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0001193125-16-705138.txt : 20160908 0001193125-16-705138.hdr.sgml : 20160908 20160908160132 ACCESSION NUMBER: 0001193125-16-705138 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 62 CONFORMED PERIOD OF REPORT: 20160730 FILED AS OF DATE: 20160908 DATE AS OF CHANGE: 20160908 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Zumiez Inc CENTRAL INDEX KEY: 0001318008 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-APPAREL & ACCESSORY STORES [5600] IRS NUMBER: 911040022 STATE OF INCORPORATION: WA FISCAL YEAR END: 0201 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-51300 FILM NUMBER: 161876196 BUSINESS ADDRESS: STREET 1: 4001 204TH STREET SW CITY: LYNNWOOD STATE: WA ZIP: 98036 BUSINESS PHONE: 425-551-1500 MAIL ADDRESS: STREET 1: 4001 204TH STREET SW CITY: LYNNWOOD STATE: WA ZIP: 98036 10-Q 1 d261740d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JULY 30, 2016

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 000-51300

ZUMIEZ INC.

(Exact name of registrant as specified in its charter)


Washington		91-1040022
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

4001 204^th Street SW, Lynnwood, WA 98036

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (425) 551-1500

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ¨ Yes x No

At August 31, 2016, there were 24,830,885 shares outstanding of common stock.

ZUMIEZ INC.

FORM 10-Q

TABLE OF CONTENTS


Part I.	Financial Information

	Item 1.	Condensed Consolidated Financial Statements

		Condensed Consolidated Balance Sheets at July 30, 2016 (unaudited) and January 30, 2016	3

		Unaudited Condensed Consolidated Statements of (Loss) Income for the three and six months ended July 30, 2016 and August 1, 2015	4

		Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended July 30, 2016 and August 1, 2015	5

		Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended July 30, 2016 and August 1, 2015	6

		Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended July 30, 2016 and August 1, 2015	7

		Notes to Condensed Consolidated Financial Statements	8

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30

	Item 4.	Controls and Procedures	30

Part II.	Other Information		30

	Item 1.	Legal Proceedings	30

	Item 1A.	Risk Factors	30

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

	Item 3.	Defaults Upon Senior Securities	31

	Item 4.	Mine Safety Disclosures	31

	Item 5.	Other Information	31

	Item 6.	Exhibits	32

Signature			33

ZUMIEZ INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)


	July 30, 2016			January 30, 2016
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	19,600		$	43,163
Marketable securities		32,740			32,391
Receivables		14,576			12,840
Inventories		131,823			98,299
Prepaid expenses and other current assets		13,990			12,204

Total current assets		212,729			198,897

Fixed assets, net		136,505			137,233
Goodwill		55,082			54,245
Intangible assets, net		12,005			11,766
Deferred tax assets, net		8,332			4,634
Other long-term assets		7,908			7,920

Total long-term assets		219,832			215,798

Total assets	$	432,561		$	414,695

Liabilities and Shareholders’ Equity
Current liabilities
Trade accounts payable	$	60,044		$	21,919
Accrued payroll and payroll taxes		12,754			12,466
Income taxes payable		507			4,066
Deferred rent and tenant allowances		8,384			8,116
Other liabilities		22,089			22,575

Total current liabilities		103,778			69,142

Long-term deferred rent and tenant allowances		43,721			43,779
Other long-term liabilities		4,815			4,817

Total long-term liabilities		48,536			48,596

Total liabilities		152,314			117,738

Commitments and contingencies (Note 3)

Shareholders’ equity
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding		—			—
Common stock, no par value, 50,000 shares authorized; 24,931 shares issued and outstanding at July 30, 2016 and 25,708 shares issued and outstanding at January 30, 2016		137,102			135,013
Accumulated other comprehensive loss		(12,802	)		(15,247	)
Retained earnings		155,947			177,191

Total shareholders’ equity		280,247			296,957

Total liabilities and shareholders’ equity	$	432,561		$	414,695

See accompanying notes to condensed consolidated financial statements

ZUMIEZ INC.

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME

(In thousands, except per share amounts)

(Unaudited)


	Three Months Ended						Six Months Ended
	July 30, 2016			August 1, 2015			July 30, 2016			August 1, 2015
Net sales	$	178,272		$	179,819		$	351,243		$	357,429
Cost of goods sold		123,428			122,046			246,440			243,121

Gross profit		54,844			57,773			104,803			114,308

Selling, general and administrative expenses		55,980			52,461			109,879			104,870

Operating (loss) profit		(1,136	)		5,312			(5,076	)		9,438

Interest income, net		28			150			59			355
Other (expense) income, net		(256	)		(271	)		242			(156	)

(Loss) earnings before income taxes		(1,364	)		5,191			(4,775	)		9,637
(Benefit) provision for income taxes		(526	)		1,978			(1,800	)		3,654

Net (loss) income	$	(838	)	$	3,213		$	(2,975	)	$	5,983

Basic (loss) earnings per share	$	(0.03	)	$	0.11		$	(0.12	)	$	0.21

Diluted (loss) earnings per share	$	(0.03	)	$	0.11		$	(0.12	)	$	0.21

Weighted average shares used in computation of (loss) earnings per share:
Basic		24,712			28,311			24,957			28,726

Diluted		24,712			28,439			24,957			28,932

See accompanying notes to condensed consolidated financial statements

ZUMIEZ INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In thousands)

(Unaudited)


	Three Months Ended						Six Months Ended
	July 30, 2016			August 1, 2015			July 30, 2016			August 1, 2015
Net (loss) income	$	(838	)	$	3,213		$	(2,975	)	$	5,983
Other comprehensive (loss) income, net of tax and reclassification adjustments:
Foreign currency translation		(2,664	)		(2,207	)		2,329			(2,675	)
Net change in unrealized gain/loss on available-for-sale securities		122			(28	)		116			(49	)

Other comprehensive (loss) income, net		(2,542	)		(2,235	)		2,445			(2,724	)

Comprehensive (loss) income	$	(3,380	)	$	978		$	(530	)	$	3,259

See accompanying notes to condensed consolidated financial statements

ZUMIEZ INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In thousands)

(Unaudited)


	Common Stock						Accumulated Other Comprehensive			Retained
	Shares			Amount			Loss			Earnings			Total
Balance at January 30, 2016		25,708		$	135,013		$	(15,247	)	$	177,191		$	296,957
Net loss		—			—			—			(2,975	)		(2,975	)
Other comprehensive income, net		—			—			2,445			—			2,445
Issuance and exercise of stock-based awards, including net tax loss of $529		282			(132	)		—			—			(132	)
Stock-based compensation expense		—			2,221			—			—			2,221
Repurchase of common stock		(1,059	)		—			—			(18,269	)		(18,269	)

Balance at July 30, 2016		24,931		$	137,102		$	(12,802	)	$	155,947		$	280,247


	Common Stock						Accumulated Other Comprehensive			Retained
	Shares			Amount			Loss			Earnings			Total
Balance at January 31, 2015		29,418		$	129,094		$	(11,278	)	$	241,708		$	359,524
Net income		—			—			—			5,983			5,983
Other comprehensive loss, net		—			—			(2,724	)		—			(2,724	)
Issuance and exercise of stock-based awards, including net tax benefit of $713		225			575			—			—			575
Stock-based compensation expense		—			2,710			—			—			2,710
Repurchase of common stock		(2,266	)		—			—			(60,950	)		(60,950	)

Balance at August 1, 2015		27,377		$	132,379		$	(14,002	)	$	186,741		$	305,118

See accompanying notes to condensed consolidated financial statements

ZUMIEZ INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Six Months Ended
	July 30, 2016			August 1, 2015
Cash flows from operating activities:
Net (loss) income	$	(2,975	)	$	5,983
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, amortization and accretion		14,336			15,644
Deferred taxes		(3,713	)		(2,703	)
Stock-based compensation expense		2,221			2,710
Excess tax benefit from stock-based compensation		—			(713	)
Other		95			626
Changes in operating assets and liabilities:
Receivables		(842	)		(3,377	)
Inventories		(32,766	)		(28,990	)
Prepaid expenses and other current assets		(2,690	)		(1,306	)
Trade accounts payable		38,181			15,684
Accrued payroll and payroll taxes		225			(1,613	)
Income taxes payable		(4,804	)		(2,996	)
Deferred rent and tenant allowances		(12	)		2,976
Other liabilities		(813	)		(948	)

Net cash provided by operating activities		6,443			977

Cash flows from investing activities:
Additions to fixed assets		(11,895	)		(20,021	)
Purchases of marketable securities and other investments		(28,353	)		(38,238	)
Sales and maturities of marketable securities and other investments		28,658			112,093

Net cash (used in) provided by investing activities		(11,590	)		53,834

Cash flows from financing activities:
Proceeds from revolving credit facilities		—			20,223
Payments on revolving credit facilities		—			(15,617	)
Repurchase of common stock		(19,084	)		(58,969	)
Proceeds from exercise of stock-based awards, net of withholding tax		397			379
Excess tax benefit from stock-based compensation		—			713

Net cash used in financing activities		(18,687	)		(53,271	)

Effect of exchange rate changes on cash and cash equivalents		271			(236	)

Net (decrease) increase in cash and cash equivalents		(23,563	)		1,304
Cash and cash equivalents, beginning of period		43,163			20,862

Cash and cash equivalents, end of period	$	19,600		$	22,166

Supplemental disclosure on cash flow information:
Cash paid during the period for income taxes	$	6,736		$	14,581
Accrual for purchases of fixed assets		1,835			3,107
Accrual for repurchase of common stock		254			1,981

See accompanying notes to condensed consolidated financial statements

ZUMIEZ INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Nature of Business and Basis of Presentation

Nature of Business—Zumiez Inc., including its wholly owned subsidiaries, (the “Company,” “we,” “us,” “its” and “our”) is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear, and other unique lifestyles. At July 30, 2016, we operated 673 stores; 604 in the United States (“U.S.”), 44 in Canada and 25 in Europe. We operate under the names Zumiez and Blue Tomato. Additionally, we operate ecommerce websites at www.zumiez.com and www.blue-tomato.com.

Fiscal Year—We use a fiscal calendar widely used by the retail industry that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31. Each fiscal year consists of four 13-week quarters, with an extra week added to the fourth quarter every five or six years. The three months ended July 30, 2016 and August 1, 2015 were 13-week periods. The six months ended July 30, 2016 and August 1, 2015 were 26-week periods.

Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation.

In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented.

The financial data at January 30, 2016 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 30, 2016, and should be read in conjunction with the audited consolidated financial statements and notes thereto. Interim results are not necessarily indicative of results for the full fiscal year due to seasonality and other factors.

Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. These estimates can also affect supplemental information disclosed by us, including information about contingencies, risk and financial condition. Actual results could differ from these estimates and assumptions.

Segment Reporting—We identify our operating segments according to how our business activities are managed and evaluated. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, production, merchandising and distribution processes involved, target customers and economic characteristics.

Recent Accounting Standards—In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (ASU) as part of its simplification initiative that includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Upon the adoption of the ASU, excess tax benefits and deficiencies for share-based payments are recorded as an adjustment of income taxes and reflected in operating cash flows rather than recorded in equity and reported in financing cash flows. The guidance allows for the employer to withhold up to the maximum statutory tax rates in the applicable jurisdictions without triggering liability accounting. The guidance also allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The new standard is effective for the fiscal year beginning after December 15, 2016, with early adoption permitted. We are evaluating the impact of this standard on our condensed consolidated financial statements.

In February 2016, the FASB issued a comprehensive standard related to lease accounting to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Most significantly, the new guidance requires lessees to recognize operating leases with a term of more than 12 months as lease assets and lease liabilities. The adoption will require a modified retrospective

approach at the beginning of the earliest period presented. The new standard is effective for the fiscal year beginning after December 15, 2018, with early adoption permitted. We are evaluating the impact of this standard on our condensed consolidated financial statements.

In January 2016, the FASB issued a new standard related primarily to accounting for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. There will no longer be an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income for equity securities with readily determinable fair values. The new standard will be effective for the fiscal year beginning after December 15, 2017 and early adoption is permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements.

In July 2015, the FASB issued guidance simplifying the measurement of inventory. This standard requires entities that use inventory methods other than the last-in, first-out (LIFO) or retail inventory method to measure inventory at the lower of cost or net realizable value, which is defined as the estimated selling prices in the normal course of business, less reasonably predictable costs of completion, disposal, and transportation. We are required to adopt this guidance for the fiscal year beginning after December 31, 2016. We are currently evaluating the impact of this standard on our condensed consolidated financial statements.

In April 2015, the FASB issued guidance about a customer’s accounting for fees paid in a cloud computing arrangement. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is effective for the fiscal year beginning after December 15, 2015 and may be applied on either a prospective or retrospective basis. We adopted this guidance beginning in the first quarter ending July 30, 2016 and the adoption did not have a material impact on our condensed consolidated financial statements.

In May 2014, the FASB issued a comprehensive new revenue recognition standard. The new standard allows for a full retrospective approach to transition or a modified retrospective approach. This guidance was effective for fiscal years and interim periods within those years beginning after December 15, 2016. In August 2015, the FASB issued updated guidance deferring the effective date for the fiscal year beginning after December 15, 2017 and will permit early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the method of adoption we plan to use and the effect the standard is expected to have on our condensed consolidated financial statements.

2. Cash, Cash Equivalents and Marketable Securities

The following tables summarize the estimated fair value of our cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands):


	July 30, 2016
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Cash and cash equivalents:

Cash	$	18,947	$	—	$	—		$	18,947
Money market funds		653		—		—			653

Total cash and cash equivalents		19,600		—		—			19,600

Marketable securities:
State and local government securities		31,087		21		(13	)		31,095
Variable-rate demand notes		1,645		—		—			1,645

Total marketable securities	$	32,732	$	21	$	(13	)	$	32,740


	January 30, 2016
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Cash and cash equivalents:
Cash	$	33,608	$	—	$	—		$	33,608
Money market funds		9,555		—		—			9,555

Total cash and cash equivalents		43,163		—		—			43,163

Marketable securities:
State and local government securities		32,754		8		(187	)		32,575
Variable-rate demand notes		644		—		—			644

Total marketable securities	$	33,398	$	8	$	(187	)	$	33,219

Less: Long-term marketable securities (1)									(828	)

Total current marketable securities								$	32,391

(1)	At January 30, 2016, we held one auction rate security, classified as available-for-sale marketable securities and included in other long-term assets on the condensed consolidated balance sheet.

All of our available-for-sale securities have an effective maturity date of two years or less and may be liquidated, at our discretion, prior to maturity.

The following tables summarize the gross unrealized holding losses and fair value for investments in an unrealized loss position, and the length of time that individual securities have been in a continuous loss position (in thousands):


	July 30, 2016
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Marketable securities:
State and local government securities		5,068		(12	)		305		(1	)		5,373		(13	)

Total marketable securities	$	5,068	$	(12	)	$	305	$	(1	)	$	5,373	$	(13	)


	January 30, 2016
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Marketable securities:
State and local government securities		16,884		(15	)		853		(172	)		17,737		(187	)

Total marketable securities	$	16,884	$	(15	)	$	853	$	(172	)	$	17,737	$	(187	)

We did not record a realized loss for other-than-temporary impairments during the three and six months ended July 30, 2016 or August 1, 2015.

3. Commitments and Contingencies

Leases—We lease our stores and certain corporate and other operating facilities under operating leases. Total rent expense is as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 30, 2016		August 1, 2015		July 30, 2016		August 1, 2015
Minimum rent expense	$	18,409	$	17,050	$	36,410	$	33,944
Contingent rent expense		459		402		873		739

Total rent expense (1)	$	18,868	$	17,452	$	37,283	$	34,683

(1)

Total rent expense does not include real estate taxes, insurance, common area maintenance charges and other executory costs, which were $10.3 million and $20.5 million for the three and six months ended July 30, 2016 and $9.6 million and $19.0 million for the three and six months ended August 1, 2015.

A majority of our leases provide for ongoing co-tenancy requirements or early cancellation clauses that would further lower rental rates, or permit lease terminations, or both, in the event that co-tenants cease to operate for specific periods or if certain sales levels are not met in specific periods. Most of the store leases require payment of a specified minimum rent and a contingent rent based on a percentage of the store’s net sales in excess of a specified threshold, as well as real estate taxes, insurance, common area maintenance charges and other executory costs. Future minimum lease payments at July 30, 2016 are as follows (in thousands):


Fiscal 2016	$	34,708
Fiscal 2017		65,954
Fiscal 2018		61,022
Fiscal 2019		54,155
Fiscal 2020		50,182
Thereafter		157,338

Total (1)	$	423,359

(1)	Amounts in the table do not include contingent rent and real estate taxes, insurance, common area maintenance charges and other executory costs obligations.

Purchase Commitments—At July 30, 2016, we had outstanding purchase orders to acquire merchandise from vendors of $167.6 million. We have an option to cancel these commitments with no notice prior to shipment, except for certain private label and international purchase orders in which we are obligated to repay contractual amounts upon cancellation.

Litigation—We are involved from time to time in claims, proceedings and litigation arising in the ordinary course of business. We have made accruals with respect to these matters, where appropriate, which are reflected in our condensed consolidated financial statements. For some matters, the amount of liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made. We may enter into discussions regarding settlement of these matters, and may enter into settlement agreements, if we believe settlement is in the best interest of our shareholders.

Insurance Reserves—We use a combination of third-party insurance and self-insurance for a number of risk management activities including workers’ compensation, general liability and employee-related health care benefits. We maintain reserves for our self-insured losses, which are estimated based on historical claims experience and actuarial and other assumptions. The self-insurance reserve at July 30, 2016 and January 30, 2016 was $2.5 million and $2.1 million.

