DELAWARE | ||||||||
(State or other jurisdiction | (I.R.S. Employer | |||||||
of incorporation or organization) | Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
ý | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | |||||||||||||
Smaller reporting company | Emerging growth company |
Page | ||||||||
Number | ||||||||
Condensed Consolidated Balance Sheets as of August 1, 2020, February 1, 2020 and August 3, 2019 | ||||||||
August 1, 2020 | February 1, 2020 | August 3, 2019 | ||||||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | |||||||||||||||||
Restricted cash | ||||||||||||||||||||
Accounts receivable | ||||||||||||||||||||
Merchandise inventories | ||||||||||||||||||||
Federal and state income taxes | ||||||||||||||||||||
Other current assets | ||||||||||||||||||||
Total current assets | ||||||||||||||||||||
Property and equipment (net of accumulated depreciation and amortization of $2,434,355, $2,336,728 and $2,305,588 respectively) | ||||||||||||||||||||
Operating lease assets | ||||||||||||||||||||
Deferred income taxes | ||||||||||||||||||||
Other assets | ||||||||||||||||||||
Total assets | $ | $ | $ | |||||||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Trade accounts payable and accrued expenses | $ | $ | $ | |||||||||||||||||
Current portion of finance lease liabilities | ||||||||||||||||||||
Current portion of operating lease liabilities | ||||||||||||||||||||
Other short-term borrowings | ||||||||||||||||||||
Federal and state income taxes | ||||||||||||||||||||
Total current liabilities | ||||||||||||||||||||
Long-term debt | ||||||||||||||||||||
Finance lease liabilities | ||||||||||||||||||||
Operating lease liabilities | ||||||||||||||||||||
Other liabilities | ||||||||||||||||||||
Deferred income taxes | ||||||||||||||||||||
Subordinated debentures | ||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | ||||||||||||||||||||
Additional paid-in capital | ||||||||||||||||||||
Accumulated other comprehensive loss | ( | ( | ( | |||||||||||||||||
Retained earnings | ||||||||||||||||||||
Less treasury stock, at cost | ( | ( | ( | |||||||||||||||||
Total stockholders’ equity | ||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
August 1, 2020 | August 3, 2019 | August 1, 2020 | August 3, 2019 | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||||||||||||||
Service charges and other income | ||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Rentals | ||||||||||||||||||||||||||
Interest and debt expense, net | ||||||||||||||||||||||||||
Other expense | ||||||||||||||||||||||||||
Loss (gain) on disposal of assets | ( | ( | ||||||||||||||||||||||||
(Loss) income before income taxes | ( | ( | ( | |||||||||||||||||||||||
Income taxes (benefit) | ( | ( | ( | |||||||||||||||||||||||
Net (loss) income | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||
(Loss) earnings per share: | ||||||||||||||||||||||||||
Basic and diluted | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
August 1, 2020 | August 3, 2019 | August 1, 2020 | August 3, 2019 | |||||||||||||||||||||||
Net (loss) income | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $138, $0, $276, and $0, respectively) | ||||||||||||||||||||||||||
Comprehensive (loss) income | $ | ( | $ | ( | $ | ( | $ |
Three Months Ended August 1, 2020 | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||
Balance, May 2, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of 32,000 shares under equity plans | — | — | — | ||||||||||||||||||||||||||||||||
Purchase of 586,851 shares of treasury stock | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||||||||||||||
Common stock, $0.15 per share | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance, August 1, 2020 | $ | $ | $ | ( | $ | $ | ( | $ |
Three Months Ended August 3, 2019 | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||
Balance, May 4, 2019 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Issuance of 17,600 shares under equity plans | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase of 818,585 shares of treasury stock | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||||||||||||||
Common stock, $0.10 per share | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance, August 3, 2019 | $ | $ | $ | ( | $ | $ | ( | $ |
Six Months Ended August 1, 2020 | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||
Balance, February 1, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of 32,000 shares under equity plans | — | — | — | ||||||||||||||||||||||||||||||||
Purchase of 1,585,593 shares of treasury stock | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||||||||||||||
Common stock, $0.30 per share | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance, August 1, 2020 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Six Months Ended August 3, 2019 | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||
Balance, February 2, 2019 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of 17,600 shares under equity plans | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase of 1,064,743 shares of treasury stock | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||||||||||||||
Common stock, $0.20 per share | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance, August 3, 2019 | $ | $ | $ | ( | $ | $ | ( | $ |
Six Months Ended | ||||||||||||||
August 1, 2020 | August 3, 2019 | |||||||||||||
Operating activities: | ||||||||||||||
Net (loss) income | $ | ( | $ | |||||||||||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||||||||||||||
Depreciation and amortization of property and other deferred cost | ||||||||||||||
Loss (gain) on disposal of assets | ( | |||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Decrease (increase) in accounts receivable | ( | |||||||||||||
Decrease (increase) in merchandise inventories | ( | |||||||||||||
Increase in other current assets | ( | ( | ||||||||||||
Increase in other assets | ( | ( | ||||||||||||
Decrease in trade accounts payable and accrued expenses and other liabilities | ( | ( | ||||||||||||
Decrease in income taxes | ( | ( | ||||||||||||
Net cash used in operating activities | ( | ( | ||||||||||||
Investing activities: | ||||||||||||||
Purchases of property and equipment and capitalized software | ( | ( | ||||||||||||
Proceeds from disposal of assets | ||||||||||||||
Distribution from joint venture | ||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities: | ||||||||||||||
Principal payments on long-term debt and finance lease liabilities | ( | ( | ||||||||||||
Issuance cost of line of credit | ( | |||||||||||||
Increase in short-term borrowings | ||||||||||||||
Cash dividends paid | ( | ( | ||||||||||||
Purchase of treasury stock | ( | ( | ||||||||||||
