | |||||||||||
The tax effects of the components of other comprehensive income were allocated as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Derivative financial instruments designated as cash flow hedges | $ | 237 | $ | (1,056 | ) | $ | 1,170 | |||||
Marketable securities | (4 | ) | 85 | (24 | ) | |||||||
SERP | 2,963 | 2,855 | (2,057 | ) | ||||||||
Total income tax expense (benefit) | $ | 3,196 | $ | 1,884 | $ | (911 | ) | |||||
Schedule of total earnings before income tax expense and noncontrolling interests | ' | |||||||||||
Total earnings before income tax expense and noncontrolling interests were comprised of the following (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Domestic operations | $ | 140,153 | $ | 169,755 | $ | 245,554 | ||||||
Foreign operations | 92,806 | 110,859 | 153,787 | |||||||||
Earnings before income tax expense and noncontrolling interests | $ | 232,959 | $ | 280,614 | $ | 399,341 | ||||||
Tax effects of temporary differences that give rise to significant portions of current and non-current deferred tax assets and deferred tax liabilities | ' | |||||||||||
The tax effects of temporary differences that give rise to significant portions of current and non-current deferred tax assets and deferred tax liabilities at February 1, 2014 and February 2, 2013 are presented below (in thousands): | ||||||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
SERP | $ | 21,716 | $ | 22,719 | ||||||||
Rent expense | 14,986 | 14,680 | ||||||||||
Fixed assets bases difference | 12,358 | 5,695 | ||||||||||
Deferred income | 11,261 | 1,642 | ||||||||||
Deferred compensation | 10,692 | 8,483 | ||||||||||
Bad debt reserve | 9,526 | 7,006 | ||||||||||
Accrued bonus | 2,954 | — | ||||||||||
Uniform capitalization | 2,162 | 2,096 | ||||||||||
Net operating losses | 2,133 | 2,413 | ||||||||||
Other | 13,111 | 17,014 | ||||||||||
Total deferred assets | 100,899 | 81,748 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Lease incentives | (13,488 | ) | (10,819 | ) | ||||||||
Goodwill amortization | (3,693 | ) | (3,189 | ) | ||||||||
Other | (492 | ) | (278 | ) | ||||||||
Valuation allowance | (3,853 | ) | (3,346 | ) | ||||||||
Net deferred tax assets | $ | 79,373 | $ | 64,116 | ||||||||
Schedule of changes that occurred in the amount of gross unrecognized tax benefits excluding interest and penalties | ' | |||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefit (excluding interest and penalties) is as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Beginning Balance | $ | 4,527 | $ | 16,045 | $ | 10,828 | ||||||
Additions: | ||||||||||||
Tax positions related to the prior year | — | — | 4,782 | |||||||||
Tax positions related to the current year | 7,501 | — | 78 | |||||||||
Reductions: | ||||||||||||
Tax positions related to the prior year | (1,128 | ) | (568 | ) | 357 | |||||||
Settlements | — | (10,950 | ) | — | ||||||||
Expiration of statutes of limitation | — | — | — | |||||||||
Ending Balance | $ | 10,900 | $ | 4,527 | $ | 16,045 | ||||||
Supplemental_Executive_Retirem1
Supplemental Executive Retirement Plan (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Schedule of periodic costs and other charges to comprehensive income | ' | |||||||||||
The components of net periodic pension cost to comprehensive income for fiscal 2014, fiscal 2013 and fiscal 2012 were as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Interest cost | $ | 2,345 | $ | 2,392 | $ | 2,641 | ||||||
Net amortization of unrecognized prior service cost | 194 | 620 | 940 | |||||||||
Net amortization of actuarial losses | 1,108 | 3,340 | 2,048 | |||||||||
Curtailment expense | — | — | 1,242 | |||||||||
Net periodic defined benefit pension cost | $ | 3,647 | $ | 6,352 | $ | 6,871 | ||||||
Unrecognized prior service cost charged to comprehensive income | $ | 194 | $ | 620 | $ | 940 | ||||||
Unrecognized net actuarial loss charged to comprehensive income | 1,108 | 3,340 | 2,048 | |||||||||
Actuarial gains (losses) | 1,751 | 3,508 | (9,342 | ) | ||||||||
Plan amendment | 4,529 | — | — | |||||||||
Curtailment expense | — | — | 1,242 | |||||||||
Related tax impact | (2,963 | ) | (2,855 | ) | 2,057 | |||||||
Total periodic costs and other charges to comprehensive income | $ | 4,619 | $ | 4,613 | $ | (3,055 | ) | |||||
Schedule of accumulated other comprehensive income, before tax, that have not yet been recognized in net periodic benefit cost | ' | |||||||||||
Included in accumulated other comprehensive income (loss), before tax, as of February 1, 2014 and February 2, 2013 were the following amounts that have not yet been recognized in net periodic benefit cost (in thousands): | ||||||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||
Unrecognized prior service (credit) cost (1) | $ | (1,981 | ) | $ | 2,742 | |||||||
Unrecognized net actuarial loss | 12,974 | 15,832 | ||||||||||
Total included in accumulated other comprehensive income (loss) | $ | 10,993 | $ | 18,574 | ||||||||
_______________________________________________________________________________ | ||||||||||||
-1 | During fiscal 2014, the Company amended the SERP to limit the amount of eligible wages under the plan that count toward the SERP benefit for the active participant. As a result, unrecognized prior service cost was reduced by $4.5 million during fiscal 2014. | |||||||||||
Schedule of SERP's funded status and the amount recognized in consolidated balance sheets | ' | |||||||||||
The following chart summarizes the SERP’s funded status and the amounts recognized in the Company’s consolidated balance sheets (in thousands): | ||||||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||
Projected benefit obligation | $ | (54,704 | ) | $ | (58,639 | ) | ||||||
Plan assets at fair value (1) | — | — | ||||||||||
Net liability (included in other long-term liabilities) | $ | (54,704 | ) | $ | (58,639 | ) | ||||||
_______________________________________________________________________________ | ||||||||||||
-1 | The SERP is a non-qualified pension plan and hence the insurance policies are not considered to be plan assets. Accordingly, the table above does not include the insurance policies with cash surrender values of $51.4 million and $47.9 million at February 1, 2014 and February 2, 2013, respectively. | |||||||||||
Schedule of reconciliation of the changes in the projected benefit obligation | ' | |||||||||||
A reconciliation of the changes in the projected benefit obligation for fiscal 2014 and fiscal 2013 is as follows (in thousands): | ||||||||||||
Projected Benefit | ||||||||||||
Obligation | ||||||||||||
Balance at January 28, 2012 | $ | 59,755 | ||||||||||
Interest cost | 2,392 | |||||||||||
Actuarial gains | (3,508 | ) | ||||||||||
Balance at February 2, 2013 | $ | 58,639 | ||||||||||
Interest cost | 2,345 | |||||||||||
Plan amendment | (4,529 | ) | ||||||||||
Actuarial gains | (1,751 | ) | ||||||||||
Balance at February 1, 2014 | $ | 54,704 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Schedule of future minimum property and equipment lease payments under capital lease and non-cancelable operating leases | ' | |||||||||||||||
Future minimum property and equipment lease payments under the capital lease and non-cancelable operating leases at February 1, 2014 are as follows (in thousands): | ||||||||||||||||
Operating Leases | ||||||||||||||||
Capital Lease | Non-Related | Related | Total | |||||||||||||
Parties | Parties | |||||||||||||||
Fiscal 2015 | $ | 2,128 | $ | 193,964 | $ | 4,675 | $ | 200,767 | ||||||||
Fiscal 2016 | 2,130 | 166,378 | 4,570 | 173,078 | ||||||||||||
Fiscal 2017 | 5,029 | 146,578 | 4,090 | 155,697 | ||||||||||||
Fiscal 2018 | — | 128,829 | 4,090 | 132,919 | ||||||||||||
Fiscal 2019 | — | 105,282 | 4,091 | 109,373 | ||||||||||||
Thereafter | — | 254,087 | 5,880 | 259,967 | ||||||||||||
Total minimum lease payments | $ | 9,287 | $ | 995,118 | $ | 27,396 | $ | 1,031,801 | ||||||||
Less interest | (650 | ) | ||||||||||||||
Capital lease obligations | $ | 8,637 | ||||||||||||||
Less current portion | (1,769 | ) | ||||||||||||||
Long-term capital lease obligations | $ | 6,868 | ||||||||||||||
Schedule of reconciliation of the total carrying amount of redeemable noncontrolling interests | ' | |||||||||||||||
A reconciliation of the total carrying amount of redeemable noncontrolling interests for fiscal 2014 and fiscal 2013 is as follows (in thousands): | ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||||||
Beginning balance | $ | 3,144 | $ | 8,293 | ||||||||||||
Foreign currency translation adjustment | (104 | ) | 65 | |||||||||||||
Noncontrolling interest capital contribution | 1,199 | — | ||||||||||||||
Purchase of redeemable noncontrolling interest | — | (4,185 | ) | |||||||||||||
Redeemable noncontrolling interest redemption value adjustment | 1,591 | (1,029 | ) | |||||||||||||
Ending balance | $ | 5,830 | $ | 3,144 | ||||||||||||
Quarterly_Information_Unaudite1
Quarterly Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of the unaudited quarterly financial information | ' | ||||||||||||||||
The following is a summary of the unaudited quarterly financial information for fiscal 2014 and fiscal 2013 (in thousands, except per share data): | |||||||||||||||||
Quarterly Periods Ended (1) | |||||||||||||||||
Year ended February 1, 2014 | May 4, | Aug 3, | Nov 2, | Feb 1, | |||||||||||||
2013 | 2013 | 2013 | 2014 | ||||||||||||||
Net revenue | $ | 548,914 | $ | 639,012 | $ | 613,497 | $ | 768,363 | |||||||||
Gross profit | 197,426 | 248,532 | 228,227 | 301,949 | |||||||||||||
Net earnings | 11,100 | 40,703 | 34,811 | 71,097 | |||||||||||||
Net earnings attributable to Guess?, Inc. | 9,916 | 39,866 | 34,020 | 69,632 | |||||||||||||
Net earnings per common share attributable to common stockholders: (2) (3) | |||||||||||||||||
Basic | $ | 0.12 | $ | 0.47 | $ | 0.4 | $ | 0.82 | |||||||||
Diluted | $ | 0.12 | $ | 0.47 | $ | 0.4 | $ | 0.82 | |||||||||
Quarterly Periods Ended (1) | |||||||||||||||||
Year ended February 2, 2013 | Apr 28, | Jul 28, | Oct 27, | Feb 2, | |||||||||||||
2012 | 2012 | 2012 | 2013 | ||||||||||||||
Net revenue | $ | 579,266 | $ | 635,393 | $ | 628,828 | $ | 815,118 | |||||||||
Gross profit | 235,076 | 251,560 | 247,609 | 332,878 | |||||||||||||
Net earnings | 27,213 | 42,949 | 37,459 | 73,865 | |||||||||||||
Net earnings attributable to Guess?, Inc. | 26,646 | 42,899 | 36,647 | 72,552 | |||||||||||||
Net earnings per common share attributable to common stockholders: (2) (4) | |||||||||||||||||
Basic | $ | 0.3 | $ | 0.49 | $ | 0.43 | $ | 0.85 | |||||||||
Diluted | $ | 0.3 | $ | 0.49 | $ | 0.43 | $ | 0.85 | |||||||||
___________________________________________________________________________ | |||||||||||||||||
-1 | All fiscal quarters presented consisted of 13 weeks with the exception of the quarter ended February 2, 2013 which consisted of 14 weeks. | ||||||||||||||||
-2 | Per common share amounts for the quarters and full years have been calculated separately. Accordingly, quarterly amounts may not add to the annual amount because of differences in the average common shares outstanding during each period. | ||||||||||||||||
-3 | During the first quarter of fiscal 2014, the Company implemented plans to streamline its structure and reduce expenses in both Europe and North America. During the second quarter of fiscal 2014, the Company expanded these plans to include the consolidation and streamlining of certain operations in Europe and Asia. These actions resulted in restructuring charges of $2.3 million, $6.1 million, $1.9 million and $2.1 million, respectively, during the first, second, third and fourth quarters of fiscal 2014. Refer to Note 9 for further detail regarding the restructuring charges. | ||||||||||||||||
-4 | In January 2013, the Company settled a tax audit dispute in Italy, resulting in a charge of $12.8 million in the fourth quarter of fiscal 2013 in excess of amounts previously reserved, which was partially offset by unrelated tax benefits of $4.0 million. Refer to Note 11 for further detail regarding the tax settlement charge. |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Summary of net revenue, earnings (loss) from operations, capital expenditures and total assets | ' | |||||||||||
Segment information is summarized as follows (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Net revenue: | ||||||||||||
North American Retail | $ | 1,075,475 | $ | 1,116,836 | $ | 1,117,643 | ||||||
Europe | 903,791 | 939,599 | 1,010,896 | |||||||||
Asia | 292,714 | 290,655 | 250,727 | |||||||||