4. Revolving Credit Facilities and Debt

On February 5, 2016, the Company entered into an asset-based revolving credit agreement with Wells Fargo Bank, National Association, which provides for a senior secured revolving credit facility of up to $100 million (“ABL Facility”), subject to a borrowing base, with a letter of credit sub-limit of $10 million. The ABL Facility is available for working capital and other general corporate purposes. The ABL Facility replaced our $25.0 million secured revolving credit facility with Wells Fargo, which was entered into on July 9, 2014 and was scheduled to expire on September 1, 2016. The ABL Facility will mature on February 5, 2021.

The ABL Facility is secured by a first-priority security interest in substantially all of the personal property (but not the real property) of the borrowers and guarantors. Amounts borrowed under the ABL Facility bear interest, at the Company’s option, at either an adjusted LIBOR rate plus a margin of 1.25% to 1.75% per annum, or an alternate base rate plus a margin of 0.25% to 0.75% per annum. The Company is also required to pay a fee of 0.25% per annum on undrawn commitments under the ABL Facility. Customary agency fees and letter of credit fees are also payable in respect of the ABL Facility.

Additionally, we have revolving lines of credit of up to 7.3 million Euro, the proceeds of which are used to fund certain international operations. The revolving lines of credit bear interest at 1.65%-3.00%. On August 12, 2016, the revolving lines of credit were increased to 20.5 million Euro.

There were no borrowings outstanding under any revolving lines of credit at July 30, 2016 and January 30, 2016. We had $0.3 million in open commercial letters of credit outstanding under these lines of credit at July 30, 2016 and no open commercial letters of credit outstanding at January 30, 2016.

5. Fair Value Measurements

We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

•

Level 1—Quoted prices in active markets for identical assets or liabilities;

•

Level 2—Quoted prices for similar assets or liabilities in active markets or inputs that are observable; and

•

Level 3—Inputs that are unobservable.

The following tables summarize assets measured at fair value on a recurring basis (in thousands):


	July 30, 2016
	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	653	$	—	$	—
Marketable securities:
State and local government securities		—		31,095		—
Variable-rate demand notes		—		1,645		—
Other long term assets:
Money market funds		2,110		—		—
Equity investments		—		—		121

Total	$	2,763	$	32,740	$	121


	January 30, 2016
	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	9,555	$	—	$	—
Marketable securities:
State and local government securities		—		31,747		—
Variable-rate demand notes		—		644		—
Other long term assets:
Money market funds		1,510		—		—
State and local government securities		—		—		828
Equity investments		—		—		118

Total	$	11,065	$	32,391	$	946

The Level 2 marketable securities primarily include state and local municipal securities and variable-rate demand notes. Fair values are based on quoted market prices for similar assets or liabilities or determined using inputs that use readily observable market data that are actively quoted and can be validated through external sources, including third-party pricing services, brokers and market transactions. We review the pricing techniques and methodologies of the independent pricing service for Level 2 investments and believe that its policies adequately consider market activity, either based on specific transactions for the security valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. We monitor security-specific valuation trends and we make inquiries with the pricing service about material changes or the absence of expected changes to understand the underlying factors and inputs and to validate the reasonableness of the pricing.

There were no material assets measured at fair value on a nonrecurring basis for the three and six months ended July 30, 2016 and August 1, 2015.

6. Stockholders’ Equity

Share Repurchase—In December 2014, our Board of Directors authorized us to repurchase $30.0 million shares of our common stock. This superseded and replaced any previously authorized share repurchase program. In June 2015, our Board of Directors superseded and replaced this program with a $50.0 million share repurchase program that was completed in August 2015. In December 2015, our Board of Directors authorized us to repurchase up to $70.0 million of our common stock. This program is expected to continue through January 28, 2017, unless the time period is extended or shortened by the Board of Directors.

The following table summarizes common stock repurchase activity during the six months ended July 30, 2016 (in thousands, except per share amounts):


Number of shares repurchased		1,059
Average price per share of repurchased shares (with commission)	$	17.25
Total cost of shares repurchased	$	18,269

Accumulated Other Comprehensive (Loss) Income —The component of accumulated other comprehensive (loss) income and the adjustments to other comprehensive (loss) income for amounts reclassified from accumulated other comprehensive (loss) income into net (loss) income is as follows (in thousands):


	Foreign currency translation adjustments			Net unrealized gains (losses) on available-for-sale investments			Accumulated other comprehensive loss
Three months ended July 30, 2016:
Balance at April 30, 2016	$	(10,143	)	$	(117	)	$	(10,260	)
Other comprehensive (loss) income, net (1)		(2,664	)		122			(2,542	)

Balance at July 30, 2016	$	(12,807	)	$	5		$	(12,802	)

Three months ended August 1, 2015:
Balance at May 2, 2015	$	(11,673	)	$	(94	)	$	(11,767	)
Other comprehensive loss, net (1)		(2,207	)		(28	)		(2,235	)

Balance at August 1, 2015	$	(13,880	)	$	(122	)	$	(14,002	)


	Foreign currency translation adjustments			Net unrealized gains (losses) on available-for-sale investments			Accumulated other comprehensive income (loss)
Six months ended July 30, 2016:
Balance at January 30, 2016	$	(15,136	)	$	(111	)	$	(15,247	)
Other comprehensive income, net (1)		2,329			116			2,445

Balance at July 30, 2016	$	(12,807	)	$	5		$	(12,802	)

Six months ended August 1, 2015:
Balance at January 31, 2015	$	(11,205	)	$	(73	)	$	(11,278	)
Other comprehensive loss, net (1)		(2,675	)		(49	)		(2,724	)

Balance at August 1, 2015	$	(13,880	)	$	(122	)	$	(14,002	)

(1)

Other comprehensive (loss) income is net of immaterial taxes for the three and six months ended July 30, 2016 and August 1, 2015 for both net unrealized gains (losses) on available-for-sale investments and accumulated other comprehensive loss. Foreign currency translation adjustments are not adjusted for income taxes as they relate to permanent investments in our international subsidiaries.

7. Equity Awards

We maintain several equity incentive plans under which we may grant incentive stock options, nonqualified stock options, stock bonuses, restricted stock awards, restricted stock units and stock appreciation rights to employees (including officers), non-employee directors and consultants.

We account for stock-based compensation by recording the estimated fair value of stock-based awards granted as compensation expense over the vesting period, net of estimated forfeitures. Stock-based compensation expense is attributed to earnings using a straight-line method. We estimate forfeitures of stock-based awards based on historical experience and expected future activity.

The fair value of restricted stock awards and units is measured based on the closing price of our common stock on the date of grant. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used to estimate the fair value of stock options granted:


	Six Months Ended
	July 30, 2016			August 1, 2015
Dividend yield		—			—
Volatility rate		49.7	%		53.4	%
Weighted-average expected life (in years)		5.93			6.25
Weighted-average risk-free interest rate		1.6	%		1.8	%
Weighted-average fair value per share of stock options granted	$	19.70		$	20.19

Total stock-based compensation expense is recognized on our condensed consolidated income statements as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 30, 2016		August 1, 2015		July 30, 2016		August 1, 2015
Cost of goods sold	$	241	$	261	$	447	$	503
Selling, general and administrative expenses		945		877		1,774		2,207

Total stock-based compensation expense	$	1,186	$	1,138	$	2,221	$	2,710

At July 30, 2016, there was $8.2 million of total unrecognized compensation cost related to unvested stock options, restricted stock awards and restricted stock units. This cost has a weighted-average recognition period of 1.3 years.

The following table summarizes restricted stock awards and restricted stock units activity (in thousands, except grant date weighted-average fair value):


	Restricted Stock Awards/Units			Grant Date Weighted- Average Fair Value		Intrinsic Value
Outstanding at January 30, 2016		286		$	30.32
Granted		263		$	18.76
Vested		(125	)	$	29.67
Forfeited		(11	)	$	26.46

Outstanding at July 30, 2016		413		$	23.25	$	7,008

The following table summarizes stock option activity (in thousands, except grant date weighted-average exercise price and weighted-average remaining contractual life):


	Stock Options			Grant Date Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in Years)		Intrinsic Value
Outstanding at January 30, 2016		143		$	27.86
Granted		82		$	19.70
Exercised		(4	)	$	8.64
Forfeited		(20	)	$	33.53

Outstanding at July 30, 2016		201		$	24.40		7.0	$	123

Exercisable at July 30, 2016		80		$	25.61		4.9	$	123

8. (Loss) Earnings per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share amounts):


	Three Months Ended					Six Months Ended
	July 30, 2016			August 1, 2015		July 30, 2016			August 1, 2015
Net (loss) income	$	(838	)	$	3,213	$	(2,975	)	$	5,983
Weighted average common shares for basic (loss) earnings per share		24,712			28,311		24,957			28,726
Dilutive effect of stock options and restricted stock		—			128		—			206

Weighted average common shares for diluted (loss) earnings per share		24,712			28,439		24,957			28,932

Basic (loss) earnings per share	$	(0.03	)	$	0.11	$	(0.12	)	$	0.21

Diluted (loss) earnings per share	$	(0.03	)	$	0.11	$	(0.12	)	$	0.21

Total anti-dilutive common shares related to stock-based awards not included in the calculation of diluted earnings per share were 0.3 million and 0.4 million for the three and six months ended July 30, 2016 and 0.1 million for the three and six months ended August 1, 2015.

9. Subsequent Event

On August 31, 2016, we acquired 100% of the outstanding stock of Fast Times Skateboarding (“Fast Times”) for $6.9 million paid in $5.5 million of cash and $1.4 million in shares of common stock subject to certain pre-closing and post-closing adjustments. Fast Times is an Australian specialty retailer of skateboards, hardware, apparel and footwear. Fast Times currently operates 5 stores and a website at www.fasttimes.com.au.

Item 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this document. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those discussed in “Item 1A Risk Factors” in our Form 10-K filed with the SEC on March 14, 2016 and in this Form 10-Q.

Forward-looking statements relate to our expectations for future events and future financial performance. Generally, the words “anticipates,” “expects,” “intends,” “may,” “should,” “plans,” “believes,” “predicts,” “potential,” “continue” and similar expressions identify forward-looking statements. Forward-looking statements involve risks and uncertainties, and future events and circumstances could differ significantly from those anticipated in the forward-looking statements. These statements are only predictions. Actual events or results may differ materially. Factors which could affect our financial results are described below under the heading “Risk Factors” and in “Item 1A Risk Factors” of our Form 10-K referred to in the preceding paragraph. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither we nor any other person assume responsibility for the accuracy and completeness of the forward-looking statements. We undertake no duty to update any of the forward-looking statements after the date of this report to conform such statements to actual results or to changes in our expectations.

Fiscal 2016 is the 52-week period ending January 28, 2017. Fiscal 2015 is the 52-week period ending January 30, 2016. The first six months of fiscal 2016 was the 26-week period ended July 30, 2016. The first six months of fiscal 2015 was the 26-week period ended August 1, 2015.

“Zumiez,” the “Company,” “we,” “us,” “its,” “our” and similar references refer to Zumiez Inc. and its wholly-owned subsidiaries.

General

Net sales constitute gross sales (net of actual and estimated returns and deductions for promotions) and shipping revenue. Net sales include our store sales and our ecommerce sales. We record the sale of gift cards as a current liability and recognize revenue when a customer redeems a gift card. Additionally, the portion of gift cards that will not be redeemed (“gift card breakage”) is recognized in net sales after 24 months, at which time the likelihood of redemption is considered remote based on our historical redemption data.

We report “comparable sales” based on net sales beginning on the first anniversary of the first day of operation of a new store or ecommerce business. We operate a sales strategy that integrates our stores with our ecommerce platform. There is significant interaction between our store sales and our ecommerce sales channels and we believe that they are utilized in

tandem to serve our customers. Therefore, our comparable sales also include our ecommerce sales. Changes in our comparable sales between two periods are based on net sales of store or ecommerce businesses which were in operation during both of the two periods being compared and, if a store or ecommerce business is included in the calculation of comparable sales for only a portion of one of the two periods being compared, then that store or ecommerce business is included in the calculation for only the comparable portion of the other period. Any change in square footage of an existing comparable store, including remodels and relocations, does not eliminate that store from inclusion in the calculation of comparable sales. Any store or ecommerce business that we acquire will be included in the calculation of comparable sales after the first anniversary of the acquisition date. Current year foreign exchange rates are applied to both current year and prior year comparable sales to achieve a consistent basis for comparison. There may be variations in the way in which some of our competitors and other apparel retailers calculate comparable sales. As a result, data herein regarding our comparable sales may not be comparable to similar data made available by our competitors or other retailers.

Cost of goods sold consists of branded merchandise costs and our private label merchandise costs including design, sourcing, importing and inbound freight costs. Our cost of goods sold also includes shrinkage, buying, occupancy, distribution and warehousing costs (including associated depreciation) and freight costs for store merchandise transfers. This may not be comparable to the way in which our competitors or other retailers compute their cost of goods sold. Cash consideration received from vendors is reported as a reduction of cost of goods sold if the inventory has sold, a reduction of the carrying value of the inventory if the inventory is still on hand, or a reduction of selling, general and administrative expense if the amounts are reimbursements of specific, incremental and identifiable costs of selling the vendors’ products.

With respect to the freight component of our ecommerce sales, amounts billed to our customers are included in net sales and the related freight cost is charged to cost of goods sold.

Selling, general and administrative expenses consist primarily of store personnel wages and benefits, administrative staff and infrastructure expenses, freight costs for merchandise shipments from the distribution centers to the stores, store supplies, depreciation on fixed assets at our home office and stores, facility expenses, training expenses and advertising and marketing costs. Credit card fees, insurance, public company expenses, legal expenses, amortization of intangibles, future incentive payments, and other miscellaneous operating costs are also included in selling, general and administrative expenses. This may not be comparable to the way in which our competitors or other retailers compute their selling, general and administrative expenses.

Key Performance Indicators

Our management evaluates the following items, which we consider key performance indicators, in assessing our performance:

Comparable sales. As previously described in detail under the caption “General,” comparable sales provide a measure of sales growth for stores and ecommerce businesses open at least one year over the comparable prior year period.

We consider comparable sales to be an important indicator of our current performance. Comparable sales results are important to achieve leveraging of our costs, including store payroll and store occupancy. Comparable sales also have a direct impact on our total net sales, operating profit, cash and working capital.

Gross profit. Gross profit measures whether we are optimizing the price and inventory levels of our merchandise. Gross profit is the difference between net sales and cost of goods sold. Any inability to obtain acceptable levels of initial markups or any significant increase in our use of markdowns could have an adverse effect on our gross profit and results of operations.

Operating profit. We view operating profit as a key indicator of our success. Operating profit is the difference between gross profit and selling, general and administrative expenses. The key drivers of operating profit are comparable sales, gross profit, our ability to control selling, general and administrative expenses and our level of capital expenditures affecting depreciation expense.

Results of Operations

The following table presents selected items on the condensed consolidated statements of income as a percent of net sales:


	Three Months Ended						Six Months Ended
	July 30, 2016			August 1, 2015			July 30, 2016			August 1, 2015
Net sales		100.0	%		100.0	%		100.0	%		100.0	%
Cost of goods sold		69.2			67.9			70.2			68.0

Gross profit		30.8			32.1			29.8			32.0
Selling, general and administrative expenses		31.5			29.2			31.2			29.3

Operating (loss) profit		(0.7	)		2.9			(1.4	)		2.7
Interest and other (expense) income, net		(0.1	)		(0.1	)		0.1			0.1

(Loss) earnings before income taxes		(0.8	)		2.8			(1.3	)		2.8
(Benefit) provision for income taxes		(0.3	)		1.1			(0.5	)		1.0

Net (loss) income		(0.5	)%		1.7	%		(0.8	)%		1.8	%

Three Months (13 weeks) Ended July 30, 2016 Compared With Three Months (13 weeks) Ended August 1, 2015

Net Sales

Net sales were $178.3 million for the three months ended July 30, 2016 compared to $179.8 million for the three months ended August 1, 2015, a decrease of $1.5 million or 0.9%. The decrease primarily reflected a decrease in comparable sales of $8.7 million, partially offset by the net addition of 33 stores (made up of 32 new stores in North America and 4 new stores in Europe offset by 2 store closures in North America and 1 store closure in Europe) subsequent to August 1, 2015. By region, North America sales decreased $0.4 million or 0.2% and Europe sales decreased $1.2 million or 8.5% for the three months ended July 30, 2016 compared to the three months ended August 1, 2015.

Comparable sales decreased 4.9% primarily driven by a decrease in comparable transactions slightly offset by an increase in dollars per transaction. Dollars per transaction increased due to an increase in units per transaction partially offset by a decrease in average unit retail. Comparable sales decreases in hardgoods, junior’s clothing, footwear, and accessories were partially offset by an increase in men’s clothing. For information as to how we define comparable sales, see “General” above.

Gross Profit

Gross profit was $54.8 million for the three months ended July 30, 2016 compared to $57.8 million for the three months ended August 1, 2015, a decrease of $3.0 million, or 5.1%. As a percent of net sales, gross profit decreased 130 basis points for the three months ended July 30, 2016 to 30.8%. The decrease was primarily driven by a 140 basis point decrease due to the deleveraging of our store occupancy costs, partially offset by 30 basis point due to an increase in product margin.

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses were $56.0 million for the three months ended July 30, 2016 compared to $52.5 million for the three months ended August 1, 2015, an increase of $3.5 million, or 6.7%. SG&A expenses as a percent of net sales increased by 230 basis points for the three months ended July 30, 2016 to 31.5%. The increase was primarily driven by an increase of 160 basis points due to the deleveraging of our store operating expenses and 90 basis points due to the deleveraging of corporate costs.

Net (Loss) Income

Net loss for the three months ended July 30, 2016 was $0.8 million, or $0.03 per diluted share, compared with net income of $3.2 million, or $0.11 per diluted share, for the three months ended August 1, 2015. Our effective income tax rate for the three months ended July 30, 2016 was 38.6% compared to 38.1% for the three months ended August 1, 2015.