Net cash provided by financing activities | ||||||||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | ( | |||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | ||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ | ||||||||||||
Non-cash transactions: | ||||||||||||||
Accrued capital expenditures | $ | $ | ||||||||||||
Accrued purchases of treasury stock | ||||||||||||||
Stock awards | ||||||||||||||
Lease assets obtained in exchange for new operating lease liabilities |
(in thousands) | August 1, 2020 | August 3, 2019 | ||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Total cash, cash equivalents and restricted cash | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
August 1, 2020 | August 3, 2019 | August 1, 2020 | August 3, 2019 | |||||||||||||||||||||||
Retail operations segment | ||||||||||||||||||||||||||
Cosmetics | % | % | % | % | ||||||||||||||||||||||
Ladies’ apparel | ||||||||||||||||||||||||||
Ladies’ accessories and lingerie | ||||||||||||||||||||||||||
Juniors’ and children’s apparel | ||||||||||||||||||||||||||
Men’s apparel and accessories | ||||||||||||||||||||||||||
Shoes | ||||||||||||||||||||||||||
Home and furniture | ||||||||||||||||||||||||||
Construction segment | ||||||||||||||||||||||||||
Total | % | % | % | % |
(in thousands of dollars) | Retail Operations | Construction | Consolidated | |||||||||||||||||
Three Months Ended August 1, 2020: | ||||||||||||||||||||
Net sales from external customers | $ | $ | $ | |||||||||||||||||
Gross profit | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Interest and debt expense (income), net | ( | |||||||||||||||||||
(Loss) income before income taxes | ( | ( | ||||||||||||||||||
Total assets | ||||||||||||||||||||
Three Months Ended August 3, 2019: | ||||||||||||||||||||
Net sales from external customers | $ | $ | $ | |||||||||||||||||
Gross profit | ( | |||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Interest and debt expense (income), net | ( | |||||||||||||||||||
Loss before income taxes | ( | ( | ( | |||||||||||||||||
Total assets | ||||||||||||||||||||
Six Months Ended August 1, 2020: | ||||||||||||||||||||
Net sales from external customers | $ | $ | $ | |||||||||||||||||
Gross profit | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Interest and debt expense (income), net | ( | |||||||||||||||||||
(Loss) income before income taxes | ( | ( | ||||||||||||||||||
Total assets | ||||||||||||||||||||
Six Months Ended August 3, 2019 | ||||||||||||||||||||
Net sales from external customers | $ | $ | $ | |||||||||||||||||
Gross profit | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Interest and debt expense (income), net | ( | |||||||||||||||||||
Income (loss) before income taxes | ( | |||||||||||||||||||
Total assets |
Retail | ||||||||||||||||||||||||||
(in thousands of dollars) | August 1, 2020 | February 1, 2020 | August 3, 2019 | February 2, 2019 | ||||||||||||||||||||||
Contract liabilities | $ | $ | $ | $ |
Construction | ||||||||||||||||||||||||||
(in thousands of dollars) | August 1, 2020 | February 1, 2020 | August 3, 2019 | February 2, 2019 | ||||||||||||||||||||||
Accounts receivable | $ | $ | $ | $ | ||||||||||||||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | ||||||||||||||||||||||||||
Billings in excess of costs and estimated earnings on uncompleted contracts |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
August 1, 2020 | August 3, 2019 | August 1, 2020 | August 3, 2019 | |||||||||||||||||||||||
Net (loss) income | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||
Weighted average shares of common stock outstanding | ||||||||||||||||||||||||||
Basic and diluted (loss) earnings per share | $ | ( | $ | ( | $ | ( | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
August 1, 2020 | August 3, 2019 | August 1, 2020 | August 3, 2019 | |||||||||||||||||||||||
Components of net periodic benefit costs: | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Net actuarial loss | ||||||||||||||||||||||||||
Net periodic benefit costs | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
August 1, 2020 | August 3, 2019 | August 1, 2020 | August 3, 2019 | |||||||||||||||||||||||
Cost of shares repurchased | $ | $ | $ | $ | ||||||||||||||||||||||
Number of shares repurchased | ||||||||||||||||||||||||||
Average price per share | $ | $ | $ | $ |
Amount Reclassified from AOCL | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Affected Line Item in the Statement Where Net Income Is Presented | ||||||||||||||||||||||||||||||
Details about AOCL Components | August 1, 2020 | August 3, 2019 | August 1, 2020 | August 3, 2019 | ||||||||||||||||||||||||||||
Defined benefit pension plan items | ||||||||||||||||||||||||||||||||
Amortization of actuarial losses | $ | $ | $ | $ | Total before tax (1) | |||||||||||||||||||||||||||
Income tax expense | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | Total net of tax |
Defined Benefit Pension Plan Items | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
August 1, 2020 | August 3, 2019 | August 1, 2020 | August 3, 2019 | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | ||||||||||||||||||||||
Amounts reclassified from AOCL | ( | ( | ||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ |
(in thousands of dollars) | Classification - Condensed Consolidated Balance Sheets | August 1, 2020 | February 1, 2020 | August 3, 2019 | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Finance lease assets | Property and equipment, net (a) | $ | $ | $ | |||||||||||||||||||
Operating lease assets | Operating lease assets | ||||||||||||||||||||||
Total leased assets | $ | $ | $ | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Current | |||||||||||||||||||||||
Finance | Current portion of finance lease liabilities | $ | $ | $ | |||||||||||||||||||
Operating | Current portion of operating lease liabilities | ||||||||||||||||||||||
Noncurrent | |||||||||||||||||||||||
Finance | Finance lease liabilities | ||||||||||||||||||||||
Operating | Operating lease liabilities | ||||||||||||||||||||||
Total lease liabilities | $ | $ | $ |
Lease Cost | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
(in thousands of dollars) | Classification - Condensed Consolidated Statements of Operations | August 1, 2020 | August 3, 2019 | August 1, 2020 | August 3, 2019 | ||||||||||||||||||||||||
Operating lease cost (a) | Rentals | $ | $ | $ | $ | ||||||||||||||||||||||||
Finance lease cost | |||||||||||||||||||||||||||||
Amortization of leased assets | Depreciation and amortization | ||||||||||||||||||||||||||||
Interest on lease liabilities | Interest and debt expense, net | ||||||||||||||||||||||||||||
Net lease cost | $ | $ | $ | $ | |||||||||||||||||||||||||