North American Wholesale | 179,600 | 194,373 | 187,362 | |||||||||
Licensing | 118,206 | 117,142 | 121,420 | |||||||||
Total net revenue | $ | 2,569,786 | $ | 2,658,605 | $ | 2,688,048 | ||||||
Earnings (loss) from operations: | ||||||||||||
North American Retail | $ | 39,540 | $ | 78,285 | $ | 133,184 | ||||||
Europe | 97,231 | 103,975 | 167,014 | |||||||||
Asia | 25,592 | 26,525 | 28,463 | |||||||||
North American Wholesale | 38,771 | 45,008 | 47,162 | |||||||||
Licensing | 107,805 | 101,182 | 108,638 | |||||||||
Corporate Overhead | (73,910 | ) | (80,450 | ) | (87,226 | ) | ||||||
Restructuring Charges | (12,442 | ) | — | — | ||||||||
Total earnings from operations | $ | 222,587 | $ | 274,525 | $ | 397,235 | ||||||
Capital expenditures: | ||||||||||||
North American Retail | $ | 29,980 | $ | 49,759 | $ | 65,329 | ||||||
Europe | 30,994 | 31,930 | 38,818 | |||||||||
Asia | 7,150 | 8,614 | 10,696 | |||||||||
North American Wholesale | 4,870 | 2,725 | 1,541 | |||||||||
Licensing | 39 | 40 | 24 | |||||||||
Corporate Overhead | 2,405 | 6,523 | 7,123 | |||||||||
Total capital expenditures | $ | 75,438 | $ | 99,591 | $ | 123,531 | ||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||
Total assets: | ||||||||||||
North American Retail | $ | 333,479 | $ | 353,875 | ||||||||
Europe | 819,999 | 873,988 | ||||||||||
Asia | 158,798 | 144,825 | ||||||||||
North American Wholesale | 141,482 | 111,373 | ||||||||||
Licensing | 14,458 | 6,945 | ||||||||||
Corporate Overhead | 296,215 | 222,500 | ||||||||||
Total assets | $ | 1,764,431 | $ | 1,713,506 | ||||||||
Summary of net revenue and long lived assets by country | ' | |||||||||||
The table below presents information related to geographic areas in which the Company operated. Net revenue is classified primarily based on the country where the Company’s customer is located (in thousands): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Net revenue: | ||||||||||||
U.S. | $ | 988,746 | $ | 1,028,549 | $ | 1,031,131 | ||||||
Italy | 306,281 | 365,299 | 375,385 | |||||||||
Canada | 264,107 | 290,320 | 295,574 | |||||||||
Other foreign countries | 1,010,652 | 974,437 | 985,958 | |||||||||
Total net revenue | $ | 2,569,786 | $ | 2,658,605 | $ | 2,688,048 | ||||||
Feb 1, 2014 | Feb 2, 2013 | |||||||||||
Long-lived assets: | ||||||||||||
U.S. | $ | 154,251 | $ | 170,129 | ||||||||
Italy | 86,781 | 58,994 | ||||||||||
Canada | 29,803 | 38,699 | ||||||||||
Other foreign countries | 110,935 | 184,048 | ||||||||||
Total long-lived assets | $ | 381,770 | $ | 451,870 | ||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computation of basic and diluted net earnings per common share attributable to common stockholders | ' | |||||||||||
The computation of basic and diluted net earnings per common share attributable to common stockholders is as follows (in thousands, except per share data): | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Net earnings attributable to Guess?, Inc. | $ | 153,434 | $ | 178,744 | $ | 265,500 | ||||||
Less net earnings attributable to nonvested restricted stockholders | 1,243 | 1,347 | 2,074 | |||||||||
Net earnings attributable to common stockholders | $ | 152,191 | $ | 177,397 | $ | 263,426 | ||||||
Weighted average common shares used in basic computations | 84,271 | 86,262 | 91,533 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock units | 251 | 278 | 415 | |||||||||
Weighted average common shares used in diluted computations | 84,522 | 86,540 | 91,948 | |||||||||
Net earnings per common share attributable to common stockholders: | ||||||||||||
Basic | $ | 1.81 | $ | 2.06 | $ | 2.88 | ||||||
Diluted | $ | 1.8 | $ | 2.05 | $ | 2.86 | ||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of share-based compensation expense recognized under all of the Company's stock plans | ' | ||||||||||||
The following table summarizes the share-based compensation expense recognized under all of the Company’s stock plans during fiscal 2014, fiscal 2013 and fiscal 2012 (in thousands): | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | |||||||||||
Stock options | $ | 2,490 | $ | 4,633 | $ | 7,123 | |||||||
Nonvested stock awards/units | 11,225 | 11,337 | 20,584 | ||||||||||
ESPP | 234 | 315 | 393 | ||||||||||
Total share-based compensation expense | $ | 13,949 | $ | 16,285 | $ | 28,100 | |||||||
Schedule of stock option activity under all of the Company's stock plans | ' | ||||||||||||
The following table summarizes the stock option activity under all of the Company’s stock plans during fiscal 2014: | |||||||||||||
Number of Shares | Weighted-Average | Weighted-Average | Aggregate | ||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||
Contractual | Value ($000’s) | ||||||||||||
Term (Years) | |||||||||||||
Options outstanding at February 2, 2013 | 1,814,466 | $ | 30.57 | ||||||||||
Granted | 583,500 | 26.87 | |||||||||||
Exercised | (245,350 | ) | 20.47 | ||||||||||
Forfeited | (370,690 | ) | 31.98 | ||||||||||
Expired | — | — | |||||||||||
Options outstanding at February 1, 2014 | 1,781,926 | $ | 30.46 | 6.71 | $ | 4,675 | |||||||
Exercisable at February 1, 2014 | 1,150,655 | $ | 30.99 | 5.57 | $ | 3,923 | |||||||
Options exercisable and expected to vest at February 1, 2014 | 1,718,223 | $ | 30.52 | 6.62 | $ | 4,597 | |||||||
Schedule of weighted-average assumptions used for stock-option grants | ' | ||||||||||||
The fair value of each stock option was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants during fiscal 2014, fiscal 2013 and fiscal 2012: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
Valuation Assumptions | Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Risk-free interest rate | 0.5 | % | 0.4 | % | 1.1 | % | |||||||
Expected stock price volatility | 39.7 | % | 46.8 | % | 48.5 | % | |||||||
Expected dividend yield | 3 | % | 2.6 | % | 2.2 | % | |||||||
Expected life of stock options in years | 3.7 | 3.6 | 3.7 | ||||||||||
Schedule of nonvested stock awards/units activity under all of the Company's stock plans | ' | ||||||||||||
The following table summarizes the nonvested stock awards/units activity under all of the Company’s stock plans during fiscal 2014: | |||||||||||||
Number of | Weighted- | ||||||||||||
Shares/Units | Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at February 2, 2013 | 721,497 | $ | 33.17 | ||||||||||
Granted | 819,966 | 28.34 | |||||||||||
Vested | (268,788 | ) | 33.39 | ||||||||||
Forfeited | (309,020 | ) | 30.79 | ||||||||||
Nonvested at February 1, 2014 | 963,655 | $ | 29.76 | ||||||||||
Schedule of weighted-average assumptions used for ESPP | ' | ||||||||||||
The fair value of stock compensation expense associated with the Company’s ESPP was estimated on the date of grant using the Black-Scholes option-pricing valuation model with the following weighted-average assumptions used for grants during fiscal 2014, fiscal 2013 and fiscal 2012. | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
Valuation Assumptions | Feb 1, 2014 | Feb 2, 2013 | Jan 28, 2012 | ||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | 0.1 | % | |||||||
Expected stock price volatility | 29.7 | % | 46.4 | % | 49 | % | |||||||
Expected dividend yield | 3.1 | % | 2.8 | % | 2.2 | % | |||||||
Expected life of ESPP options (in months) | 3 | 3 | 3 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||||||||||||||||||
The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of February 1, 2014 and February 2, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Fair Value Measurements at Feb 1, | Fair Value Measurements at Feb 2, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Foreign exchange currency contracts | $ | — | $ | 2,116 | $ | — | $ | 2,116 | $ | — | $ | 1,358 | $ | — | $ | 1,358 | |||||||||||||||||
Available-for-sale securities | 5,732 | — | — | 5,732 | 12,630 | — | — | 12,630 | |||||||||||||||||||||||||
Total | $ | 5,732 | $ | 2,116 | $ | — | $ | 7,848 | $ | 12,630 | $ | 1,358 | $ | — | $ | 13,988 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Foreign exchange currency contracts | $ | — | $ | 1,712 | $ | — | $ | 1,712 | $ | — | $ | 5,552 | $ | — | $ | 5,552 | |||||||||||||||||
Interest rate swap | — | 581 | — | 581 | — | 852 | — | 852 | |||||||||||||||||||||||||
Deferred compensation obligations | — | 7,498 | — | 7,498 | — | 7,574 | — | 7,574 | |||||||||||||||||||||||||
Total | $ | — | $ | 9,791 | $ | — | $ | 9,791 | $ | — | $ | 13,978 | $ | — | $ | 13,978 | |||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||
Feb. 01, 2014 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Summary of fair value of derivative instruments in the consolidated balance sheet | ' | ||||||||||||||
The fair value of derivative instruments in the consolidated balance sheets as of February 1, 2014 and February 2, 2013 was as follows (in thousands): | |||||||||||||||
Derivative | Fair Value at Feb 1, 2014 | Fair Value at Feb 2, 2013 | |||||||||||||
Balance Sheet | |||||||||||||||
Location | |||||||||||||||
ASSETS: | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Foreign exchange currency contracts: | |||||||||||||||
Cash flow hedges | Other current assets | $ | 977 | $ | 387 | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Foreign exchange currency contracts | Other current assets | 1,139 | 971 | ||||||||||||
Total | $ | 2,116 | $ | 1,358 | |||||||||||
LIABILITIES: | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Foreign exchange currency contracts: | |||||||||||||||
Cash flow hedges | Current liabilities | $ | 672 | $ | 2,904 | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Foreign exchange currency contracts | Current liabilities | 1,040 | 2,648 | ||||||||||||
Interest rate swaps | Long-term liabilities | 581 | 852 | ||||||||||||
Total derivatives not designated as hedging instruments | 1,621 | 3,500 | |||||||||||||
Total | $ | 2,293 | $ | 6,404 | |||||||||||
Summary of gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings | ' | ||||||||||||||
The following table summarizes the gains (losses) before taxes recognized on the derivative instruments designated as cash flow hedges in OCI and net earnings for fiscal 2014, fiscal 2013 and fiscal 2012 (in thousands): | |||||||||||||||
Gain/(Loss) | Location of | Gain/(Loss) | |||||||||||||
Recognized in | Gain/(Loss) | Reclassified from | |||||||||||||
OCI | Reclassified from | Accumulated OCI into Income | |||||||||||||
Accumulated OCI | |||||||||||||||
Year Ended Feb 1, 2014 | into Income (1) | Year Ended Feb 1, 2014 | |||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||
Foreign exchange currency contracts | $ | 4,595 | Cost of sales | $ | 3,050 | ||||||||||
Foreign exchange currency contracts | $ | 370 | Other income/expense | $ | 9 | ||||||||||
Gain/(Loss) | Location of | Gain/(Loss) | |||||||||||||
Recognized in | Gain/(Loss) | Reclassified from | |||||||||||||
OCI | Reclassified from | Accumulated OCI into Income | |||||||||||||
Accumulated OCI | |||||||||||||||
Year Ended Feb 2, 2013 | into Income (1) | Year Ended Feb 2, 2013 | |||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||
Foreign exchange currency contracts | $ | 2,126 | Cost of sales | $ | 8,700 | ||||||||||
Foreign exchange currency contracts | $ | 105 | Other income/expense | $ | 628 | ||||||||||
Gain/(Loss) | Location of | Gain/(Loss) | |||||||||||||
Recognized in | Gain/(Loss) | Reclassified from | |||||||||||||
OCI | Reclassified from | Accumulated OCI into Income | |||||||||||||
Accumulated OCI | |||||||||||||||
Year Ended Jan 28, 2012 | into Income (1) | Year Ended Jan 28, 2012 | |||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||
Foreign exchange currency contracts | $ | 935 | Cost of sales | $ | (6,641 | ) | |||||||||
Foreign exchange currency contracts | $ | (90 | ) | Other income/expense | $ | 268 | |||||||||
___________________________________________________________________________ | |||||||||||||||
-1 | The ineffective portion was immaterial during fiscal 2014, fiscal 2013 and fiscal 2012 and was recorded in net earnings and included in interest income/expense. | ||||||||||||||
Summary of net after-tax derivative activity recorded in accumulated other comprehensive income | ' | ||||||||||||||
The following table summarizes net after-tax derivative activity recorded in accumulated other comprehensive income (loss) (in thousands): | |||||||||||||||
Year Ended Feb 1, 2014 | Year Ended Feb 2, 2013 | ||||||||||||||
Beginning balance gain (loss) | $ | (1,782 | ) | $ | 4,259 | ||||||||||
Net gains from changes in cash flow hedges | 4,092 | 2,044 | |||||||||||||
Net gains reclassified to income | (2,423 | ) | (8,085 | ) | |||||||||||
