þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
NEVADA (State or other jurisdiction of incorporation or organization) | 91-1826900 (I.R.S. Employer Identification No.) |
2425 West Loop South, Houston, Texas (Address of principal executive offices) | 77027 (Zip Code) |
Large accelerated filer | o | Accelerated filer | þ | |
Non-accelerated filer | o | Smaller reporting company | þ | |
Emerging growth company | o |
TABLE OF CONTENTS | |||
Page No. | |||
Item 1. | |||
November 3, 2018, February 3, 2018 and October 28, 2017 | |||
Three and Nine Months Ended November 3, 2018 and October 28, 2017 | |||
Nine Months Ended November 3, 2018 and October 28, 2017 | |||
Nine Months Ended November 3, 2018 | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 5. | |||
Item 6. | |||
February 3, 2018 | October 28, 2017 | ||||||||||
November 3, 2018 | As Adjusted | As Adjusted | |||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 25,825 | $ | 21,250 | $ | 30,330 | |||||
Merchandise inventories, net | 602,283 | 438,377 | 576,367 | ||||||||
Prepaid expenses and other current assets | 47,181 | 52,407 | 54,642 | ||||||||
Total current assets | 675,289 | 512,034 | 661,339 | ||||||||
Property, equipment and leasehold improvements, net of accumulated depreciation of $736,014, $699,788 and $734,626, respectively | 229,942 | 252,788 | 260,870 | ||||||||
Intangible assets | 17,135 | 17,135 | 17,135 | ||||||||
Other non-current assets, net | 23,152 | 24,449 | 28,237 | ||||||||
Total assets | $ | 945,518 | $ | 806,406 | $ | 967,581 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Accounts payable | $ | 190,070 | $ | 145,991 | $ | 214,783 | |||||
Current portion of debt obligations | 3,555 | 2,985 | 3,025 | ||||||||
Accrued expenses and other current liabilities | 80,320 | 64,442 | 74,068 | ||||||||
Total current liabilities | 273,945 | 213,418 | 291,876 | ||||||||
Long-term debt obligations | 345,840 | 180,350 | 268,969 | ||||||||
Other long-term liabilities | 62,809 | 68,524 | 70,052 | ||||||||
Total liabilities | 682,594 | 462,292 | 630,897 | ||||||||
Commitments and contingencies | |||||||||||
Common stock, par value $0.01, 100,000 shares authorized, 33,458, 32,806 and 32,794 shares issued, respectively | 335 | 328 | 328 | ||||||||
Additional paid-in capital | 422,539 | 418,658 | 416,422 | ||||||||
Treasury stock, at cost, 5,175 shares, respectively | (43,527 | ) | (43,298 | ) | (43,248 | ) | |||||
Accumulated other comprehensive loss | (5,731 | ) | (5,177 | ) | (5,021 | ) | |||||
Accumulated deficit | (110,692 | ) | (26,397 | ) | (31,797 | ) | |||||
Total stockholders' equity | 262,924 | 344,114 | 336,684 | ||||||||
Total liabilities and stockholders' equity | $ | 945,518 | $ | 806,406 | $ | 967,581 | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||
October 28, 2017 | October 28, 2017 | ||||||||||||||
November 3, 2018 | As Adjusted | November 3, 2018 | As Adjusted | ||||||||||||
Net sales | $ | 347,100 | $ | 357,236 | $ | 1,060,623 | $ | 1,042,924 | |||||||
Credit income | 13,324 | 13,670 | 43,143 | 39,788 | |||||||||||
Total revenues | 360,424 | 370,906 | 1,103,766 | 1,082,712 | |||||||||||
Cost of sales and related buying, occupancy and distribution expenses | 278,665 | 285,542 | 847,213 | 816,071 | |||||||||||
Selling, general and administrative expenses | 109,774 | 113,706 | 327,965 | 328,976 | |||||||||||
Interest expense | 3,350 | 2,001 | 8,253 | 5,505 | |||||||||||
Loss before income tax | (31,365 | ) | (30,343 | ) | (79,665 | ) | (67,840 | ) | |||||||
Income tax (benefit) expense | (12 | ) | (12,621 | ) | 288 | (24,873 | ) | ||||||||
Net loss | $ | (31,353 | ) | $ | (17,722 | ) | $ | (79,953 | ) | $ | (42,967 | ) | |||
Other comprehensive (loss) income: | |||||||||||||||
Amortization of employee benefit related costs, net of tax of $0, $81, $0 and $242, respectively | $ | 85 | $ | 132 | $ | 439 | $ | 395 | |||||||
Pension settlement charges, net of tax of $0, $142, $0 and $142, respectively | 411 | 232 | 411 | 232 | |||||||||||
Employee benefit related adjustment, net of tax of $0 | (1,404 | ) | — | (1,404 | ) | — | |||||||||
Total other comprehensive (loss) income | (908 | ) | 364 | (554 | ) | 627 | |||||||||
Comprehensive loss | $ | (32,261 | ) | $ | (17,358 | ) | $ | (80,507 | ) | $ | (42,340 | ) | |||
Net loss per share: | |||||||||||||||
Basic | $ | (1.11 | ) | $ | (0.64 | ) | $ | (2.85 | ) | $ | (1.57 | ) | |||
Diluted | $ | (1.11 | ) | $ | (0.64 | ) | $ | (2.85 | ) | $ | (1.57 | ) | |||
Weighted average shares outstanding: | |||||||||||||||
Basic | 28,261 | 27,602 | 28,059 | 27,468 | |||||||||||
Diluted | 28,261 | 27,602 | 28,059 | 27,468 | |||||||||||
Nine Months Ended | |||||||
October 28, 2017 | |||||||
November 3, 2018 | As Adjusted | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (79,953 | ) | $ | (42,967 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization of long-lived assets | 44,135 | 49,300 | |||||
Impairment of long-lived assets | 1,070 | 176 | |||||
Gain on retirements of property, equipment and leasehold improvements | (505 | ) | (926 | ) | |||
Deferred income taxes | — | (6,065 | ) | ||||
Stock-based compensation expense | 3,854 | 6,191 | |||||
Amortization of debt issuance costs | 248 | 216 | |||||
Deferred compensation obligation | 229 | (38 | ) | ||||
Amortization of employee benefit related costs and pension settlement charges | 850 | 1,011 | |||||
Construction allowances from landlords | 757 | 1,228 | |||||
Other changes in operating assets and liabilities: | |||||||
Increase in merchandise inventories | (163,906 | ) | (136,247 | ) | |||
Decrease (increase) in other assets | 4,910 | (10,941 | ) | ||||
Increase in accounts payable and other liabilities | 51,394 | 120,137 | |||||
Net cash used in operating activities | (136,917 | ) | (18,925 | ) | |||
Cash flows from investing activities: | |||||||
Additions to property, equipment and leasehold improvements | (21,793 | ) | (25,342 | ) | |||
Proceeds from insurance and disposal of assets | 2,349 | 2,404 | |||||
Business acquisition | — | (36,144 | ) | ||||
Net cash used in investing activities | (19,444 | ) | (59,082 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from revolving credit facility borrowings | 481,384 | 426,308 | |||||
Payments of revolving credit facility borrowings | (338,100 | ) | (318,851 | ) | |||
Proceeds from long-term debt obligation | 25,000 | — | |||||
Payments of long-term debt obligations | (2,224 | ) | (5,626 | ) | |||
Payments of debt issuance costs | (358 | ) | (8 | ) | |||
Payments for stock related compensation | (424 | ) | (192 | ) | |||
Cash dividends paid | (4,342 | ) | (7,097 | ) | |||
Net cash provided by financing activities | 160,936 | 94,534 | |||||
Net increase in cash and cash equivalents | 4,575 | 16,527 | |||||
Cash and cash equivalents: | |||||||
Beginning of period | 21,250 | 13,803 | |||||
End of period | $ | 25,825 | $ | 30,330 | |||
Supplemental disclosures including non-cash investing and financing activities: | |||||||
Interest paid | $ | 8,097 | $ | 5,221 | |||
Income taxes refunded | $ | (11 | ) | $ | (8,485 | ) | |
Unpaid liabilities for capital expenditures | $ | 3,624 | $ | 5,362 | |||
Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Accumulated Deficit | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | |||||||||||||||||||||||||
Balance at February 3, 2018 | 32,806 | $ | 328 | $ | 418,658 | (5,175 | ) | $ | (43,298 | ) | $ | (5,177 | ) | $ | (26,397 | ) | $ | 344,114 | |||||||||||
Net loss | — | — | — | — | — | — | (79,953 | ) | (79,953 | ) | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (554 | ) | — | (554 | ) | |||||||||||||||||||
Dividends on common stock, $0.15 per share | — | — | — | — | — | — | (4,342 | ) | (4,342 | ) | |||||||||||||||||||
Deferred compensation | — | — | 229 | — | (229 | ) | — | — | — | ||||||||||||||||||||
Issuance of equity awards, net | 652 | 7 | (7 | ) | — | — | — | — | — | ||||||||||||||||||||
Tax withholdings paid for net settlement of stock awards | — | — | (195 | ) | — | — | — | — | (195 | ) | |||||||||||||||||||
Stock-based compensation expense | — | — | 3,854 | — | — | — | — | 3,854 | |||||||||||||||||||||
Balance at November 3, 2018 | 33,458 | $ | 335 | $ | 422,539 | (5,175 | ) | $ | (43,527 | ) | $ | (5,731 | ) | $ | (110,692 | ) | $ | 262,924 |
Condensed Consolidated Balance Sheets (in thousands) | |||||||||||
February 3, 2018 | ASU 2014-09 | February 3, 2018 | |||||||||
As previously reported | Adjustments | As adjusted | |||||||||
Assets: | |||||||||||
Merchandise inventories, net | $ | 439,735 | $ | (1,358 | ) | $ | 438,377 | ||||
Prepaid expenses and other current assets | 51,049 | 1,358 | 52,407 | ||||||||
October 28, 2017 | ASU 2014-09 | October 28, 2017 | |||||||||
As previously reported | Adjustments | As adjusted | |||||||||
Assets: | |||||||||||
Merchandise inventories, net | $ | 578,633 | $ | (2,266 | ) | $ | 576,367 | ||||
Prepaid expenses and other current assets | 52,376 | 2,266 | 54,642 |
Condensed Consolidated Statement of Operations and Comprehensive Loss (in thousands) | |||||||||||
Three Months Ended | Three Months Ended | ||||||||||
October 28, 2017 | ASU 2014-09 | October 28, 2017 | |||||||||
As previously reported | Adjustments | As adjusted | |||||||||
Net sales | $ | 357,236 | $ | — | $ | 357,236 | |||||
Credit income | — | 13,670 | 13,670 | ||||||||
Total revenues | 357,236 | 13,670 | 370,906 | ||||||||
Selling, general and administrative expenses | 100,036 | 13,670 | 113,706 | ||||||||
Nine Months Ended | Nine Months Ended | ||||||||||
October 28, 2017 | ASU 2014-09 | October 28, 2017 | |||||||||
As previously reported | Adjustments | As adjusted | |||||||||
Net sales | $ | 1,042,924 | $ | — | $ | 1,042,924 | |||||
Credit income | — | 39,788 | 39,788 | ||||||||
Total revenues | 1,042,924 | 39,788 | 1,082,712 | ||||||||
Selling, general and administrative expenses | 289,188 | 39,788 | 328,976 |
Condensed Consolidated Statement of Cash Flows (in thousands) | |||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||
October 28, 2017 | ASU 2014-09 | October 28, 2017 | |||||||||
As previously reported | Adjustments | As adjusted | |||||||||