(in thousands of dollars) Fiscal Year | Operating Leases | Finance Leases | Total | ||||||||||||||
2020 (excluding the six months ended August 1, 2020) | $ | $ | $ | ||||||||||||||
2021 | |||||||||||||||||
2022 | |||||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
After 2024 | |||||||||||||||||
Total minimum lease payments | |||||||||||||||||
Less amount representing interest | ( | ( | ( | ||||||||||||||
Present value of lease liabilities | $ | $ | $ |
August 1, 2020 | ||||||||
Weighted-average remaining lease term | ||||||||
Operating leases | ||||||||
Finance leases | ||||||||
Weighted-average discount rate | ||||||||
Operating leases | % | |||||||
Finance leases | % |
Six Months Ended | ||||||||||||||
(in thousands of dollars) | August 1, 2020 | August 3, 2019 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
Operating cash flows from finance leases | ||||||||||||||
Financing cash flows from finance leases | ||||||||||||||
Lease assets obtained in exchange for new operating lease liabilities | $ | $ |
Three Months Ended | ||||||||||||||
August 1, 2020 | August 3, 2019 | |||||||||||||
Net sales (in millions) | $ | 919.0 | $ | 1,426.9 | ||||||||||
Retail stores sales trend | (35) | % | (2) | % | ||||||||||
Gross profit (in millions) | $ | 279.2 | $ | 394.8 | ||||||||||
Gross profit as a percentage of net sales | 30.4 | % | 27.7 | % | ||||||||||
Retail gross profit as a percentage of net sales | 31.1 | % | 28.7 | % | ||||||||||
Selling, general and administrative expenses as a percentage of net sales | 29.1 | % | 28.7 | % | ||||||||||
Cash flow used in operations (in millions) | $ | (294.5) | $ | (18.6) | ||||||||||
Total retail store count at end of period | 282 | 289 | ||||||||||||
Retail sales per square foot | $ | 19 | $ | 29 | ||||||||||
Retail store inventory trend | (20) | % | — | % | ||||||||||
Annualized retail merchandise inventory turnover | 1.7 | 2.3 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
August 1, 2020 | August 3, 2019 | August 1, 2020 | August 3, 2019 | |||||||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||
Service charges and other income | 2.8 | 2.2 | 3.6 | 2.2 | ||||||||||||||||||||||
102.8 | 102.2 | 103.6 | 102.2 | |||||||||||||||||||||||
Cost of sales | 69.6 | 72.3 | 77.9 | 67.8 | ||||||||||||||||||||||
Selling, general and administrative expenses | 29.1 | 28.7 | 32.7 | 28.2 | ||||||||||||||||||||||
Depreciation and amortization | 5.5 | 3.8 | 6.0 | 3.7 | ||||||||||||||||||||||
Rentals | 0.6 | 0.4 | 0.7 | 0.4 | ||||||||||||||||||||||
Interest and debt expense, net | 1.4 | 0.9 | 1.5 | 0.8 | ||||||||||||||||||||||
Other expense | 0.2 | 0.1 | 0.2 | 0.1 | ||||||||||||||||||||||
Gain on disposal of assets | — | (0.3) | — | (0.4) | ||||||||||||||||||||||
(Loss) income before income taxes | (3.6) | (3.7) | (15.3) | 1.7 | ||||||||||||||||||||||
Income taxes (benefit) | (2.7) | (0.8) | (5.3) | 0.4 | ||||||||||||||||||||||
Net (loss) income | (0.9) | % | (2.9) | % | (10.0) | % | 1.3 | % |
Three Months Ended | ||||||||||||||||||||
(in thousands of dollars) | August 1, 2020 | August 3, 2019 | $ Change | |||||||||||||||||
Net sales: | ||||||||||||||||||||
Retail operations segment | $ | 893,216 | $ | 1,378,163 | $ | (484,947) | ||||||||||||||
Construction segment | 25,828 | 48,700 | (22,872) | |||||||||||||||||
Total net sales | $ | 919,044 | $ | 1,426,863 | $ | (507,819) |
% Change 2020 - 2019 | % of Net Sales | |||||||||||||
Retail operations segment | ||||||||||||||
Cosmetics | (29.1) | % | 14 | % | ||||||||||
Ladies’ apparel | (45.1) | 21 | ||||||||||||
Ladies’ accessories and lingerie | (31.1) | 16 | ||||||||||||
Juniors’ and children’s apparel | (29.4) | 9 | ||||||||||||
Men’s apparel and accessories | (31.7) | 20 | ||||||||||||
Shoes | (40.5) | 13 | ||||||||||||
Home and furniture | (16.4) | 4 | ||||||||||||
97 | ||||||||||||||
Construction segment | (47.0) | 3 | ||||||||||||
Total | 100 | % |
Six Months Ended | ||||||||||||||||||||
(in thousands of dollars) | August 1, 2020 | August 3, 2019 | $ Change | |||||||||||||||||
Net sales: | ||||||||||||||||||||
Retail operations segment | $ | 1,644,243 | $ | 2,798,685 | $ | (1,154,442) | ||||||||||||||
Construction segment | 61,456 | 93,619 | (32,163) | |||||||||||||||||
Total net sales | $ | 1,705,699 | $ | 2,892,304 | $ | (1,186,605) | ||||||||||||||
% Change 2020 - 2019 | % of Net Sales | |||||||||||||
Retail operations segment | ||||||||||||||
Cosmetics | (35.0) | % | 14 | % | ||||||||||
Ladies’ apparel | (48.7) | 21 | ||||||||||||
Ladies’ accessories and lingerie | (38.1) | 16 | ||||||||||||
Juniors’ and children’s apparel | (41.3) | 9 | ||||||||||||
Men’s apparel and accessories | (38.7) | 18 | ||||||||||||
Shoes | (43.4) | 14 | ||||||||||||
Home and furniture | (28.0) | 4 | ||||||||||||
96 | ||||||||||||||
Construction segment | (34.4) | 4 | ||||||||||||
Total | 100 | % |
Three Months Ended | Six Months Ended | Three Months | Six Months | |||||||||||||||||||||||||||||||||||
(in thousands of dollars) | August 1, 2020 | August 3, 2019 | August 1, 2020 | August 3, 2019 | $ Change 2020-2019 | $ Change 2020-2019 | ||||||||||||||||||||||||||||||||
Service charges and other income: | ||||||||||||||||||||||||||||||||||||||
Retail operations segment | ||||||||||||||||||||||||||||||||||||||
Income from Wells Fargo Alliance | $ | 14,685 | $ | 21,194 | $ | 35,486 | $ | 42,340 | $ | (6,509) | $ | (6,854) | ||||||||||||||||||||||||||
Shipping and handling income | 8,657 | 6,160 | 20,224 | 12,237 | 2,497 | 7,987 | ||||||||||||||||||||||||||||||||
Leased department income | 491 | 1,087 | 862 | 2,209 | (596) | (1,347) | ||||||||||||||||||||||||||||||||
Other | 2,291 | 2,772 | 4,039 | 6,122 | (481) | (2,083) | ||||||||||||||||||||||||||||||||
26,124 | 31,213 | 60,611 | 62,908 | (5,089) | (2,297) | |||||||||||||||||||||||||||||||||
Construction segment | 15 | 769 | 449 | 1,568 | (754) | (1,119) | ||||||||||||||||||||||||||||||||
Total service charges and other income | $ | 26,139 | $ | 31,982 | $ | 61,060 | $ | 64,476 | $ | (5,843) | $ | (3,416) |
(in thousands of dollars) | August 1, 2020 | August 3, 2019 | $ Change | % Change | ||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
Retail operations segment | $ | 277,407 | $ | 395,137 | $ | (117,730) | (29.8) | % | ||||||||||||||||||
Construction segment | 1,790 | (288) | 2,078 | 721.5 | ||||||||||||||||||||||
Total gross profit | $ | 279,197 | $ | 394,849 | $ | (115,652) | (29.3) | % | ||||||||||||||||||
Six months ended | ||||||||||||||||||||||||||
Retail operations segment | $ | 373,441 | $ | 931,508 | $ | (558,067) | (59.9) | % | ||||||||||||||||||
Construction segment | 3,942 | 1,015 | 2,927 | 288.4 | ||||||||||||||||||||||
Total gross profit | $ | 377,383 | $ | 932,523 | $ | (555,140) | (59.5) | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