Ending balance loss | $ | (113 | ) | $ | (1,782 | ) | |||||||||
Summary of gains (losses) before taxes recognized on the derivative instruments not designated as hedging instruments in other income and expense | ' | ||||||||||||||
The following table summarizes the gains (losses) before taxes recognized on the derivative instruments not designated as hedging instruments in other income and expense for fiscal 2014, fiscal 2013 and fiscal 2012 (in thousands): | |||||||||||||||
Location of | Gain/(Loss) Recognized in Income | ||||||||||||||
Gain/(Loss) | |||||||||||||||
Recognized in | |||||||||||||||
Income | Year Ended Feb 1, 2014 | Year Ended Feb 2, 2013 | Year Ended Jan 28, 2012 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Foreign exchange currency contracts | Other income/expense | $ | 1,843 | $ | (20 | ) | $ | 4,254 | |||||||
Interest rate swaps | Other income/expense | $ | 238 | $ | 166 | $ | (171 | ) | |||||||
Description_of_the_Business_an3
Description of the Business and Summary of Significant Accounting Policies and Practices (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
segment | |||
Fiscal Year End | ' | ' | ' |
Number of days in fiscal year | '364 days | '371 days | '364 days |
Number of days in next fiscal year | '364 days | ' | ' |
Business Segment Reporting | ' | ' | ' |
Number of reportable segments | 5 | ' | ' |
Advertising and Marketing Costs | ' | ' | ' |
Advertising and marketing expenses | $45,000,000 | $59,100,000 | $41,000,000 |
Foreign Currency | ' | ' | ' |
Foreign currency translation adjustment | -18,425,000 | 22,347,000 | -17,453,000 |
Accumulated foreign currency translation gain/(loss) | -7,700,000 | 10,700,000 | ' |
Net foreign currency transaction (losses) gains | 6,300,000 | 8,600,000 | -6,800,000 |
Cash and Cash Equivalents | ' | ' | ' |
Marketable securities maximum maturity period | '3 months | ' | ' |
Investment Securities | ' | ' | ' |
Long-term investment securities | $0 | ' | ' |
Long-Lived Assets | ' | ' | ' |
Period of time new stores would need to be opened to be considered for impairment | '1 year | ' | ' |
Minimum | ' | ' | ' |
Fiscal Year End | ' | ' | ' |
Number of days in fiscal year | '364 days | ' | ' |
Maximum | ' | ' | ' |
Fiscal Year End | ' | ' | ' |
Number of days in fiscal year | '371 days | ' | ' |
Description_of_the_Business_an4
Description of the Business and Summary of Significant Accounting Policies and Practices (Details 2) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
subsidiary | |||
Net Royalty Revenue | ' | ' | ' |
Deferred royalties, current | $15,787,000 | $12,924,000 | ' |
Gift Cards | ' | ' | ' |
Number of subsidiaries that issue gift cards | 1 | ' | ' |
Gift card breakage revenue | 800,000 | 500,000 | 700,000 |
Loyalty Programs | ' | ' | ' |
Expiration period of unredeemed points (in months) | '6 months | ' | ' |
Expiration period of unredeemed awards (in months) | '2 months | ' | ' |
Accrued expenses | ' | ' | ' |
Loyalty Programs | ' | ' | ' |
Aggregate dollar value of loyalty program accruals included in accrued liabilities | 4,200,000 | 2,900,000 | ' |
Accrued expenses | Deferred Royalties | ' | ' | ' |
Net Royalty Revenue | ' | ' | ' |
Deferred royalties, current | 15,400,000 | 12,900,000 | ' |
Other long-term liabilities | Deferred Royalties | ' | ' | ' |
Net Royalty Revenue | ' | ' | ' |
Deferred royalties, noncurrent | $44,100,000 | $34,900,000 | ' |
U.S. Retail business | ' | ' | ' |
Gift Cards | ' | ' | ' |
Gift card breakage rate (as a percent) | 5.20% | ' | ' |
Canadian Retail business | ' | ' | ' |
Gift Cards | ' | ' | ' |
Gift card breakage rate (as a percent) | 4.50% | ' | ' |
Description_of_the_Business_an5
Description of the Business and Summary of Significant Accounting Policies and Practices (Details 3) (Selling, general and administrative expenses, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Selling, general and administrative expenses | ' | ' | ' |
Classification of Certain Costs and Expenses | ' | ' | ' |
Distribution costs primarily related to the wholesale business | $31.70 | $36.20 | $40.40 |
Description_of_the_Business_an6
Description of the Business and Summary of Significant Accounting Policies and Practices (Details 4) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jul. 29, 2011 |
Selling, general and administrative expenses | ||||
Europe | ||||
Settlement charge | ' | ' | ' | ' |
Settlement charge | $0 | $0 | $19,463 | $19,463 |
Description_of_the_Business_an7
Description of the Business and Summary of Significant Accounting Policies and Practices (Details 5) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
customer | customer | customer | |
Concentration of Credit and Liquidity Risk | ' | ' | ' |
Number of diversified money market funds, in which cash and cash equivalents are kept | 4 | ' | ' |
Concentration risk | ' | ' | ' |
Percentage of total accounts receivable that are insured or supported by bank guarantees or letters of credit | 64.00% | ' | ' |
Europe | ' | ' | ' |
Concentration risk | ' | ' | ' |
Percentage of total accounts receivable that are insured or supported by bank guarantees or letters of credit | 82.00% | ' | ' |
Net Revenue | Customer Concentration Risk | ' | ' | ' |
Concentration risk | ' | ' | ' |
Number of domestic wholesale customers | 1 | 1 | 1 |
Percentage of consolidated net revenue accounted by one customer | 2.30% | 2.70% | 2.70% |
Description_of_the_Business_an8
Description of the Business and Summary of Significant Accounting Policies and Practices (Details 6) | 12 Months Ended |
Feb. 01, 2014 | |
Purchased intangibles | Minimum | ' |
Summary of Significant Accounting Policies [Line Items] | ' |
Purchased intangibles, useful life | '4 years |
Purchased intangibles | Maximum | ' |
Summary of Significant Accounting Policies [Line Items] | ' |
Purchased intangibles, useful life | '20 years |
Building and building improvements including properties under capital lease | Minimum | ' |
Summary of Significant Accounting Policies [Line Items] | ' |
Property, plant and equipment, useful life | '10 years |
Building and building improvements including properties under capital lease | Maximum | ' |
Summary of Significant Accounting Policies [Line Items] | ' |
Property, plant and equipment, useful life | '33 years |
Land improvements | ' |
Summary of Significant Accounting Policies [Line Items] | ' |
Property, plant and equipment, useful life | '5 years |
Furniture, fixtures and equipment | Minimum | ' |
Summary of Significant Accounting Policies [Line Items] | ' |
Property, plant and equipment, useful life | '2 years |
Furniture, fixtures and equipment | Maximum | ' |
Summary of Significant Accounting Policies [Line Items] | ' |
Property, plant and equipment, useful life | '10 years |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable | ' | ' |
Other | $8,174 | $8,391 |
Accounts receivable, gross | 315,957 | 355,522 |
Less allowance for doubtful accounts | 39,392 | 38,659 |
Accounts receivable, net | 276,565 | 316,863 |
Trade receivables | ' | ' |
Accounts Receivable | ' | ' |
Accounts receivable, gross | 291,411 | 338,365 |
Royalty receivables | ' | ' |
Accounts Receivable | ' | ' |
Royalty | $16,372 | $8,766 |
Inventories_Details
Inventories (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $10,585,000 | $14,706,000 |
Work in progress | 977,000 | 1,765,000 |
Finished goods | 339,337,000 | 353,241,000 |
Inventories | 350,899,000 | 369,712,000 |
Allowance to write-down inventories to lower of cost or market value, amount | $23,400,000 | $20,400,000 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Property and equipment | ' | ' | ' |
Property, plant and equipment, gross | $832,275,000 | $826,174,000 | ' |
Less accumulated depreciation and amortization | 507,669,000 | 470,445,000 | ' |
Property, plant and equipment, net | 324,606,000 | 355,729,000 | ' |
Charges related to asset impairments | 8,821,000 | 10,143,000 | ' |
Selling, general and administrative expenses | ' | ' | ' |
Property and equipment | ' | ' | ' |
Charges related to asset impairments | 8,821,000 | 10,143,000 | 7,700,000 |
Land and land improvements | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property, plant and equipment, gross | 2,866,000 | 2,866,000 | ' |
Building and building improvements | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property, plant and equipment, gross | 4,063,000 | 4,069,000 | ' |
Leasehold improvements | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property, plant and equipment, gross | 409,582,000 | 410,943,000 | ' |
Furniture, fixtures and equipment | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property, plant and equipment, gross | 383,127,000 | 374,432,000 | ' |
Construction in progress | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property, plant and equipment, gross | 9,706,000 | 10,676,000 | ' |
Interest costs capitalized | 0 | 0 | 0 |
Properties under capital lease | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property, plant and equipment, gross | 22,931,000 | 23,188,000 | ' |
Less accumulated depreciation and amortization | $6,100,000 | $5,300,000 | ' |
Property_and_Equipment_Details1
Property and Equipment (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
retail_stores | retail_stores | |
Property, Plant and Equipment [Abstract] | ' | ' |
Aggregate carrying value of all long-lived assets impaired | $8,928 | $12,119 |
Less Impairment charges | 8,821 | 10,143 |
Aggregate remaining fair value of long-lived assets impaired | $107 | $1,976 |
Number of stores tested for impairment | 90 | 74 |
Number of stores impaired | 31 | 30 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | 3-May-12 | Feb. 01, 2014 | Feb. 02, 2013 | 3-May-12 | 3-May-12 | Feb. 01, 2014 | Feb. 02, 2013 | |
North American Retail | North American Retail | Europe | Europe | Europe | Europe | Europe | North American Wholesale | North American Wholesale | ||||
retail_stores | Lease acquisition costs | License acquisition costs | ||||||||||
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill at the beginning of the period | $39,287,000 | $29,070,000 | ' | $911,000 | $907,000 | ' | $27,362,000 | $17,150,000 | ' | ' | $11,014,000 | $11,013,000 |
Adjustments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition | ' | 9,360,000 | ' | ' | 0 | 9,360,000 | ' | 9,360,000 | ' | ' | ' | 0 |
Translation Adjustments | -295,000 | 857,000 | ' | -85,000 | 4,000 | ' | -195,000 | 852,000 | ' | ' | -15,000 | 1,000 |
Goodwill at the end of the period | 38,992,000 | 39,287,000 | 29,070,000 | 826,000 | 911,000 | ' | 27,167,000 | 27,362,000 | ' | ' | 10,999,000 | 11,014,000 |
Accumulated impairment related to goodwill | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of retail stores | ' | ' | ' | ' | ' | 26 | ' | ' | ' | ' | ' | ' |
Cash paid for acquisition | 1,648,000 | 15,980,000 | 0 | ' | ' | 15,980,000 | ' | ' | ' | ' | ' | ' |
Purchase price allocation to other intangible assets | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | 4,500,000 | 700,000 | ' | ' |
Useful life (in years) | ' | ' | ' | ' | ' | '7 years 229 days | ' | ' | '8 years 37 days | '4 years 244 days | ' | ' |
Other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross intangible assets | 37,700,000 | 38,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization of intangible assets with finite useful lives | 24,600,000 | 22,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense over the next five years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2019 | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued compensation and benefits | $68,354 | $65,905 |
Sales and use taxes, property taxes and other indirect taxes | 23,126 | 26,766 |
Deferred royalties and other revenue | 15,787 | 12,924 |
Income taxes | 11,823 | 30,342 |
Store credits, loyalty and gift cards | 9,738 | 8,904 |
Accrued rent | 9,607 | 9,338 |
Advertising | 7,853 | 7,830 |
Professional fees | 5,871 | 5,627 |
Restructuring charges | 4,578 | 0 |
Construction costs | 3,714 | 3,593 |
Derivative financial instruments | 1,712 | 5,552 |
Other | 12,170 | 15,141 |
Total | $174,333 | $191,922 |
Borrowings_and_Capital_Lease_O2
Borrowings and Capital Lease Obligations (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Jul. 06, 2011 | Feb. 01, 2014 | Aug. 31, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 |
European capital lease, maturing quarterly through 2016 | European capital lease, maturing quarterly through 2016 | Other | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Short-term borrowing | |||