Six Months (26 weeks) Ended July 30, 2016 Compared With Six Months (26 weeks) Ended August 1, 2015

Net Sales

Net sales were $351.2 million for the six months ended July 30, 2016 compared to $357.4 million for the six months ended August 1, 2015, a decrease of $6.2 million or 1.7%. The decrease primarily reflected a decrease in comparable sales of $22.0 million, partially offset by the net addition of 33 stores (made up of 32 new stores in North America and 4 new stores in Europe offset by 2 store closures in North America and 1 store closure in Europe) subsequent to August 1, 2015. By region, North America sales decreased $5.2 million or 1.6% and Europe sales decreased $1.0 million or 3.4% for the six months ended July 30, 2016 compared to the six months ended August 1, 2015.

Comparable sales decreased 6.2% primarily driven by a decrease in comparable transactions slightly offset by an increase in dollars per transaction. Dollars per transaction increased due to an increase in units per transaction partially offset by a decrease in average unit retail. Comparable sales decreases in hardgoods, junior’s clothing, footwear, and accessories were partially offset by an increase in men’s clothing. For information as to how we define comparable sales, see “General” above.

Gross Profit

Gross profit was $104.8 million for the six months ended July 30, 2016 compared to $114.3 million for the six months ended August 1, 2015, a decrease of $9.5 million, or 8.3%. As a percent of net sales, gross profit decreased 220 basis points for the six months ended July 30, 2016 to 29.8%. The decrease was primarily driven by a 150 basis point decrease due to the deleveraging of our store occupancy costs and 30 basis points due to higher outbound shipping expenses for customer orders as a percent of net sales.

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses were $109.9 million for the six months ended July 30, 2016 compared to $104.9 million for the six months ended August 1, 2015, an increase of $5.0 million, or 4.8%. SG&A expenses as a percent of net sales increased by 190 basis points for the six months ended July 30, 2016 to 31.2%. The increase was primarily driven by an increase of 170 basis points due to the deleveraging of our store operating expenses and 50 basis points due to the deleveraging of corporate costs, partially offset by a 30 basis points decrease related to prior year expenses associated with our acquisition of Blue Tomato, including incentive payments made as part of the transaction.

Net (Loss) Income

Net loss for the six months ended July 30, 2016 was $3.0 million, or $0.12 per diluted share, compared with net income of $6.0 million, or $0.21 per diluted share, for the six months ended August 1, 2015. Our effective income tax rate for the six months ended July 30, 2016 was 37.7% compared to 37.9% for the six months ended August 1, 2015.

Liquidity and Capital Resources

Our primary uses of cash are for operational expenditures, inventory purchases and capital investments, including new stores, store remodels, store relocations, store fixtures and ongoing infrastructure improvements. Additionally, we may use cash for the repurchase of our common stock. Historically, our main source of liquidity has been cash flows from operations.

The significant components of our working capital are inventories and liquid assets such as cash, cash equivalents, current marketable securities and receivables, reduced by accounts payable, accrued payroll and accrued expenses. Our working capital position benefits from the fact that we generally collect cash from sales to customers the same day or within several days of the related sale, while we typically have longer payment terms with our vendors.

Our capital requirements include construction and fixture costs related to the opening of new stores and remodel and relocation expenditures for existing stores. Future capital requirements will depend on many factors, including the pace of new store openings, the availability of suitable locations for new stores and the nature of arrangements negotiated with landlords. In that regard, our net investment to open a new store has varied significantly in the past due to a number of factors, including the geographic location and size of the new store, and is likely to vary significantly in the future.

During fiscal 2016, we expect to spend approximately $24 million to $26 million on capital expenditures, a majority of which will relate to leasehold improvements and fixtures for the approximately 29 new stores we plan to open in fiscal 2016 and remodels or relocations of existing stores. There can be no assurance that the number of stores that we actually open in fiscal 2016 will not be different from the number of stores we plan to open, or that actual fiscal 2016 capital expenditures will not differ from our expectations.

Operating Activities

Net cash provided by operating activities increased by $5.4 million to $6.4 million for the six months ended July 30, 2016 from $1.0 million for the six months ended August 1, 2015. Our operating cash flows result primarily from cash received from our customers, offset by cash payments we make for inventory, employee compensation, store occupancy expenses and other

operational expenditures. Cash received from our customers generally corresponds to our net sales. Because our customers primarily use credit cards or cash to buy from us, our receivables from customers settle quickly. Historically, changes to our operating cash flows have been driven primarily by changes in operating income, which is impacted by changes to non-cash items such as depreciation, amortization and accretion, deferred taxes, and excess tax benefit from stock-based compensation, and changes to the components of working capital.

Investing Activities

Net cash used in investing activities was $11.6 million for the six months ended July 30, 2016, related to $11.9 million of capital expenditures primarily for new store openings and existing store remodels or relocations partially offset by $0.3 million in net sales of marketable securities. Net cash provided by investing activities was $53.8 million for the six months ended August 1, 2015, primarily related to $73.9 million in net sales of marketable securities partially offset by $20.0 million of capital expenditures primarily for new store openings and existing store remodels or relocations.

Financing Activities

Net cash used in financing activities for the six months ended July 30, 2016 was $18.7 million, primarily related to $19.1 million cash paid for the repurchase of common stock partially offset by $0.4 million in proceeds from stock-based award exercises. Net cash used in financing activities for the six months ended August 1, 2015 was $53.3 million, primarily related to $59.0 million cash paid for the repurchase of common stock, partially offset by $4.6 million in net proceeds from revolving credit facilities and long-term debt and $1.1 million in proceeds from stock-based award exercises and related tax benefits.

Sources of Liquidity

Our most significant sources of liquidity continue to be funds generated by operating activities and available cash, cash equivalents and current marketable securities. We expect these sources of liquidity and available borrowings under our revolving credit facility will be sufficient to meet our foreseeable cash requirements for operations and planned capital expenditures for at least the next twelve months. Beyond this time frame, if cash flows from operations are not sufficient to meet our capital requirements, then we will be required to obtain additional equity or debt financing in the future. However, there can be no assurance that equity or debt financing will be available to us when we need it or, if available, that the terms will be satisfactory to us and not dilutive to our then-current shareholders.

Critical Accounting Estimates

Our condensed consolidated financial statements are prepared in accordance with U.S. GAAP. In connection with the preparation of our condensed consolidated financial statements, we are required to make assumptions and estimates about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue, expenses and the related

disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that we believe to be relevant at the time our condensed consolidated financial statements are prepared. On a regular basis, we review the accounting policies, assumptions, estimates and judgments to ensure that our condensed consolidated financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material.

There have been no significant changes to our critical accounting estimates as discussed in our Annual Report on Form 10-K for the fiscal year ended January 30, 2016.

Contractual Obligations and Commercial Commitments

There were no material changes outside the ordinary course of business in our contractual obligations during the six months ended July 30, 2016. The following table summarizes the total amount of future payments due under our contractual obligations at July 30, 2016 (in thousands):


	Total		Fiscal 2016		Fiscal 2017 and Fiscal 2018		Fiscal 2019 and Fiscal 2020		Thereafter
Operating lease obligations (1)	$	423,359	$	34,708	$	126,976	$	104,337	$	157,338
Purchase obligations (2)		167,626		167,626		—		—		—

Total	$	590,985	$	202,334	$	126,976	$	104,337	$	157,338

(1)

Amounts do not include contingent rent and real estate taxes, insurance, common area maintenance charges and other executory costs obligations. See Note 3, “Commitments and Contingencies,” in the Notes to Condensed Consolidated Financial Statements found in Item 1 of this Form 10-Q, for additional information related to our operating leases.

(2)	We have an option to cancel these commitments with no notice prior to shipment, except for certain private label and international purchase orders in which we are obligated to repay contractual amounts upon cancellation.

Off-Balance Sheet Arrangements

At July 30, 2016, we did not have any off-balance sheet arrangements.

Impact of Inflation/Deflation

We do not believe that inflation has had a material impact on our net sales or operating results for the past three fiscal years. However, substantial increases in costs, including the price of raw materials, labor, energy and other inputs used in the production of our merchandise, could have a significant impact on our business and the industry in the future. Additionally, while deflation could positively impact our merchandise costs, it could have an adverse effect on our average unit retail price, resulting in lower sales and operating results.

Risk Factors

Investing in our securities involves a high degree of risk. The following risk factors, issues and uncertainties should be considered in evaluating our future prospects. In particular, keep these risk factors in mind when you read “forward-looking” statements elsewhere in this report. Forward-looking statements relate to our expectations for future events and time periods. Generally, the words “anticipates,” “expects,” “intends,” “may,” “should,” “plans,” “believes,” “predicts,” “potential,” “continue” and similar expressions identify forward-looking statements. Forward-looking statements involve risks and uncertainties, and future events and circumstances could differ significantly from those anticipated in the forward-looking statements. Any of the following risks could harm our business, operating results or financial condition and could result in a complete loss of your investment. Additional risks and uncertainties that are not yet identified or that we currently think are immaterial may also harm our business and financial condition in the future.

Our ability to attract customers to our stores depends heavily on the success of the shopping malls in which many of our stores are located; any decrease in consumer traffic in those malls could cause our sales to be less than expected.

In order to generate customer traffic we depend heavily on locating many of our stores in prominent locations within successful shopping malls. Sales at these stores are derived, in part, from the volume of traffic in those malls. Our stores benefit from the ability of a mall’s other tenants to generate consumer traffic in the vicinity of our stores and the continuing popularity of malls

as shopping destinations. Our sales volume and mall traffic generally may be adversely affected by, among other things, economic downturns in a particular area, competition from ecommerce retailers, non-mall retailers and other malls, increases in gasoline prices, fluctuations in exchange rates in border or tourism-oriented locations and the closing or decline in popularity of other stores in the malls in which we are located. An uncertain economic outlook could curtail new shopping mall development, decrease shopping mall traffic, reduce the number of hours that shopping mall operators keep their shopping malls open or force them to cease operations entirely. A reduction in mall traffic as a result of these or any other factors could have a material adverse effect on our business, results of operations and financial condition.

Our business is dependent upon our being able to anticipate, identify and respond to changing fashion trends, customer preferences and other fashion-related factors; failure to do so could have a material adverse effect on us.

Customer tastes and fashion trends in our market are volatile and tend to change rapidly. Our success depends on our ability to effectively anticipate, identify and respond to changing fashion tastes and consumer preferences, and to translate market trends into appropriate, saleable product offerings in a timely manner. If we are unable to successfully anticipate, identify or respond to changing styles or trends and misjudge the market for our products or any new product lines, our sales may be lower than predicted and we may be faced with a substantial amount of unsold inventory or missed opportunities. In response to such a situation, we may be forced to rely on markdowns or promotional sales to dispose of excess or slow-moving inventory, which could have a material adverse effect on our results of operations.

Our growth strategy depends on our ability to open and operate new stores each year, which could strain our resources and cause the performance of our existing stores to suffer.

Our growth largely depends on our ability to open and operate new stores successfully. However, our ability to open new stores is subject to a variety of risks and uncertainties, and we may be unable to open new stores as planned, and any failure to successfully open and operate new stores could have a material adverse effect on our results of operations. We intend to continue to open new stores in future years while remodeling a portion of our existing store base annually. In addition, our proposed expansion will place increased demands on our operational, managerial and administrative resources. These increased demands could cause us to operate our business less effectively, which in turn could cause deterioration in the financial performance of our individual stores and our overall business. To the extent our new store openings are in markets where we already have stores, we may experience reduced net sales in existing stores in those markets. In addition, successful execution of our growth strategy may require that we obtain additional financing, and we may not be able to obtain that financing on acceptable terms or at all.

In addition, we plan to open new stores in regions of the U.S. or international locations in which we currently have few, or no, stores. The expansion into these markets may present competitive, merchandising, hiring and distribution challenges that are different from those currently encountered in our existing markets. Any of these challenges could adversely affect our business and results of operations.

Failure to successfully integrate any businesses or stores that we acquire could have an adverse impact on our results of operations and financial performance.

We may, from time to time, acquire other retail stores or businesses, such as our acquisition of Blue Tomato, one of the leading European specialty retailers of apparel, footwear, accessories, and hardgoods. We may experience difficulties in integrating any stores or businesses we may acquire, including their facilities, personnel, financial systems, distribution, operations and general operating procedures, and any such acquisitions may also result in the diversion of our capital and our management’s attention from other business issues and opportunities. If we experience difficulties in integrating acquisitions or if such acquisitions do not provide the benefits that we expect to receive, we could experience increased costs and other operating inefficiencies, which could have an adverse effect on our results of operations and overall financial performance.

Our plans for international expansion include risks that could have a negative impact on our results of operations.

In fiscal 2011, we opened our first store locations in Canada and we plan to continue to open new stores in Canada. During fiscal 2012, we acquired Blue Tomato, which operates primarily in the European market, and we plan to open new stores in Europe in the future. We may continue to expand internationally, either organically, or through additional acquisitions. International markets may have different competitive conditions, consumer tastes and discretionary spending patterns than our existing U.S. market. As a result, operations in international markets may be less successful than our operations in the U.S. Additionally, consumers in international markets may not be familiar with us or the brands we sell, and we may need to build brand awareness in the markets. Furthermore, we have limited experience with the legal and regulatory environments and market practices outside of the U.S. and cannot guarantee that we will be able to penetrate or successfully operate in international markets. We also expect to incur additional costs in complying with applicable foreign laws and regulations as they pertain to both our products and our operations.

Additionally, the results of operations of our international subsidiaries are exposed to foreign exchange rate fluctuations. Upon translation, operating results may differ materially from expectations. As we expand our international operations, our exposure to exchange rate fluctuations will increase.

The current uncertainty surrounding the U.S. and global economies, including the European economy, coupled with cyclical economic trends in retailing could have a material adverse effect on our results of operations.

Our retail market historically has been subject to substantial cyclicality. As the U.S. and global economic conditions change, the trends in discretionary consumer spending become unpredictable and discretionary consumer spending could be reduced due to uncertainties about the future. When discretionary consumer spending is reduced, purchases of apparel and related products may decline. The current uncertainty in the U.S. and global economies and increased government debt may have a material adverse impact on our results of operations and financial position.

Because of this cycle, we believe the “value” message has become more important to consumers. As a retailer that sells approximately 80% branded merchandise, this trend may negatively affect our business, as we generally will have to charge more than vertically integrated private label retailers.

Our sales and inventory levels fluctuate on a seasonal basis, leaving our operating results particularly susceptible to changes in back-to-school and winter holiday shopping patterns. Accordingly, our quarterly results of operations are volatile and may fluctuate significantly.

Our quarterly results of operations have fluctuated significantly in the past and can be expected to continue to fluctuate significantly in the future. Our sales and profitability are typically disproportionately higher in the third and fourth fiscal quarters of each fiscal year due to increased sales during the back-to-school and winter holiday shopping seasons. Sales during these periods cannot be used as an accurate indicator of annual results. As a result of this seasonality, any factors negatively affecting us during the last half of the year, including unfavorable economic conditions, adverse weather or our ability to acquire seasonal merchandise inventory, could have a material adverse effect on our financial condition and results of operations for the entire year. In addition, in order to prepare for the back-to-school and winter holiday shopping seasons, we must order and keep in stock significantly more merchandise than we carry during other times of the year. Any unanticipated decrease in demand for our products during these peak shopping seasons could require us to sell excess inventory at a substantial markdown, which could have a material adverse effect on our business, results of operations and financial condition.

Our quarterly results of operations are affected by a variety of other factors, including:

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the timing of new store openings and the relative proportion of our new stores to mature stores;

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whether we are able to successfully integrate any new stores that we acquire and the presence of any unanticipated liabilities in connection therewith;

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fashion trends and changes in consumer preferences;

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calendar shifts of holiday or seasonal periods;

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changes in our merchandise mix;

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timing of promotional events;

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general economic conditions and, in particular, the retail sales environment;

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actions by competitors or mall anchor tenants;

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weather conditions;

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the level of pre-opening expenses associated with our new stores; and

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inventory shrinkage beyond our historical average rates.

Significant fluctuations and volatility in the price of cotton, foreign labor costs and other raw materials used in the production of our merchandise may have a material adverse effect on our business, results of operations and financial conditions.

Increases in the cost of cotton, other raw materials, foreign labor costs and transportation costs used in the production of our merchandise can result in higher costs in the price we pay for this merchandise. The costs for cotton are affected by weather, consumer demand, speculation on the commodities market and other factors that are generally unpredictable and beyond our control. Our gross profit and results of operations could be adversely affected to the extent that the selling prices of our products do not increase proportionately with the increases in the costs of cotton or other materials. Increasing labor costs and oil-related product costs, such as manufacturing and transportation costs, could also adversely impact gross profit. Additionally, significant changes in the relationship between carrier capacity and shipper demand could increase transportation costs, which could also adversely impact gross profit.

Most of our merchandise is produced by foreign manufacturers; therefore, the availability and costs of these products may be negatively affected by risks associated with international trade and other international conditions.

Most of our merchandise is produced by manufacturers around the world. Some of these facilities are located in regions that may be affected by natural disasters, political instability or other conditions that could cause a disruption in trade. Trade restrictions such as increased tariffs or quotas, or both, could also increase the cost and reduce the supply of merchandise available to us. Any reduction in merchandise available to us or any increase in its cost due to tariffs, quotas or local issues that disrupt trade could have a material adverse effect on our results of operations. Our business could be adversely affected by disruptions in the supply chain, such as strikes, work stoppages, or port closures. Although the prices charged by vendors for the merchandise we purchase are primarily denominated in U.S. dollars, a decline in the relative value of the U.S. dollar to foreign currencies could lead to increased merchandise costs, which could negatively affect our competitive position and our results of operations.

The regulatory requirements regarding conflict minerals could have a negative impact on our results of operations.