August 1, 2020 | August 3, 2019 | August 1, 2020 | August 3, 2019 | |||||||||||||||||||||||
Gross profit as a percentage of segment net sales: | ||||||||||||||||||||||||||
Retail operations segment | 31.1 | % | 28.7 | % | 22.7 | % | 33.3 | % | ||||||||||||||||||
Construction segment | 6.9 | (0.6) | 6.4 | 1.1 | ||||||||||||||||||||||
Total gross profit as a percentage of net sales | 30.4 | 27.7 | 22.1 | 32.2 |
(in thousands of dollars) | August 1, 2020 | August 3, 2019 | $ Change | % Change | ||||||||||||||||||||||
SG&A: | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
Retail operations segment | $ | 265,801 | $ | 407,589 | $ | (141,788) | (34.8) | % | ||||||||||||||||||
Construction segment | 1,261 | 1,536 | (275) | (17.9) | ||||||||||||||||||||||
Total SG&A | $ | 267,062 | $ | 409,125 | $ | (142,063) | (34.7) | % | ||||||||||||||||||
Six months ended | ||||||||||||||||||||||||||
Retail operations segment | $ | 554,358 | $ | 810,881 | $ | (256,523) | (31.6) | % | ||||||||||||||||||
Construction segment | 3,150 | 3,404 | (254) | (7.5) | ||||||||||||||||||||||
Total SG&A | $ | 557,508 | $ | 814,285 | $ | (256,777) | (31.5) | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
August 1, 2020 | August 3, 2019 | August 1, 2020 | August 3, 2019 | |||||||||||||||||||||||
SG&A as a percentage of segment net sales: | ||||||||||||||||||||||||||
Retail operations segment | 29.8 | % | 29.6 | % | 33.7 | % | 29.0 | % | ||||||||||||||||||
Construction segment | 4.9 | 3.2 | 5.1 | 3.6 | ||||||||||||||||||||||
Total SG&A as a percentage of net sales | 29.1 | 28.7 | 32.7 | 28.2 |
(in thousands of dollars) | August 1, 2020 | August 3, 2019 | $ Change | % Change | ||||||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
Retail operations segment | $ | 50,784 | $ | 54,207 | $ | (3,423) | (6.3) | % | ||||||||||||||||||
Construction segment | 167 | 176 | (9) | (5.1) | ||||||||||||||||||||||
Total depreciation and amortization | $ | 50,951 | $ | 54,383 | $ | (3,432) | (6.3) | % | ||||||||||||||||||
Six months ended | ||||||||||||||||||||||||||
Retail operations segment | $ | 101,516 | $ | 106,401 | $ | (4,885) | (4.6) | % | ||||||||||||||||||
Construction segment | 336 | 346 | (10) | (2.9) | ||||||||||||||||||||||
Total depreciation and amortization | $ | 101,852 | $ | 106,747 | $ | (4,895) | (4.6) | % |
(in thousands of dollars) | August 1, 2020 | August 3, 2019 | $ Change | % Change | ||||||||||||||||||||||
Interest and debt expense (income), net: | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
Retail operations segment | $ | 12,885 | $ | 12,278 | $ | 607 | 4.9 | % | ||||||||||||||||||
Construction segment | (12) | (30) | 18 | 60.0 | ||||||||||||||||||||||
Total interest and debt expense, net | $ | 12,873 | $ | 12,248 | $ | 625 | 5.1 | % | ||||||||||||||||||
Six months ended | ||||||||||||||||||||||||||
Retail operations segment | $ | 25,176 | $ | 23,542 | $ | 1,634 | 6.9 | % | ||||||||||||||||||
Construction segment | (33) | (57) | 24 | 42.1 | ||||||||||||||||||||||
Total interest and debt expense, net | $ | 25,143 | $ | 23,485 | $ | 1,658 | 7.1 | % |
(in thousands of dollars) | August 1, 2020 | August 3, 2019 | $ Change | |||||||||||||||||
Loss (gain) on disposal of assets: | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
Retail operations segment | $ | 45 | $ | (4,899) | $ | 4,944 | ||||||||||||||
Construction segment | (12) | (1) | (11) | |||||||||||||||||
Total loss (gain) on disposal of assets | $ | 33 | $ | (4,900) | $ | 4,933 | ||||||||||||||
Six months ended | ||||||||||||||||||||
Retail operations segment | $ | 27 | $ | (12,299) | $ | 12,326 | ||||||||||||||
Construction segment | (13) | (1) | (12) | |||||||||||||||||
Total loss (gain) on disposal of assets | $ | 14 | $ | (12,300) | $ | 12,314 |
Six Months Ended | ||||||||||||||||||||
(in thousands of dollars) | August 1, 2020 | August 3, 2019 | $ Change | |||||||||||||||||
Operating Activities | $ | (294,509) | $ | (18,580) | $ | (275,929) | ||||||||||||||
Investing Activities | (38,084) | (15,547) | (22,537) | |||||||||||||||||
Financing Activities | 138,384 | 45,876 | 92,508 | |||||||||||||||||
Total (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | $ | (194,209) | $ | 11,749 | $ | (205,958) |
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
May 3, 2020 through May 30, 2020 | — | $ | — | — | $ | 206,852,235 | ||||||||||||||||||||
May 31, 2020 through July 4, 2020 | — | — | — | 206,852,235 | ||||||||||||||||||||||
July 5, 2020 through August 1, 2020 | 586,851 | 24.31 | 586,851 | 192,584,114 | ||||||||||||||||||||||
Total | 586,851 | $ | 24.31 | 586,851 | $ | 192,584,114 |
Number | Description | |||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
DILLARD’S, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | September 4, 2020 | /s/ Phillip R. Watts | |||||||||
Phillip R. Watts | |||||||||||
Senior Vice President, Co-Principal Financial Officer and Principal Accounting Officer | |||||||||||
/s/ Chris B. Johnson | |||||||||||
Chris B. Johnson | |||||||||||
Senior Vice President and Co-Principal Financial Officer |
Date: | September 4, 2020 | |||||||
/s/ William Dillard, II | ||||||||
William Dillard, II | ||||||||
Chairman of the Board and Chief Executive Officer |
Date: | September 4, 2020 | |||||||
/s/ Phillip R. Watts | ||||||||
Phillip R. Watts | ||||||||
Senior Vice President, Co-Principal Financial Officer and Principal Accounting Officer |
Date: | September 4, 2020 | |||||||
/s/ Chris B. Johnson | ||||||||
Chris B. Johnson | ||||||||
Senior Vice President and Co-Principal Financial Officer |
Date: | September 4, 2020 | |||||||
/s/ William Dillard, II | ||||||||
William Dillard, II | ||||||||
Chairman of the Board and Chief Executive Officer |
Date: | September 4, 2020 | |||||||
/s/ Phillip R. Watts | ||||||||
Phillip R. Watts | ||||||||
Senior Vice President, Co-Principal Financial Officer and Principal Accounting Officer |
Date: | September 4, 2020 | |||||||
/s/ Chris B. Johnson | ||||||||
Chris B. Johnson | ||||||||
Senior Vice President and Co-Principal Financial Officer |
Recently Issued Accounting Standards |
6 Months Ended |
---|---|
Aug. 01, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | Accounting Standards Recently Issued Accounting Pronouncements Simplifying the Accounting for Income Taxes In December 2019, the FASB issued Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in accounting standards. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments within ASU No. 2019-12 are effective for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, and early adoption is permitted. The Company is currently assessing the impact of this update on its consolidated financial statements.