Italy | Eurodollar Rate Loans LIBOR rate | Eurodollar Rate Loans LIBOR rate | Base Rate Loans, domestic, federal funds rate | Base Rate Loans one month adjusted LIBOR | Base Rate Loans | Base Rate Loans | facility | ||||||||
Minimum | Maximum | Minimum | Maximum | ||||||||||||
Borrowings and capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings and capital lease obligations, total | $11,740,000 | $10,215,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current installments | 4,160,000 | 1,901,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term capital lease obligations and other debt | 7,580,000 | 8,314,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate of interest rate swap designated as non-hedging instruments (as a percent) | ' | ' | ' | 3.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swap liability | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturity period (in years) | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity before amendment | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | 300,000,000 | 300,000,000 | ' | ' | ' | ' | ' | ' | 143,600,000 |
Sublimit on the amount of incremental revolving commitments and incremental term loans | ' | ' | ' | ' | ' | ' | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity interests in foreign subsidiaries in which the entity must pledge as security | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 1.15% | 1.65% | 0.50% | 1.00% | 0.15% | 0.65% | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, minimum unrestricted cash and cash equivalent balance held by domestic subsidiaries after dividend payment | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, outstanding amount | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 |
Documentary letters of credit outstanding amount | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 500,000 |
Interest rate, low end of the range (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% |
Interest rate, high end of the range (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.10% |
Number of credit facilities subject to minimum net equity requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Maximum borrowing capacity of the credit facility which is subject to a minimum net equity requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,200,000 |
Maturities of debt and capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2015 | ' | ' | 1,769,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2016 | ' | ' | 1,853,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2017 | ' | ' | 5,015,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2018 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2019 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations | 8,637,000 | 10,121,000 | 8,637,000 | 8,637,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2015 | ' | ' | ' | ' | 2,391,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2016 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2017 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2018 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2019 | ' | ' | ' | ' | 712,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other debt | 3,103,000 | 94,000 | ' | ' | 3,103,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2015 | 4,160,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2016 | 1,853,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2017 | 5,015,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2018 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2019 | 712,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings and capital lease obligations, total | $11,740,000 | $10,215,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Restructuring activity | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve included in accrued expenses | $4,578 | ' | ' | ' | $4,578 | $0 | ' |
Restructuring reserve activity | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 0 | 0 | ' | ' |
Charges to operations | 2,100 | 1,900 | 6,100 | 2,300 | 12,442 | 0 | 0 |
Non-cash write-offs | ' | ' | ' | ' | -1,717 | ' | ' |
Cash payments | ' | ' | ' | ' | -6,059 | ' | ' |
Foreign currency and other adjustments | ' | ' | ' | ' | -88 | ' | ' |
Ending balance | 4,578 | ' | ' | ' | 4,578 | 0 | ' |
Severance | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve activity | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 0 | 0 | ' | ' |
Charges to operations | ' | ' | ' | ' | 9,206 | ' | ' |
Non-cash write-offs | ' | ' | ' | ' | 0 | ' | ' |
Cash payments | ' | ' | ' | ' | -4,567 | ' | ' |
Foreign currency and other adjustments | ' | ' | ' | ' | -61 | ' | ' |
Ending balance | 4,578 | ' | ' | ' | 4,578 | ' | ' |
Impairment and Lease Termination | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve activity | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 0 | 0 | ' | ' |
Charges to operations | ' | ' | ' | ' | 3,236 | ' | ' |
Non-cash write-offs | ' | ' | ' | ' | -1,717 | ' | ' |
Cash payments | ' | ' | ' | ' | -1,492 | ' | ' |
Foreign currency and other adjustments | ' | ' | ' | ' | -27 | ' | ' |
Ending balance | 0 | ' | ' | ' | 0 | ' | ' |
Accrued expenses | ' | ' | ' | ' | ' | ' | ' |
Restructuring activity | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve included in accrued expenses | $4,578 | ' | ' | ' | $4,578 | ' | ' |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 01, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' |
Beginning balance | ($2,461) |
Gains (losses) arising during the period | -9,938 |
Reclassification to net income for (gains) losses realized | -1,402 |
Net other comprehensive income (loss) | -11,340 |
Ending balance | -13,801 |
Foreign currency translation adjustment | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' |
Beginning balance | 10,618 |
Gains (losses) arising during the period | -17,838 |
Reclassification to net income for (gains) losses realized | 217 |
Net other comprehensive income (loss) | -17,621 |
Ending balance | -7,003 |
Derivative financial instruments designated as cash flow hedges | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' |
Beginning balance | -1,782 |
Gains (losses) arising during the period | 4,092 |
Reclassification to net income for (gains) losses realized | -2,423 |
Net other comprehensive income (loss) | 1,669 |
Ending balance | -113 |
Marketable securities | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' |
Beginning balance | 110 |
Gains (losses) arising during the period | -7 |
Reclassification to net income for (gains) losses realized | 0 |
Net other comprehensive income (loss) | -7 |
Ending balance | 103 |
SERP | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' |
Beginning balance | -11,407 |
Gains (losses) arising during the period | 3,815 |
Reclassification to net income for (gains) losses realized | 804 |
Net other comprehensive income (loss) | 4,619 |
Ending balance | ($6,788) |
Comprehensive_Income_Details_2
Comprehensive Income (Details 2) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Less income tax effect | $636 | $1,243 | ($987) | |
Actuarial loss amortization | 1,108 | 3,340 | 2,048 | |
Prior service cost amortization | 194 | 620 | 940 | |
Less income tax effect | -498 | -1,513 | -1,087 | |
Reclassification to net income for (gains) losses realized | -1,402 | ' | ' | |
Foreign currency translation adjustment | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Reclassification to net income for (gains) losses realized | 217 | ' | ' | |
Derivative financial instruments designated as cash flow hedges | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Reclassification to net income for (gains) losses realized | -2,423 | ' | ' | |
SERP | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Actuarial loss amortization | 1,108 | [1] | ' | ' |
Prior service cost amortization | 194 | [1] | ' | ' |
Reclassification to net income for (gains) losses realized | 804 | ' | ' | |
Income tax expense | Derivative financial instruments designated as cash flow hedges | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Less income tax effect | 636 | ' | ' | |
Income tax expense | SERP | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Less income tax effect | -498 | ' | ' | |
Cost of sales | Derivative financial instruments designated as cash flow hedges | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Foreign exchange currency contracts | -3,050 | ' | ' | |
Other income/expense | Derivative financial instruments designated as cash flow hedges | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Foreign exchange currency contracts | -9 | ' | ' | |
Restructuring charges | Foreign currency translation adjustment | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Liquidation of investment in a foreign entity | $217 | ' | ' | |
[1] | These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost. Refer to Note 12 for further information. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Federal: | ' | ' | ' |
Current | $61,239,000 | $42,365,000 | $84,994,000 |
Deferred | -20,294,000 | 10,943,000 | -3,136,000 |
State: | ' | ' | ' |
Current | 6,202,000 | 5,853,000 | 11,607,000 |
Deferred | -1,627,000 | 1,494,000 | -193,000 |
Foreign: | ' | ' | ' |
Current | 25,611,000 | 30,775,000 | 32,975,000 |
Deferred | 4,117,000 | 7,698,000 | 2,444,000 |
Total | 75,248,000 | 99,128,000 | 128,691,000 |
Accumulated undistributed earnings of foreign subsidiaries | 747,000,000 | 689,000,000 | ' |
Difference of actual income tax expense and expected income tax expense | ' | ' | ' |
Computed “expected†tax expense | 81,536,000 | 98,215,000 | 139,769,000 |
State taxes, net of federal benefit | 2,974,000 | 4,776,000 | 7,419,000 |
Incremental foreign taxes less than federal statutory tax rate | -10,107,000 | -13,307,000 | -19,457,000 |
Net tax settlements | 0 | 12,832,000 | 0 |
Unrecognized tax benefit | 6,856,000 | 147,000 | 147,000 |
Prior year tax adjustments | -3,489,000 | -2,300,000 | -1,152,000 |
Other | -2,522,000 | -1,235,000 | 1,965,000 |
Total | 75,248,000 | 99,128,000 | 128,691,000 |
Allocation of total income tax expense (benefit) | ' | ' | ' |
Operations | 75,248,000 | 99,128,000 | 128,691,000 |
Stockholders’ equity | 3,673,000 | 3,703,000 | -208,000 |
Total income taxes | 78,921,000 | 102,831,000 | 128,483,000 |
Tax effects of the components of other comprehensive income | ' | ' | ' |
Derivative financial instruments designated as cash flow hedges | 237,000 | -1,056,000 | 1,170,000 |
Marketable securities | -4,000 | 85,000 | -24,000 |
SERP | 2,963,000 | 2,855,000 | -2,057,000 |
Total income tax expense (benefit) | 3,196,000 | 1,884,000 | -911,000 |
Total earnings before income tax expense and noncontrolling interests | ' | ' | ' |
Domestic operations | 140,153,000 | 169,755,000 | 245,554,000 |
Foreign operations | 92,806,000 | 110,859,000 | 153,787,000 |
Earnings before income tax expense | 232,959,000 | 280,614,000 | 399,341,000 |
Deferred tax assets: | ' | ' | ' |
SERP | 21,716,000 | 22,719,000 | ' |
Rent expense | 14,986,000 | 14,680,000 | ' |
Fixed assets bases difference | 12,358,000 | 5,695,000 | ' |
Deferred income | 11,261,000 | 1,642,000 | ' |
Deferred compensation | 10,692,000 | 8,483,000 | ' |
Bad debt reserve | 9,526,000 | 7,006,000 | ' |
Accrued bonus | 2,954,000 | 0 | ' |
Uniform capitalization | 2,162,000 | 2,096,000 | ' |
Net operating losses | 2,133,000 | 2,413,000 | ' |
Other | 13,111,000 | 17,014,000 | ' |
Total deferred assets | 100,899,000 | 81,748,000 | ' |
Deferred tax liabilities: | ' | ' | ' |
Lease incentives | -13,488,000 | -10,819,000 | ' |
Goodwill amortization | -3,693,000 | -3,189,000 | ' |
Other | -492,000 | -278,000 | ' |
Valuation allowance | -3,853,000 | -3,346,000 | ' |
Net deferred tax assets | 79,373,000 | 64,116,000 | ' |
Current deferred tax assets | 24,400,000 | 21,053,000 | ' |
Non-current deferred tax assets | 54,973,000 | 43,063,000 | ' |
Increase in valuation allowance | ($500,000) | ' | ' |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Operating and capital loss carryforward | ' | ' | ' |
Net operating loss carryforwards of the company's U.S. and certain European retail operations | $4,000,000 | ' | ' |
Capital loss carryforwards of the company's U.S. retail operations | 200,000 | ' | ' |
Valuation allowance | -700,000 | -900,000 | ' |
Changes in the amount of gross unrecognized tax benefits excluding interest and penalties | ' | ' | ' |
Beginning Balance | 4,527,000 | 16,045,000 | 10,828,000 |
Additions: | ' | ' | ' |
Tax positions related to the prior year | 0 | 0 | 4,782,000 |