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC promulgated final rules regarding disclosure of the use of certain minerals (tantalum, tin, gold and tungsten) known as conflict minerals, which are mined from the Democratic Republic of the Congo and adjoining countries, as well as procedures regarding a manufacturer’s efforts to prevent the sourcing of such minerals and metals produced from those minerals. We conducted the required due diligence activities for the 2015 calendar year and filed our third Form SD report with the SEC in May 2016. Additional requirements under the rule could affect sourcing at competitive prices and availability in sufficient quantities of certain of the minerals used in the manufacture of our products, which could have a material adverse effect on our ability to purchase these products in the future. The costs of compliance, including those related to supply chain research, the limited number of suppliers and possible changes in the sourcing of these minerals, could have a material adverse effect on our results of operations or cash flow.

Our business is susceptible to weather conditions that are out of our control, including the potential risks of unpredictable weather patterns and any weather patterns associated with naturally occurring global climate change, and the resultant unseasonable weather could have a negative impact on our results of operations.

Our business is susceptible to unseasonable weather conditions. For example, extended periods of unseasonably warm temperatures during the winter season or cool weather during the summer season (including any weather patterns associated with global warming and cooling) could render a portion of our inventory incompatible with those unseasonable conditions. These prolonged unseasonable weather conditions could have a material adverse effect on our business and results of operations.

We may be unable to compete favorably in the highly competitive retail industry, and if we lose customers to our competitors, our sales could decrease.

The teenage and young adult retail apparel, footwear, accessories and hardgoods industry is highly competitive. We compete with other retailers for vendors, teenage and young adult customers, suitable store locations, qualified store associates and management personnel. Some of our competitors are larger than we are and have substantially greater financial, marketing, including advanced ecommerce marketing capabilities, and other resources than we do. Additionally, some of our competitors may offer more options for free and/or expedited shipping for ecommerce sales. Direct competition with these and other retailers may increase significantly in the future, which could require us, among other things, to lower our prices and could result in the loss of our customers. Current and increased competition could have a material adverse effect on our business, results of operations and financial condition.

If we fail to maintain good relationships with vendors or if a vendor is otherwise unable or unwilling to supply us with adequate quantities of their products at acceptable prices, our business and financial performance could suffer.

Our business is dependent on continued good relations with our vendors. In particular, we believe that we generally are able to obtain attractive pricing and terms from vendors because we are perceived as a desirable customer, and deterioration in our

relationship with our vendors could have a material adverse effect on our business. There can be no assurance that our vendors will provide us with an adequate supply or quality of products or acceptable pricing. Our vendors could discontinue selling to us, raise the prices they charge at any time or allow their merchandise to be discounted by other retailers. There can be no assurance that we will be able to acquire desired merchandise in sufficient quantities on terms acceptable to us in the future. In addition, certain of our vendors sell their products directly to the retail market and therefore compete with us directly and other vendors may decide to do so in the future. There can be no assurance that such vendors will not decide to discontinue supplying their products to us, supply us only less popular or lower quality items, raise the prices they charge us or focus on selling their products directly. In addition, a number of our vendors are smaller, less capitalized companies and are more likely to be impacted by unfavorable general economic and market conditions than larger and better capitalized companies. These smaller vendors may not have sufficient liquidity during economic downturns to properly fund their businesses and their ability to supply their products to us could be negatively impacted. Any inability to acquire suitable merchandise at acceptable prices, or the loss of one or more key vendors, could have a material adverse effect on our business, results of operations and financial condition.

Our ecommerce operations subject us to numerous risks that could have an adverse effect on our results of operations.

Our ecommerce operations subject us to certain risks that could have an adverse effect on our operational results, including:

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rapid technological change;

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liability for online content; and

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risks related to the computer systems that operate our website and related support systems, including computer viruses, electronic break-ins and similar disruptions.

In addition, risks beyond our control, such as governmental regulation of ecommerce, entry of our vendors in the ecommerce business in competition with us, online security breaches and general economic conditions specific to ecommerce could have an adverse effect on our results of operations.

If we lose key executives or are unable to attract and retain the talent required for our business, our financial performance could suffer.

Our performance depends largely on the efforts and abilities of our key executives. If we lose the services of one or more of our key executives, we may not be able to successfully manage our business or achieve our growth objectives. As our business grows, we will need to attract and retain additional qualified personnel in a timely manner and we may not be able to do so.

Our failure to meet our staffing needs could adversely affect our ability to implement our growth strategy and could have a material impact on our results of operations.

Our success depends in part upon our ability to attract, motivate and retain a sufficient number of qualified employees who understand and appreciate our culture and our brand and are able to adequately represent this culture to our customers. Qualified individuals of the requisite caliber, skills and number needed to fill these positions may be in short supply in some areas, and the employee turnover rate in the retail industry is high. Competition for qualified employees could require us to pay higher wages to attract a sufficient number of suitable employees. If we are unable to hire and retain store managers and store associates capable of consistently providing a high level of customer service, as demonstrated by their enthusiasm for our culture and knowledge of our merchandise, our ability to open new stores may be impaired and the performance of our existing and new stores could be materially adversely affected. We are also dependent upon temporary personnel to adequately staff our stores and our distribution and fulfillment operations particularly during busy periods such as the back-to-school and winter holiday seasons. There can be no assurance that we will receive adequate assistance from our temporary personnel, or that there will be sufficient sources of temporary personnel. Although none of our employees are currently covered by collective bargaining agreements, we cannot guarantee that our employees will not elect to be represented by labor unions in the future, which could increase our labor costs and could subject us to the risk of work stoppages and strikes. Any such failure to meet our staffing needs, any material increases in employee turnover rates, any increases in labor costs or any work stoppages, interruptions or strikes could have a material adverse effect on our business or results of operations.

Our business could suffer with the closure or disruption of our home office or our distribution centers.

Domestically, we rely on a single distribution center located in Corona, California to receive, store and distribute the vast majority of our merchandise to our domestic stores. Internationally, we operate a combined distribution and ecommerce fulfillment center located in Graz, Austria that supports our Blue Tomato ecommerce and store operations in Europe and we operate a distribution center located in Delta, British Columbia, Canada to distribute our merchandise to our Canadian stores.

Additionally, we are headquartered in Lynnwood, Washington. As a result, a natural disaster or other catastrophic event that affects one of the regions where we operate these centers could significantly disrupt our operations and have a material adverse effect on our business, results of operations and financial condition.

We are required to make substantial rental payments under our operating leases and any failure to make these lease payments when due could have a material adverse effect on our business and growth plans.

Payments under operating leases account for a significant portion of our operating expenses and has historically been our third largest expense behind cost of sales and employee related costs. Total rent expense, including contingent rent based on sales of some of our stores, was $37.3 million and $34.7 million for the six months ended July 30, 2016 and August 1, 2015. Total rent expense amounts do not include real estate taxes, insurance, common area maintenance charges and other executory costs, which were $20.5 million and $19.0 million for the six months ended July 30, 2016 and August 1, 2015.

At July 30, 2016, we were committed to property owners for minimum lease payments of $423.4 million. In addition to minimum lease payments, substantially all of our store leases provide for contingent rent payments based on sales of the respective stores, as well as real estate taxes, insurance, common area maintenance charges and other executory costs. These amounts generally escalate each year. We expect that any new stores we open will also be leased by us under operating leases, which will further increase our operating lease expenses and obligations.

Our substantial operating lease obligations could have significant negative consequences, including:

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increasing our vulnerability to general adverse economic and industry conditions;

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limiting our ability to obtain additional financing;

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requiring that a substantial portion of our available cash be applied to pay our rental obligations, thus reducing cash available for other purposes; and

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limiting our flexibility in planning for or reacting to changes in our business or in the industry in which we compete, and placing us at a disadvantage with respect to some of our competitors.

We depend on cash flow from operations to pay our lease expenses and to fulfill our other cash needs. If our business does not generate sufficient cash flow from operating activities, and sufficient funds are not otherwise available to us from borrowings under bank loans or from other sources, we may not be able to service our operating lease expenses, grow our business, respond to competitive challenges or fund our other liquidity and capital needs, which could have a material adverse effect on our business.

The terms of our primary credit facility impose certain restrictions on us that may impair our ability to respond to changing business and economic conditions. These restrictions could have a significant adverse impact on our business. Additionally, our business could suffer if our ability to acquire financing is reduced or eliminated.

The ABL Facility includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of guarantees or security interests, material judgments and change of control.

Additionally, we cannot be assured that our borrowing relationship with our lenders will continue or that our lenders will remain able to support their commitments to us in the future. If our lenders fail to do so, then we may not be able to secure alternative financing on commercially reasonable terms, or at all.

Our business could suffer if a manufacturer fails to use acceptable labor practices.

We do not control our vendors or the manufacturers that produce the products we buy from them, nor do we control the labor practices of our vendors and these manufacturers. The violation of labor or other laws by any of our vendors or these manufacturers, or the divergence of the labor practices followed by any of our vendors or these manufacturers from those generally accepted as ethical in the U.S., could interrupt, or otherwise disrupt, the shipment of finished products to us or damage our reputation. Any of these, in turn, could have a material adverse effect on our financial condition and results of operations. In that regard, most of the products we sell are manufactured overseas, primarily in Asia and Central America, which may increase the risk that the labor practices followed by the manufacturers of these products may differ from those considered acceptable in the U.S.

Additionally, our products are subject to regulation of and regulatory standards set by various governmental authorities with respect to quality and safety. Regulations and standards in this area are currently in place. These regulations and standards may change from time to time. Our inability to comply on a timely basis with regulatory requirements could result in significant fines or penalties, which could adversely affect our reputation and sales. Issues with the quality and safety of merchandise we sell, regardless of our culpability, or customer concerns about such issues, could result in damage to our reputation, lost sales, uninsured product liability claims or losses, merchandise recalls and increased costs.

Our failure to adequately anticipate a correct mix of private label merchandise may have a material adverse effect on our business.

Sales from private label merchandise account for approximately 20% of our net sales and generally carry higher gross margins than our other merchandise. We may take steps to increase the percentage of net sales of private label merchandise in the future, although there can be no assurance that we will be able to achieve increases in private label merchandise sales as a percentage of net sales. Our failure to anticipate, identify and react in a timely manner to fashion trends with our private label merchandise, could have a material adverse effect on our comparable sales, financial condition and results of operations.

If our information systems hardware or software fails to function effectively or does not scale to keep pace with our planned growth, our operations could be disrupted and our financial results could be harmed.

We are continuing to make investments to improve our information systems infrastructure. If our information systems, including software, do not work effectively, this could adversely impact the promptness and accuracy of our transaction processing, financial accounting and reporting and our ability to manage our business and properly forecast operating results and cash requirements. Additionally, we rely on third-party service providers for certain information systems functions. If a service provider fails to provide the data quality, communications capacity or services we require, the failure could interrupt our services and could have a material adverse effect on our business, financial condition and results of operations. To manage the anticipated growth of our operations and personnel, we may need to continue to improve our operational and financial systems, transaction processing, procedures and controls, and in doing so could incur substantial additional expenses that could impact our financial results.

The security of our databases that contain personal information of our retail customers could be breached, which could subject us to adverse publicity, litigation and expenses. In addition, if we are unable to comply with security standards created by the credit card industry, our operations could be adversely affected.

Database privacy, network security and identity theft are matters of growing public concern. In an attempt to prevent unauthorized access to our network and databases containing confidential, third-party information, we have installed privacy protection systems, devices and activity monitoring on our networks. Nevertheless, if unauthorized parties gain access to our networks or databases, they may be able to steal, publish, delete or modify our private and sensitive third-party information. In such circumstances, we could be held liable to our customers or other parties or be subject to regulatory or other actions for breaching privacy rules and we may be exposed to reputation damage and loss of customers’ trust and business. This could result in costly investigations and litigation, civil or criminal penalties and adverse publicity that could adversely affect our financial condition, results of operations and reputation. Further, if we are unable to comply with the security standards established by banks and the credit card industry, we may be subject to fines, restrictions and expulsion from card acceptance programs, which could adversely affect our retail operations.

Our inability or failure to protect our intellectual property or our infringement of other’s intellectual property could have a negative impact on our operating results.

We believe that our trademarks and domain names are valuable assets that are critical to our success. The unauthorized use or other misappropriation of our trademarks or domain names could diminish the value of the Zumiez or Blue Tomato brands, our store concepts, our private label brands or our goodwill and cause a decline in our net sales. Although we have secured or are

in the process of securing protection for our trademarks and domain names in a number of countries outside of the U.S., there are certain countries where we do not currently have or where we do not currently intend to apply for protection for certain trademarks or at all. Also, the efforts we have taken to protect our trademarks may not be sufficient or effective. Therefore, we may not be able to prevent other persons from using our trademarks or domain names outside of the U.S., which also could adversely affect our business. We are also subject to the risk that we may infringe on the intellectual property rights of third parties. Any infringement or other intellectual property claim made against us, whether or not it has merit, could be time-consuming, result in costly litigation, cause product delays or require us to pay royalties or license fees. As a result, any such claim could have a material adverse effect on our operating results.

The effects of war or acts of terrorism, or other types of mall violence, could adversely affect our business.

Most of our stores are located in shopping malls. Any threat of terrorist attacks or actual terrorist events, or other types of mall violence, such as shootings in malls, particularly in public areas, could lead to lower customer traffic in shopping malls. In addition, local authorities or mall management could close shopping malls in response to security concerns. Mall closures, as well as lower customer traffic due to security concerns, could result in decreased sales. Additionally, the armed conflicts in the Middle East, or the threat, escalation or commencement of war or other armed conflict elsewhere, could significantly diminish consumer spending, and result in decreased sales for us. Decreased sales could have a material adverse effect on our business, financial condition and results of operations.

The outcome of litigation could have a material adverse effect on our business, and may result in substantial costs and could divert management’s attention.

We are involved, from time to time, in litigation incidental to our business including complaints filed by investors. This litigation could result in substantial costs, and could divert management’s attention and resources, which could harm our business. Risks associated with legal liability are often difficult to assess or quantify, and their existence and magnitude can remain unknown for significant periods of time. There can be no assurance that the actual outcome of pending or future litigation will not have a material adverse effect on our results of operations or financial condition. Additionally, while we maintain director and officer liability insurance for litigation surrounding investor lawsuits, the amount of insurance coverage may not be sufficient to cover a claim and the continued availability of this insurance cannot be assured.

Our operations expose us to the risk of litigation, which could lead to significant potential liability and costs that could harm our business, financial condition or results of operations.

We employ a substantial number of full-time and part-time employees, a majority of whom are employed at our store locations. As a result, we are subject to a large number of federal, state and foreign laws and regulations relating to employment. This creates a risk of potential claims that we have violated laws related to discrimination and harassment, health and safety, wage and hour laws, criminal activity, personal injury and other claims. We are also subject to other types of claims in the ordinary course of our business. Some or all of these claims may give rise to litigation, which could be time-consuming for our management team, costly and harmful to our business.

In addition, we are exposed to the risk of class action litigation. The costs of defense and the risk of loss in connection with class action suits are greater than in single-party litigation claims. Due to the costs of defending against such litigation, the size of judgments that may be awarded against us, and the loss of significant management time devoted to such litigation, we cannot assure you that such litigation will not disrupt our business or impact our financial results.

Our failure to comply with federal, state, local or foreign laws, or changes in these laws, could have an adverse impact on our results of operations and financial performance.

Our business is subject to a wide array of laws and regulations. Changes in the regulations, the imposition of additional regulations, or the enactment of any new legislation including those related to health care, taxes, privacy, environmental issues and trade, could adversely affect our results of operations or financial condition.

Our business could be adversely affected by increased labor costs, including costs related to an increase in the minimum wage and new health care laws.

Labor is a primary component in the cost of operating our business. Increased labor costs, whether due to competition, unionization, increased minimum wage, state unemployment rates, employee benefits costs or otherwise, may adversely impact our operating expenses. A considerable amount of our store team members are paid at rates related to the federal or state minimum wage and any changes to the minimum wage rate may increase our operating expenses. Furthermore, inconsistent increases in state and or city minimum wage requirements limits our ability to increase prices across all markets and channels. Additionally, we are self-insured with respect to our health care coverage in the U.S. and do not purchase third party insurance

for the health insurance benefits provided to employees with the exception of pre-defined stop loss coverage, which helps limit the cost of large claims. In March 2010, The Patient Protection and Affordable Care Act was enacted requiring employers such as us to provide health insurance for all qualifying employees or pay penalties for not providing coverage. These costs were incurred in fiscal 2015, however, there is no assurance that we will be able to absorb and/or pass through the costs of future heath care legislation in a manner that will not adversely impact our results or operations.

Failure to maintain adequate financial and management processes and controls could lead to errors in our financial reporting and could harm our ability to manage our expenses.

Reporting obligations as a public company and our anticipated growth, both domestically and internationally, are likely to place a considerable strain on our financial and management systems, processes and controls, as well as on our personnel. In addition, we are required to document and test our internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 so that our management can certify as to the effectiveness of our internal controls and our independent registered public accounting firm can render an opinion on the effectiveness of our internal control over financial reporting on an annual basis. This process requires us to document our internal controls over financial reporting and to potentially make significant changes thereto, if applicable. As a result, we have incurred and expect to continue to incur substantial expenses to test our financial controls and systems, and we have been and in the future may be required to improve our financial and managerial controls, reporting systems and procedures, to incur substantial expenses to make such improvements and to hire additional personnel. If our management is ever unable to certify the effectiveness of our internal controls or if our independent registered public accounting firm cannot render an opinion on the effectiveness of our internal control over financial reporting, or if material weaknesses in our internal controls are ever identified, we could be subject to regulatory scrutiny and a loss of public confidence, which could have a material adverse effect on our business and our stock price. In addition, if we do not maintain adequate financial and management personnel, processes and controls, we may not be able to accurately report our financial performance on a timely basis, which could cause a decline in our stock price and adversely affect our ability to raise capital.