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Aug. 01, 2020 |
Feb. 01, 2020 |
Aug. 03, 2019 |
---|---|---|---|
Statement of Financial Position [Abstract] | |||
Property and equipment, accumulated depreciation and amortization | $ 2,434,355 | $ 2,236,728 | $ 2,305,588 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2020 |
Aug. 03, 2019 |
Aug. 01, 2020 |
Aug. 03, 2019 |
|
Income Statement [Abstract] | ||||
Revenue from Contracts with Customers | $ 919,044 | $ 1,426,863 | $ 1,705,699 | $ 2,892,304 |
Service charges and other income | 26,139 | 31,982 | 61,060 | 64,476 |
Total net sales, service charges and other income | 945,183 | 1,458,845 | 1,766,759 | 2,956,780 |
Cost of sales | 639,847 | 1,032,014 | 1,328,316 | 1,959,781 |
Selling, General and Administrative Expense | 267,062 | 409,125 | 557,508 | 814,285 |
Depreciation and amortization | 50,951 | 54,383 | 101,852 | 106,747 |
Rentals | 5,639 | 6,209 | 11,189 | 12,327 |
Interest Expense | 12,873 | 12,248 | 25,143 | 23,485 |
Other expense | 2,104 | 1,917 | 4,208 | 3,834 |
Loss (gain) on disposal of assets | 33 | (4,900) | 14 | (12,300) |
(Loss) income before income taxes | (33,326) | (52,151) | (261,471) | 48,621 |
Income taxes (benefit) | (24,760) | (11,480) | (90,930) | 10,690 |
Net Income | $ (8,566) | $ (40,671) | $ (170,541) | $ 37,931 |
(Loss) earnings per share: | ||||
Earnings Per Share, Basic and Diluted | $ (0.37) | $ (1.59) | $ (7.33) | $ 1.46 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2020 |
Aug. 03, 2019 |
Aug. 01, 2020 |
Aug. 03, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ (8,566) | $ (40,671) | $ (170,541) | $ 37,931 |
Other comprehensive income: | ||||
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $138, $0, $276, and $0, respectively) | 430 | 0 | 861 | 0 |
Comprehensive (loss) income | $ (8,136) | $ (40,671) | $ (169,680) | $ 37,931 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2020 |
Aug. 03, 2019 |
Aug. 01, 2020 |
Aug. 03, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Amortization of retirement plan and other retiree benefit adjustments, tax | $ 138 | $ 0 | $ 276 | $ 0 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2020 |
Aug. 03, 2019 |
Aug. 01, 2020 |
Aug. 03, 2019 |
|
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY [Abstract] | ||||
Treasury Stock, Shares, Acquired | 586,851 | 818,585 | 1,585,593 | 1,064,743 |
Common Stock, Dividends, Per Share, Declared | $ 0.15 | $ 0.10 | $ 0.30 | $ 0.20 |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 32,000 | 17,600 | 32,000 | 17,600 |
Basis of Presentation |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of Dillard’s, Inc. (the “Company”) have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended August 1, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending January 30, 2021 due to, among other factors, the seasonal nature of the business and the COVID-19 pandemic. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2020 filed with the SEC on March 31, 2020. Restricted Cash - Restricted cash consists of cash proceeds from the sale of property held in escrow for the acquisition of replacement property under like-kind exchange agreements. The escrow accounts are administered by an intermediary. Pursuant to the like-kind exchange agreements, the cash remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.
COVID-19 In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic, which continues to spread throughout the United States and the world. The effects of the COVID-19 pandemic have had and continue to have a significant impact on the Company's business, results of operations and financial position. At present, the COVID-19 pandemic has had a significant negative effect on the Company's liquidity and net sales. Due to heightened uncertainty relating to the impacts of COVID-19 on the Company’s business operations, including the duration and impact on overall customer demand, our liquidity, net sales and profitability may be further impacted if we are unable to appropriately manage our inventory levels and expenses. The Company began closing stores on March 19, 2020 as mandated by state and local governments, and by April 9, 2020, all 285 store locations were temporarily closed. The Company began re-opening stores on May 5, 2020, and by June 2, 2020, all stores had been re-opened using the Centers for Disease Control and Prevention ("CDC") guidelines to promote a safe environment for our customers and employees. All stores remain open and operating at reduced hours with the exception of one location. As part of the Company's liquidity strategy during the COVID-19 pandemic, in March 2020, the Company borrowed $779 million under the credit agreement, which was repaid concurrent with the execution of the amended credit agreement. At August 1, 2020, borrowings of $229.6 million were outstanding, and letters of credit totaling $21.0 million were issued under the amended credit agreement leaving unutilized availability under the facility of $447.0 million. See Note 7, Revolving Credit Agreement, for additional information. We assess the impairment of long-lived assets, primarily fixed assets and operating lease assets, whenever events or changes in circumstances indicate that the carrying value may not be recoverable. We evaluated the effects of the COVID-19 pandemic on our business and determined that as of August 1, 2020, the carrying values of our property and equipment and operating lease assets were recoverable. Accordingly, no impairment charge was recorded for the six months ended August 1, 2020. We will continue to monitor these factors and the impact of the COVID-19 pandemic on future periods and continue to assess these assets for impairment as needed.
|
Business Segments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments The Company operates in two reportable segments: the operation of retail department stores (“retail operations”) and a general contracting construction company (“construction”). For the Company’s retail operations, the Company determined its operating segments on a store by store basis. Each store’s operating performance has been aggregated into one reportable segment. The Company’s operating segments are aggregated for financial reporting purposes because they are similar in each of the following areas: economic characteristics, class of consumer, nature of products and distribution methods. Revenues from external customers are derived from merchandise sales, and the Company does not rely on any major customers as a source of revenue. Across all stores, the Company operates one store format under the Dillard’s name where each store offers the same general mix of merchandise with similar categories and similar customers. The Company believes that disaggregating its operating segments would not provide meaningful additional information. The following table summarizes the percentage of net sales by segment and major product line:
The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations:
Intersegment construction revenues of $6.9 million and $6.2 million for the three months ended August 1, 2020 and August 3, 2019, respectively, and $18.3 million and $14.6 million for the six months ended August 1, 2020 and August 3, 2019, respectively, were eliminated during consolidation and have been excluded from net sales for the respective periods. The retail operations segment gives rise to contract liabilities through the loyalty program and through the issuances of gift cards. The loyalty program liability and a portion of the gift card liability is included in trade accounts payable and accrued expenses, and a portion of the gift card liability is included in other liabilities on the condensed consolidated balance sheets. Our retail operations segment contract liabilities are as follows:
During the six months ended August 1, 2020 and August 3, 2019, the Company recorded $29.8 million and $37.6 million, respectively, in revenue that was previously included in the retail operations contract liability balances of $75.2 million and $72.9 million, at February 1, 2020 and February 2, 2019, respectively. Construction contracts give rise to accounts receivable, contract assets and contract liabilities. We record accounts receivable based on amounts expected to be collected from customers. We also record costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) in other current assets and trade accounts payable and accrued expenses in the condensed consolidated balance sheets, respectively. The amounts included in the condensed consolidated balance sheets are as follows:
During the six months ended August 1, 2020 and August 3, 2019, the Company recorded $4.7 million and $6.8 million, respectively, in revenue that was previously included in billings in excess of costs and estimated earnings on uncompleted contracts of $5.7 million and $7.4 million at February 1, 2020 and February 2, 2019, respectively. The remaining performance obligations related to executed construction contracts totaled $127.0 million, $156.5 million and $108.4 million at August 1, 2020, February 1, 2020 and August 3, 2019, respectively.
|
Earnings Per Share Data |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Data | (Loss) Earnings Per Share Data The following table sets forth the computation of basic and diluted (loss) earnings per share for the periods indicated (in thousands, except per share data).