Tax positions related to the current year | 7,501,000 | 0 | 78,000 |
Reductions: | ' | ' | ' |
Tax positions related to the prior year | -1,128,000 | -568,000 | 357,000 |
Settlements | 0 | -10,950,000 | 0 |
Expiration of statutes of limitation | 0 | 0 | 0 |
Ending Balance | 10,900,000 | 4,527,000 | 16,045,000 |
Amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods | 9,600,000 | ' | ' |
Aggregate accruals for uncertain tax positions, including penalties and interest | 11,400,000 | 5,000,000 | ' |
Interest and penalties related to uncertain tax positions | ' | -900,000 | -5,800,000 |
Accrued interest and penalties related to uncertain tax positions | 500,000 | 500,000 | ' |
Foreign country | ' | ' | ' |
Operating and capital loss carryforward | ' | ' | ' |
Operating loss carryforwards with expiration dates | 1,700,000 | ' | ' |
State and local jurisdiction | ' | ' | ' |
Operating and capital loss carryforward | ' | ' | ' |
Operating loss carryforwards with expiration dates | 2,300,000 | ' | ' |
U.S. | ' | ' | ' |
Operating and capital loss carryforward | ' | ' | ' |
Capital loss carryforwards of the company's U.S. retail operations | $200,000 | ' | ' |
Income_Taxes_Details_3
Income Taxes (Details 3) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||
Feb. 02, 2013 | Jan. 31, 2013 | Feb. 02, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 02, 2013 | |
USD ($) | Italy | Italy | Italy | Italy | Italy | Italy | Italy | Italy | |
Foreign country | Foreign country | Foreign country | Foreign country | Foreign country | Foreign country | Foreign country | Foreign country | ||
EUR (€) | USD ($) | Maximum | Minimum | Other long-term liabilities | Other long-term liabilities | Other long-term liabilities | Other long-term liabilities | ||
subsidiary | USD ($) | EUR (€) | USD ($) | EUR (€) | |||||
members | |||||||||
Income tax examination | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Italian subsidiaries whose audit is pending with the Italian tax authority | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Fiscal years under examination by tax authorities | ' | ' | ' | '2013 | '2008 | ' | ' | ' | ' |
Tax settlement charge | $12,800,000 | ' | $12,800,000 | ' | ' | ' | ' | ' | ' |
Settlement charge previously accrued as an uncertain tax position | ' | ' | 11,700,000 | ' | ' | ' | ' | ' | ' |
Settlement liability, amount included in other long-term liabilities | ' | ' | ' | ' | ' | 0 | 0 | 12,400,000 | 9,100,000 |
Threshold for proposed income adjustments automatically referred for review by a public prosecutor | ' | € 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Current members of Guess European management team subject to review by a public prosecutor | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Former members of Guess European management team subject to review by a public prosecutor | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Executive_Retirem2
Supplemental Executive Retirement Plan (Details) (USD $) | 12 Months Ended | ||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
Supplemental Executive Retirement Plan | ' | ' | ' | ||
Plan amendment | ($4,529,000) | ' | ' | ||
Pension curtailment expense | 0 | 0 | 1,242,000 | ||
Components of net periodic pension cost to comprehensive income | ' | ' | ' | ||
Interest cost | 2,345,000 | 2,392,000 | 2,641,000 | ||
Net amortization of unrecognized prior service cost | 194,000 | 620,000 | 940,000 | ||
Net amortization of actuarial losses | 1,108,000 | 3,340,000 | 2,048,000 | ||
Curtailment expense | 0 | 0 | 1,242,000 | ||
Net periodic defined benefit pension cost | 3,647,000 | 6,352,000 | 6,871,000 | ||
Unrecognized prior service cost charged to comprehensive income | 194,000 | 620,000 | 940,000 | ||
Unrecognized net actuarial loss charged to comprehensive income | 1,108,000 | 3,340,000 | 2,048,000 | ||
Actuarial gains (losses) | 1,751,000 | 3,508,000 | -9,342,000 | ||
Plan amendment | 4,529,000 | 0 | 0 | ||
Curtailment expense | 0 | 0 | 1,242,000 | ||
Related tax impact | -2,963,000 | -2,855,000 | 2,057,000 | ||
Total periodic costs and other charges to comprehensive income | 4,619,000 | 4,613,000 | -3,055,000 | ||
Amounts not yet recognized in net periodic benefit cost, included in accumulated other comprehensive income, before tax | ' | ' | ' | ||
Unrecognized prior service (credit) cost | -1,981,000 | [1] | 2,742,000 | [1] | ' |
Unrecognized net actuarial loss | 12,974,000 | 15,832,000 | ' | ||
Total included in accumulated other comprehensive income (loss) | 10,993,000 | 18,574,000 | ' | ||
SERP's funded status and the amounts recognized in the consolidated balance sheets | ' | ' | ' | ||
Projected benefit obligation | -54,704,000 | -58,639,000 | -59,755,000 | ||
Plan assets at fair value | 0 | [2] | 0 | [2] | ' |
Net liability (included in other long-term liabilities) | -54,704,000 | -58,639,000 | ' | ||
Reconciliation of the changes in the projected benefit obligation | ' | ' | ' | ||
Balance at the beginning of the period | 58,639,000 | 59,755,000 | ' | ||
Interest cost | 2,345,000 | 2,392,000 | 2,641,000 | ||
Plan amendment | -4,529,000 | ' | ' | ||
Actuarial gains | -1,751,000 | -3,508,000 | ' | ||
Balance at the end of the period | 54,704,000 | 58,639,000 | 59,755,000 | ||
Discount rate assumed as part of the actuarial valuation performed to calculate the projected benefit obligation (as a percent) | 4.30% | 4.00% | ' | ||
Amount of prior service credits, included in comprehensive income, that are expected to be recognized as components of net periodic defined benefit pension cost in next fiscal year | -200,000 | ' | ' | ||
Amount of actuarial losses, included in comprehensive income, that are expected to be recognized as components of net periodic defined benefit pension cost in next fiscal year | 900,000 | ' | ' | ||
Benefits projected to be paid in the next five fiscal years | 8,500,000 | ' | ' | ||
Percentage of total amount of benefits for the next five years projected to be paid in year 1 | 20.00% | ' | ' | ||
Percentage of total amount of benefits for the next five years projected to be paid in year 2 | 20.00% | ' | ' | ||
Percentage of total amount of benefits for the next five years projected to be paid in year 3 | 20.00% | ' | ' | ||
Percentage of total amount of benefits for next five years projected to be paid in year 4 | 20.00% | ' | ' | ||
Percentage of total amount of benefits for next five years projected to be paid in year 5 | 20.00% | ' | ' | ||
Aggregate benefits projected to be paid in the following five fiscal years | 16,700,000 | ' | ' | ||
Other income/expense | ' | ' | ' | ||
Supplemental Executive Retirement Plan | ' | ' | ' | ||
Gain (loss) as a result of the change in value of the insurance policy investments, included in other income and expense | 3,600,000 | 3,400,000 | -200,000 | ||
Other noncurrent assets | ' | ' | ' | ||
Supplemental Executive Retirement Plan | ' | ' | ' | ||
Cash surrender values of the insurance policies held in a rabbi trust | $51,400,000 | $47,900,000 | ' | ||
[1] | During fiscal 2014, the Company amended the SERP to limit the amount of eligible wages under the plan that count toward the SERP benefit for the active participant. As a result, unrecognized prior service cost was reduced by $4.5 million during fiscal 2014. | ||||
[2] | The SERP is a non-qualified pension plan and hence the insurance policies are not considered to be plan assets. Accordingly, the table above does not include the insurance policies with cash surrender values of $51.4 million and $47.9 million at February 1, 2014 and February 2, 2013, respectively. |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2014 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Marciano Trusts | ' | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' | ' |
Number of leases under lease agreement | ' | ' | 4 | ' | ' |
Lease rent expense and property tax | ' | ' | $5,800,000 | $5,800,000 | $5,300,000 |
Marciano Trusts | Minimum | ' | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' | ' |
Lease expiration date by year | ' | ' | '2015 | ' | ' |
Marciano Trusts | Maximum | ' | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' | ' |
Lease expiration date by year | ' | ' | '2020 | ' | ' |
MPM Financial LLC | ' | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' | ' |
Fees paid for aircraft facility | ' | ' | 800,000 | 1,300,000 | 800,000 |
Marciano Consulting Agreement | ' | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' | ' |
Service term | ' | '30 years | ' | ' | ' |
Consulting agreement term | ' | '2 years | ' | ' | ' |
Consulting agreement, number of years during the extension period | '1 year | ' | ' | ' | ' |
Consulting fees paid under the consulting arrangement | ' | 500,000 | ' | ' | ' |
Total expenses incurred related to consulting arrangement | ' | ' | 600,000 | 600,000 | 0 |
Harmony Collection LLC | ' | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' | ' |
Payment for production agreement | ' | ' | $2,200,000 | $600,000 | $100,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) | 12 Months Ended |
Feb. 01, 2014 | |
Showroom and retail store operating leases | ' |
Operating lease expiration | ' |
Lease expiration date | 30-Sep-31 |
Equipment operating leases | ' |
Operating lease expiration | ' |
Lease expiration date | 21-Oct-18 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Leases | ' | ' | ' |
Percentage of annual sales volume used for incremental rent on certain retail store leases, low end of range | 3.00% | ' | ' |
Percentage of annual sales volume used for incremental rent on certain retail store leases, high end of range | 12.00% | ' | ' |
Capital lease, minimum lease payments | ' | ' | ' |
Fiscal 2015 | $2,128,000 | ' | ' |
Fiscal 2016 | 2,130,000 | ' | ' |
Fiscal 2017 | 5,029,000 | ' | ' |
Fiscal 2018 | 0 | ' | ' |
Fiscal 2019 | 0 | ' | ' |
Thereafter | 0 | ' | ' |
Total minimum lease payments | 9,287,000 | ' | ' |
Less interest | -650,000 | ' | ' |
Capital lease obligations | 8,637,000 | 10,121,000 | ' |
Less current portion | -1,769,000 | ' | ' |
Long-term capital lease obligations | 6,868,000 | ' | ' |
Future minimum property and equipment lease payments under capital lease and non-cancelable operating leases | ' | ' | ' |
Fiscal 2015 | 200,767,000 | ' | ' |
Fiscal 2016 | 173,078,000 | ' | ' |
Fiscal 2017 | 155,697,000 | ' | ' |
Fiscal 2018 | 132,919,000 | ' | ' |
Fiscal 2019 | 109,373,000 | ' | ' |
Thereafter | 259,967,000 | ' | ' |
Total minimum lease payments | 1,031,801,000 | ' | ' |
Rental expense for all property and equipment under operating leases | 283,500,000 | 273,400,000 | 252,400,000 |
Rental expense based upon percentage of annual sales volume | 68,700,000 | 81,400,000 | 71,700,000 |
Non-Related Parties | ' | ' | ' |
Operating Leases, minimum lease payments | ' | ' | ' |
Fiscal 2015 | 193,964,000 | ' | ' |
Fiscal 2016 | 166,378,000 | ' | ' |
Fiscal 2017 | 146,578,000 | ' | ' |
Fiscal 2018 | 128,829,000 | ' | ' |
Fiscal 2019 | 105,282,000 | ' | ' |
Thereafter | 254,087,000 | ' | ' |
Total minimum lease payments | 995,118,000 | ' | ' |
Related Parties | ' | ' | ' |
Operating Leases, minimum lease payments | ' | ' | ' |
Fiscal 2015 | 4,675,000 | ' | ' |
Fiscal 2016 | 4,570,000 | ' | ' |
Fiscal 2017 | 4,090,000 | ' | ' |
Fiscal 2018 | 4,090,000 | ' | ' |
Fiscal 2019 | 4,091,000 | ' | ' |
Thereafter | 5,880,000 | ' | ' |
Total minimum lease payments | $27,396,000 | ' | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details 3) (Inventory, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2014 |
Inventory | ' |
Purchase Commitments | ' |
Purchase commitments | $210.30 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Details 4) (Incentive Bonuses, Paul Marciano, USD $) | Jan. 28, 2012 |
Incentive Bonuses | Paul Marciano | ' |
Incentive Bonuses | ' |
Special cash bonus given to the Chief Executive Officer and Vice Chairman | $3,500,000 |
Fixed cash rights payment that is a condition for the executive cash bonus | $35,000,000 |
Commitments_and_Contingencies_5
Commitments and Contingencies (Details 5) (USD $) | 0 Months Ended | 0 Months Ended | |
Jul. 19, 2012 | 2-May-13 | Nov. 08, 2013 | |
Settled Litigation | Settled Litigation | Pending Litigation | |
U.S. | Italy | China | |
trademark | |||
Litigation | ' | ' | ' |
Damages sought by plaintiff as compensation | $26,000,000 | ' | ' |
Accounting profits sought by plaintiff as compensation | 99,000,000 | ' | ' |
Monetary damages awarded by court | 2,300,000 | ' | 80,000 |