Cash flows from operating activities: | |||||||||||
Increase in merchandise inventories | $ | (137,479 | ) | $ | 1,232 | $ | (136,247 | ) | |||
Increase in other assets | (9,709 | ) | (1,232 | ) | (10,941 | ) |
November 3, 2018 | February 3, 2018 | October 28, 2017 | |||||||||
Revolving credit facility | $ | 322,572 | $ | 179,288 | $ | 267,159 | |||||
Term loan | 25,000 | — | — | ||||||||
Finance obligations | 812 | 1,549 | 1,849 | ||||||||
Other financing | 1,011 | 2,498 | 2,986 | ||||||||
Total debt obligations | 349,395 | 183,335 | 271,994 | ||||||||
Less: Current portion of debt obligations | 3,555 | 2,985 | 3,025 | ||||||||
Long-term debt obligations | $ | 345,840 | $ | 180,350 | $ | 268,969 |
Three Months Ended | ||||||||||||||||||||||||
November 3, 2018 | October 28, 2017 | |||||||||||||||||||||||
Merchandise Category | Department Stores | Off-price Stores | Total Company | Department Stores | Off-price Stores | Total Company | ||||||||||||||||||
Women’s | $ | 94,732 | $ | 19,934 | $ | 114,666 | $ | 105,805 | $ | 19,366 | $ | 125,171 | ||||||||||||
Men’s | 43,954 | 11,230 | 55,184 | 47,674 | 9,327 | 57,001 | ||||||||||||||||||
Children's | 29,682 | 10,635 | 40,317 | 34,813 | 9,565 | 44,378 | ||||||||||||||||||
Apparel | 168,368 | 41,799 | 210,167 | 188,292 | 38,258 | 226,550 | ||||||||||||||||||
Footwear | 44,400 | 4,594 | 48,994 | 45,329 | 1,235 | 46,564 | ||||||||||||||||||
Accessories | 17,823 | 4,863 | 22,686 | 19,792 | 5,153 | 24,945 | ||||||||||||||||||
Cosmetics/Fragrances | 27,822 | 2,620 | 30,442 | 28,843 | 2,569 | 31,412 | ||||||||||||||||||
Home/Gifts/Other | 16,665 | 18,074 | 34,739 | 13,699 | 14,460 | 28,159 | ||||||||||||||||||
Non-apparel | 106,710 | 30,151 | 136,861 | 107,663 | 23,417 | 131,080 | ||||||||||||||||||
Revenue adjustments not allocated (a) | 183 | (111 | ) | 72 | (493 | ) | 99 | (394 | ) | |||||||||||||||
Net sales | $ | 275,261 | $ | 71,839 | $ | 347,100 | $ | 295,462 | $ | 61,774 | $ | 357,236 | ||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
November 3, 2018 | October 28, 2017 | |||||||||||||||||||||||
Merchandise Category | Department Stores | Off-price Stores | Total Company | Department Stores | Off-price Stores | Total Company | ||||||||||||||||||
Women’s | $ | 315,428 | $ | 59,165 | $ | 374,593 | $ | 345,892 | $ | 41,492 | $ | 387,384 | ||||||||||||
Men’s | 138,414 | 27,688 | 166,102 | 144,588 | 19,021 | 163,609 | ||||||||||||||||||
Children's | 88,160 | 26,261 | 114,421 | 96,898 | 17,715 | 114,613 | ||||||||||||||||||
Apparel | 542,002 | 113,114 | 655,116 | 587,378 | 78,228 | 665,606 | ||||||||||||||||||
Footwear | 134,024 | 13,918 | 147,942 | 134,836 | 2,396 | 137,232 | ||||||||||||||||||
Accessories | 55,121 | 13,118 | 68,239 | 61,045 | 11,932 | 72,977 | ||||||||||||||||||
Cosmetics/Fragrances | 90,295 | 7,530 | 97,825 | 90,640 | 5,854 | 96,494 | ||||||||||||||||||
Home/Gifts/Other | 41,463 | 53,327 | 94,790 | 35,708 | 35,622 | 71,330 | ||||||||||||||||||
Non-apparel | 320,903 | 87,893 | 408,796 | 322,229 | 55,804 | 378,033 | ||||||||||||||||||
Revenue adjustments not allocated (a) | (2,986 | ) | (303 | ) | (3,289 | ) | (274 | ) | (441 | ) | (715 | ) | ||||||||||||
Net sales | $ | 859,919 | $ | 200,704 | $ | 1,060,623 | $ | 909,333 | $ | 133,591 | $ | 1,042,924 | ||||||||||||
November 3, 2018 | February 3, 2018 | October 28, 2017 | ||||||||||
Gift cards and merchandise credits, net | $ | 9,756 | $ | 12,122 | $ | 8,587 | ||||||
Loyalty program rewards, net | 5,540 | 1,118 | 2,452 | |||||||||
Merchandise fulfillment liability | 1,180 | 234 | 684 | |||||||||
Total contract liabilities | $ | 16,476 | $ | 13,474 | $ | 11,723 |
Three Months Ended | Nine Months Ended | |||||||||||||||
November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | |||||||||||||
Beginning balance | $ | 15,119 | $ | 10,399 | $ | 13,474 | $ | 11,669 | ||||||||
Net sales recognized during the period from amounts included in contract liability balances at the beginning of the period | (6,574 | ) | (2,404 | ) | (7,396 | ) | (5,291 | ) | ||||||||
Current period additions to contract liability balances included in contract liability balances at the end of the period | 7,931 | 3,728 | 10,398 | 5,345 | ||||||||||||
Ending balance | $ | 16,476 | $ | 11,723 | $ | 16,476 | $ | 11,723 |
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | ||||||||||||
Non-vested stock | $ | 887 | $ | 1,300 | $ | 3,153 | $ | 4,203 | |||||||
Restricted stock units | 196 | 108 | 947 | 310 | |||||||||||
Stock-settled performance share units | (82 | ) | 579 | 701 | 1,988 | ||||||||||
Cash-settled performance share units | 11 | — | 161 | — | |||||||||||
Total stock-based compensation expense | 1,012 | 1,987 | 4,962 | 6,501 | |||||||||||
Related tax benefit | — | (747 | ) | — | (2,444 | ) | |||||||||
Stock-based compensation expense, net of tax | $ | 1,012 | $ | 1,240 | $ | 4,962 | $ | 4,057 |
Non-vested Stock | Number of Shares | Weighted Average Grant Date Fair Value | |||||
Outstanding at February 3, 2018 | 1,637,037 | $ | 6.67 | ||||
Granted | 631,266 | 2.41 | |||||
Vested | (732,452 | ) | 7.12 | ||||
Forfeited | (117,259 | ) | 6.64 | ||||
Outstanding at November 3, 2018 | 1,418,592 | 4.54 |
Restricted Stock Units | Number of Units | Weighted Average Grant Date Fair Value | |||||
Outstanding at February 3, 2018 | 1,283,750 | $ | 2.14 | ||||
Granted | 1,415,000 | 2.18 | |||||
Vested | (387,186 | ) | 2.15 | ||||
Forfeited | (451,250 | ) | 2.17 | ||||
Outstanding at November 3, 2018 | 1,860,314 | 2.16 |
Period Granted | Target PSUs Outstanding at February 3, 2018 | Target PSUs Granted | Target PSUs Vested & Earned | Target PSUs Forfeited | Target PSUs Outstanding at November 3, 2018 | Weighted Average Grant Date Fair Value per Target PSU | |||||||||||||
2016 | 321,706 | — | (9,302 | ) | (51,680 | ) | 260,724 | $ | 8.69 | ||||||||||
2017 | 600,000 | — | — | (90,000 | ) | 510,000 | 1.80 | ||||||||||||
2018 | — | 280,000 | — | — | 280,000 | 3.05 | |||||||||||||
Total | 921,706 | 280,000 | (9,302 | ) | (141,680 | ) | 1,050,724 | 3.84 |
Period Granted | Target PSUs Outstanding at February 3, 2018 | Target PSUs Granted | Target PSUs Forfeited | Target PSUs Outstanding at November 3, 2018 | Weighted Average Grant Date Fair Value per Target PSU | |||||||||||
2018 | — | 460,000 | (110,000 | ) | 350,000 | $ | 3.05 |
Stock Appreciation Rights | Number of Shares | Weighted Average Exercise Price | |||||
Outstanding, vested and exercisable at February 3, 2018 | 97,900 | $ | 18.83 | ||||
Expired | (97,900 | ) | 18.83 | ||||
Outstanding, vested and exercisable at November 3, 2018 | — |
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | ||||||||||||
Basic: | |||||||||||||||
Net loss | $ | (31,353 | ) | $ | (17,722 | ) | $ | (79,953 | ) | $ | (42,967 | ) | |||
Distributed earnings allocated to participating securities | (18 | ) | (66 | ) | (149 | ) | (268 | ) | |||||||
Net loss allocated to common shares | (31,371 | ) | (17,788 | ) | (80,102 | ) | (43,235 | ) | |||||||
Basic weighted average shares outstanding | 28,261 | 27,602 | 28,059 | 27,468 | |||||||||||
Basic loss per share | $ | (1.11 | ) | $ | (0.64 | ) | $ | (2.85 | ) | $ | (1.57 | ) | |||
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | ||||||||||||
Diluted: | |||||||||||||||
Net loss | $ | (31,353 | ) | $ | (17,722 | ) | $ | (79,953 | ) | $ | (42,967 | ) | |||
Distributed earnings allocated to participating securities | (18 | ) | (66 | ) | (149 | ) | (268 | ) | |||||||
Net loss allocated to common shares | (31,371 | ) | (17,788 | ) | (80,102 | ) | (43,235 | ) | |||||||
Basic weighted average shares outstanding | 28,261 | 27,602 | 28,059 | 27,468 | |||||||||||
Dilutive effect of stock awards | — | — | — | — | |||||||||||
Diluted weighted average shares outstanding | 28,261 | 27,602 | 28,059 | 27,468 | |||||||||||
Diluted loss per share | $ | (1.11 | ) | $ | (0.64 | ) | $ | (2.85 | ) | $ | (1.57 | ) |
Three Months Ended | Nine Months Ended | ||||||||||
November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | ||||||||
Number of anti-dilutive shares due to net loss for the period | 89 | — | 341 | — | |||||||
Number of anti-dilutive SARs due to exercise price greater than average market price of our common stock | — | 113 | 19 | 129 |
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | ||||||||||||
Employer service cost | $ | 127 | $ | 123 | $ | 383 | $ | 368 | |||||||
Interest cost on pension benefit obligation | 338 | 363 | 1,013 | 1,090 | |||||||||||
Expected return on plan assets | (435 | ) | (407 | ) | (1,305 | ) | (1,222 | ) | |||||||
Amortization of net loss | 85 | 213 | 439 | 637 | |||||||||||
Pension settlement charges | 411 | 374 | 411 | 374 | |||||||||||
Net periodic pension cost | $ | 526 | $ | 666 | $ | 941 | $ | 1,247 |
Level 1 – | Quoted prices in active markets for identical assets or liabilities. |
Level 2 – | Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
Level 3 – | Inputs that are both unobservable and significant to the overall fair value measurement reflect our estimates of assumptions that market participants would use in pricing the asset or liability. |
November 3, 2018 | |||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Other assets: | |||||||||||||||
Securities held in grantor trust for deferred compensation plans (a)(b) | $ | 18,969 | $ | 18,969 | $ | — | $ | — | |||||||
February 3, 2018 | |||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Other assets: | |||||||||||||||
Securities held in grantor trust for deferred compensation plans (a)(b) | $ | 20,293 | $ | 20,293 | $ | — | $ | — | |||||||
October 28, 2017 | |||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Other assets: | |||||||||||||||
Securities held in grantor trust for deferred compensation plans (a)(b) | $ | 18,750 | $ | 18,750 | $ | — | $ | — | |||||||
November 3, 2018 | |||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Store property, equipment and leasehold improvements (a) | $ | 1,106 | $ | — | $ | — | $ | 1,106 | |||||||
February 3, 2018 | |||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Store property, equipment and leasehold improvements (a) | $ | 778 | $ | — | $ | — | $ | 778 | |||||||