|
Commitments and Contingencies |
6 Months Ended |
---|---|
Aug. 01, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Various legal proceedings, in the form of lawsuits and claims, which occur in the normal course of business, are pending against the Company and its subsidiaries. In the opinion of management, disposition of these matters, individually or in the aggregate, is not expected to have a material adverse effect on the Company’s financial position, cash flows or results of operations. At August 1, 2020, letters of credit totaling $21.0 million were issued under the Company’s revolving credit facility. See Note 7, Revolving Credit Agreement, for additional information.
|
Benefit Plans |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans | Benefit Plans The Company has an unfunded, nonqualified defined benefit plan (“Pension Plan”) for its officers. The Pension Plan is noncontributory and provides benefits based on years of service and compensation during employment. The Company determines pension expense using an actuarial cost method to estimate the total benefits ultimately payable to officers and allocates this cost to service periods. The actuarial assumptions used to calculate pension costs are reviewed annually. The Company contributed $1.4 million and $2.8 million to the Pension Plan during the three and six months ended August 1, 2020, respectively, and expects to make additional contributions to the Pension Plan of approximately $2.7 million during the remainder of fiscal 2020. The components of net periodic benefit costs are as follows (in thousands):
|
Revolving Credit Agreement |
3 Months Ended |
---|---|
Aug. 01, 2020 | |
Line of Credit Facility [Abstract] | |
Short-term Debt | Revolving Credit Agreement In April 2020, the Company amended its credit agreement (the "amended credit agreement"). After giving effect to the amendment, the amended credit agreement became secured by certain deposit accounts of the Company and certain inventory of certain subsidiaries. The amended credit agreement provides a borrowing capacity of $800 million, subject to certain limitations as outlined in the amended credit agreement, with a $200 million expansion option and matures on August 9, 2022. The amended credit agreement is available to the Company for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. The Company pays a variable rate of interest on borrowings under the amended credit agreement and a commitment fee to the participating banks. The rate of interest on borrowings is the greater of LIBOR or 1.0% plus 1.750%, and the commitment fee for unused borrowings is 0.30% per annum. As long as availability exceeds $100 million and no event of default occurs and is continuing, there are no financial covenant requirements under the amended credit agreement. Concurrent with the signing of the amended credit facility, the Company repaid the $779 million borrowed on March 25, 2020 under the previous agreement. Additionally, the Company paid $3.0 million in issuance costs related to the amended credit agreement, which were recorded in other assets on the condensed consolidated balance sheets. At August 1, 2020, $229.6 million of borrowings were outstanding, and letters of credit totaling $21.0 million were issued under the amended credit agreement leaving unutilized availability under the credit facility of $447.0 million. The weighted average interest rate under the credit agreement for the borrowings outstanding at August 1, 2020 was 2.75%.
|
Stock Repurchase Programs |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share Repurchase Program Activity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Repurchase Programs | Stock Repurchase Program In March 2018, the Company's Board of Directors authorized the Company to repurchase up to $500 million of the Company’s Class A Common Stock pursuant to an open-ended stock repurchase plan (the "March 2018 Plan"). The March 2018 Plan authorization permits the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 or through privately negotiated transactions. The March 2018 Plan has no expiration date. The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data):
All repurchases of the Company’s Class A Common Stock above were made at the market price at the trade date. Accordingly, all amounts paid to reacquire these shares were allocated to treasury stock. As of August 1, 2020, $192.6 million of authorization remained under the March 2018 Plan.
|
Income Taxes |
6 Months Ended |
---|---|
Aug. 01, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company expects to be in a net operating loss position for the fiscal year. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act, signed into law on March 27, 2020, allows for net operating loss carryback to years in which the statutory federal tax rate was 35% rather than the current 21%. During the three and six months ended August 1, 2020, income tax benefit differed from what would be computed using the current statutory federal tax rate of 21% primarily due to the recognition of a net tax benefit of $17.4 million and $32.1 million, respectively, related to the rate differential in the carryback year. Income tax benefit for the three and six months also included the effects of federal tax credits and state and local income taxes. During the three and six months ended August 3, 2019, income taxes differed from what would be computed using the statutory federal tax rate primarily due to the effects of federal tax credits and state and local income taxes.
|
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | Reclassifications from Accumulated Other Comprehensive Loss (“AOCL”) Reclassifications from AOCL are summarized as follows (in thousands):
For fiscal year 2019, there was no amortization of the net loss in AOCL as the net loss did not exceed 10% of the projected benefit obligation. _______________________________ (1) This item is included in the computation of net periodic pension cost. See Note 6, Benefit Plans, for additional information.
|
Leases |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases [Text Block] | Leases The Company leases retail stores, office space and equipment under operating leases. As of August 1, 2020, February 1, 2020 and August 3, 2019, right-of-use operating lease assets, which are recorded in operating lease assets in the condensed consolidated balance sheets, totaled $44.1 million, $47.9 million and $52.6 million, respectively, and operating lease liabilities, which are recorded in current portion of operating lease liabilities and operating lease liabilities, totaled $43.8 million, $47.3 million and $52.1 million, respectively. In determining our operating lease assets and operating lease liabilities, we apply an incremental borrowing rate to the minimum lease payments within each lease agreement. ASU No. 2016-02 requires the use of the rate implicit in the lease whenever that rate is readily determinable; furthermore, if the implicit rate is not readily determinable, a lessee may use its incremental borrowing rate. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. To estimate our specific incremental borrowing rates that align with applicable lease terms, we utilize a model consistent with the credit quality of our outstanding debt instruments. Renewal options from two to 20 years exist on the majority of leased properties. The Company has sole discretion in exercising the lease renewal options. We do not recognize operating lease assets or operating lease liabilities for renewal periods unless we are reasonably certain of renewing the lease at inception. The depreciable life of operating lease assets and related leasehold improvements is limited by the expected lease term. Contingent rentals on certain leases are based on a percentage of annual sales in excess of specified amounts. Other contingent rentals are based entirely on a percentage of sales. The Company's operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table summarizes the Company's operating and finance leases:
(a) Finance lease assets are recorded net of accumulated amortization of $14.1 million, $13.9 million and $13.7 million as of August 1, 2020, February 1, 2020 and August 3, 2019, respectively.
(a) Includes short term lease costs of $0.5 million and $1.0 million for the three months ended and $1.0 million and $1.7 million for the six months ended August 1, 2020 and August 3, 2019, respectively, and variable lease costs of $0.4 million and $0.4 million for the three months ended and $0.7 million and $0.8 million for the six months ended August 1, 2020 and August 3, 2019, respectively. Maturities of Lease Liabilities
Lease Term and Discount Rate
Other Information
|
Changes in Accumulated Other Comprehensive Loss |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss | Changes in Accumulated Other Comprehensive Loss Changes in AOCL by component (net of tax) are summarized as follows (in thousands):
|
Gain on Disposal of Assets |
6 Months Ended |
---|---|
Aug. 01, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
(Gain) Loss on Disposal of Fixed Assets | Loss (Gain) on Disposal of Assets During the three months ended August 3, 2019, the Company recorded proceeds of $8.6 million primarily from the sale of one store property, resulting in a gain of $4.9 million that was recorded in loss (gain) on disposal of assets. During the six months ended August 3, 2019, the Company recorded proceeds of $22.0 million primarily from the sale of three store properties, resulting in a gain of $12.3 million that was recorded in loss (gain) on disposal of assets.