Monetary damages awarded by court for certain of the Company's licensees | $2,300,000 | ' | ' |
Number of Italian trademark registrations to be cancelled by plaintiff | ' | 3 | ' |
Number of European Community trademark registrations to be cancelled by plaintiff | ' | 4 | ' |
Commitments_and_Contingencies_6
Commitments and Contingencies (Details 6) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jul. 09, 2012 | Feb. 01, 2014 | |
Guess Sud | Guess Sud | Focus | Guess Brazil | ||||
Redeemable noncontrolling interests put arrangements | ' | ' | ' | ' | ' | ' | ' |
Total outstanding equity interest in subsidiary covered by put arrangement (as a percent) | ' | ' | ' | 40.00% | ' | 25.00% | ' |
Redeemable noncontrolling interests | $5,830,000 | $3,144,000 | $8,293,000 | $4,700,000 | $3,144,000 | ' | $1,100,000 |
Purchase of redeemable noncontrolling interest | 0 | 4,185,000 | 0 | ' | ' | 4,185,000 | ' |
Payments to acquire controlling interest in joint venture | ' | ' | ' | ' | ' | ' | 1,800,000 |
Controlling interest in joint venture held by the Company | ' | ' | ' | ' | ' | ' | 60.00% |
Period put arrangement can be exercised by noncontrolling interest holder after initial and subsequent exercise periods | ' | ' | ' | ' | ' | ' | '3 years |
Redeemable noncontrolling interests reconciliation | ' | ' | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest, redemption value at the beginning of the period | 3,144,000 | 8,293,000 | ' | 4,700,000 | 3,144,000 | ' | ' |
Foreign currency translation adjustment | -104,000 | 65,000 | ' | ' | ' | ' | ' |
Noncontrolling interest capital contribution | 1,199,000 | 0 | ' | ' | ' | ' | ' |
Purchase of redeemable noncontrolling interest | 0 | -4,185,000 | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest redemption value adjustment | 1,591,000 | -1,029,000 | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest, redemption value at the end of the period | $5,830,000 | $3,144,000 | $8,293,000 | $4,700,000 | $3,144,000 | ' | $1,100,000 |
Savings_Plans_Details
Savings Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Savings Plans | ' | ' | ' |
Employee contribution limit per calendar year (as a percent of compensation) | 100.00% | ' | ' |
Company's contributions to the Savings Plan | $1.30 | $1.30 | $1.20 |
Deferred compensation plan, gains (losses) related to the change in the fair value of the insurance policy investments | 0.6 | 0.4 | -0.1 |
Deferred compensation liability | 7.5 | 7.6 | ' |
Deferred compensation, long-term assets | $9.10 | $8.50 | ' |
Maximum | ' | ' | ' |
Savings Plans | ' | ' | ' |
Employer contribution limit (as a percent of compensation) | 3.00% | ' | ' |
Quarterly_Information_Unaudite2
Quarterly Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||||||||
Summary of the unaudited quarterly financial information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenue | $768,363,000 | [1] | $613,497,000 | [1] | $639,012,000 | [1] | $548,914,000 | [1] | $815,118,000 | [1] | $628,828,000 | [1] | $635,393,000 | [1] | $579,266,000 | [1] | $2,569,786,000 | $2,658,605,000 | $2,688,048,000 |
Gross profit | 301,949,000 | [1] | 228,227,000 | [1] | 248,532,000 | [1] | 197,426,000 | [1] | 332,878,000 | [1] | 247,609,000 | [1] | 251,560,000 | [1] | 235,076,000 | [1] | 976,134,000 | 1,067,123,000 | 1,156,225,000 |
Net earnings | 71,097,000 | [1] | 34,811,000 | [1] | 40,703,000 | [1] | 11,100,000 | [1] | 73,865,000 | [1] | 37,459,000 | [1] | 42,949,000 | [1] | 27,213,000 | [1] | 157,711,000 | 181,486,000 | 270,650,000 |
Net earnings attributable to Guess, Inc. | 69,632,000 | [1] | 34,020,000 | [1] | 39,866,000 | [1] | 9,916,000 | [1] | 72,552,000 | [1] | 36,647,000 | [1] | 42,899,000 | [1] | 26,646,000 | [1] | 153,434,000 | 178,744,000 | 265,500,000 |
Net earnings per common share attributable to common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic (in dollars per share) | $0.82 | [1],[2],[3] | $0.40 | [1],[2],[3] | $0.47 | [1],[2],[3] | $0.12 | [1],[2],[3] | $0.85 | [1],[2],[4] | $0.43 | [1],[2],[4] | $0.49 | [1],[2],[4] | $0.30 | [1],[2],[4] | $1.81 | $2.06 | $2.88 |
Diluted (in dollars per share) | $0.82 | [1],[2],[3] | $0.40 | [1],[2],[3] | $0.47 | [1],[2],[3] | $0.12 | [1],[2],[3] | $0.85 | [1],[2],[4] | $0.43 | [1],[2],[4] | $0.49 | [1],[2],[4] | $0.30 | [1],[2],[4] | $1.80 | $2.05 | $2.86 |
Fiscal quarter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of days in fiscal quarter | '91 days | '91 days | '91 days | '91 days | '98 days | '91 days | '91 days | '91 days | ' | ' | ' | ||||||||
Tax settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Tax settlement charge | ' | ' | ' | ' | 12,800,000 | ' | ' | ' | ' | ' | ' | ||||||||
Unrelated tax benefits | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ||||||||
Restructuring Charges [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restructuring charges | $2,100,000 | $1,900,000 | $6,100,000 | $2,300,000 | ' | ' | ' | ' | $12,442,000 | $0 | $0 | ||||||||
[1] | All fiscal quarters presented consisted of 13 weeks with the exception of the quarter ended February 2, 2013 which consisted of 14 weeks. | ||||||||||||||||||
[2] | Per common share amounts for the quarters and full years have been calculated separately. Accordingly, quarterly amounts may not add to the annual amount because of differences in the average common shares outstanding during each period. | ||||||||||||||||||
[3] | During the first quarter of fiscal 2014, the Company implemented plans to streamline its structure and reduce expenses in both Europe and North America. During the second quarter of fiscal 2014, the Company expanded these plans to include the consolidation and streamlining of certain operations in Europe and Asia. These actions resulted in restructuring charges of $2.3 million, $6.1 million, $1.9 million and $2.1 million, respectively, during the first, second, third and fourth quarters of fiscal 2014. Refer to Note 9 for further detail regarding the restructuring charges. | ||||||||||||||||||
[4] | In January 2013, the Company settled a tax audit dispute in Italy, resulting in a charge of $12.8 million in the fourth quarter of fiscal 2013 in excess of amounts previously reserved, which was partially offset by unrelated tax benefits of $4.0 million. Refer to Note 11 for further detail regarding the tax settlement charge. |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||||||
Segment information of net revenue, earnings (loss) from operations, capital expenditures and total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenue | $768,363 | [1] | $613,497 | [1] | $639,012 | [1] | $548,914 | [1] | $815,118 | [1] | $628,828 | [1] | $635,393 | [1] | $579,266 | [1] | $2,569,786 | $2,658,605 | $2,688,048 |
Licensing | ' | ' | ' | ' | ' | ' | ' | ' | 118,206 | 117,142 | 121,420 | ||||||||
Restructuring charges | -2,100 | -1,900 | -6,100 | -2,300 | ' | ' | ' | ' | -12,442 | 0 | 0 | ||||||||
Earnings (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 222,587 | 274,525 | 397,235 | ||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 75,438 | 99,591 | 123,531 | ||||||||
Total assets | 1,764,431 | ' | ' | ' | 1,713,506 | ' | ' | ' | 1,764,431 | 1,713,506 | ' | ||||||||
North American Retail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment information of net revenue, earnings (loss) from operations, capital expenditures and total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,075,475 | 1,116,836 | 1,117,643 | ||||||||
Earnings (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 39,540 | 78,285 | 133,184 | ||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 29,980 | 49,759 | 65,329 | ||||||||
Total assets | 333,479 | ' | ' | ' | 353,875 | ' | ' | ' | 333,479 | 353,875 | ' | ||||||||
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment information of net revenue, earnings (loss) from operations, capital expenditures and total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 903,791 | 939,599 | 1,010,896 | ||||||||
Earnings (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 97,231 | 103,975 | 167,014 | ||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 30,994 | 31,930 | 38,818 | ||||||||
Total assets | 819,999 | ' | ' | ' | 873,988 | ' | ' | ' | 819,999 | 873,988 | ' | ||||||||
Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment information of net revenue, earnings (loss) from operations, capital expenditures and total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 292,714 | 290,655 | 250,727 | ||||||||
Earnings (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 25,592 | 26,525 | 28,463 | ||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 7,150 | 8,614 | 10,696 | ||||||||
Total assets | 158,798 | ' | ' | ' | 144,825 | ' | ' | ' | 158,798 | 144,825 | ' | ||||||||
North American Wholesale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment information of net revenue, earnings (loss) from operations, capital expenditures and total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 179,600 | 194,373 | 187,362 | ||||||||
Earnings (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 38,771 | 45,008 | 47,162 | ||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4,870 | 2,725 | 1,541 | ||||||||
Total assets | 141,482 | ' | ' | ' | 111,373 | ' | ' | ' | 141,482 | 111,373 | ' | ||||||||
Licensing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment information of net revenue, earnings (loss) from operations, capital expenditures and total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Licensing | ' | ' | ' | ' | ' | ' | ' | ' | 118,206 | 117,142 | 121,420 | ||||||||
Earnings (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 107,805 | 101,182 | 108,638 | ||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 39 | 40 | 24 | ||||||||
Total assets | 14,458 | ' | ' | ' | 6,945 | ' | ' | ' | 14,458 | 6,945 | ' | ||||||||
Corporate Overhead | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment information of net revenue, earnings (loss) from operations, capital expenditures and total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Earnings (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -73,910 | -80,450 | -87,226 | ||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,405 | 6,523 | 7,123 | ||||||||
Total assets | 296,215 | ' | ' | ' | 222,500 | ' | ' | ' | 296,215 | 222,500 | ' | ||||||||
Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment information of net revenue, earnings (loss) from operations, capital expenditures and total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ($12,442) | $0 | $0 | ||||||||
[1] | All fiscal quarters presented consisted of 13 weeks with the exception of the quarter ended February 2, 2013 which consisted of 14 weeks. |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||||||
Information related to geographic areas in which the Company operated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenue | $768,363 | [1] | $613,497 | [1] | $639,012 | [1] | $548,914 | [1] | $815,118 | [1] | $628,828 | [1] | $635,393 | [1] | $579,266 | [1] | $2,569,786 | $2,658,605 | $2,688,048 |
Long-lived assets | 381,770 | ' | ' | ' | 451,870 | ' | ' | ' | 381,770 | 451,870 | ' | ||||||||
U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Information related to geographic areas in which the Company operated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 988,746 | 1,028,549 | 1,031,131 | ||||||||
Long-lived assets | 154,251 | ' | ' | ' | 170,129 | ' | ' | ' | 154,251 | 170,129 | ' | ||||||||
Italy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Information related to geographic areas in which the Company operated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 306,281 | 365,299 | 375,385 | ||||||||
Long-lived assets | 86,781 | ' | ' | ' | 58,994 | ' | ' | ' | 86,781 | 58,994 | ' | ||||||||
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Information related to geographic areas in which the Company operated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 264,107 | 290,320 | 295,574 | ||||||||
Long-lived assets | 29,803 | ' | ' | ' | 38,699 | ' | ' | ' | 29,803 | 38,699 | ' | ||||||||
Other foreign countries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Information related to geographic areas in which the Company operated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,010,652 | 974,437 | 985,958 | ||||||||
Long-lived assets | $110,935 | ' | ' | ' | $184,048 | ' | ' | ' | $110,935 | $184,048 | ' | ||||||||