Changes to accounting rules or regulations could significantly affect our financial results.

Our condensed consolidated financial statements are prepared in accordance with U.S. GAAP. New accounting rules or regulations and changes to existing accounting rules or regulations have occurred and may occur in the future. Future changes to accounting rules or regulations, such as changes to lease accounting guidance or a requirement to convert to international financial reporting standards, could negatively affect our results of operations and financial condition through increased cost of compliance.

We may fail to meet analyst expectations, which could cause the price of our stock to decline.

Our common stock is traded publicly and various securities analysts follow our financial results and issue reports on us. These reports include information about our historical financial results as well as the analysts’ estimates of our future performance. The analysts’ estimates are based upon their own independent opinions and can be different from our estimates or expectations. If our operating results are below the estimates or expectations of public market analysts and investors, our stock price could decline. In December 2007, a securities class action litigation and associated derivative lawsuits were brought against us and such actions are frequently brought against other companies following a decline in the market price of their securities. These lawsuits were dismissed with prejudice in March 2009. If our stock price is volatile, we may become involved in this type of litigation in the future. Any litigation could result in substantial costs and a diversion of management’s attention and resources that are needed to successfully run our business.

The reduction of total outstanding shares through the execution of the share repurchase program of common stock may increase the risk that a group of shareholders could form a group to become a controlling shareholder.

We do not have a controlling shareholder, nor are we aware of any shareholders that have formed a “group” (defined as when two or more persons agree to act together for the purposes of acquiring, holding, voting or otherwise disposing of the equity securities of an issuer). The reduction of total outstanding shares through the execution of the share repurchase program of common stock may increase the risk that a group of shareholders could form a group to become a controlling shareholder. A controlling shareholder would have significant influence over, and may have the ability to control, matters requiring approval by the Company’s shareholders, including the election of directors and approval of mergers, consolidations, sales of assets, recapitalizations and amendments to the Company’s articles of incorporation. Furthermore, a controlling shareholder may take actions with which other shareholders do not agree, including actions that delay, defer or prevent a change of control of the company and that could cause the price that investors are willing to pay for the company’s stock to decline.

The value of our investments may fluctuate.

We have our excess cash primarily invested in state and local municipal securities and variable-rate demand notes. These investments have historically been considered very safe investments with minimal default rates. At July 30, 2016, we had $32.7 million of investments in state and local government securities and variable-rate demand notes. These securities are not guaranteed by the U.S. government and are subject to additional credit risk based upon each local municipality’s tax revenues and financial stability. As a result, we may experience a reduction in value or loss of liquidity of our investments, which may have a negative adverse effect on our results of operations, liquidity and financial condition.

A decline in the market price of our stock and/or our performance may trigger an impairment of the goodwill and other indefinite-lived intangible assets recorded on the condensed consolidated balance sheets.

Goodwill and other indefinite-lived intangible assets are required to be tested for impairment at least annually or more frequently if management believes indicators of impairment exist. Any reduction in the carrying value of our goodwill or other indefinite-lived intangible assets as a result of our impairment analysis could result in a non-cash impairment charge, which could have a significant impact on our results of operations.

Reduced operating results and cash flows may cause us to incur impairment charges.

We review the carrying value of our fixed assets for impairment whenever events or changes in circumstances indicate that the carrying value of such asset may not be recoverable. The review could result in a non-cash impairment charge related to underperforming stores, which could impact our results of operations.

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Our market risk profile at July 30, 2016 has not significantly changed since January 30, 2016. Our market risk profile at January 30, 2016 is disclosed in our Annual Report on Form 10-K.

Item 4:

Controls and Procedures

Evaluation of Disclosure Controls and Procedures. We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Securities Exchange Act Rule 13a-15(e)). Based on this evaluation, our CEO and CFO concluded that, as of July 30, 2016, our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting. There has been no change in our internal control over financial reporting (as defined in Securities Exchange Act Rule 13a-15(f)) during the quarter ended July 30, 2016 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

We are involved from time to time in litigation incidental to our business. We are unable to predict the outcome of litigated cases. A court determination in any of litigation actions against us could result in significant liability and could have a material adverse effect on our business, results of operations or financial condition.

See Note 3 to the Notes to Condensed Consolidated Financial Statements found in Part I Item 1 of this Form 10-Q (listed under “Litigation” under Commitments and Contingencies).

Item 1A.

Risk Factors

Please refer to the Risk Factors set forth in Item 2 of Part I of this Form 10-Q as well as the risk factors previously disclosed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended January 30, 2016. There have been no material changes in the risk factors set forth in our Annual Report on Form 10-K for the year ended January 30, 2016.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

The following table presents information with respect to purchase of common stock of the Company made during the thirteen weeks ended July 30, 2016 (in thousands, except average price paid per share):


Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)		Dollar Value of Shares that May Yet Be Repurchased Under the Plans or Programs (1)
May 1, 2016 - May 28, 2016		200	$	15.01		200	$	39,866
May 29, 2016 - July 2, 2016		150		14.79		150		37,647
July 3, 2016 - July 30, 2016		97		15.65		97		36,125

Total		447				447

(1)	In December 2015, our Board of Directors authorized us to repurchase up to $70.0 million of our common stock. This program is expected to continue through January 28, 2017, unless the time period is extended or shortened by the Board of Directors.

Item 3.

Defaults Upon Senior Securities

None

Item 4.

Mine Safety Disclosures

Not applicable

Item 5.

Other Information

None

Item 6.

Exhibits


Exhibit No.		Description of Exhibits

31.1		Certification of the Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of the Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certifications of the Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350

101		The following materials from Zumiez Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended July 30, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets at July 30, 2016 (unaudited) and January 30, 2016; (ii) Unaudited Condensed Consolidated Statements of (Loss) Income for the three and six months ended July 30, 2016 and August 1, 2015; (iii) Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended July 30, 2016 and August 1, 2015; (iv) Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended July 30, 2016 and August 1, 2015; (v) Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended July 30, 2016 and August 1, 2015; and (vi) Notes to Condensed Consolidated Financial Statements.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EX-31.1 2 d261740dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULE 13a-14(a), AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Richard M. Brooks, certify that:

I have reviewed this quarterly report on Form 10-Q of Zumiez Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Richard M. Brooks

Dated: September 8, 2016

Richard M. Brooks

Chief Executive Officer and Director

(Principal Executive Officer)

EX-31.2 3 d261740dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULE 13a-14(a), AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Christopher C. Work, certify that:

I have reviewed this quarterly report on Form 10-Q of Zumiez Inc.;

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


/s/ Christopher C. Work				Dated: September 8, 2016
Christopher C. Work
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)

EX-32.1 4 d261740dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report of Zumiez Inc., a Washington corporation (the “Company”), on Form 10-Q for the three months ended July 30, 2016 as filed with the Securities and Exchange Commission (the “Report”), I, Richard M. Brooks, Principal Executive Officer of the Company and Christopher C. Work, Principal Financial Officer of the Company, certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.


/s/ Richard M. Brooks				/s/ Christopher C. Work
Richard M. Brooks				Christopher C. Work
Chief Executive Officer and Director (Principal Executive Officer) September 8, 2016				Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
				September 8, 2016

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<div> 4. Revolving Credit Facilities and Debt On February 5, 2016, the Company entered into an asset-based revolving credit agreement with Wells Fargo Bank, National Association, which provides for a senior secured revolving credit facility of up to $100 million (“ABL Facility”), subject to a borrowing base, with a letter of credit sub-limit of $10 million. The ABL Facility is available for working capital and other general corporate purposes. The ABL Facility replaced our $25.0 million secured revolving credit facility with Wells Fargo, which was entered into on July 9, 2014 and was scheduled to expire on September 1, 2016. The ABL Facility will mature on February 5, 2021. The ABL Facility is secured by a first-priority security interest in substantially all of the personal property (but not the real property) of the borrowers and guarantors. Amounts borrowed under the ABL Facility bear interest, at the Company’s option, at either an adjusted LIBOR rate plus a margin of 1.25% to 1.75% per annum, or an alternate base rate plus a margin of 0.25% to 0.75% per annum. The Company is also required to pay a fee of 0.25% per annum on undrawn commitments under the ABL Facility. Customary agency fees and letter of credit fees are also payable in respect of the ABL Facility. Additionally, we have revolving lines of credit of up to 7.3 million Euro, the proceeds of which are used to fund certain international operations. The revolving lines of credit bear interest at 1.65%-3.00%. On August 12, 2016, the revolving lines of credit were increased to 20.5 million Euro. There were no borrowings outstanding under any revolving lines of credit at July 30, 2016 and January 30, 2016. We had $0.3 million in open commercial letters of credit outstanding under these lines of credit at July 30, 2016 and no open commercial letters of credit outstanding at January 30, 2016. </div>

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<div> 1. Nature of Business and Basis of Presentation Nature of Business—Zumiez Inc., including its wholly owned subsidiaries, (the “Company,” “we,” “us,” “its” and “our”) is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear, and other unique lifestyles. At July 30, 2016, we operated 673 stores; 604 in the United States (“U.S.”), 44 in Canada and 25 in Europe. We operate under the names Zumiez and Blue Tomato. Additionally, we operate ecommerce websites at www.zumiez.com and www.blue-tomato.com. Fiscal Year—We use a fiscal calendar widely used by the retail industry that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31. Each fiscal year consists of four 13-week quarters, with an extra week added to the fourth quarter every five or six years. The three months ended July 30, 2016 and August 1, 2015 were 13-week periods. The six months ended July 30, 2016 and August 1, 2015 were 26-week periods. Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented. The financial data at January 30, 2016 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 30, 2016, and should be read in conjunction with the audited consolidated financial statements and notes thereto. Interim results are not necessarily indicative of results for the full fiscal year due to seasonality and other factors. Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. These estimates can also affect supplemental information disclosed by us, including information about contingencies, risk and financial condition. Actual results could differ from these estimates and assumptions. Segment Reporting—We identify our operating segments according to how our business activities are managed and evaluated. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, production, merchandising and distribution processes involved, target customers and economic characteristics. Recent Accounting Standards—In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (ASU) as part of its simplification initiative that includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Upon the adoption of the ASU, excess tax benefits and deficiencies for share-based payments are recorded as an adjustment of income taxes and reflected in operating cash flows rather than recorded in equity and reported in financing cash flows. The guidance allows for the employer to withhold up to the maximum statutory tax rates in the applicable jurisdictions without triggering liability accounting. The guidance also allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The new standard is effective for the fiscal year beginning after December 15, 2016, with early adoption permitted. We are evaluating the impact of this standard on our condensed consolidated financial statements. In February 2016, the FASB issued a comprehensive standard related to lease accounting to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Most significantly, the new guidance requires lessees to recognize operating leases with a term of more than 12 months as lease assets and lease liabilities. The adoption will require a modified retrospective approach at the beginning of the earliest period presented. The new standard is effective for the fiscal year beginning after December 15, 2018, with early adoption permitted. We are evaluating the impact of this standard on our condensed consolidated financial statements. In January 2016, the FASB issued a new standard related primarily to accounting for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. There will no longer be an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income for equity securities with readily determinable fair values. The new standard will be effective for the fiscal year beginning after December 15, 2017 and early adoption is permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In July 2015, the FASB issued guidance simplifying the measurement of inventory. This standard requires entities that use inventory methods other than the last-in, first-out (LIFO) or retail inventory method to measure inventory at the lower of cost or net realizable value, which is defined as the estimated selling prices in the normal course of business, less reasonably predictable costs of completion, disposal, and transportation. We are required to adopt this guidance for the fiscal year beginning after December 31, 2016. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In April 2015, the FASB issued guidance about a customer’s accounting for fees paid in a cloud computing arrangement. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is effective for the fiscal year beginning after December 15, 2015 and may be applied on either a prospective or retrospective basis. We adopted this guidance beginning in the first quarter ending July 30, 2016 and the adoption did not have a material impact on our condensed consolidated financial statements. In May 2014, the FASB issued a comprehensive new revenue recognition standard. The new standard allows for a full retrospective approach to transition or a modified retrospective approach. This guidance was effective for fiscal years and interim periods within those years beginning after December 15, 2016. In August 2015, the FASB issued updated guidance deferring the effective date for the fiscal year beginning after December 15, 2017 and will permit early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the method of adoption we plan to use and the effect the standard is expected to have on our condensed consolidated financial statements. </div>

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<div> Fiscal Year—We use a fiscal calendar widely used by the retail industry that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31. Each fiscal year consists of four 13-week quarters, with an extra week added to the fourth quarter every five or six years. The three months ended July 30, 2016 and August 1, 2015 were 13-week periods. The six months ended July 30, 2016 and August 1, 2015 were 26-week periods. </div>

<div> Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented. The financial data at January 30, 2016 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 30, 2016, and should be read in conjunction with the audited consolidated financial statements and notes thereto. Interim results are not necessarily indicative of results for the full fiscal year due to seasonality and other factors. </div>

<div> 3. Commitments and Contingencies Leases—We lease our stores and certain corporate and other operating facilities under operating leases. Total rent expense is as follows (in thousands):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="56%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Three Months Ended</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Six Months Ended</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">July 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">August 1, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">July 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">August 1, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Minimum rent expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18,409</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,050</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,410</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,944</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Contingent rent expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">459</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">402</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">873</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">739</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total rent expense (1) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18,868</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,452</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37,283</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">34,683</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left">Total rent expense does not include real estate taxes, insurance, common area maintenance charges and other executory costs, which were $10.3 million and $20.5 million for the three and six months ended July 30, 2016 and $9.6 million and $19.0 million for the three and six months ended August 1, 2015.</td> </tr> </table> A majority of our leases provide for ongoing co-tenancy requirements or early cancellation clauses that would further lower rental rates, or permit lease terminations, or both, in the event that co-tenants cease to operate for specific periods or if certain sales levels are not met in specific periods. Most of the store leases require payment of a specified minimum rent and a contingent rent based on a percentage of the store’s net sales in excess of a specified threshold, as well as real estate taxes, insurance, common area maintenance charges and other executory costs. Future minimum lease payments at July 30, 2016 are as follows (in thousands):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="87%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Fiscal 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">34,708</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Fiscal 2017 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,954</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Fiscal 2018 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">61,022</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Fiscal 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">54,155</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Fiscal 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50,182</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">157,338</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total (1) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">423,359</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left">Amounts in the table do not include contingent rent and real estate taxes, insurance, common area maintenance charges and other executory costs obligations.</td> </tr> </table>   Purchase Commitments—At July 30, 2016, we had outstanding purchase orders to acquire merchandise from vendors of $167.6 million. We have an option to cancel these commitments with no notice prior to shipment, except for certain private label and international purchase orders in which we are obligated to repay contractual amounts upon cancellation. Litigation—We are involved from time to time in claims, proceedings and litigation arising in the ordinary course of business. We have made accruals with respect to these matters, where appropriate, which are reflected in our condensed consolidated financial statements. For some matters, the amount of liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made. We may enter into discussions regarding settlement of these matters, and may enter into settlement agreements, if we believe settlement is in the best interest of our shareholders. Insurance Reserves—We use a combination of third-party insurance and self-insurance for a number of risk management activities including workers’ compensation, general liability and employee-related health care benefits. We maintain reserves for our self-insured losses, which are estimated based on historical claims experience and actuarial and other assumptions. The self-insurance reserve at July 30, 2016 and January 30, 2016 was $2.5 million and $2.1 million. </div>

<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 2. Cash, Cash Equivalents and Marketable Securities <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The following tables summarize the estimated fair value of our cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="63%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="14" align="center">July 30, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Amortized Cost</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Gross Unrealized Holding Gains</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Gross Unrealized Holding Losses</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Estimated Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Cash and cash equivalents: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Cash </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18,947</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18,947</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Money market funds </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">653</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">653</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Total cash and cash equivalents </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19,600</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19,600</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Marketable securities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> State and local government securities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">31,087</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">21</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">31,095</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Variable-rate demand notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,645</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,645</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Total marketable securities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,732</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">21</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(13</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,740</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="16"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="14" align="center">January 30, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Amortized Cost</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Gross Unrealized Holding Gains</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Gross Unrealized Holding Losses</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Estimated Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Cash and cash equivalents: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Cash </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,608</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,608</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Money market funds </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,555</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,555</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Total cash and cash equivalents </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">43,163</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">43,163</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Marketable securities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> State and local government securities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,754</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(187</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,575</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Variable-rate demand notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">644</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">644</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Total marketable securities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,398</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(187</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,219</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Less: Long-term marketable securities (1) </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(828</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Total current marketable securities </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,391</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left">At January 30, 2016, we held one auction rate security, classified as available-for-sale marketable securities and included in other long-term assets on the condensed consolidated balance sheet.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> All of our available-for-sale securities have an effective maturity date of two years or less and may be liquidated, at our discretion, prior to maturity. <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The following tables summarize the gross unrealized holding losses and fair value for investments in an unrealized loss position, and the length of time that individual securities have been in a continuous loss position (in thousands): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="56%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="22" align="center">July 30, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center">Less Than 12 Months</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center">12 Months or Greater</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center">Total</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Unrealized Losses</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Unrealized Losses</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Unrealized Losses</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Marketable securities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> State and local government securities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,068</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(12</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">305</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,373</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Total marketable securities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,068</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(12</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">305</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,373</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(13</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="24"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="22" align="center">January 30, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center">Less Than 12 Months</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center">12 Months or Greater</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center">Total</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Unrealized Losses</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Unrealized Losses</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Unrealized Losses</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Marketable securities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> State and local government securities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,884</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(15</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">853</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(172</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,737</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(187</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Total marketable securities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,884</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(15</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">853</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(172</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,737</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(187</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> We did not record a realized loss for other-than-temporary impairments during the three and six months ended July 30, 2016 or August 1, 2015. </div>