|
Fair Value Disclosures |
6 Months Ended |
---|---|
Aug. 01, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The estimated fair values of financial instruments presented herein have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of amounts the Company could realize in a current market exchange. The fair value of the Company’s long-term debt and subordinated debentures is based on market prices and is categorized as Level 1 in the fair value hierarchy. The fair value of the Company’s cash, cash equivalents, accounts receivable and short-term borrowings approximates their carrying values at August 1, 2020 due to the short-term maturities of these instruments. The fair value of the Company’s long-term debt at August 1, 2020 was approximately $391 million. The carrying value of the Company’s long-term debt at August 1, 2020 was $365.8 million. The fair value of the Company’s subordinated debentures at August 1, 2020 was approximately $158 million. The carrying value of the Company’s subordinated debentures at August 1, 2020 was $200.0 million.
|
Business Segments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Liabilities - Retail [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of AR, Contract Assets and Liabilities - Construction [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Entity Wide Information Percentage of Revenue from External Customers by Product and Segment [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations:
|
Earnings Per Share Data (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted (loss) earnings per share for the periods indicated (in thousands, except per share data).
|
Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of net periodic benefit costs | The components of net periodic benefit costs are as follows (in thousands):
|
Stock Repurchase Programs Schedule of Repurchase Program Activity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share Repurchase Program Activity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Repurchase Agreements [Table Text Block] | The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data):
|
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of reclassifications from AOCL | Reclassifications from AOCL are summarized as follows (in thousands):
For fiscal year 2019, there was no amortization of the net loss in AOCL as the net loss did not exceed 10% of the projected benefit obligation. _______________________________ (1) This item is included in the computation of net periodic pension cost. See Note 6, Benefit Plans, for additional information.
|
Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Liability, Maturity [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Term and Discount Rate [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow, Operating Activities, Lessee [Abstract] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating and Finance Lease Assets and Liabilities [Table Text Block] |
|
Changes in Accumulated Other Comprehensive Loss (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of changes in AOCL by component (net of tax) | Changes in AOCL by component (net of tax) are summarized as follows (in thousands):
|
Basis of Presentation Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Aug. 01, 2020 |
Feb. 01, 2020 |
Aug. 03, 2019 |
Feb. 02, 2019 |
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 82,868 | $ 277,077 | $ 118,108 | |
Restricted cash | 0 | 0 | 17,150 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 82,868 | $ 277,077 | $ 135,258 | $ 123,509 |
Basis of Presentation Store Data (Details) |
Aug. 01, 2020 |
---|---|
Risks and Uncertainties [Abstract] | |
Number of Stores | 285 |
Recently Issued Accounting Standards New Accounting Pronouncements or Change in Accounting Principle (Details) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Aug. 01, 2020
USD ($)
segment
|
Feb. 01, 2020
USD ($)
|
Aug. 03, 2019
USD ($)
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of Reportable Segments | segment | 2 | ||
Other current assets | $ | $ 65,758 | $ 59,838 | $ 77,646 |
Earnings Per Share Data (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2020 |
Aug. 03, 2019 |
Aug. 01, 2020 |
Aug. 03, 2019 |
|
Earnings Per Share [Abstract] | ||||
Net Income | $ (8,566) | $ (40,671) | $ (170,541) | $ 37,931 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 23,174,000 | 25,584,000 | 23,264,000 | 25,949,000 |
Earnings Per Share, Basic and Diluted | $ (0.37) | $ (1.59) | $ (7.33) | $ 1.46 |
Total dilutive and potentially dilutive securities outstanding (in shares) | 0 | 0 |
Commitments and Contingencies (Details) $ in Millions |
Aug. 01, 2020
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding letters of credit under the Company's revolving credit facility | $ 21.0 |
Benefit Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2020 |
Aug. 03, 2019 |
Aug. 01, 2020 |
Aug. 03, 2019 |
|
Retirement Benefits, Description [Abstract] | ||||
Employer contributions to pension plan | $ 1,400 | $ 2,800 | ||
Employer contributions to pension plan | 1,400 | 2,800 | ||
Components of net periodic benefit costs: | ||||
Service cost | 1,090 | $ 905 | 2,180 | $ 1,810 |
Interest cost | 1,536 | 1,917 | 3,072 | 3,834 |
Net actuarial loss | 568 | 0 | 1,137 | 0 |
Net periodic benefit costs | 3,194 | 2,822 | 6,389 | 5,644 |
Defined Benefit Plan, Expected Future Benefit Payment, Remainder of Year | 2,700 | 2,700 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employer contributions to pension plan | 1,400 | 2,800 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Components of net periodic benefit costs: | ||||
Net actuarial loss | $ 568 | $ 0 | $ 1,137 | $ 0 |
Revolving Credit Agreement (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Aug. 01, 2020 |
Aug. 01, 2020 |
Aug. 03, 2019 |
|
Credit agreement | |||
Payments of Financing Costs | $ 3,000,000.0 | $ 3,001,000 | $ 0 |
Line of Credit Facility, Maximum Borrowing Capacity | 800,000,000 | $ 800,000,000 | |