October 28, 2017 | |||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Store property, equipment and leasehold improvements (a) | $ | 229 | $ | — | $ | — | $ | 229 |
April 7, 2017 | |||
Inventory | $ | 31,770 | |
Property, plant and equipment and other assets | 4,374 | ||
Total | $ | 36,144 |
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | ||||||||||||
Net sales | $ | 71,839 | $ | 61,774 | $ | 200,704 | $ | 133,591 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | Net sales decreased $10.1 million, or 2.8%. |
• | Comparable sales decreased 2.8%. Comparable sales consist of store sales after a store has been in operation for 14 full months and e-commerce sales. |
• | Pretax loss was $31.4 million compared to $30.3 million. |
• | Effective income tax rate was 0%, due to a full valuation allowance of substantially all tax benefits, compared to 41.6%. |
• | Net loss was $31.4 million compared to $17.7 million. |
• | Loss per common share was $1.11, compared to a loss per common share of $0.64. |
• | EBIT was $(28.0) million compared to $(28.3) million, and EBITDA was $(14.0) million compared to $(12.0) million (see the reconciliation of non-GAAP financial measures on page 26). |
November 3, 2018 | October 28, 2017 | ||||
Department stores | 754 | 789 | |||
Off-price stores | 68 | 58 | |||
Total stores | 822 | 847 |
• | Off-Price Growth - Comparable sales for our off-price stores increased 10.6% for the year-to-date 2018 compared to the year-to-date 2017. We are continuing to build the foundation for long-term growth and have developed a cost-effective model to convert underperforming department stores to off-price with a capital investment of approximately $125,000 per store. The nine conversion stores completed during the year-to-date 2018 had a meaningful sales lift after conversion and some of the lower-volume stores are projected to more than double in sales. Based on the performance of our off-price stores, we believe there is significant upside potential and we plan to accelerate our off-price store conversions in 2019. |
• | Differentiation - We are differentiating ourselves from the competition by emphasizing our best performing merchandise categories and developing synergies between our department stores and off-price stores. Beauty is a core strength in our department stores, and we are leveraging this strength to drive beauty and fragrance sales growth in our off-price stores. Additionally, we expanded our Beauty Bar concept in our department stores to over 300 stores during the year-to-date 2018, and we now have Beauty Bar in nearly 500 stores. In our off-price stores, home is a core strength, representing nearly 30% of sales, and we are leveraging this strength to drive more value and expanded assortments into our department store home business. We are also focused on accelerating the positive sales trends in athletic and outdoor by adding new brands and expanded assortments in these categories. |
• | Guest Acquisition and Retention - Our loyalty programs and private label credit card program are integral to the value proposition for our guests. Spend and retention rates for guests enrolled in these programs are significantly higher than non-members, and we are focused on growing these programs and expanding private label credit card usage as a percentage of sales. As of November 3, 2018, our Style Circle Rewards® and gRewards® loyalty programs have grown to nearly 10 million members. We expect our private label credit card sales penetration to be between 48% and 49% for our department stores and between 14% and 15% for our off-price stores in 2018. To communicate value to existing loyalty members and attract new guests, we have increased our digital marketing efforts, which enables us to be more targeted and nimble with our promotions. |
• | Guest Experience - We are elevating the guest experience by focusing on service, maintaining an ongoing flow of new merchandise offerings, and expanding categories that generate guest excitement. During the year-to-date 2018, we introduced thredUP resale clothing to a select group of our off-price and department stores. We are also pursuing opportunities to gain market share by shifting our assortments to capitalize on other retailers exiting our markets. In our off-price stores, for example, we are expanding on toys, baby apparel and baby gear. In our department stores, we have expanded our partnership with FAO Schwarz for the holiday season by rolling out the brand to all department stores and expanding our FAO shops to approximately 100 stores compared to 15 in 2017. |
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2018 | October 28, 2017 | November 3, 2018 | October 28, 2017 | ||||||||||||
Net loss (GAAP) | $ | (31,353 | ) | $ | (17,722 | ) | $ | (79,953 | ) | $ | (42,967 | ) | |||
Interest expense | 3,350 | 2,001 | 8,253 | 5,505 | |||||||||||
Income tax (benefit) expense | (12 | ) | (12,621 | ) | 288 | (24,873 | ) | ||||||||
EBIT (non-GAAP) | (28,015 | ) | (28,342 | ) | (71,412 | ) | (62,335 | ) | |||||||
Depreciation and amortization | 13,988 | 16,299 | 44,135 | 49,300 | |||||||||||
EBITDA (non-GAAP) | $ | (14,027 | ) | $ | (12,043 | ) | $ | (27,277 | ) | $ | (13,035 | ) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
November 3, 2018 | October 28, 2017 | Change | November 3, 2018 | October 28, 2017 | Change | ||||||||||||||||||
Net sales | $ | 347,100 | $ | 357,236 | $ | (10,136 | ) | $ | 1,060,623 | $ | 1,042,924 | $ | 17,699 | ||||||||||
Sales percent change: | |||||||||||||||||||||||
Total net sales | (2.8 | )% | 1.7 | % | |||||||||||||||||||
Comparable sales | (2.8 | )% | (1.9 | )% |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
November 3, 2018 | October 28, 2017 | Change | November 3, 2018 | October 28, 2017 | Change | ||||||||||||||||||
Credit Income | $ | 13,324 | $ | 13,670 | $ | (346 | ) | $ | 43,143 | $ | 39,788 | $ | 3,355 | ||||||||||
As a percent of net sales | 3.8 | % | 3.8 | % | — | % | 4.1 | % | 3.8 | % | 0.3 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
November 3, 2018 | October 28, 2017 | Change | November 3, 2018 | October 28, 2017 | Change | ||||||||||||||||||
Net sales | $ | 347,100 | $ | 357,236 | $ | (10,136 | ) | $ | 1,060,623 | $ | 1,042,924 | $ | 17,699 | ||||||||||
Cost of sales and related buying, occupancy and distribution expenses | 278,665 | 285,542 | (6,877 | ) | 847,213 | 816,071 | 31,142 | ||||||||||||||||
Gross profit | $ | 68,435 | $ | 71,694 | $ | (3,259 | ) | $ | 213,410 | $ | 226,853 | $ | (13,443 | ) | |||||||||
As a percent of net sales | 19.7 | % | 20.1 | % | (0.4 | )% | 20.1 | % | 21.8 | % | (1.7 | )% |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
November 3, 2018 | October 28, 2017 | Change | November 3, 2018 | October 28, 2017 | Change | ||||||||||||||||||
SG&A Expenses | $ | 109,774 | $ | 113,706 | $ | (3,932 | ) | $ | 327,965 | $ | 328,976 | $ | (1,011 | ) | |||||||||
As a percent of net sales | 31.6 | % | 31.8 | % | (0.2 | )% | 30.9 | % | 31.5 | % | (0.6 | )% |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
November 3, 2018 | October 28, 2017 | Change | November 3, 2018 | October 28, 2017 | Change | ||||||||||||||||||
Interest Expense | $ | 3,350 | $ | 2,001 | $ | 1,349 | $ | 8,253 | $ | 5,505 | $ | 2,748 | |||||||||||
As a percent of net sales | 1.0 | % | 0.6 | % | 0.4 | % | 0.8 | % | 0.5 | % | 0.3 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
November 3, 2018 | October 28, 2017 | Change | November 3, 2018 | October 28, 2017 | Change | ||||||||||||||||||
Income tax (benefit) expense | $ | (12 | ) | $ | (12,621 | ) | $ | 12,609 | $ | 288 | $ | (24,873 | ) | $ | 25,161 | ||||||||
Effective tax rate | — | % | 41.6 | % | (41.6 | )% | (0.4 | )% | 36.7 | % | (37.1 | )% |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
November 3, 2018 | October 28, 2017 | Change | November 3, 2018 | October 28, 2017 | Change | ||||||||||||||||||
Loss before income tax | $ | (31,365 | ) | $ | (30,343 | ) | $ | (1,022 | ) | $ | (79,665 | ) | $ | (67,840 | ) | $ | (11,825 | ) | |||||
Net loss | (31,353 | ) | (17,722 | ) | (13,631 | ) | (79,953 | ) | (42,967 | ) | (36,986 | ) |
Nine Months Ended | |||||||||||
November 3, 2018 | October 28, 2017 | Change | |||||||||
Net cash (used in) provided by: | |||||||||||
Operating activities | $ | (136,917 | ) | $ | (18,925 | ) | $ | (117,992 | ) | ||
Investing activities | (19,444 | ) | (59,082 | ) | 39,638 | ||||||
Financing activities | 160,936 | 94,534 | 66,402 |
(1) | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the issuer; |
(2) | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors of the issuer; and |
(3) | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer’s assets that could have a material adverse effect on the financial statements. |
ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||||||||
Period | Total Number of Shares Purchased (a) | Average Price Paid Per Share (a) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (b) | ||||||||||
August 5, 2018 to September 1, 2018 | 4,793 | $ | 2.12 | — | $ | 58,351,202 | ||||||||
September 2, 2018 to October 6, 2018 | 24,910 | 1.98 | — | $ | 58,351,202 | |||||||||
October 7, 2018 to November 3, 2018 | 55,580 | 1.91 | — | $ | 58,351,202 | |||||||||
Total | 85,283 | $ | 1.94 | — |
• | We reacquired 12,979 shares of common stock from certain employees to cover tax withholding obligations from the vesting of restricted stock at a weighted average acquisition price of $1.94 per common share; and |
• | The trustee of the grantor trust established by us for the purpose of holding assets under our deferred compensation plan purchased an aggregate of 72,304 shares of our common stock in the open market at a weighted average price of $1.94 in connection with the option to invest in our stock under the deferred compensation plan and reinvestment of dividends paid on our common stock held in trust in the deferred compensation plan. |
Exhibit Number | Description |
31.1* | |
31.2* | |