[1] | All fiscal quarters presented consisted of 13 weeks with the exception of the quarter ended February 2, 2013 which consisted of 14 weeks. |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net earnings attributable to Guess, Inc. | $69,632 | [1] | $34,020 | [1] | $39,866 | [1] | $9,916 | [1] | $72,552 | [1] | $36,647 | [1] | $42,899 | [1] | $26,646 | [1] | $153,434 | $178,744 | $265,500 |
Less net earnings attributable to nonvested restricted stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 1,243 | 1,347 | 2,074 | ||||||||
Net earnings attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $152,191 | $177,397 | $263,426 | ||||||||
Weighted average common shares used in basic computations | ' | ' | ' | ' | ' | ' | ' | ' | 84,271,000 | 86,262,000 | 91,533,000 | ||||||||
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Stock options and restricted stock units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 251,000 | 278,000 | 415,000 | ||||||||
Weighted average common shares used in diluted computations | ' | ' | ' | ' | ' | ' | ' | ' | 84,522,000 | 86,540,000 | 91,948,000 | ||||||||
Net earnings per common share attributable to common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic (in dollars per share) | $0.82 | [1],[2],[3] | $0.40 | [1],[2],[3] | $0.47 | [1],[2],[3] | $0.12 | [1],[2],[3] | $0.85 | [1],[2],[4] | $0.43 | [1],[2],[4] | $0.49 | [1],[2],[4] | $0.30 | [1],[2],[4] | $1.81 | $2.06 | $2.88 |
Diluted (in dollars per share) | $0.82 | [1],[2],[3] | $0.40 | [1],[2],[3] | $0.47 | [1],[2],[3] | $0.12 | [1],[2],[3] | $0.85 | [1],[2],[4] | $0.43 | [1],[2],[4] | $0.49 | [1],[2],[4] | $0.30 | [1],[2],[4] | $1.80 | $2.05 | $2.86 |
Anti-dilutive equity awards excluded from computation of diluted weighted-average common shares | ' | ' | ' | ' | ' | ' | ' | ' | 1,251,927 | 1,364,703 | 935,712 | ||||||||
[1] | All fiscal quarters presented consisted of 13 weeks with the exception of the quarter ended February 2, 2013 which consisted of 14 weeks. | ||||||||||||||||||
[2] | Per common share amounts for the quarters and full years have been calculated separately. Accordingly, quarterly amounts may not add to the annual amount because of differences in the average common shares outstanding during each period. | ||||||||||||||||||
[3] | During the first quarter of fiscal 2014, the Company implemented plans to streamline its structure and reduce expenses in both Europe and North America. During the second quarter of fiscal 2014, the Company expanded these plans to include the consolidation and streamlining of certain operations in Europe and Asia. These actions resulted in restructuring charges of $2.3 million, $6.1 million, $1.9 million and $2.1 million, respectively, during the first, second, third and fourth quarters of fiscal 2014. Refer to Note 9 for further detail regarding the restructuring charges. | ||||||||||||||||||
[4] | In January 2013, the Company settled a tax audit dispute in Italy, resulting in a charge of $12.8 million in the fourth quarter of fiscal 2013 in excess of amounts previously reserved, which was partially offset by unrelated tax benefits of $4.0 million. Refer to Note 11 for further detail regarding the tax settlement charge. |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 31, 2014 | Jan. 28, 2012 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | 9-May-06 | Jul. 30, 1996 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 23, 2002 | 1-May-08 | Jul. 11, 2013 | Jul. 11, 2013 | Feb. 01, 2014 | Oct. 30, 2008 | |
plan | Maurice Marciano | Maurice Marciano | Maurice Marciano | Equity Incentive Plan 2004 | Equity Incentive Plan 2004 | 2006 Non-Employee Directors Stock Grant and Stock Option Plan | 2006 Non-Employee Directors Stock Grant and Stock Option Plan | 2006 Non-Employee Directors Stock Grant and Stock Option Plan | 2006 Non-Employee Directors Stock Grant and Stock Option Plan | Stock option | Stock option | Stock option | Stock option | Stock option | Nonvested stock awards or units | Nonvested stock awards or units | Nonvested stock awards or units | Nonvested stock awards or units | Nonvested stock awards or units | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Performance awards/units | Performance awards/units | Target performance awards/units | Target performance awards/units | Performance options | |||
Selling, general and administrative expenses | Equity Incentive Plan 2004 | Selling, general and administrative expenses | Equity Incentive Plan 2004 | Paul Marciano | Paul Marciano | Paul Marciano | |||||||||||||||||||||||||
Disclosure of share-based compensation information under stock plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of share-based compensation plans | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized number of shares | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | 2,000,000 | ' | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' |
Shares available for grant under the plan | ' | ' | ' | ' | ' | ' | 12,151,436 | 12,835,693 | 860,432 | 899,931 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of vested exercisable shares granted on each anniversary from the date of the grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial vesting period of the first of three most recent annual grants (in months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial vesting period of the second of three most recent annual grants (in months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial vesting period of the last of three most recent annual grants (in months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of annual vesting periods following the initial vesting period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The purchase price expressed as a percentage of the Company's common stock at the beginning or end of the quarterly stock purchase period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Term of consulting agreement | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consulting agreement, number of years during the extension period | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original grant date fair value of the modified equity awards | ' | ' | ' | ' | ' | $4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Modified grant date fair value | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested stock awards or units granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 819,966 | ' | ' | ' | ' | ' | ' | ' | ' | 167,000 | 100,000 | 143,700 | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '2 years | ' | ' | '4 years |
Share-based compensation expense | 13,949,000 | 16,285,000 | 28,100,000 | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | 2,490,000 | 4,633,000 | 7,123,000 | 2,490,000 | ' | 11,225,000 | 11,337,000 | 20,584,000 | 11,225,000 | ' | 234,000 | 315,000 | 393,000 | ' | ' | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding at the beginning of the period (in shares) | 1,814,466 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | 583,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 563,400 |
Exercised (in shares) | -245,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | -370,690 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding at the end of the period (in shares) | 1,781,926 | 1,814,466 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in shares) | 1,150,655 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable and expected to vest at the end of the period (in shares) | 1,718,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding at the beginning of the period (in dollars per share) | $30.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | $26.87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | $20.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | $31.98 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in dollars per share) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding at the end of the period (in dollars per share) | $30.46 | $30.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in dollars per share) | $30.99 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable and expected to vest at the end of the period (in dollars per share) | $30.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Contractual Term (Years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding at the end of the period | '6 years 8 months 15 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period | '5 years 6 months 25 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable and expected to vest at the end of the period | '6 years 7 months 15 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding at the end of the period (in dollars) | 4,675,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in dollars) | 3,923,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable and expected to vest at the end of the period (in dollars) | 4,597,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Assumptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.40% | 1.10% | ' | ' | ' | ' | ' | ' | ' | 0.10% | 0.10% | 0.10% | ' | ' | ' | ' | ' | ' |
Expected stock price volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.70% | 46.80% | 48.50% | ' | ' | ' | ' | ' | ' | ' | 29.70% | 46.40% | 49.00% | ' | ' | ' | ' | ' | ' |
Expected dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.60% | 2.20% | ' | ' | ' | ' | ' | ' | ' | 3.10% | 2.80% | 2.20% | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 7 months 25 days | '3 years 7 months 6 days | '3 years 8 months 16 days | ' | ' | ' | ' | ' | ' | ' | '3 months | '3 months | '3 months | ' | ' | ' | ' | ' | ' |
Share-Based Compensation, Additional Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair values of stock options granted during the period (in dollars per share) | $6.38 | $8.92 | $11.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.46 | $6.84 | $9.35 | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised (in dollars) | 2,200,000 | 3,400,000 | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from option exercises | 5,000,000 | 5,100,000 | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefits from share-based compensation | 698,000 | 1,302,000 | 1,992,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax shortfall included in cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit on recognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock options/awards/units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,900,000 | ' | ' | ' | ' | $20,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period for recognition of unrecognized compensation cost (in years/months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 8 months 4 days | ' | ' | ' | ' | '1 year 9 months 17 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial vesting period during first fiscal year of grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 months | ' | ' | ' |
Vesting date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-16 | ' | ' |
Percentage of target performance shares expected to vest based on the satisfaction of certain performance-based conditions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84.00% | ' |
Fiscal year which award is subject to a performance condition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2010 |
Period which award is subject to a performance condition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '9 months | '9 months | ' | ' |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details 2) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 12, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Disclosure of share-based compensation information under stock plans | ' | ' | ' | ' |
Weighted average fair values of stock options granted during the period (in dollars per share) | ' | $6.38 | $8.92 | $11.58 |
Nonvested stock awards or units | ' | ' | ' | ' |
Number of Shares/Units | ' | ' | ' | ' |
Nonvested at the beginning of the period (in shares) | ' | 721,497 | ' | ' |
Granted (in shares) | ' | 819,966 | ' | ' |
Vested (in shares) | ' | -268,788 | ' | ' |
Forfeited (in shares) | ' | -309,020 | ' | ' |
Nonvested at the end of the period (in shares) | ' | 963,655 | 721,497 | ' |
Weighted Average Grant-Date Fair Value | ' | ' | ' | ' |
Nonvested at the beginning of the period (in dollars per share) | ' | $33.17 | ' | ' |
Granted (in dollars per share) | ' | $28.34 | $29.71 | $38.98 |
Vested (in dollars per share) | ' | $33.39 | ' | ' |
Forfeited (in dollars per share) | ' | $30.79 | ' | ' |
Nonvested at the end of the period (in dollars per share) | ' | $29.76 | $33.17 | ' |
Additional disclosures, awards other than options | ' | ' | ' | ' |