P1Y3M18D

-3713000

59000

351243000

-4804000

873000

37283000

242000

28353000

-813000

104803000

6736000

38181000

397000

36410000

-2975000

-4775000

-12000

842000

-11590000

28658000

2329000

116000

19084000

<div> Recent Accounting Standards—In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (ASU) as part of its simplification initiative that includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Upon the adoption of the ASU, excess tax benefits and deficiencies for share-based payments are recorded as an adjustment of income taxes and reflected in operating cash flows rather than recorded in equity and reported in financing cash flows. The guidance allows for the employer to withhold up to the maximum statutory tax rates in the applicable jurisdictions without triggering liability accounting. The guidance also allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The new standard is effective for the fiscal year beginning after December 15, 2016, with early adoption permitted. We are evaluating the impact of this standard on our condensed consolidated financial statements. In February 2016, the FASB issued a comprehensive standard related to lease accounting to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Most significantly, the new guidance requires lessees to recognize operating leases with a term of more than 12 months as lease assets and lease liabilities. The adoption will require a modified retrospective approach at the beginning of the earliest period presented. The new standard is effective for the fiscal year beginning after December 15, 2018, with early adoption permitted. We are evaluating the impact of this standard on our condensed consolidated financial statements. In January 2016, the FASB issued a new standard related primarily to accounting for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. There will no longer be an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income for equity securities with readily determinable fair values. The new standard will be effective for the fiscal year beginning after December 15, 2017 and early adoption is permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In July 2015, the FASB issued guidance simplifying the measurement of inventory. This standard requires entities that use inventory methods other than the last-in, first-out (LIFO) or retail inventory method to measure inventory at the lower of cost or net realizable value, which is defined as the estimated selling prices in the normal course of business, less reasonably predictable costs of completion, disposal, and transportation. We are required to adopt this guidance for the fiscal year beginning after December 31, 2016. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In April 2015, the FASB issued guidance about a customer’s accounting for fees paid in a cloud computing arrangement. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is effective for the fiscal year beginning after December 15, 2015 and may be applied on either a prospective or retrospective basis. We adopted this guidance beginning in the first quarter ending July 30, 2016 and the adoption did not have a material impact on our condensed consolidated financial statements. In May 2014, the FASB issued a comprehensive new revenue recognition standard. The new standard allows for a full retrospective approach to transition or a modified retrospective approach. This guidance was effective for fiscal years and interim periods within those years beginning after December 15, 2016. In August 2015, the FASB issued updated guidance deferring the effective date for the fiscal year beginning after December 15, 2017 and will permit early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the method of adoption we plan to use and the effect the standard is expected to have on our condensed consolidated financial statements. </div>

2445000

32766000

-5076000

-18687000

225000

-1800000

6443000

-95000

<div> Total rent expense is as follows (in thousands):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="56%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Three Months Ended</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Six Months Ended</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">July 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">August 1, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">July 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">August 1, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Minimum rent expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18,409</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,050</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,410</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,944</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Contingent rent expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">459</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">402</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">873</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">739</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total rent expense (1) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18,868</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,452</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37,283</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">34,683</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left">Total rent expense does not include real estate taxes, insurance, common area maintenance charges and other executory costs, which were $10.3 million and $20.5 million for the three and six months ended July 30, 2016 and $9.6 million and $19.0 million for the three and six months ended August 1, 2015.</td> </tr> </table> </div>

11895000

<div> Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. These estimates can also affect supplemental information disclosed by us, including information about contingencies, risk and financial condition. Actual results could differ from these estimates and assumptions. </div>

<div> Segment Reporting—We identify our operating segments according to how our business activities are managed and evaluated. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, production, merchandising and distribution processes involved, target customers and economic characteristics. </div>

-132000

24957000

109879000

1059000

18269000

24957000

<div> Future minimum lease payments at July 30, 2016 are as follows (in thousands):   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="87%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Fiscal 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">34,708</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Fiscal 2017 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,954</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Fiscal 2018 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">61,022</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Fiscal 2019 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">54,155</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Fiscal 2020 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50,182</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Thereafter </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">157,338</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total (1) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">423,359</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left">Amounts in the table do not include contingent rent and real estate taxes, insurance, common area maintenance charges and other executory costs obligations.</td> </tr> </table> </div>

ZUMZ

2221000

20500000 2690000 254000 <div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The following table summarizes common stock repurchase activity during the six months ended July 30, 2016 (in thousands, except per share amounts): <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="88%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Number of shares repurchased </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,059</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> Average price per share of repurchased shares (with commission) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17.25</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> Total cost of shares repurchased </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">18,269</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> </div> P2Y

0.497

4000

P7Y

0.00

19.70

P4Y10M24D

33.53

8.64

82000

19.70

0.016

20000

P5Y11M5D

26.46

18.76

125000

11000

29.67

263000

0.0165

0.0300

447000

1774000

2329000

2221000

529000

-132000

1059000

282000

116000

2445000

-2975000

18269000

100000

0.11

978000

122046000

150000

179819000

402000

17452000

-271000

57773000

17050000

3213000

5191000

-2207000

-28000

-2235000

128000

5312000

1978000

28439000

52461000

28311000

1138000

9600000

261000

877000

-2207000

-28000

300000

-0.03

-3380000

123428000

28000

178272000

459000

18868000

-256000

54844000

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Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Trading Symbol	ZUMZ
Entity Registrant Name	Zumiez Inc
Entity Central Index Key	0001318008
Current Fiscal Year End Date	--01-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		24,830,885

XML 12 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 30, 2016	Jan. 30, 2016
Current assets
Cash and cash equivalents	$ 19,600	$ 43,163
Marketable securities	32,740	32,391
Receivables	14,576	12,840
Inventories	131,823	98,299
Prepaid expenses and other current assets	13,990	12,204
Total current assets	212,729	198,897
Fixed assets, net	136,505	137,233
Goodwill	55,082	54,245
Intangible assets, net	12,005	11,766
Deferred tax assets, net	8,332	4,634
Other long-term assets	7,908	7,920
Total long-term assets	219,832	215,798
Total assets	432,561	414,695
Current liabilities
Trade accounts payable	60,044	21,919
Accrued payroll and payroll taxes	12,754	12,466
Income taxes payable	507	4,066
Deferred rent and tenant allowances	8,384	8,116
Other liabilities	22,089	22,575
Total current liabilities	103,778	69,142
Long-term deferred rent and tenant allowances	43,721	43,779
Other long-term liabilities	4,815	4,817
Total long-term liabilities	48,536	48,596
Total liabilities	152,314	117,738
Commitments and contingencies (Note 3)
Shareholders' equity
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding
Common stock, no par value, 50,000 shares authorized; 24,931 shares issued and outstanding at July 30, 2016 and 25,708 shares issued and outstanding at January 30, 2016	137,102	135,013
Accumulated other comprehensive loss	(12,802)	(15,247)
Retained earnings	155,947	177,191
Total shareholders' equity	280,247	296,957
Total liabilities and shareholders' equity	$ 432,561	$ 414,695

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 30, 2016	Jan. 30, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	24,931,000	25,708,000
Common stock, shares outstanding	24,931,000	25,708,000

XML 14 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of (Loss) Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Income Statement [Abstract]
Net sales	$ 178,272	$ 179,819	$ 351,243	$ 357,429
Cost of goods sold	123,428	122,046	246,440	243,121
Gross profit	54,844	57,773	104,803	114,308
Selling, general and administrative expenses	55,980	52,461	109,879	104,870
Operating (loss) profit	(1,136)	5,312	(5,076)	9,438
Interest income, net	28	150	59	355
Other (expense) income, net	(256)	(271)	242	(156)
(Loss) earnings before income taxes	(1,364)	5,191	(4,775)	9,637
(Benefit) provision for income taxes	(526)	1,978	(1,800)	3,654
Net (loss) income	$ (838)	$ 3,213	$ (2,975)	$ 5,983
Basic (loss) earnings per share	$ (0.03)	$ 0.11	$ (0.12)	$ 0.21
Diluted (loss) earnings per share	$ (0.03)	$ 0.11	$ (0.12)	$ 0.21
Weighted average shares used in computation of (loss) earnings per share:
Basic	24,712	28,311	24,957	28,726
Diluted	24,712	28,439	24,957	28,932

XML 15 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (838)	$ 3,213	$ (2,975)	$ 5,983
Other comprehensive (loss) income, net of tax and reclassification adjustments:
Foreign currency translation	(2,664)	(2,207)	2,329	(2,675)
Net change in unrealized gain/loss on available-for-sale securities	122	(28)	116	(49)
Other comprehensive (loss) income, net	(2,542)	(2,235)	2,445	(2,724)
Comprehensive (loss) income	$ (3,380)	$ 978	$ (530)	$ 3,259

XML 16 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]
Beginning Balance at Jan. 31, 2015	$ 359,524	$ 129,094	$ (11,278)	$ 241,708
Beginning Balance, shares at Jan. 31, 2015		29,418
Net income (loss)	5,983			5,983
Other comprehensive income (loss), net	(2,724)		(2,724)
Issuance and exercise of stock-based awards, including net tax benefit (loss)	575	$ 575
Issuance and exercise of stock-based awards, including net tax benefit (loss), shares		225
Stock-based compensation expense	2,710	$ 2,710
Repurchase of common stock	(60,950)			(60,950)
Repurchase of common stock, shares		(2,266)
Ending Balance at Aug. 01, 2015	305,118	$ 132,379	(14,002)	186,741
Ending Balance, shares at Aug. 01, 2015		27,377
Beginning Balance at Jan. 30, 2016	$ 296,957	$ 135,013	(15,247)	177,191
Beginning Balance, shares at Jan. 30, 2016	25,708	25,708
Net income (loss)	$ (2,975)			(2,975)
Other comprehensive income (loss), net	2,445		2,445
Issuance and exercise of stock-based awards, including net tax benefit (loss)	(132)	$ (132)
Issuance and exercise of stock-based awards, including net tax benefit (loss), shares		282
Stock-based compensation expense	2,221	$ 2,221
Repurchase of common stock	$ (18,269)			(18,269)
Repurchase of common stock, shares	(1,059)	(1,059)
Ending Balance at Jul. 30, 2016	$ 280,247	$ 137,102	$ (12,802)	$ 155,947
Ending Balance, shares at Jul. 30, 2016	24,931	24,931

XML 17 R7.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Common Stock [Member]
Issuance and exercise of stock-based awards, including net tax benefit (loss)	$ 529	$ 713

XML 18 R8.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Cash flows from operating activities:
Net (loss) income	$ (2,975)	$ 5,983
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, amortization and accretion	14,336	15,644
Deferred taxes	(3,713)	(2,703)
Stock-based compensation expense	2,221	2,710
Excess tax benefit from stock-based compensation		(713)
Other	95	626
Changes in operating assets and liabilities:
Receivables	(842)	(3,377)
Inventories	(32,766)	(28,990)
Prepaid expenses and other current assets	(2,690)	(1,306)
Trade accounts payable	38,181	15,684
Accrued payroll and payroll taxes	225	(1,613)
Income taxes payable	(4,804)	(2,996)
Deferred rent and tenant allowances	(12)	2,976
Other liabilities	(813)	(948)
Net cash provided by operating activities	6,443	977
Cash flows from investing activities:
Additions to fixed assets	(11,895)	(20,021)
Purchases of marketable securities and other investments	(28,353)	(38,238)
Sales and maturities of marketable securities and other investments	28,658	112,093
Net cash (used in) provided by investing activities	(11,590)	53,834
Cash flows from financing activities:
Proceeds from revolving credit facilities		20,223
Payments on revolving credit facilities		(15,617)
Repurchase of common stock	(19,084)	(58,969)
Proceeds from exercise of stock-based awards, net of withholding tax	397	379
Excess tax benefit from stock-based compensation		713
Net cash used in financing activities	(18,687)	(53,271)
Effect of exchange rate changes on cash and cash equivalents	271	(236)
Net (decrease) increase in cash and cash equivalents	(23,563)	1,304
Cash and cash equivalents, beginning of period	43,163	20,862
Cash and cash equivalents, end of period	19,600	22,166
Supplemental disclosure on cash flow information:
Cash paid during the period for income taxes	6,736	14,581
Accrual for purchases of fixed assets	1,835	3,107
Accrual for repurchase of common stock	$ 254	$ 1,981

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Nature of Business and Basis of Presentation	6 Months Ended
Nature of Business and Basis of Presentation	Jul. 30, 2016
Accounting Policies [Abstract]
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation Nature of Business—Zumiez Inc., including its wholly owned subsidiaries, (the “Company,” “we,” “us,” “its” and “our”) is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear, and other unique lifestyles. At July 30, 2016, we operated 673 stores; 604 in the United States (“U.S.”), 44 in Canada and 25 in Europe. We operate under the names Zumiez and Blue Tomato. Additionally, we operate ecommerce websites at www.zumiez.com and www.blue-tomato.com. Fiscal Year—We use a fiscal calendar widely used by the retail industry that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31. Each fiscal year consists of four 13-week quarters, with an extra week added to the fourth quarter every five or six years. The three months ended July 30, 2016 and August 1, 2015 were 13-week periods. The six months ended July 30, 2016 and August 1, 2015 were 26-week periods. Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented. The financial data at January 30, 2016 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 30, 2016, and should be read in conjunction with the audited consolidated financial statements and notes thereto. Interim results are not necessarily indicative of results for the full fiscal year due to seasonality and other factors. Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. These estimates can also affect supplemental information disclosed by us, including information about contingencies, risk and financial condition. Actual results could differ from these estimates and assumptions. Segment Reporting—We identify our operating segments according to how our business activities are managed and evaluated. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, production, merchandising and distribution processes involved, target customers and economic characteristics. Recent Accounting Standards—In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (ASU) as part of its simplification initiative that includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Upon the adoption of the ASU, excess tax benefits and deficiencies for share-based payments are recorded as an adjustment of income taxes and reflected in operating cash flows rather than recorded in equity and reported in financing cash flows. The guidance allows for the employer to withhold up to the maximum statutory tax rates in the applicable jurisdictions without triggering liability accounting. The guidance also allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The new standard is effective for the fiscal year beginning after December 15, 2016, with early adoption permitted. We are evaluating the impact of this standard on our condensed consolidated financial statements. In February 2016, the FASB issued a comprehensive standard related to lease accounting to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Most significantly, the new guidance requires lessees to recognize operating leases with a term of more than 12 months as lease assets and lease liabilities. The adoption will require a modified retrospective approach at the beginning of the earliest period presented. The new standard is effective for the fiscal year beginning after December 15, 2018, with early adoption permitted. We are evaluating the impact of this standard on our condensed consolidated financial statements. In January 2016, the FASB issued a new standard related primarily to accounting for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. There will no longer be an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income for equity securities with readily determinable fair values. The new standard will be effective for the fiscal year beginning after December 15, 2017 and early adoption is permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In July 2015, the FASB issued guidance simplifying the measurement of inventory. This standard requires entities that use inventory methods other than the last-in, first-out (LIFO) or retail inventory method to measure inventory at the lower of cost or net realizable value, which is defined as the estimated selling prices in the normal course of business, less reasonably predictable costs of completion, disposal, and transportation. We are required to adopt this guidance for the fiscal year beginning after December 31, 2016. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In April 2015, the FASB issued guidance about a customer’s accounting for fees paid in a cloud computing arrangement. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is effective for the fiscal year beginning after December 15, 2015 and may be applied on either a prospective or retrospective basis. We adopted this guidance beginning in the first quarter ending July 30, 2016 and the adoption did not have a material impact on our condensed consolidated financial statements. In May 2014, the FASB issued a comprehensive new revenue recognition standard. The new standard allows for a full retrospective approach to transition or a modified retrospective approach. This guidance was effective for fiscal years and interim periods within those years beginning after December 15, 2016. In August 2015, the FASB issued updated guidance deferring the effective date for the fiscal year beginning after December 15, 2017 and will permit early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the method of adoption we plan to use and the effect the standard is expected to have on our condensed consolidated financial statements.

XML 20 R10.htm IDEA: XBRL DOCUMENT

Cash, Cash Equivalents and Marketable Securities

6 Months Ended

Jul. 30, 2016

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Marketable Securities

2. Cash, Cash Equivalents and Marketable Securities

The following tables summarize the estimated fair value of our cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands):


	July 30, 2016
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Cash and cash equivalents:

Cash	$	18,947	$	—	$	—		$	18,947
Money market funds		653		—		—			653

Total cash and cash equivalents		19,600		—		—			19,600

Marketable securities:
State and local government securities		31,087		21		(13	)		31,095
Variable-rate demand notes		1,645		—		—			1,645

Total marketable securities	$	32,732	$	21	$	(13	)	$	32,740


	January 30, 2016
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Cash and cash equivalents:
Cash	$	33,608	$	—	$	—		$	33,608
Money market funds		9,555		—		—			9,555

Total cash and cash equivalents		43,163		—		—			43,163

Marketable securities:
State and local government securities		32,754		8		(187	)		32,575
Variable-rate demand notes		644		—		—			644

Total marketable securities	$	33,398	$	8	$	(187	)	$	33,219

Less: Long-term marketable securities (1)									(828	)

Total current marketable securities								$	32,391

(1)	At January 30, 2016, we held one auction rate security, classified as available-for-sale marketable securities and included in other long-term assets on the condensed consolidated balance sheet.

All of our available-for-sale securities have an effective maturity date of two years or less and may be liquidated, at our discretion, prior to maturity.


	July 30, 2016
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Marketable securities:
State and local government securities		5,068		(12	)		305		(1	)		5,373		(13	)

Total marketable securities	$	5,068	$	(12	)	$	305	$	(1	)	$	5,373	$	(13	)


	January 30, 2016
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Marketable securities:
State and local government securities		16,884		(15	)		853		(172	)		17,737		(187	)

Total marketable securities	$	16,884	$	(15	)	$	853	$	(172	)	$	17,737	$	(187	)

We did not record a realized loss for other-than-temporary impairments during the three and six months ended July 30, 2016 or August 1, 2015.