Line of Credit Facility, Expansion Option | $ 200,000,000 | ||
Reference rate | LIBOR | ||
Percentage points added to reference rate | 1.75% | ||
Interest rate at end of period (as a percent) | 2.75% | 2.75% | |
Letters of credit issued | $ 21,000,000.0 | $ 21,000,000.0 | |
Unutilized credit facility borrowing capacity | 447,000,000.0 | $ 447,000,000.0 | |
Minimum line of credit availability for no financial covenant requirements | 100,000,000 | ||
Annual commitment fee (as a percent) | 0.30% | ||
Line of Credit Borrowed and Repaid during period | $ 779,000,000 | $ 779,000,000 | |
Proceeds from (Repayments of) Lines of Credit | $ 229,600,000 | $ 117,900,000 | |
Line of Credit Facility, Interest Rate During Period | 1.00% |
Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2020 |
Aug. 03, 2019 |
Aug. 01, 2020 |
Aug. 03, 2019 |
|
Schedule of Share Repurchase Program Activity [Abstract] | ||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | $ 500,000 | ||
Treasury Stock, Shares, Acquired | 586,851 | 818,585 | 1,585,593 | 1,064,743 |
Amount of shares repurchased | $ 14,268 | $ 48,861 | $ 76,097 | $ 66,301 |
Average price of shares repurchased (in dollars per share) | $ 24,310 | $ 59.69 | $ 47.99 | $ 62.27 |
Repurchase of common stock remaining authorization | $ 192,600 | $ 192,600 |
Income Taxes Income Taxes (Details) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 11 Months Ended |
---|---|---|---|
Aug. 01, 2020 |
Aug. 01, 2020 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | |
Tax benefit related to carryback provision of the CARES Act | $ 17.4 | $ 32.1 |
Reclassifications from Accumulated Other Comprehensive Loss ("AOCL") (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Aug. 01, 2020 |
Aug. 03, 2019 |
Aug. 01, 2020 |
Aug. 03, 2019 |
Feb. 01, 2020 |
|
Reclassifications from accumulated other comprehensive loss | |||||
Amortization of actuarial losses | $ 568 | $ 0 | $ 1,137 | $ 0 | |
Income before income taxes and income on and equity in losses of joint ventures | 33,326 | 52,151 | 261,471 | (48,621) | |
Income tax expense | 24,760 | 11,480 | 90,930 | (10,690) | |
Net Income | 8,566 | 40,671 | 170,541 | (37,931) | |
Net Actuarial Loss less than 10 percent of PBO | 10.00% | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassifications from accumulated other comprehensive loss | |||||
Amortization of actuarial losses | 568 | 0 | 1,137 | 0 | |
Income tax expense | 138 | 0 | 276 | 0 | |
Net Income | $ 430 | $ 0 | $ 861 | $ 0 |
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2020 |
Aug. 03, 2019 |
Aug. 01, 2020 |
Aug. 03, 2019 |
|
Changes in accumulated other comprehensive loss | ||||
Beginning balance | $ 31,059 | |||
Net other comprehensive income | $ (430) | (861) | ||
Ending balance | 30,198 | $ 12,809 | 30,198 | $ 12,809 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Changes in accumulated other comprehensive loss | ||||
Beginning balance | 31,059 | 12,809 | 30,628 | 12,809 |
Amounts reclassified from AOCL | (430) | 0 | (861) | 0 |
Ending balance | $ 30,198 | $ 12,809 | $ 30,198 | $ 12,809 |
Gain on Disposal of Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2020 |
Aug. 03, 2019 |
Aug. 01, 2020 |
Aug. 03, 2019 |
|
Gain on disposal of assets | ||||
Proceeds from disposal of assets | $ 8,600 | $ 308 | $ 21,997 | |
Gain on disposal of assets | $ (33) | $ 4,900 | $ (14) | $ 12,300 |
Fair Value Disclosures (Details) - USD ($) $ in Thousands |
Aug. 01, 2020 |
Feb. 01, 2020 |
Aug. 03, 2019 |
---|---|---|---|
Fair value disclosures | |||
Subordinated debentures | $ 200,000 | $ 200,000 | $ 200,000 |
Fair Value of Assets | |||
Fair value disclosures | |||
Long-term debt, including current portion, fair value | 391,000 | ||
Subordinated debentures | 158,000 | ||
Carrying value | |||
Fair value disclosures | |||
Long-term debt, including current portion | 365,800 | ||
Subordinated debentures | $ 200,000 |
'V#/=H%[Y(_.RKY"[DJU(47* 2I7!UAIORT;/N
M@L2LB4^"*_3SK4*NV;1IT\'61%;X/*OHRX^?;J=L=W"Q_!7$Q:IV JO=W!G
M?D]U^.0]RU4A]\@PJL+G'=R53U=[ $3L,+A 'H?TQ#Y&]BJ.
MM,NX\0%A=/8"V]D\U^=>ZJZ6NJ2@I;!-W8,CA,=.\CVX!"?,EG >')3OY%3^
M]R*.M*NX>]!OXY/RK#$^E,V7<1 Z>?; .&PN3IX]."/7N9-G%\BBA)W*\UZ?
MD:CU3-3,=I%5)0@7A=90XA3(57'5 (ZW%'8K":Q.OH(7?>)X77EEA/VAT>NZZ73GGADTOAN7M0
M]Z%8>5"^-J>G[4ZO9 )KG'3)6$2!%]S&;;XF7;YF:;&\N3<3V=H$RR4)Y^1X
M-ELOU[Y(H)F+9"&CM!:PV"[25?!.DK-@%BYE0\,#&-.;@,SGR7)R
M?7,A^E'A3X/;<+0&B63CW#?9W&7S9"R$L$)-@J#X]82W6%4"Q#3^[3&3P:48
M'J\/Z)]C[!S+1@6\==5?)J-RGGQ,(,-
:_(T@#NK78WPH':
_9-79[+?5N5C?BF(KVO:ZY>/HI*/E_,\.S7@]OR
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M'-[WL7\?F7C?'OFU9-RD6WVBB8M
MHJ3>.:E&,1/HNJW)G.G)1)1RN^<7RHPN=WL#V5E-+HWO]$JRN'(&PQP?DTO#
M(F] '3"=F,4A^XSN.RG!'B;P1*,WT-IEI+\78<^)EI,EY^03Y;*4AML%3SZ9
M"3!8=NZ,+LJ>V(.L\:=%NJ'.VUQ7&RN>UW"WTS&^"E8CZ"_YH&L#; !Q[B@L
M_SH
1-4<@08LQY)S!&_)8(;+^H423/QX1#]GDO
M^T0BNA-W1\$V0$KID+:HJ,U(*!NC42&QH#1NJ78'9-Y7^4M6T1REP?[M'7V2
MR,W.- Z!N,^7X J).#VLZ $9>;7PDI%N-!F^N7;['S5=TD-7-;&*SL"27"1X
M7R0S/+-ANDCBZB)-Z(M&S:-V6]MT.)O,\;Q(S^$Q.<_P7$RF] W.7JI.&>=H
M-E]0Z.
Q3Y<1*MXDHPGPLM>I%:@_P%"?"[^;TIUL;G71,_.MZ[KQ%[G\]H3/?Z,Q99_:B3N>4BL3/:V6EU\U2]+M\48]>
MW%2F^.W78[$\J9;J[JU;RT)=#E!83ME[->CM_[)2XM;4:]D\B2H,6>6EK@2@
M@<61,(N%+I1@!4(VI5"_MWJ-NO&B16ZL,!MK@X*AN':0$H@X\"6ZD$?BO9K;
M%H79C["R;E%&0\DL$I90_L8LWK1.'6H6$N'Q,.EAI8N5D%;!UL)8 $3HYH75
M-./A9&%@;..P%$_.5+J4'B]S6
=T>5G61+Q%K1Q &3NJ2FSP\S*>%"+WCP0#V
MHAY[T0^P1\?=<5D#QAW>8ZB-$3=,\U=B;?B [9C#%U/8>/&6W2.0%AR]1<6>
M7&4MUZ3*,\HJFV_QJ0]/B#_5PZXC>*=!1W@AN5C;(LF6/2)C>/-"G(_RW@SX
M->[]&@^:?S*_#AEB)AT"+^D['G>N_:$T.9E>57\>.7Q<QWZ
M%K*M*#LOE*^<3L!IMCDG-CTCCNW8+?[,WJ/N&G4Z:J/SWZPO_K7U5\%PJ_R[
M.=[@!-XM:"X!=[XF92FH,S('%4B>YCOY8;I26N)^_M%AK5]9Z^?6W!/6%G$:
MB6>0),"42K[*C E%M"!I>?:D6(=M-5;@>CFN.?QV$]JW,7Z[X\@WA1S_2.B5
MRX/*Y<$'N5S@]KM=;@J==MFK7/8Z
MC6>7[=K#,8)]D
MI__C[VTC+@80WC& M .(,0"SC@&T'4"'SL#: 6SH#+P=P(<.\-L!?M/[4[.:
M3B_B*KZ[*?)G5-1H&:W^H[E
CI*#%BO&(#DQFR:M])Q0?1TE PPMPRX&9?9-&\EY8+H22D9
M8*.V"P#E3KLXET$[!68EW8/2\U8*P=P*T9WW..IEMB)<6;S; ])+4*+!W!N#
MKBV,1KO#69