32* | |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Filed electronically herewith. |
STAGE STORES, INC. | |
Dated: December 12, 2018 | /s/ Michael L. Glazer |
Michael L. Glazer | |
President and Chief Executive Officer | |
(Principal Executive Officer) | |
Dated: December 12, 2018 | /s/ Jason T. Curtis |
Jason T. Curtis | |
Senior Vice President, | |
Interim Chief Financial Officer and Treasurer | |
(Principal Financial Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Stage Stores, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant, and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | December 12, 2018 | /s/ Michael L. Glazer |
Michael L. Glazer | ||
President and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Stage Stores, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant, and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | December 12, 2018 | /s/ Jason T. Curtis |
Jason T. Curtis | ||
Senior Vice President, | ||
Interim Chief Financial Officer and Treasurer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | December 12, 2018 | /s/ Michael L. Glazer |
Michael L. Glazer | ||
President and Chief Executive Officer |
/s/ Jason T. Curtis | |
Jason T. Curtis | |
Senior Vice President, | |
Interim Chief Financial Officer and Treasurer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Nov. 03, 2018 |
Dec. 05, 2018 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | STAGE STORES INC | |
Entity Central Index Key (CIK) | 0000006885 | |
Current Fiscal Year End Date | --02-02 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Nov. 03, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 28,293,608 | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Nov. 03, 2018 |
Feb. 03, 2018 |
Oct. 28, 2017 |
---|---|---|---|
Statement of Financial Position [Abstract] | |||
Accumulated depreciation | $ 736,014 | $ 699,788 | $ 734,626 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000 | 100,000 | 100,000 |
Common stock, shares issued (in shares) | 33,458 | 32,806 | 32,794 |
Treasury stock, at cost (in shares) | 5,175 | 5,175 | 5,175 |
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Nov. 03, 2018 |
Oct. 28, 2017 |
Nov. 03, 2018 |
Oct. 28, 2017 |
|||||
Income Statement [Abstract] | ||||||||
Net sales | $ 347,100 | $ 357,236 | $ 1,060,623 | $ 1,042,924 | ||||
Credit income | 13,324 | 13,670 | [1] | 43,143 | 39,788 | [1] | ||
Total revenues | 360,424 | 370,906 | [1] | 1,103,766 | 1,082,712 | [1] | ||
Cost of sales and related buying, occupancy and distribution expenses | 278,665 | 285,542 | 847,213 | 816,071 | ||||
Selling, general and administrative expenses | 109,774 | 113,706 | [1] | 327,965 | 328,976 | [1] | ||
Interest expense | 3,350 | 2,001 | 8,253 | 5,505 | ||||
Loss before income tax | (31,365) | (30,343) | (79,665) | (67,840) | ||||
Income tax (benefit) expense | (12) | (12,621) | 288 | (24,873) | ||||
Net loss | (31,353) | (17,722) | (79,953) | (42,967) | ||||
Other comprehensive (loss) income: | ||||||||
Amortization of employee benefit related costs, net of tax of $0, $81, $0 and $242, respectively | 85 | 132 | 439 | 395 | ||||
Pension settlement charges, net of tax of $0, $142, $0 and $142, respectively | 411 | 232 | 411 | 232 | ||||
Employee benefit related adjustment, net of tax of $0 | (1,404) | (1,404) | ||||||
Total other comprehensive (loss) income | (908) | 364 | (554) | 627 | ||||
Comprehensive loss | $ (32,261) | $ (17,358) | $ (80,507) | $ (42,340) | ||||
Net loss per share: | ||||||||
Basic loss per share | $ (1.11) | $ (0.64) | $ (2.85) | $ (1.57) | ||||
Diluted loss per share | $ (1.11) | $ (0.64) | $ (2.85) | $ (1.57) | ||||
Weighted average shares outstanding: | ||||||||
Basic weighted average shares outstanding | 28,261 | 27,602 | 28,059 | 27,468 | ||||
Diluted weighted average shares outstanding | 28,261 | 27,602 | 28,059 | 27,468 | ||||
|
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Oct. 28, 2017 |
Oct. 28, 2017 |
|
Other comprehensive income: | ||
Amortization of employee benefit related costs, tax | $ 81 | $ 242 |
Pension settlement charges, tax | $ 142 | $ 142 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Nov. 03, 2018 |
Oct. 28, 2017 |
||||
Cash flows from operating activities: | |||||
Net loss | $ (79,953) | $ (42,967) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Depreciation and amortization of long-lived assets | 44,135 | 49,300 | |||
Impairment of long-lived assets | 1,070 | 176 | |||
Gain on retirements of property, equipment and leasehold improvements | (505) | (926) | |||
Deferred income taxes | (6,065) | ||||
Stock-based compensation expense | 3,854 | 6,191 | |||
Amortization of debt issuance costs | 248 | 216 | |||
Deferred compensation obligation | 229 | (38) | |||
Amortization of employee benefit related costs and pension settlement charges | 850 | 1,011 | |||
Construction allowances from landlords | 757 | 1,228 | |||
Other changes in operating assets and liabilities: | |||||
Increase in merchandise inventories | (163,906) | (136,247) | [1] | ||
Decrease (increase) in other assets | 4,910 | (10,941) | [1] | ||
Increase in accounts payable and other liabilities | 51,394 | 120,137 | |||
Net cash used in operating activities | (136,917) | (18,925) | |||
Cash flows from investing activities: | |||||
Additions to property, equipment and leasehold improvements | (21,793) | (25,342) | |||
Proceeds from insurance and disposal of assets | 2,349 | 2,404 | |||
Payments to acquire business | (36,144) | ||||
Net cash used in investing activities | (19,444) | (59,082) | |||
Cash flows from financing activities: | |||||
Proceeds from revolving credit facility borrowings | 481,384 | 426,308 | |||
Payments of revolving credit facility borrowings | (338,100) | (318,851) | |||
Proceeds from long-term debt obligation | 25,000 | ||||
Payments of long-term debt obligations | (2,224) | (5,626) | |||
Payments of debt issuance costs | (358) | (8) | |||
Payments for stock related compensation | (424) | (192) | |||
Cash dividends paid | (4,342) | (7,097) | |||
Net cash provided by financing activities | 160,936 | 94,534 | |||
Net increase in cash and cash equivalents | 4,575 | 16,527 | |||
Cash and cash equivalents: | |||||
Beginning of period | 21,250 | 13,803 | |||
End of period | 25,825 | 30,330 | |||
Supplemental disclosures including non-cash investing and financing activities: | |||||
Interest paid | 8,097 | 5,221 | |||
Income taxes refunded | (11) | (8,485) | |||
Unpaid liabilities for capital expenditures | $ 3,624 | $ 5,362 | |||
|
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Nov. 03, 2018 - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Treasury Stock |
Accumulated Other Comprehensive Loss |
Accumulated Deficit |
---|---|---|---|---|---|---|
Balance at Feb. 03, 2018 | $ 344,114 | $ 328 | $ 418,658 | $ (43,298) | $ (5,177) | $ (26,397) |
Balance (in shares) at Feb. 03, 2018 | 32,806 | 5,175 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (79,953) | (79,953) | ||||
Other comprehensive loss | (554) | (554) | ||||
Dividends on common stock, $0.15 per share | (4,342) | (4,342) | ||||
Deferred compensation | 229 | $ (229) | ||||
Issuance of equity awards, net | $ 7 | (7) | ||||
Issuance of equity awards, net (in shares) | 652 | |||||
Tax withholdings paid for net settlement of stock awards | (195) | (195) | ||||
Stock-based compensation expense | 3,854 | 3,854 | ||||
Balance at Nov. 03, 2018 | $ 262,924 | $ 335 | $ 422,539 | $ (43,527) | $ (5,731) | $ (110,692) |
Balance (in shares) at Nov. 03, 2018 | 33,458 | 5,175 |
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) |
9 Months Ended |
---|---|
Nov. 03, 2018
$ / shares
| |
Statement of Stockholders' Equity [Abstract] | |
Dividends on common stock (in dollars per share) | $ 0.15 |
Basis of Presentation (Notes) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies | BASIS OF PRESENTATION The accompanying condensed consolidated financial statements of Stage Stores, Inc. and its subsidiary (“we,” “us” or “our”) have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information and 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. Those adjustments that are, in the opinion of management, necessary for a fair presentation of the results of the interim periods have been made. Results of operations for such interim periods are not necessarily indicative of the results of operations for a full year due to seasonality and other factors. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto filed with our Annual Report on Form 10-K for the year ended February 3, 2018 (“Form 10-K”). We are a retailer of trend-right, moderately priced, name-brand apparel, accessories, cosmetics, footwear and home goods. As of November 3, 2018, we operated in 42 states through 754 BEALLS, GOODY’S, PALAIS ROYAL, PEEBLES and STAGE specialty department stores and 68 GORDMANS off-price stores, as well as an e-commerce website. Our department stores are predominantly located in small towns and rural communities. Our off-price stores are predominantly located in mid-sized, non-rural Midwest markets. References to a particular year are to our fiscal year, which is the 52- or 53-week period ending on the Saturday closest to January 31st of the following calendar year. For example, a reference to “2018” is a reference to the fiscal year ending February 2, 2019, and “2017” is a reference to the fiscal year ended February 3, 2018. Fiscal years 2018 and 2017 are comprised of 52 weeks and 53 weeks, respectively. References to the “three months ended November 3, 2018” and “three months ended October 28, 2017” are for the respective 13-week fiscal quarters. References to quarters relate to our fiscal quarters. References to the “nine months ended November 3, 2018” and “nine months ended October 28, 2017” are for the respective 39-week fiscal periods. On April 7, 2017, we acquired select assets of Gordmans Stores, Inc. and its subsidiaries through a bankruptcy auction (“Gordmans Acquisition”). The results of the Gordmans branded stores that we operated since the Gordmans Acquisition are included in our condensed consolidated statements of operations (see Note 9). Recently Adopted Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), and subsequently issued related ASUs, which were incorporated into Topic 606. Under Topic 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. The standard establishes a five-step revenue recognition model, which includes (i) identifying the contract with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. The standard also requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On February 4, 2018, we adopted the new standard using the full retrospective method. As a result of the adoption of ASU 2014-09, the condensed consolidated statements of operations reflect the reclassification of credit income related to our private label credit card program from selling, general and administrative expenses to revenue. In addition, the condensed consolidated balance sheets and condensed consolidated statement of cash flows reflect the reclassification of the asset for the right to recover sales return merchandise from merchandise inventories to prepaid expenses and other current assets. The tables that follow depict the impact of the reclassification adjustments on the prior period financial statement presentations. The condensed consolidated balance sheets reflect the reclassification of the asset for the right to recover sales return merchandise from merchandise inventories to prepaid expenses and other current assets.