Total fair value at grant date of previously nonvested stock awards/units that were vested during the period | ' | $9 | $17.50 | $19.40 |
Total intrinsic value of nonvested stock awards/units that vested during the period | ' | 8.3 | 15 | 19.3 |
Total intrinsic value of nonvested stock awards/units outstanding | ' | $27 | ' | ' |
Employee Stock Purchase Plan | ' | ' | ' | ' |
Disclosure of share-based compensation information under stock plans | ' | ' | ' | ' |
Weighted average fair values of stock options granted during the period (in dollars per share) | ' | $5.46 | $6.84 | $9.35 |
Additional disclosures, awards other than options | ' | ' | ' | ' |
Minimum holding period for shares purchased after April 1, 2009 under the ESPP (in months) | ' | '6 months | ' | ' |
Period before the end of each fiscal quarter prohibited for trading, as per company's securities trading policy (in days) | ' | '14 days | ' | ' |
Period after public announcement of earnings prohibited for trading, as per company's securities trading policy (in days) | ' | '2 days | ' | ' |
Extended expiration period (in years) | '10 years | ' | ' | ' |
Common stock issued during the period (in shares) | ' | 43,265 | 50,013 | 47,456 |
Average price per share (in dollars per share) | ' | $22.64 | $23.72 | $29 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Transfers of financial instruments | ' | ' |
Value of transfers between levels | $0 | $0 |
Assets and liabilities measured at fair value on a recurring basis | Level 1 | ' | ' |
Assets: | ' | ' |
Foreign exchange currency contracts, Assets | 0 | 0 |
Available-for-sale securities | 5,732,000 | 12,630,000 |
Total Assets | 5,732,000 | 12,630,000 |
Liabilities: | ' | ' |
Foreign exchange currency contracts, Liabilities | 0 | 0 |
Interest rate swap | 0 | 0 |
Deferred compensation obligations | 0 | 0 |
Total Liabilities | 0 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 2 | ' | ' |
Assets: | ' | ' |
Foreign exchange currency contracts, Assets | 2,116,000 | 1,358,000 |
Available-for-sale securities | 0 | 0 |
Total Assets | 2,116,000 | 1,358,000 |
Liabilities: | ' | ' |
Foreign exchange currency contracts, Liabilities | 1,712,000 | 5,552,000 |
Interest rate swap | 581,000 | 852,000 |
Deferred compensation obligations | 7,498,000 | 7,574,000 |
Total Liabilities | 9,791,000 | 13,978,000 |
Assets and liabilities measured at fair value on a recurring basis | Level 3 | ' | ' |
Assets: | ' | ' |
Foreign exchange currency contracts, Assets | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities: | ' | ' |
Foreign exchange currency contracts, Liabilities | 0 | 0 |
Interest rate swap | 0 | 0 |
Deferred compensation obligations | 0 | 0 |
Total Liabilities | 0 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Fair Value | ' | ' |
Assets: | ' | ' |
Foreign exchange currency contracts, Assets | 2,116,000 | 1,358,000 |
Available-for-sale securities | 5,732,000 | 12,630,000 |
Total Assets | 7,848,000 | 13,988,000 |
Liabilities: | ' | ' |
Foreign exchange currency contracts, Liabilities | 1,712,000 | 5,552,000 |
Interest rate swap | 581,000 | 852,000 |
Deferred compensation obligations | 7,498,000 | 7,574,000 |
Total Liabilities | $9,791,000 | $13,978,000 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 02, 2013 |
Corporate bonds | Corporate bonds | Certificates of deposit | Marketable equity securities | Marketable equity securities | Corporate bonds | |||
Available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale securities, included in short-term investments and other assets depending on their respective maturity dates | ' | ' | $5,100,000 | $10,300,000 | $1,800,000 | $600,000 | $500,000 | ' |
Maturity date | ' | ' | 30-Sep-14 | ' | ' | ' | ' | ' |
Proceeds from sale of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | 5,500,000 |
Accumulated unrealized gains, net of tax, included in accumulated other comprehensive income (loss) | $103,000 | $110,000 | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Derivatives, assets | $2,116 | $1,358 |
LIABILITIES: | ' | ' |
Derivatives, liabilities | 2,293 | 6,404 |
Derivatives designated as hedging instruments: | Foreign exchange currency contracts | Other current assets | Cash flow hedges | ' | ' |
ASSETS: | ' | ' |
Derivatives, assets | 977 | 387 |
Derivatives designated as hedging instruments: | Foreign exchange currency contracts | Current liabilities | Cash flow hedges | ' | ' |
LIABILITIES: | ' | ' |
Derivatives, liabilities | 672 | 2,904 |
Derivatives not designated as hedging instruments: | ' | ' |
LIABILITIES: | ' | ' |
Derivatives, liabilities | 1,621 | 3,500 |
Derivatives not designated as hedging instruments: | Foreign exchange currency contracts | Other current assets | ' | ' |
ASSETS: | ' | ' |
Derivatives, assets | 1,139 | 971 |
Derivatives not designated as hedging instruments: | Foreign exchange currency contracts | Current liabilities | ' | ' |
LIABILITIES: | ' | ' |
Derivatives, liabilities | 1,040 | 2,648 |
Derivatives not designated as hedging instruments: | Interest rate swaps | Long-term liabilities | ' | ' |
LIABILITIES: | ' | ' |
Derivatives, liabilities | $581 | $852 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details 2) (USD $) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Forward contracts designated as hedging instruments | ' | ' |
Foreign exchange currency cash flow hedge unrealized loss to be recognized in other expense or cost of product sales over the following 12 months | ($200,000) | ' |
Canada | Cash flow hedges | ' | ' |
Forward contracts designated as hedging instruments | ' | ' |
U.S. dollar forward contracts purchased, total notional amount | 31,500,000 | ' |
U.S. dollar forward contracts outstanding | 15,200,000 | 40,300,000 |
U.S. dollar forward contracts outstanding, maximum remaining maturity period (in months) | '11 months | ' |
Europe | Cash flow hedges | ' | ' |
Forward contracts designated as hedging instruments | ' | ' |
U.S. dollar forward contracts purchased, total notional amount | 119,200,000 | ' |
U.S. dollar forward contracts outstanding | 87,100,000 | 106,900,000 |
U.S. dollar forward contracts outstanding, maximum remaining maturity period (in months) | '11 months | ' |
Europe | Net investment hedge | ' | ' |
Forward contracts designated as hedging instruments | ' | ' |
U.S. dollar forward contracts purchased, total notional amount | 17,900,000 | ' |
U.S. dollar forward contracts outstanding | $0 | $0 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Details 3) (USD $) | 12 Months Ended | |||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||
Net after-tax derivative activity recorded in accumulated other comprehensive income | ' | ' | ' | |||
Beginning balance gain (loss) | ($1,782,000) | $4,259,000 | ' | |||
Net gains from changes in cash flow hedges | 4,092,000 | 2,044,000 | ' | |||
Net gains reclassified to income | -2,423,000 | -8,085,000 | ' | |||
Ending balance loss | -113,000 | -1,782,000 | ' | |||
Net investment hedge | Europe | ' | ' | ' | |||
Gains (losses) before taxes recognized on the derivative instruments designated as hedging instruments in other comprehensive income (OCI) and net earnings | ' | ' | ' | |||
Gain/(loss) recognized in foreign currency translation component of OCI | 200,000 | ' | ' | |||
Gain/(loss) reclassified from accumulated OCI into income/(loss) | 0 | ' | ' | |||
Ineffectiveness included in earnings | 0 | ' | ' | |||
Cost of sales | Cash flow hedges | ' | ' | ' | |||
Gains (losses) before taxes recognized on the derivative instruments designated as hedging instruments in other comprehensive income (OCI) and net earnings | ' | ' | ' | |||
Gain/(loss) recognized in OCI | 4,595,000 | 2,126,000 | 935,000 | |||
Gain/(loss) reclassified from accumulated OCI into income/(loss) | 3,050,000 | [1] | 8,700,000 | [1] | -6,641,000 | [1] |
Other income/expense | Cash flow hedges | ' | ' | ' | |||
Gains (losses) before taxes recognized on the derivative instruments designated as hedging instruments in other comprehensive income (OCI) and net earnings | ' | ' | ' | |||
Gain/(loss) recognized in OCI | 370,000 | 105,000 | -90,000 | |||
Gain/(loss) reclassified from accumulated OCI into income/(loss) | $9,000 | [1] | $628,000 | [1] | $268,000 | [1] |
[1] | The ineffective portion was immaterial during fiscal 2014, fiscal 2013 and fiscal 2012 and was recorded in net earnings and included in interest income/expense. |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Details 4) | 12 Months Ended | 12 Months Ended | ||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 02, 2013 | |
Other income/expense | Other income/expense | Other income/expense | Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | |
USD ($) | USD ($) | USD ($) | Euro | Euro | Canadian dollar | Canadian dollar | Sale of GBP to purchase euros | |
USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | ||||
Derivative instruments not designated as hedging instruments | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. dollar forward contracts outstanding | ' | ' | ' | $111,800,000 | $90,200,000 | $13,800,000 | $39,700,000 | £ 4,700,000 |
Foreign currency forward contracts, maximum remaining maturity period (in months) | ' | ' | ' | '11 months | ' | '3 months | ' | ' |
Gain/(loss) on foreign exchange currency contracts recognized in other income/expense (before taxes) | 1,843,000 | -20,000 | 4,254,000 | ' | ' | ' | ' | ' |
Gain/(loss) on interest rate swaps recognized in other income/expense (before taxes) | $238,000 | $166,000 | ($171,000) | ' | ' | ' | ' | ' |
Share_Repurchase_Program_Detai
Share Repurchase Program (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Mar. 14, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Jun. 26, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | |
2011 Share Repurchase Program | 2011 Share Repurchase Program | 2011 Share Repurchase Program | 2011 Share Repurchase Program | 2012 Share Repurchase Program | 2012 Share Repurchase Program | 2012 Share Repurchase Program | 2011 and 2012 Share Repurchase Programs | 2011 and 2012 Share Repurchase Programs | 2011 and 2012 Share Repurchase Programs | ||||
Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Maximum | Minimum | Common Stock | ||||
Maximum | Maximum | ||||||||||||
Share Repurchase Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized to be repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Value of common stock authorized to be repurchased | ' | ' | ' | ' | ' | ' | $250,000,000 | ' | ' | $500,000,000 | ' | ' | ' |
Number of common stock repurchased (in shares) | ' | ' | ' | ' | 5,036,418 | 3,216,514 | ' | ' | 0 | ' | ' | ' | 882,551 |
Shares repurchased, aggregate cost | 22,099,000 | 140,262,000 | 92,082,000 | ' | 140,100,000 | 92,000,000 | ' | ' | ' | ' | ' | ' | 22,100,000 |
Value of common stock remaining to be repurchased | ' | ' | ' | $0 | ' | ' | ' | $495,800,000 | ' | ' | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Mar. 19, 2014 | |
Dividend Declared | ||||
Subsequent Events | ' | ' | ' | ' |
Cash dividend announced on common stock (in dollars per share) | $0.80 | $2 | $0.80 | $0.23 |
Percentage increase In dividend per share | ' | ' | ' | 12.50% |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Reconciliation of valuation and qualifying accounts | ' | ' | ' |
Balance at beginning of period | $41,639 | $38,131 | $33,270 |
Costs charged / credited to expenses | 130,641 | 122,221 | 120,236 |
Deductions and write-offs | -131,469 | -118,713 | -115,375 |
Balance at end of period | 40,811 | 41,639 | 38,131 |
Allowance for accounts receivable | ' | ' | ' |
Reconciliation of valuation and qualifying accounts | ' | ' | ' |
Balance at beginning of period | 20,588 | 19,423 | 15,993 |
Costs charged / credited to expenses | 32,339 | 39,322 | 35,934 |
Deductions and write-offs | -32,809 | -38,157 | -32,504 |
Balance at end of period | 20,118 | 20,588 | 19,423 |
Allowance for royalties receivable | ' | ' | ' |
Reconciliation of valuation and qualifying accounts | ' | ' | ' |
Balance at beginning of period | 294 | 402 | 763 |
Costs charged / credited to expenses | 190 | -108 | -361 |
Deductions and write-offs | -75 | 0 | 0 |
Balance at end of period | 409 | 294 | 402 |
Allowance for sales returns | ' | ' | ' |
Reconciliation of valuation and qualifying accounts | ' | ' | ' |
Balance at beginning of period | 20,757 | 18,306 | 16,514 |
Costs charged / credited to expenses | 98,112 | 83,007 | 84,663 |
Deductions and write-offs | -98,585 | -80,556 | -82,871 |
Balance at end of period | $20,284 | $20,757 | $18,306 |