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Commitments and Contingencies

6 Months Ended

Jul. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

3. Commitments and Contingencies

Leases—We lease our stores and certain corporate and other operating facilities under operating leases. Total rent expense is as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 30, 2016		August 1, 2015		July 30, 2016		August 1, 2015
Minimum rent expense	$	18,409	$	17,050	$	36,410	$	33,944
Contingent rent expense		459		402		873		739

Total rent expense (1)	$	18,868	$	17,452	$	37,283	$	34,683

(1)


Fiscal 2016	$	34,708
Fiscal 2017		65,954
Fiscal 2018		61,022
Fiscal 2019		54,155
Fiscal 2020		50,182
Thereafter		157,338

Total (1)	$	423,359

(1)	Amounts in the table do not include contingent rent and real estate taxes, insurance, common area maintenance charges and other executory costs obligations.

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Revolving Credit Facilities and Debt	6 Months Ended
Revolving Credit Facilities and Debt	Jul. 30, 2016
Debt Disclosure [Abstract]
Revolving Credit Facilities and Debt	4. Revolving Credit Facilities and Debt On February 5, 2016, the Company entered into an asset-based revolving credit agreement with Wells Fargo Bank, National Association, which provides for a senior secured revolving credit facility of up to $100 million (“ABL Facility”), subject to a borrowing base, with a letter of credit sub-limit of $10 million. The ABL Facility is available for working capital and other general corporate purposes. The ABL Facility replaced our $25.0 million secured revolving credit facility with Wells Fargo, which was entered into on July 9, 2014 and was scheduled to expire on September 1, 2016. The ABL Facility will mature on February 5, 2021. The ABL Facility is secured by a first-priority security interest in substantially all of the personal property (but not the real property) of the borrowers and guarantors. Amounts borrowed under the ABL Facility bear interest, at the Company’s option, at either an adjusted LIBOR rate plus a margin of 1.25% to 1.75% per annum, or an alternate base rate plus a margin of 0.25% to 0.75% per annum. The Company is also required to pay a fee of 0.25% per annum on undrawn commitments under the ABL Facility. Customary agency fees and letter of credit fees are also payable in respect of the ABL Facility. Additionally, we have revolving lines of credit of up to 7.3 million Euro, the proceeds of which are used to fund certain international operations. The revolving lines of credit bear interest at 1.65%-3.00%. On August 12, 2016, the revolving lines of credit were increased to 20.5 million Euro. There were no borrowings outstanding under any revolving lines of credit at July 30, 2016 and January 30, 2016. We had $0.3 million in open commercial letters of credit outstanding under these lines of credit at July 30, 2016 and no open commercial letters of credit outstanding at January 30, 2016.

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Fair Value Measurements

6 Months Ended

Jul. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

•

Level 1—Quoted prices in active markets for identical assets or liabilities;

•

Level 2—Quoted prices for similar assets or liabilities in active markets or inputs that are observable; and

•

Level 3—Inputs that are unobservable.

The following tables summarize assets measured at fair value on a recurring basis (in thousands):


	July 30, 2016
	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	653	$	—	$	—
Marketable securities:
State and local government securities		—		31,095		—
Variable-rate demand notes		—		1,645		—
Other long term assets:
Money market funds		2,110		—		—
Equity investments		—		—		121

Total	$	2,763	$	32,740	$	121


	January 30, 2016
	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	9,555	$	—	$	—
Marketable securities:
State and local government securities		—		31,747		—
Variable-rate demand notes		—		644		—
Other long term assets:
Money market funds		1,510		—		—
State and local government securities		—		—		828
Equity investments		—		—		118

Total	$	11,065	$	32,391	$	946

There were no material assets measured at fair value on a nonrecurring basis for the three and six months ended July 30, 2016 and August 1, 2015.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 24 R14.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

6 Months Ended

Jul. 30, 2016

Equity [Abstract]

Stockholders' Equity

6. Stockholders’ Equity

The following table summarizes common stock repurchase activity during the six months ended July 30, 2016 (in thousands, except per share amounts):


Number of shares repurchased		1,059
Average price per share of repurchased shares (with commission)	$	17.25
Total cost of shares repurchased	$	18,269


	Foreign currency translation adjustments			Net unrealized gains (losses) on available-for-sale investments			Accumulated other comprehensive loss
Three months ended July 30, 2016:
Balance at April 30, 2016	$	(10,143	)	$	(117	)	$	(10,260	)
Other comprehensive (loss) income, net (1)		(2,664	)		122			(2,542	)

Balance at July 30, 2016	$	(12,807	)	$	5		$	(12,802	)

Three months ended August 1, 2015:
Balance at May 2, 2015	$	(11,673	)	$	(94	)	$	(11,767	)
Other comprehensive loss, net (1)		(2,207	)		(28	)		(2,235	)

Balance at August 1, 2015	$	(13,880	)	$	(122	)	$	(14,002	)


	Foreign currency translation adjustments			Net unrealized gains (losses) on available-for-sale investments			Accumulated other comprehensive income (loss)
Six months ended July 30, 2016:
Balance at January 30, 2016	$	(15,136	)	$	(111	)	$	(15,247	)
Other comprehensive income, net (1)		2,329			116			2,445

Balance at July 30, 2016	$	(12,807	)	$	5		$	(12,802	)

Six months ended August 1, 2015:
Balance at January 31, 2015	$	(11,205	)	$	(73	)	$	(11,278	)
Other comprehensive loss, net (1)		(2,675	)		(49	)		(2,724	)

Balance at August 1, 2015	$	(13,880	)	$	(122	)	$	(14,002	)

(1)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

XML 25 R15.htm IDEA: XBRL DOCUMENT

Equity Awards

6 Months Ended

Jul. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity Awards

7. Equity Awards


	Six Months Ended
	July 30, 2016			August 1, 2015
Dividend yield		—			—
Volatility rate		49.7	%		53.4	%
Weighted-average expected life (in years)		5.93			6.25
Weighted-average risk-free interest rate		1.6	%		1.8	%
Weighted-average fair value per share of stock options granted	$	19.70		$	20.19

Total stock-based compensation expense is recognized on our condensed consolidated income statements as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 30, 2016		August 1, 2015		July 30, 2016		August 1, 2015
Cost of goods sold	$	241	$	261	$	447	$	503
Selling, general and administrative expenses		945		877		1,774		2,207

Total stock-based compensation expense	$	1,186	$	1,138	$	2,221	$	2,710

The following table summarizes restricted stock awards and restricted stock units activity (in thousands, except grant date weighted-average fair value):


	Restricted Stock Awards/Units			Grant Date Weighted- Average Fair Value		Intrinsic Value
Outstanding at January 30, 2016		286		$	30.32
Granted		263		$	18.76
Vested		(125	)	$	29.67
Forfeited		(11	)	$	26.46

Outstanding at July 30, 2016		413		$	23.25	$	7,008

The following table summarizes stock option activity (in thousands, except grant date weighted-average exercise price and weighted-average remaining contractual life):


	Stock Options			Grant Date Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in Years)		Intrinsic Value
Outstanding at January 30, 2016		143		$	27.86
Granted		82		$	19.70
Exercised		(4	)	$	8.64
Forfeited		(20	)	$	33.53

Outstanding at July 30, 2016		201		$	24.40		7.0	$	123

Exercisable at July 30, 2016		80		$	25.61		4.9	$	123

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 26 R16.htm IDEA: XBRL DOCUMENT

(Loss) Earnings per Share, Basic and Diluted

6 Months Ended

Jul. 30, 2016

Earnings Per Share [Abstract]

(Loss) Earnings per Share, Basic and Diluted

8. (Loss) Earnings per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share amounts):


	Three Months Ended					Six Months Ended
	July 30, 2016			August 1, 2015		July 30, 2016			August 1, 2015
Net (loss) income	$	(838	)	$	3,213	$	(2,975	)	$	5,983
Weighted average common shares for basic (loss) earnings per share		24,712			28,311		24,957			28,726
Dilutive effect of stock options and restricted stock		—			128		—			206

Weighted average common shares for diluted (loss) earnings per share		24,712			28,439		24,957			28,932

Basic (loss) earnings per share	$	(0.03	)	$	0.11	$	(0.12	)	$	0.21

Diluted (loss) earnings per share	$	(0.03	)	$	0.11	$	(0.12	)	$	0.21

XML 27 R17.htm IDEA: XBRL DOCUMENT

Subsequent Event	6 Months Ended
Subsequent Event	Jul. 30, 2016
Subsequent Events [Abstract]
Subsequent Event	9. Subsequent Event On August 31, 2016, we acquired 100% of the outstanding stock of Fast Times Skateboarding (“Fast Times”) for $6.9 million paid in $5.5 million of cash and $1.4 million in shares of common stock subject to certain pre-closing and post-closing adjustments. Fast Times is an Australian specialty retailer of skateboards, hardware, apparel and footwear. Fast Times currently operates 5 stores and a website at www.fasttimes.com.au.

XML 28 R18.htm IDEA: XBRL DOCUMENT

Nature of Business and Basis of Presentation (Policies)	6 Months Ended
Nature of Business and Basis of Presentation (Policies)	Jul. 30, 2016
Accounting Policies [Abstract]
Fiscal Year	Fiscal Year—We use a fiscal calendar widely used by the retail industry that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31. Each fiscal year consists of four 13-week quarters, with an extra week added to the fourth quarter every five or six years. The three months ended July 30, 2016 and August 1, 2015 were 13-week periods. The six months ended July 30, 2016 and August 1, 2015 were 26-week periods.
Basis of Presentation	Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of Zumiez Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In our opinion, the unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the condensed consolidated balance sheets, operating results and cash flows for the periods presented. The financial data at January 30, 2016 is derived from audited consolidated financial statements, which are included in our Annual Report on Form 10-K for the year ended January 30, 2016, and should be read in conjunction with the audited consolidated financial statements and notes thereto. Interim results are not necessarily indicative of results for the full fiscal year due to seasonality and other factors.
Use of Estimates	Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. These estimates can also affect supplemental information disclosed by us, including information about contingencies, risk and financial condition. Actual results could differ from these estimates and assumptions.
Segment Reporting	Segment Reporting—We identify our operating segments according to how our business activities are managed and evaluated. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, production, merchandising and distribution processes involved, target customers and economic characteristics.
Recent Accounting Standards	Recent Accounting Standards—In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (ASU) as part of its simplification initiative that includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Upon the adoption of the ASU, excess tax benefits and deficiencies for share-based payments are recorded as an adjustment of income taxes and reflected in operating cash flows rather than recorded in equity and reported in financing cash flows. The guidance allows for the employer to withhold up to the maximum statutory tax rates in the applicable jurisdictions without triggering liability accounting. The guidance also allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The new standard is effective for the fiscal year beginning after December 15, 2016, with early adoption permitted. We are evaluating the impact of this standard on our condensed consolidated financial statements. In February 2016, the FASB issued a comprehensive standard related to lease accounting to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Most significantly, the new guidance requires lessees to recognize operating leases with a term of more than 12 months as lease assets and lease liabilities. The adoption will require a modified retrospective approach at the beginning of the earliest period presented. The new standard is effective for the fiscal year beginning after December 15, 2018, with early adoption permitted. We are evaluating the impact of this standard on our condensed consolidated financial statements. In January 2016, the FASB issued a new standard related primarily to accounting for equity investments, financial liabilities where the fair value option has been elected, and the presentation and disclosure requirements for financial instruments. There will no longer be an available-for-sale classification and therefore, no changes in fair value will be reported in other comprehensive income for equity securities with readily determinable fair values. The new standard will be effective for the fiscal year beginning after December 15, 2017 and early adoption is permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In July 2015, the FASB issued guidance simplifying the measurement of inventory. This standard requires entities that use inventory methods other than the last-in, first-out (LIFO) or retail inventory method to measure inventory at the lower of cost or net realizable value, which is defined as the estimated selling prices in the normal course of business, less reasonably predictable costs of completion, disposal, and transportation. We are required to adopt this guidance for the fiscal year beginning after December 31, 2016. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In April 2015, the FASB issued guidance about a customer’s accounting for fees paid in a cloud computing arrangement. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance is effective for the fiscal year beginning after December 15, 2015 and may be applied on either a prospective or retrospective basis. We adopted this guidance beginning in the first quarter ending July 30, 2016 and the adoption did not have a material impact on our condensed consolidated financial statements. In May 2014, the FASB issued a comprehensive new revenue recognition standard. The new standard allows for a full retrospective approach to transition or a modified retrospective approach. This guidance was effective for fiscal years and interim periods within those years beginning after December 15, 2016. In August 2015, the FASB issued updated guidance deferring the effective date for the fiscal year beginning after December 15, 2017 and will permit early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the method of adoption we plan to use and the effect the standard is expected to have on our condensed consolidated financial statements.

XML 29 R19.htm IDEA: XBRL DOCUMENT

Cash, Cash Equivalents and Marketable Securities (Tables)

6 Months Ended

Jul. 30, 2016

Cash and Cash Equivalents [Abstract]

Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities

The following tables summarize the estimated fair value of our cash, cash equivalents and marketable securities and the gross unrealized holding gains and losses (in thousands):


	July 30, 2016
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Cash and cash equivalents:

Cash	$	18,947	$	—	$	—		$	18,947
Money market funds		653		—		—			653

Total cash and cash equivalents		19,600		—		—			19,600

Marketable securities:
State and local government securities		31,087		21		(13	)		31,095
Variable-rate demand notes		1,645		—		—			1,645

Total marketable securities	$	32,732	$	21	$	(13	)	$	32,740


	January 30, 2016
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Cash and cash equivalents:
Cash	$	33,608	$	—	$	—		$	33,608
Money market funds		9,555		—		—			9,555

Total cash and cash equivalents		43,163		—		—			43,163

Marketable securities:
State and local government securities		32,754		8		(187	)		32,575
Variable-rate demand notes		644		—		—			644

Total marketable securities	$	33,398	$	8	$	(187	)	$	33,219

Less: Long-term marketable securities (1)									(828	)

Total current marketable securities								$	32,391

(1)	At January 30, 2016, we held one auction rate security, classified as available-for-sale marketable securities and included in other long-term assets on the condensed consolidated balance sheet.

Summary of Gross Unrealized Holding Losses and Fair Value for Investments in an Unrealized Loss Position


	July 30, 2016
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Marketable securities:
State and local government securities		5,068		(12	)		305		(1	)		5,373		(13	)

Total marketable securities	$	5,068	$	(12	)	$	305	$	(1	)	$	5,373	$	(13	)


	January 30, 2016
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Marketable securities:
State and local government securities		16,884		(15	)		853		(172	)		17,737		(187	)

Total marketable securities	$	16,884	$	(15	)	$	853	$	(172	)	$	17,737	$	(187	)

XML 30 R20.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Tables)

6 Months Ended

Jul. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Total Rent Expense

Total rent expense is as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 30, 2016		August 1, 2015		July 30, 2016		August 1, 2015
Minimum rent expense	$	18,409	$	17,050	$	36,410	$	33,944
Contingent rent expense		459		402		873		739

Total rent expense (1)	$	18,868	$	17,452	$	37,283	$	34,683

(1)

Schedule of Future Minimum Commitments on all Leases

Future minimum lease payments at July 30, 2016 are as follows (in thousands):


Fiscal 2016	$	34,708
Fiscal 2017		65,954
Fiscal 2018		61,022
Fiscal 2019		54,155
Fiscal 2020		50,182
Thereafter		157,338

Total (1)	$	423,359

(1)	Amounts in the table do not include contingent rent and real estate taxes, insurance, common area maintenance charges and other executory costs obligations.