The condensed consolidated statement of operations reflects the reclassification of credit income to revenue, previously reported as an offset to selling, general and administrative expenses.
The condensed consolidated statement of cash flows reflects the reclassification of the asset for the right to recover merchandise returned from merchandise inventories to prepaid expenses and other current assets.
In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs arising from services rendered during the period. If a subtotal for operating income is shown on the income statement, then the other components of the net periodic benefit cost must be presented separately from the line item that includes the service cost and outside of any subtotal of operating income. The new standard also requires disclosure of the line item(s) in the income statement that include net periodic benefit costs. Additionally, only the service cost component of the net periodic benefit cost is eligible for capitalization. The change in presentation of service cost must be applied retrospectively, while the capitalization of service cost must be applied on a prospective basis. On February 4, 2018, we adopted ASU 2017-07. The pension plan that we sponsor is frozen, and therefore, service costs no longer accrue under the plan. The adoption of the new standard did not change the presentation of our condensed consolidated statements of operations. Recent Accounting Pronouncements Not Yet Adopted. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. The new standard requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. A policy election can be made, by underlying asset class, to keep leases with an initial term of 12 months or less off the balance sheet and recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Consistent with current GAAP, the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a financing or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, ASU 2016-02 will require both types of leases to be recognized on the balance sheet. As a result, lessees will be required to put most leases on their balance sheets while recognizing expense on their income statements in a manner similar to current accounting. In addition, this guidance requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. The new standard will be effective for us in the first quarter of fiscal 2019, which begins on February 3, 2019. ASU 2016-02 requires a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements, which provides an optional transition method for the adoption of the new leases standard. If elected, the comparative periods would continue to be reported under the legacy guidance in Topic 840, including the related disclosures, and a cumulative-effect adjustment would be made to retained earnings as of the adoption date. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, which clarifies certain aspects of the new leases standard. The amendments in this ASU address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments, among other things. The amendments have the same effective date and transition requirements as the new leases standard. We continue to evaluate the impact that the adoption of Topic 842 will have on our consolidated financial statements and disclosures, including the effect of the optional practical expedients permitted under the transition guidance. Based on our assessment to date, we expect the adoption of Topic 842 will result in a significant increase in lease-related assets and liabilities on our consolidated balance sheets. The ultimate impact of adopting the new standard will depend on our lease portfolio as of the adoption date. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The new standard will be effective for us in the first quarter of fiscal 2020, with early adoption permitted. We are currently evaluating the impact of the new guidance on our disclosures. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans, which eliminates and adds certain disclosure requirements for defined benefit plans. The new standard will be effective for us for year-end fiscal 2021, with early adoption permitted. We are currently evaluating the impact of the new guidance on our disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force), which aligns the requirements for capitalizing implementation costs in a hosting arrangement that is a service contract with the requirements for capitalizing implementations costs incurred to develop or obtain internal-use software. The guidance also requires disclosure of the nature of hosting arrangements that are service contracts. The new standard will be effective for us in the first quarter of fiscal 2020, with early adoption permitted. We are currently evaluating the impact of the new guidance on our financial statements and disclosures. |
Debt Obligations (Notes) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations | DEBT OBLIGATIONS Debt obligations for each period presented consisted of the following (in thousands):
On August 3, 2018, we entered into an amendment to our senior secured revolving credit facility agreement (“credit facility” or “credit facility agreement”). The amendment provides us with a $25.0 million term loan, which increased total availability under our credit facility from $400.0 million to $425.0 million, with a seasonal increase to $450.0 million and a $25.0 million letter of credit sublimit. Both the existing credit facility and the term loan mature on December 16, 2021. The term loan is payable in quarterly installments of $0.6 million beginning on February 4, 2019, with the remaining balance due upon maturity. We use the credit facility to provide financing for working capital and general corporate purposes, as well as to finance capital expenditures and to support our letter of credit requirements. Borrowings under the credit facility are limited to the availability under a borrowing base that is determined principally on eligible inventory as defined by the credit facility agreement. The credit facility is secured by our inventory, cash, cash equivalents, and substantially all of our other assets. The daily interest rates are determined by a prime rate or LIBOR, plus an applicable margin, as set forth in the credit facility agreement. For the nine months ended November 3, 2018, the weighted average interest rate on outstanding borrowings and the average daily borrowings on the credit facility, including the term loan, were 3.53% and $274.3 million, respectively. Letters of credit issued under the credit facility support certain merchandise purchases and collateralize retained risks and deductibles under various insurance programs. At November 3, 2018, outstanding letters of credit totaled approximately $6.9 million. These letters of credit expire within 12 months of issuance and may be renewed. The credit facility agreement contains a covenant requiring us to maintain excess availability at or above $35.0 million or 10% of the Adjusted Combined Loan Cap (as defined therein). The credit facility agreement also contains covenants which, among other things, restrict (i) the amount of additional debt or capital lease obligations, (ii) the payment of dividends to $30.0 million in a fiscal year, and (iii) the repurchase of common stock under certain circumstances. At November 3, 2018, we were in compliance with the debt covenants of the credit facility agreement and we expect to remain in compliance. Excess availability under the credit facility was $95.3 million as of November 3, 2018. |