XML 31 R21.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

6 Months Ended

Jul. 30, 2016

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on a Recurring Basis

The following tables summarize assets measured at fair value on a recurring basis (in thousands):


	July 30, 2016
	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	653	$	—	$	—
Marketable securities:
State and local government securities		—		31,095		—
Variable-rate demand notes		—		1,645		—
Other long term assets:
Money market funds		2,110		—		—
Equity investments		—		—		121

Total	$	2,763	$	32,740	$	121


	January 30, 2016
	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	9,555	$	—	$	—
Marketable securities:
State and local government securities		—		31,747		—
Variable-rate demand notes		—		644		—
Other long term assets:
Money market funds		1,510		—		—
State and local government securities		—		—		828
Equity investments		—		—		118

Total	$	11,065	$	32,391	$	946

XML 32 R22.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Tables)

6 Months Ended

Jul. 30, 2016

Equity [Abstract]

Summary of Common Stock Repurchase Activity

The following table summarizes common stock repurchase activity during the six months ended July 30, 2016 (in thousands, except per share amounts):


Number of shares repurchased		1,059
Average price per share of repurchased shares (with commission)	$	17.25
Total cost of shares repurchased	$	18,269

Schedule of Accumulated Other Comprehensive (Loss) Income

The component of accumulated other comprehensive (loss) income and the adjustments to other comprehensive (loss) income for amounts reclassified from accumulated other comprehensive (loss) income into net (loss) income is as follows (in thousands):


	Foreign currency translation adjustments			Net unrealized gains (losses) on available-for-sale investments			Accumulated other comprehensive loss
Three months ended July 30, 2016:
Balance at April 30, 2016	$	(10,143	)	$	(117	)	$	(10,260	)
Other comprehensive (loss) income, net (1)		(2,664	)		122			(2,542	)

Balance at July 30, 2016	$	(12,807	)	$	5		$	(12,802	)

Three months ended August 1, 2015:
Balance at May 2, 2015	$	(11,673	)	$	(94	)	$	(11,767	)
Other comprehensive loss, net (1)		(2,207	)		(28	)		(2,235	)

Balance at August 1, 2015	$	(13,880	)	$	(122	)	$	(14,002	)


	Foreign currency translation adjustments			Net unrealized gains (losses) on available-for-sale investments			Accumulated other comprehensive income (loss)
Six months ended July 30, 2016:
Balance at January 30, 2016	$	(15,136	)	$	(111	)	$	(15,247	)
Other comprehensive income, net (1)		2,329			116			2,445

Balance at July 30, 2016	$	(12,807	)	$	5		$	(12,802	)

Six months ended August 1, 2015:
Balance at January 31, 2015	$	(11,205	)	$	(73	)	$	(11,278	)
Other comprehensive loss, net (1)		(2,675	)		(49	)		(2,724	)

Balance at August 1, 2015	$	(13,880	)	$	(122	)	$	(14,002	)

(1)

XML 33 R23.htm IDEA: XBRL DOCUMENT

Equity Awards (Tables)

6 Months Ended

Jul. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted

The following weighted-average assumptions were used to estimate the fair value of stock options granted:


	Six Months Ended
	July 30, 2016			August 1, 2015
Dividend yield		—			—
Volatility rate		49.7	%		53.4	%
Weighted-average expected life (in years)		5.93			6.25
Weighted-average risk-free interest rate		1.6	%		1.8	%
Weighted-average fair value per share of stock options granted	$	19.70		$	20.19

Summary of Total Stock-Based Compensation Expense

Total stock-based compensation expense is recognized on our condensed consolidated income statements as follows (in thousands):


	Three Months Ended				Six Months Ended
	July 30, 2016		August 1, 2015		July 30, 2016		August 1, 2015
Cost of goods sold	$	241	$	261	$	447	$	503
Selling, general and administrative expenses		945		877		1,774		2,207

Total stock-based compensation expense	$	1,186	$	1,138	$	2,221	$	2,710

Summary of Restricted Stock Awards and Restricted Stock Units Activity

The following table summarizes restricted stock awards and restricted stock units activity (in thousands, except grant date weighted-average fair value):


	Restricted Stock Awards/Units			Grant Date Weighted- Average Fair Value		Intrinsic Value
Outstanding at January 30, 2016		286		$	30.32
Granted		263		$	18.76
Vested		(125	)	$	29.67
Forfeited		(11	)	$	26.46

Outstanding at July 30, 2016		413		$	23.25	$	7,008

Summary of Stock Option Activity

The following table summarizes stock option activity (in thousands, except grant date weighted-average exercise price and weighted-average remaining contractual life):


	Stock Options			Grant Date Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in Years)		Intrinsic Value
Outstanding at January 30, 2016		143		$	27.86
Granted		82		$	19.70
Exercised		(4	)	$	8.64
Forfeited		(20	)	$	33.53

Outstanding at July 30, 2016		201		$	24.40		7.0	$	123

Exercisable at July 30, 2016		80		$	25.61		4.9	$	123

XML 34 R24.htm IDEA: XBRL DOCUMENT

(Loss) Earnings per Share, Basic and Diluted (Tables)

6 Months Ended

Jul. 30, 2016

Earnings Per Share [Abstract]

Computation of Basic and Diluted (Loss) Earnings per Share

The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share amounts):


	Three Months Ended					Six Months Ended
	July 30, 2016			August 1, 2015		July 30, 2016			August 1, 2015
Net (loss) income	$	(838	)	$	3,213	$	(2,975	)	$	5,983
Weighted average common shares for basic (loss) earnings per share		24,712			28,311		24,957			28,726
Dilutive effect of stock options and restricted stock		—			128		—			206

Weighted average common shares for diluted (loss) earnings per share		24,712			28,439		24,957			28,932

Basic (loss) earnings per share	$	(0.03	)	$	0.11	$	(0.12	)	$	0.21

Diluted (loss) earnings per share	$	(0.03	)	$	0.11	$	(0.12	)	$	0.21

XML 35 R25.htm IDEA: XBRL DOCUMENT

Nature of Business and Basis of Presentation - Additional Information (Detail)	6 Months Ended
	Jul. 30, 2016 Store Segment
Nature Of Business And Basis Of Presentation [Line Items]
Operated stores	673
Number of reportable segment \| Segment	1
United States [Member]
Nature Of Business And Basis Of Presentation [Line Items]
Operated stores	604
Canada [Member]
Nature Of Business And Basis Of Presentation [Line Items]
Operated stores	44
Europe [Member]
Nature Of Business And Basis Of Presentation [Line Items]
Operated stores	25

XML 36 R26.htm IDEA: XBRL DOCUMENT

Cash, Cash Equivalents and Marketable Securities - Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands	Jul. 30, 2016	Jan. 30, 2016	Aug. 01, 2015	Jan. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost, Marketable securities	$ 32,732	$ 33,398
Gross Unrealized Holding Gains, Marketable securities	21	8
Gross Unrealized Holding Losses, Marketable securities	(13)	(187)
Estimated Fair Value, Marketable securities	32,740	33,219
Less: Long-term marketable securities		(828)
Total current marketable securities	32,740	32,391
Amortized Cost, Cash and cash equivalents	19,600	43,163	$ 22,166	$ 20,862
Gross Unrealized Holding Gains, Cash and cash equivalents	0	0
Gross Unrealized Holding Losses, Cash and cash equivalents	0	0
Estimated Fair Value, Cash and cash equivalents	19,600	43,163
State and Local Government Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost, Marketable securities	31,087	32,754
Gross Unrealized Holding Gains, Marketable securities	21	8
Gross Unrealized Holding Losses, Marketable securities	(13)	(187)
Estimated Fair Value, Marketable securities	31,095	32,575
Variable-rate Demand Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost, Marketable securities	1,645	644
Estimated Fair Value, Marketable securities	1,645	644
Cash [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost, Cash and cash equivalents	18,947	33,608
Gross Unrealized Holding Gains, Cash and cash equivalents	0	0
Gross Unrealized Holding Losses, Cash and cash equivalents	0	0
Estimated Fair Value, Cash and cash equivalents	18,947	33,608
Money Market Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost, Cash and cash equivalents	653	9,555
Gross Unrealized Holding Gains, Cash and cash equivalents	0	0
Gross Unrealized Holding Losses, Cash and cash equivalents	0	0
Estimated Fair Value, Cash and cash equivalents	$ 653	$ 9,555

XML 37 R27.htm IDEA: XBRL DOCUMENT

Cash, Cash Equivalents and Marketable Securities - Summary of Estimated Fair Value of Cash, Cash Equivalents and Marketable Securities (Parenthetical) (Detail)	Jan. 30, 2016 Security
Cash and Cash Equivalents [Abstract]
Number of auction rate securities held	1

XML 38 R28.htm IDEA: XBRL DOCUMENT

Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Cash and Cash Equivalents [Abstract]
Effective maturity period			2 years
Realized loss for other-than-temporary impairments	$ 0	$ 0	$ 0	$ 0

XML 39 R29.htm IDEA: XBRL DOCUMENT

Cash, Cash Equivalents and Marketable Securities - Summary of Gross Unrealized Holding Losses and Fair Value for Investments in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Jul. 30, 2016	Jan. 30, 2016
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Fair Value, Less Than 12 Months	$ 5,068	$ 16,884
Marketable securities, Fair Value, 12 Months or Greater	305	853
Marketable securities, Fair Value, Total	5,373	17,737
Marketable securities, Unrealized Losses, Less Than 12 Months	(12)	(15)
Marketable securities, Unrealized Losses, 12 Months or Greater	(1)	(172)
Marketable securities, Unrealized Losses, Total	(13)	(187)
State and Local Government Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Fair Value, Less Than 12 Months	5,068	16,884
Marketable securities, Fair Value, 12 Months or Greater	305	853
Marketable securities, Fair Value, Total	5,373	17,737
Marketable securities, Unrealized Losses, Less Than 12 Months	(12)	(15)
Marketable securities, Unrealized Losses, 12 Months or Greater	(1)	(172)
Marketable securities, Unrealized Losses, Total	$ (13)	$ (187)

XML 40 R30.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Schedule of Total Rent Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Commitments and Contingencies Disclosure [Abstract]
Minimum rent expense	$ 18,409	$ 17,050	$ 36,410	$ 33,944
Contingent rent expense	459	402	873	739
Total rent expense	$ 18,868	$ 17,452	$ 37,283	$ 34,683

- Definition

The increases or decreases in lease payments that result from changes occurring after the inception of the lease in the factors (other than the passage of time) on which lease payments are based, except that any escalation of minimum lease payments relating to increases in construction or acquisition cost of the leased property or for increases in some measure of cost or value during the construction or preconstruction period, are excluded from contingent rentals. Contingent rentals also may include amounts for which the triggering events have not yet occurred or the specified targets for which have not yet been achieved (such as sales based percentage rent), but which events are considered probable of occurring or which specified targets are considered probable of being achieved.

+ References + Details

XML 41 R31.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Schedule of Total Rent Expense (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Commitments and Contingencies Disclosure [Abstract]
Real estate taxes, insurance, common area maintenance charges and other executory costs	$ 10.3	$ 9.6	$ 20.5	$ 19.0

XML 42 R32.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Schedule of Future Minimum Commitments on all Leases (Detail) $ in Thousands	Jul. 30, 2016 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Fiscal 2016	$ 34,708
Fiscal 2017	65,954
Fiscal 2018	61,022
Fiscal 2019	54,155
Fiscal 2020	50,182
Thereafter	157,338
Total	$ 423,359

XML 43 R33.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Jul. 30, 2016	Jan. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Outstanding purchase orders	$ 167.6
Self-insurance reserve	$ 2.5	$ 2.1

XML 44 R34.htm IDEA: XBRL DOCUMENT

Revolving Credit Facility and Debt - Additional Information (Detail)			6 Months Ended
	Feb. 05, 2016 USD ($)	Jul. 09, 2014 USD ($)	Jul. 30, 2016 USD ($)	Aug. 12, 2016 EUR (€)	Jul. 30, 2016 EUR (€)	Jan. 30, 2016 USD ($)
Commercial Letters of Credit [Member]
Line of Credit Facility [Line Items]
Commercial letters of credit outstanding			$ 300,000			$ 0
Secured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 100,000,000	$ 25,000,000
Maturity date	Feb. 05, 2021	Sep. 01, 2016
Undrawn commitment fee, percentage	0.25%
Outstanding borrowings under revolving lines of credit			$ 0
Secured Revolving Credit Facility [Member] \| Commercial Letters of Credit [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 10,000,000
Secured Revolving Credit Facility [Member] \| Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Secured Revolving Credit Facility [Member] \| Minimum [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.25%
Secured Revolving Credit Facility [Member] \| Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Secured Revolving Credit Facility [Member] \| Maximum [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.75%
European Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Revolving credit facility \| €					€ 7,300,000
Outstanding borrowings under revolving lines of credit					€ 0	$ 0
European Revolving Credit Facility [Member] \| Subsequent Event [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity under revolving credit facility \| €				€ 20,500,000
European Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Revolving lines of credit, interest rate during period			1.65%
European Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Revolving lines of credit, interest rate during period			3.00%

XML 45 R35.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Jul. 30, 2016	Jan. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 32,740	$ 32,391
Other long-term assets	7,908	7,920
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,763	11,065
Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	653	9,555
Other long-term assets	2,110	1,510
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	32,740	32,391
Level 2 [Member] \| State and Local Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	31,095	31,747
Level 2 [Member] \| Variable-rate Demand Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	1,645	644
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	121	946
Level 3 [Member] \| State and Local Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term assets		828
Level 3 [Member] \| Equity Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term assets	$ 121	$ 118

XML 46 R36.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Additional Information (Detail) - USD ($)	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Equity [Abstract]
Shares authorized to purchase under stock repurchase program, value	$ 70,000,000	$ 50,000,000	$ 30,000,000

XML 47 R37.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Summary of Common Stock Repurchase Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Equity [Abstract]
Number of shares repurchased	1,059
Average price per share of repurchased shares (with commission)	$ 17.25
Total cost of shares repurchased	$ 18,269	$ 60,950

XML 48 R38.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ (10,260)	$ (11,767)	$ (15,247)	$ (11,278)
Other comprehensive (loss) income, net	(2,542)	(2,235)	2,445	(2,724)
Ending Balance	(12,802)	(14,002)	(12,802)	(14,002)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(10,143)	(11,673)	(15,136)	(11,205)
Other comprehensive (loss) income, net	(2,664)	(2,207)	2,329	(2,675)
Ending Balance	(12,807)	(13,880)	(12,807)	(13,880)
Net Unrealized Gains (Losses) on Available-for-Sale Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(117)	(94)	(111)	(73)
Other comprehensive (loss) income, net	122	(28)	116	(49)
Ending Balance	$ 5	$ (122)	$ 5	$ (122)

XML 49 R39.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Accumulated Other Comprehensive (Loss) Income (Parenthetical) (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, tax	$ 0	$ 0	$ 0	$ 0
Net Unrealized Gains (Losses) on Available-for-Sale Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, tax	0	0	0	0
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, tax	$ 0	$ 0	$ 0	$ 0

XML 50 R40.htm IDEA: XBRL DOCUMENT

Equity Awards - Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail) - Stock Options [Member] - $ / shares	6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Volatility rate	49.70%	53.40%
Weighted-average expected life (in years)	5 years 11 months 5 days	6 years 3 months
Weighted-average risk-free interest rate	1.60%	1.80%
Weighted-average fair value per share of stock options granted	$ 19.70	$ 20.19

XML 51 R41.htm IDEA: XBRL DOCUMENT

Equity Awards - Summary of Total Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,186	$ 1,138	$ 2,221	$ 2,710
Cost of Goods Sold [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	241	261	447	503
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 945	$ 877	$ 1,774	$ 2,207

XML 52 R42.htm IDEA: XBRL DOCUMENT

Equity Awards - Additional Information (Detail) $ in Millions	6 Months Ended
	Jul. 30, 2016 USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total unrecognized compensation cost related to unvested stock options, restricted stock awards and restricted stock units	$ 8.2
Weighted-average recognition period related to unvested stock options, restricted stock awards and restricted stock units	1 year 3 months 18 days

XML 53 R43.htm IDEA: XBRL DOCUMENT

Equity Awards - Summary of Restricted Stock Awards and Restricted Stock Units Activity (Detail) - Restricted Stock Awards and Restricted Stock Units [Member] $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jul. 30, 2016 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Awards/Units, Beginning Balance \| shares	286
Restricted Stock Awards/Units, Granted \| shares	263
Restricted Stock Awards/Units, Vested \| shares	(125)
Restricted Stock Awards/Units, Forfeited \| shares	(11)
Restricted Stock Awards/Units, Ending Balance \| shares	413
Grant Date Weighted-Average Fair Value, Beginning Balance \| $ / shares	$ 30.32
Grant Date Weighted-Average Fair Value, Granted \| $ / shares	18.76
Grant Date Weighted-Average Fair Value, Vested \| $ / shares	29.67
Grant Date Weighted-Average Fair Value, Forfeited \| $ / shares	26.46
Grant Date Weighted-Average Fair Value, Ending Balance \| $ / shares	$ 23.25
Intrinsic Value, Ending Balance \| $	$ 7,008

XML 54 R44.htm IDEA: XBRL DOCUMENT

Equity Awards - Summary of Stock Option Activity (Detail) - Stock Options [Member] $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jul. 30, 2016 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options, Outstanding, Beginning Balance \| shares	143
Stock Options, Granted \| shares	82
Stock Options, Exercised \| shares	(4)
Stock Options, Forfeited \| shares	(20)
Stock Options, Outstanding, Ending Balance \| shares	201
Stock Options, Exercisable, Ending Balance \| shares	80
Grant Date Weighted-Average Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 27.86
Grant Date Weighted-Average Exercise Price, Granted \| $ / shares	19.70
Grant Date Weighted-Average Exercise Price, Exercised \| $ / shares	8.64
Grant Date Weighted-Average Exercise Price, Forfeited \| $ / shares	33.53
Grant Date Weighted-Average Exercise Price, Outstanding, Ending Balance \| $ / shares	24.40
Grant Date Weighted-Average Exercise Price, Exercisable, Ending Balance \| $ / shares	$ 25.61
Weighted-Average Remaining Contractual Life (in Years), Outstanding, Ending Balance	7 years
Weighted-Average Remaining Contractual Life (in Years), Exercisable, Ending Balance	4 years 10 months 24 days
Intrinsic Value, Outstanding, Ending Balance \| $	$ 123
Intrinsic Value, Exercisable, Ending Balance \| $	$ 123

XML 55 R45.htm IDEA: XBRL DOCUMENT

(Loss) Earnings per Share, Basic and Diluted - Computation of Basic and Diluted (Loss) Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Earnings Per Share [Abstract]
Net (loss) income	$ (838)	$ 3,213	$ (2,975)	$ 5,983
Weighted average common shares for basic (loss) earnings per share	24,712	28,311	24,957	28,726
Dilutive effect of stock options and restricted stock		128		206
Weighted average common shares for diluted (loss) earnings per share	24,712	28,439	24,957	28,932
Basic (loss) earnings per share	$ (0.03)	$ 0.11	$ (0.12)	$ 0.21
Diluted (loss) earnings per share	$ (0.03)	$ 0.11	$ (0.12)	$ 0.21

XML 56 R46.htm IDEA: XBRL DOCUMENT

(Loss) Earnings per Share, Basic and Diluted - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Earnings Per Share [Abstract]
Total anti-dilutive common shares related to stock-based awards not included in the calculation of diluted earnings per share	0.3	0.1	0.4	0.1

XML 57 R47.htm IDEA: XBRL DOCUMENT

Subsequent Event - Additional Information (Detail) $ in Millions	Aug. 31, 2016 USD ($) Store	Jul. 30, 2016 Store
Subsequent Event [Line Items]
Number of stores \| Store		673
Subsequent Event [Member] \| Fast Times [Member]
Subsequent Event [Line Items]
Percentage of outstanding equity acquired	100.00%
Business combination purchase price	$ 6.9
Purchase price paid in cash	5.5
Purchase price paid in shares of common stock	$ 1.4
Number of stores \| Store	5

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Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company