Revenue (Notes) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer | REVENUE Net Sales We recognize revenue for merchandise sales, net of expected returns and sales tax, at the time of in-store purchase or delivery of the product to our guest. When merchandise is shipped to our guests, we estimate receipt based on historical experience. Revenue is deferred and a liability is established for sales returns based on historical return rates and sales for the return period. We recognize an asset and corresponding adjustment to cost of sales for our right to recover returned merchandise. At each financial reporting date, we assess our estimates of expected returns, refund liabilities and return assets. For merchandise sold in our stores and online, tender is accepted at the point of sale. When we receive payment before the guest has taken possession of the merchandise, the amount received is recorded as deferred revenue until the transaction is complete. Our performance obligations for unfulfilled merchandise orders are typically satisfied within one week. Shipping and handling fees charged to guests relate to fulfillment activities and are included in net sales with the corresponding costs recorded in cost of sales. We record deferred revenue for the sale of gift cards and merchandise credits issued for returned merchandise, and we recognize revenue in net sales upon redemption. Gift card and merchandise credit redemptions typically occur within 12 months of the date of issuance with the majority redeemed within the first three months. Our gift cards and merchandise credits do not expire. Based on historical redemption rates, a small percentage of gift cards and merchandise credits will never be redeemed. We recognize estimated breakage income for gift cards and merchandise credits that will never be redeemed in proportion to actual historical redemption patterns. Under our loyalty programs, members can accumulate points, based on their spending, toward earning a reward certificate that can be redeemed for future merchandise purchases. Points earned by loyalty members reset to zero at the end of each calendar year. Reward certificates expire 30 and 60 days after the date of issuance for our department stores and off-price stores, respectively. We allocate and defer a portion of our sales to reward certificates expected to be earned, based on the relative stand-alone sales transaction price and reward certificate value, and recognize the reward certificate as a net sale when it is redeemed. The following table presents the composition of net sales by merchandise category (in thousands):
(a) Includes adjustments related to deferred revenue, estimated sales returns, breakage income, shipping and miscellaneous revenues, which are not allocated to merchandise categories. Contract Liabilities Contract liabilities reflect our performance obligations related to gift cards, merchandise credits, loyalty program rewards and merchandise orders that have not been satisfied as of a given date, and therefore, revenue recognition has been deferred. Contract liabilities are recorded in accrued expenses and other current liabilities. Contract liabilities for each period presented were as follows (in thousands):
The following table summarizes contract liability activity for each period presented (in thousands):
Credit Income The portfolio for our private label credit card is owned and serviced by Comenity Bank, an affiliate of Alliance Data Systems Corporation. Comenity Bank manages the account activation, receivables funding, card authorization, card issuance, statement generation, remittance processing and guest service functions for our private label credit card program. We perform certain duties, including electronic processing and transmitting of transaction records, and executing marketing promotions designed to increase card usage. We also accept payments in our stores from cardholders on behalf of Comenity Bank. We receive a monthly net portfolio yield payment from Comenity Bank, and we can potentially earn an annual bonus based upon the performance of the private label credit card portfolio. The receivable for credit income, which is recorded in prepaid expenses and other current assets, was $4.0 million, $5.8 million, $3.5 million and $4.9 million as of November 3, 2018, February 3, 2018, October 28, 2017 and January 28, 2017, respectively. |
Stock-Based Compensation (Notes) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION Stock-based compensation expense by type of grant for each period presented was as follows (in thousands):
As of November 3, 2018, we have estimated unrecognized compensation cost of $8.9 million related to stock-based compensation awards granted, which is expected to be recognized over a weighted average period of 2.2 years. Non-vested Stock We grant shares of non-vested stock to our employees and non-employee directors. Shares of non-vested stock awarded to employees vest 25% annually over a four-year period from the grant date. Shares of non-vested stock awarded to non-employee directors cliff vest after one year. At the end of the vesting period, shares of non-vested stock convert one-for-one to common stock. Certain non-vested stock awards have shareholder rights, including the right to vote and to receive dividends. The fair value of non-vested stock awards with dividend rights is based on the closing share price of our common stock on the grant date. The fair value of non-vested stock awards that do not have dividend rights is discounted for the present value of expected dividends during the vesting period. Compensation expense is recognized ratably over the vesting period. The following table summarizes non-vested stock activity for the nine months ended November 3, 2018:
The weighted-average grant date fair value for non-vested stock granted during the nine months ended November 3, 2018 and October 28, 2017 was $2.41 and $2.21, respectively. The aggregate intrinsic value of non-vested stock that vested during the nine months ended November 3, 2018 and October 28, 2017, was $1.3 million and $1.2 million, respectively. The payment of the employees’ tax liability for a portion of the vested shares was satisfied by withholding shares with a fair value equal to the tax liability. As a result, the actual number of shares issued during the nine months ended November 3, 2018 was 645,242. Restricted Stock Units (“RSUs”) We grant RSUs to our employees, which vest 25% annually over a four-year period from the grant date. Each vested RSU is settled in cash in an amount equal to the fair market value of one share of our common stock on the vesting date, not to exceed five times the per share fair market value of our common stock on the grant date. Unvested RSUs have the right to receive a dividend equivalent payment equal to cash dividends paid on our common stock. RSUs are accounted for as a liability in accordance with accounting guidance for cash settled stock awards. The liability for RSUs is remeasured based on the closing share price of our common stock at each reporting period until the award vests. Compensation expense is recognized ratably over the vesting period and adjusted with changes in the fair value of the liability. The following table summarizes RSU activity for the nine months ended November 3, 2018:
Stock-settled Performance Share Units (“Stock-settled PSUs”) We grant stock-settled PSUs as a means of rewarding management for our long-term performance based on total shareholder return relative to a specific group of companies over a three-year performance cycle. These awards cliff vest following a three-year performance cycle, and if earned, are settled in shares of our common stock, unless otherwise determined by our Board of Directors (“Board”), or its Compensation Committee. The actual number of shares of our common stock that may be earned ranges from zero to a maximum of twice the number of target units awarded to the recipient. Grant recipients do not have any shareholder rights on unvested or unearned stock-settled PSUs. The fair value of these PSUs is estimated using a Monte Carlo simulation, based on the expected term of the award, a risk-free rate, expected dividends, expected volatility, and share price of our common stock and the specified peer group. The expected term is estimated based on the vesting period of the awards, the risk-free rate is based on the yield on U.S. Treasury securities matching the vesting period, and the volatility is based on the historical volatility over the expected term. Compensation expense is recognized ratably over the corresponding vesting period for stock-settled PSUs. The following table summarizes stock-settled PSU activity for the nine months ended November 3, 2018:
The weighted-average grant date fair value for stock-settled PSUs granted during the nine months ended November 3, 2018 and October 28, 2017 was $3.05 and $1.80, respectively. The aggregate intrinsic value of stock settled PSUs that vested during the nine months ended November 3, 2018 was $0.02 million. No stock-settled PSUs vested during the nine months ended October 28, 2017. The payment of the employees’ tax liability for a portion of the vested shares was satisfied by withholding shares with a fair value equal to the tax liability. As a result, the actual number of stock-settled PSUs issued during the nine months ended November 3, 2018 was 7,036. Cash-settled Performance Share Units (“Cash-settled PSUs”) We grant cash-settled PSUs as a means of rewarding management for our long-term performance based on total shareholder return relative to a specific group of companies over a three-year performance cycle. These awards cliff vest following a three-year performance cycle, and if earned, are settled in cash. The amount of settlement ranges from zero to a maximum of twice the number of target units awarded multiplied by the fair market value of one share of our common stock on the vesting date. Grant recipients do not have any shareholder rights on unvested or unearned cash-settled PSUs. Cash-settled PSUs are accounted for as a liability in accordance with accounting guidance for cash settled stock awards. The liability for cash-settled PSUs is remeasured based on their fair value at each reporting period until the award vests, which is estimated using a Monte Carlo simulation. Assumptions used in the valuation include the expected term of the award, a risk-free rate, expected dividends, expected volatility, and share price of our common stock and the specified peer group. The expected term is estimated based on the vesting period of the awards, the risk-free rate is based on the yield on U.S. Treasury securities matching the vesting period, and the volatility is based on the historical volatility over the expected term. Compensation expense is recognized ratably over the corresponding vesting period and adjusted with changes in the fair value of the liability. The following table summarizes cash-settled PSU activity nine months ended November 3, 2018:
Stock Appreciation Rights (“SARs”) Prior to 2012, we granted SARs to our employees, which generally vested 25% annually over a four-year period from the grant date. Outstanding SARs expired, if not exercised or forfeited, within seven years from the grant date. The following table summarizes SARs activity for the nine months ended November 3, 2018:
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Earnings per Share (Notes) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | EARNINGS PER SHARE The following tables show the computation of basic and diluted loss per common share for each period presented (in thousands, except per share amounts):
The number of shares attributable to outstanding stock-based compensation awards that would have been considered dilutive securities, but were excluded from the calculation of diluted loss per common share because the effect was anti-dilutive were as follows (in thousands):
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Stockholders' Equity (Notes) |
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Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS’ EQUITY During the nine months ended November 3, 2018, we paid $4.3 million in cash dividends. On November 20, 2018, our Board declared a quarterly cash dividend of $0.05 per share of common stock, payable on December 19, 2018 to shareholders of record at the close of business on December 4, 2018. |
Pension Plan (Notes) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan | PENSION PLAN We sponsor a frozen defined benefit pension plan. The components of net periodic pension cost, which were recognized in selling, general and administrative expenses, were as follows (in thousands):
Our funding policy is to make contributions to maintain the minimum funding requirements for our pension obligations in accordance with the Employee Retirement Income Security Act. We may elect to contribute additional amounts to maintain a level of funding to minimize the Pension Benefit Guaranty Corporation premium costs or to cover the short-term liquidity needs of the plan in order to maintain current invested positions. We contributed $1.1 million during the nine months ended November 3, 2018, and we expect to contribute an additional $0.2 million in 2018. |
Fair Value Measurements (Notes) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS We recognize or disclose the fair value of our financial and non-financial assets and liabilities on a recurring and non-recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, we assume the highest and best use of the asset by market participants in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and base the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
Financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):
(a) The liability for the amount due to participants corresponding in value to the securities held in the grantor trust is recorded in other long-term liabilities. (b) Using the market approach, the fair values of these items represent quoted market prices multiplied by the quantities held. Net gains and losses related to the changes in fair value in the assets and liabilities under the various deferred compensation plans are recorded in selling, general and administrative expenses and were nil for the nine months ended November 3, 2018 and October 28, 2017, and for the fiscal year ended February 3, 2018. Non-financial assets measured at fair value on a nonrecurring basis were as follows (in thousands):
(a) Using an undiscounted cash flow model, we evaluate the cash flow trends of our stores at least annually and when events or changes in circumstances, such as a store closure, indicate that property, equipment and leasehold improvements may not be fully recoverable. When a store’s projected undiscounted cash flows indicate its carrying value may not be recoverable, we use a discounted cash flow model, with a 10% discount rate, to estimate the fair value of the underlying long-lived assets. An impairment write-down is recorded if the carrying value of a long-lived asset exceeds its fair value. Key assumptions in estimating future cash flows include, among other things, expected future operating performance, including expected closure date and lease term, and changes in economic conditions. We believe estimated future cash flows are sufficient to support the carrying value of our long-lived assets. Significant changes in the key assumptions used in our cash flow projections may result in additional asset impairments. For the nine months ended November 3, 2018 and October 28, 2017, and fiscal year 2017, we recognized impairment charges of $1.1 million, $0.2 million, and $1.7 million, respectively. Impairment charges are recorded in cost of sales and related buying, occupancy and distribution expenses. Due to the short-term nature of cash and cash equivalents, payables and short-term debt obligations, the carrying value approximates the fair value of these instruments. In addition, we believe that the credit facility obligation approximates its fair value because interest rates are adjusted daily based on current market rates. |
Gordmans Acquisition (Notes) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | GORDMANS ACQUISITION On April 7, 2017, we acquired select assets of Gordmans Stores, Inc. and its subsidiaries (collectively, the “Sellers”) through a bankruptcy auction. The terms of the transaction agreement required us to take assignment of a minimum of 50 of the Sellers’ store leases, with rights to take assignment of the leases for an additional seven stores and a distribution center. We also acquired all of the Sellers’ inventory, furniture, fixtures and equipment at the 57 store locations and distribution center, as well as the trademarks and other intellectual property of the Sellers. The Gordmans stores, which we operate as an off-price concept, add scale to our business, while allowing us to leverage strategic synergies and our current infrastructure. The acquisition also brings beneficial geographic and guest diversification. The purchase price for the inventory and other assets acquired from the Sellers was approximately $36.1 million, all of which was paid by the end of the second quarter 2017 using existing cash and availability under the credit facility. We took assignment of 55 of the 57 store locations and the distribution center, and we renegotiated the terms of many of those leases. We also entered into new leases for three former Gordmans store locations in 2017. The estimated fair values of the assets acquired at the acquisition date were as follows (in thousands):
Acquisition and integration related costs were recognized in selling, general and administrative expenses and were nil and $9.2 million for the three and nine months ended October 28, 2017, respectively. Net sales included in our condensed consolidated statements of operations from Gordmans stores that we operated since the acquisition on April 7, 2017, were as follows for each period presented (in thousands):
Pro forma net sales and earnings for the three and nine months ended October 28, 2017 are not presented due to the impracticability in substantiating this information as the Gordmans Acquisition was limited to select assets and assignment of leases acquired through a bankruptcy auction. Furthermore, the results of operations may have been impacted by the Sellers’ liquidation and may not be indicative of future performance. |
Basis of Presentation (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Period, Policy | References to a particular year are to our fiscal year, which is the 52- or 53-week period ending on the Saturday closest to January 31st of the following calendar year. For example, a reference to “2018” is a reference to the fiscal year ending February 2, 2019, and “2017” is a reference to the fiscal year ended February 3, 2018. Fiscal years 2018 and 2017 are comprised of 52 weeks and 53 weeks, respectively. References to the “three months ended November 3, 2018” and “three months ended October 28, 2017” are for the respective 13-week fiscal quarters. References to quarters relate to our fiscal quarters. References to the “nine months ended November 3, 2018” and “nine months ended October 28, 2017” are for the respective 39-week fiscal periods. |
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New Accounting Pronouncements, Policy | Recently Adopted Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), and subsequently issued related ASUs, which were incorporated into Topic 606. Under Topic 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. The standard establishes a five-step revenue recognition model, which includes (i) identifying the contract with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. The standard also requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On February 4, 2018, we adopted the new standard using the full retrospective method. As a result of the adoption of ASU 2014-09, the condensed consolidated statements of operations reflect the reclassification of credit income related to our private label credit card program from selling, general and administrative expenses to revenue. In addition, the condensed consolidated balance sheets and condensed consolidated statement of cash flows reflect the reclassification of the asset for the right to recover sales return merchandise from merchandise inventories to prepaid expenses and other current assets. The tables that follow depict the impact of the reclassification adjustments on the prior period financial statement presentations. The condensed consolidated balance sheets reflect the reclassification of the asset for the right to recover sales return merchandise from merchandise inventories to prepaid expenses and other current assets.
The condensed consolidated statement of operations reflects the reclassification of credit income to revenue, previously reported as an offset to selling, general and administrative expenses.
The condensed consolidated statement of cash flows reflects the reclassification of the asset for the right to recover merchandise returned from merchandise inventories to prepaid expenses and other current assets.
In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs arising from services rendered during the period. If a subtotal for operating income is shown on the income statement, then the other components of the net periodic benefit cost must be presented separately from the line item that includes the service cost and outside of any subtotal of operating income. The new standard also requires disclosure of the line item(s) in the income statement that include net periodic benefit costs. Additionally, only the service cost component of the net periodic benefit cost is eligible for capitalization. The change in presentation of service cost must be applied retrospectively, while the capitalization of service cost must be applied on a prospective basis. On February 4, 2018, we adopted ASU 2017-07. The pension plan that we sponsor is frozen, and therefore, service costs no longer accrue under the plan. The adoption of the new standard did not change the presentation of our condensed consolidated statements of operations. Recent Accounting Pronouncements Not Yet Adopted. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. The new standard requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. A policy election can be made, by underlying asset class, to keep leases with an initial term of 12 months or less off the balance sheet and recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Consistent with current GAAP, the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a financing or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, ASU 2016-02 will require both types of leases to be recognized on the balance sheet. As a result, lessees will be required to put most leases on their balance sheets while recognizing expense on their income statements in a manner similar to current accounting. In addition, this guidance requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. The new standard will be effective for us in the first quarter of fiscal 2019, which begins on February 3, 2019. ASU 2016-02 requires a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements, which provides an optional transition method for the adoption of the new leases standard. If elected, the comparative periods would continue to be reported under the legacy guidance in Topic 840, including the related disclosures, and a cumulative-effect adjustment would be made to retained earnings as of the adoption date. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, which clarifies certain aspects of the new leases standard. The amendments in this ASU address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments, among other things. The amendments have the same effective date and transition requirements as the new leases standard. We continue to evaluate the impact that the adoption of Topic 842 will have on our consolidated financial statements and disclosures, including the effect of the optional practical expedients permitted under the transition guidance. Based on our assessment to date, we expect the adoption of Topic 842 will result in a significant increase in lease-related assets and liabilities on our consolidated balance sheets. The ultimate impact of adopting the new standard will depend on our lease portfolio as of the adoption date. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The new standard will be effective for us in the first quarter of fiscal 2020, with early adoption permitted. We are currently evaluating the impact of the new guidance on our disclosures. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans, which eliminates and adds certain disclosure requirements for defined benefit plans. The new standard will be effective for us for year-end fiscal 2021, with early adoption permitted. We are currently evaluating the impact of the new guidance on our disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force), which aligns the requirements for capitalizing implementation costs in a hosting arrangement that is a service contract with the requirements for capitalizing implementations costs incurred to develop or obtain internal-use software. The guidance also requires disclosure of the nature of hosting arrangements that are service contracts. The new standard will be effective for us in the first quarter of fiscal 2020, with early adoption permitted. We are currently evaluating the impact of the new guidance on our financial statements and disclosures. |
Revenue (Policies) |
9 Months Ended |
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Nov. 03, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Merchandise Sales | We recognize revenue for merchandise sales, net of expected returns and sales tax, at the time of in-store purchase or delivery of the product to our guest. When merchandise is shipped to our guests, we estimate receipt based on historical experience. Revenue is deferred and a liability is established for sales returns based on historical return rates and sales for the return period. We recognize an asset and corresponding adjustment to cost of sales for our right to recover returned merchandise. At each financial reporting date, we assess our estimates of expected returns, refund liabilities and return assets. For merchandise sold in our stores and online, tender is accepted at the point of sale. When we receive payment before the guest has taken possession of the merchandise, the amount received is recorded as deferred revenue until the transaction is complete. Our performance obligations for unfulfilled merchandise orders are typically satisfied within one week. Shipping and handling fees charged to guests relate to fulfillment activities and are included in net sales with the corresponding costs recorded in cost of sales. |
Revenue Recognition, Gift Cards and Merchandise Credits | We record deferred revenue for the sale of gift cards and merchandise credits issued for returned merchandise, and we recognize revenue in net sales upon redemption. Gift card and merchandise credit redemptions typically occur within 12 months of the date of issuance with the majority redeemed within the first three months. Our gift cards and merchandise credits do not expire. Based on historical redemption rates, a small percentage of gift cards and merchandise credits will never be redeemed. We recognize estimated breakage income for gift cards and merchandise credits that will never be redeemed in proportion to actual historical redemption patterns. |
Revenue Recognition, Loyalty Programs | Under our loyalty programs, members can accumulate points, based on their spending, toward earning a reward certificate that can be redeemed for future merchandise purchases. Points earned by loyalty members reset to zero at the end of each calendar year. Reward certificates expire 30 and 60 days after the date of issuance for our department stores and off-price stores, respectively. We allocate and defer a portion of our sales to reward certificates expected to be earned, based on the relative stand-alone sales transaction price and reward certificate value, and recognize the reward certificate as a net sale when it is redeemed. |
Basis of Presentation (Tables) |
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New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements, Schedule Of Effects On Balance Sheets | The condensed consolidated balance sheets reflect the reclassification of the asset for the right to recover sales return merchandise from merchandise inventories to prepaid expenses and other current assets.
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New Accounting Pronouncements, Schedule Of Effects On Statements Of Operations And Comprehensive Loss | The condensed consolidated statement of operations reflects the reclassification of credit income to revenue, previously reported as an offset to selling, general and administrative expenses.
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New Accounting Pronouncements, Schedule Of Effects On Statement Of Cash Flows | The condensed consolidated statement of cash flows reflects the reclassification of the asset for the right to recover merchandise returned from merchandise inventories to prepaid expenses and other current assets.
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Debt Obligations (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt obligations | Debt obligations for each period presented consisted of the following (in thousands):
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Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents the composition of net sales by merchandise category (in thousands):
(a) Includes adjustments related to deferred revenue, estimated sales returns, breakage income, shipping and miscellaneous revenues, which are not allocated to merchandise categories. |
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Contract Liability Components | Contract liabilities for each period presented were as follows (in thousands):
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Contract Liability Balances and Activity | The following table summarizes contract liability activity for each period presented (in thousands):
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Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense by type of grant | Stock-based compensation expense by type of grant for each period presented was as follows (in thousands):
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Non-vested stock activity | The following table summarizes non-vested stock activity for the nine months ended November 3, 2018:
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Restricted stock units activity | The following table summarizes RSU activity for the nine months ended November 3, 2018:
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Stock-settled performance share units activity | The following table summarizes stock-settled PSU activity for the nine months ended November 3, 2018:
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Cash-settled performance share units activity | The following table summarizes cash-settled PSU activity nine months ended November 3, 2018:
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Stock appreciation rights award activity | The following table summarizes SARs activity for the nine months ended November 3, 2018:
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Earnings per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted earnings per share | The following tables show the computation of basic and diluted loss per common share for each period presented (in thousands, except per share amounts):
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Number of anti-dilutive securities excluded from computation of diluted loss per share | The number of shares attributable to outstanding stock-based compensation awards that would have been considered dilutive securities, but were excluded from the calculation of diluted loss per common share because the effect was anti-dilutive were as follows (in thousands):
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Pension Plan (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of pension cost | We sponsor a frozen defined benefit pension plan. The components of net periodic pension cost, which were recognized in selling, general and administrative expenses, were as follows (in thousands):
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Fair Value Measurements (Tables) |
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Nov. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis [Table Text Block] | Financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):
(a) The liability for the amount due to participants corresponding in value to the securities held in the grantor trust is recorded in other long-term liabilities. (b) Using the market approach, the fair values of these items represent quoted market prices multiplied by the quantities held. Net gains and losses related to the changes in fair value in the assets and liabilities under the various deferred compensation plans are recorded in selling, general and administrative expenses and were nil for the nine months ended November 3, 2018 and October 28, 2017, and for the fiscal year ended February 3, 2018. |
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Assets and liabilities measured at fair value on a nonrecurring basis [Table Text Block] | Non-financial assets measured at fair value on a nonrecurring basis were as follows (in thousands):
(a) Using an undiscounted cash flow model, we evaluate the cash flow trends of our stores at least annually and when events or changes in circumstances, such as a store closure, indicate that property, equipment and leasehold improvements may not be fully recoverable. When a store’s projected undiscounted cash flows indicate its carrying value may not be recoverable, we use a discounted cash flow model, with a 10% discount rate, to estimate the fair value of the underlying long-lived assets. An impairment write-down is recorded if the carrying value of a long-lived asset exceeds its fair value. Key assumptions in estimating future cash flows include, among other things, expected future operating performance, including expected closure date and lease term, and changes in economic conditions. We believe estimated future cash flows are sufficient to support the carrying value of our long-lived assets. Significant changes in the key assumptions used in our cash flow projections may result in additional asset impairments. For the nine months ended November 3, 2018 and October 28, 2017, and fiscal year 2017, we recognized impairment charges of $1.1 million, $0.2 million, and $1.7 million, respectively. Impairment charges are recorded in cost of sales and related buying, occupancy and distribution expenses. |
Gordmans Acquisition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The estimated fair values of the assets acquired at the acquisition date were as follows (in thousands):
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Business Acquisition, Revenue of Acquiree [Table Text Block] | Net sales included in our condensed consolidated statements of operations from Gordmans stores that we operated since the acquisition on April 7, 2017, were as follows for each period presented (in thousands):
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Basis of Presentation (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
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Nov. 03, 2018
States
stores
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Oct. 28, 2017 |
Nov. 03, 2018
States
stores
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Oct. 28, 2017 |
Feb. 02, 2019 |
Feb. 03, 2018 |
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Number of states in which entity operates stores | States | 42 | 42 | ||||
Fiscal Year [Line Items] | ||||||
Fiscal Period Duration | 91 days | 91 days | 273 days | 273 days | 364 days | 371 days |
Department Stores | ||||||
Number of stores operated by entity | 754 | 754 | ||||
Off-Price Stores | ||||||
Number of stores operated by entity | 68 | 68 | ||||
Length of some fiscal years | Minimum | ||||||
Fiscal Year [Line Items] | ||||||
Fiscal Period Duration | 364 days | |||||
Length of some fiscal years | Maximum | ||||||
Fiscal Year [Line Items] | ||||||
Fiscal Period Duration | 371 days |
Basis of Presentation Impact of Adoption of New Revenue Recognition Standard on Balance Sheets (Details) - USD ($) $ in Thousands |
Nov. 03, 2018 |
Feb. 03, 2018 |
Oct. 28, 2017 |
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Merchandise inventories, net | $ 602,283 | $ 438,377 | [1] | $ 576,367 | [1] | ||
Prepaid expenses and other current assets | $ 47,181 | 52,407 | [1] | 54,642 | [1] | ||
Accounting Standards Update 2014-09 | Scenario, Previously Reported | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Merchandise inventories, net | 439,735 | 578,633 | |||||
Prepaid expenses and other current assets | 51,049 | 52,376 | |||||
Accounting Standards Update 2014-09 | Restatement Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Merchandise inventories, net | (1,358) | (2,266) | |||||
Prepaid expenses and other current assets | $ 1,358 | $ 2,266 | |||||
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Basis of Presentation Impact of Adoption of New Revenue Recognition Standard on Statement of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Nov. 03, 2018 |
Oct. 28, 2017 |
Nov. 03, 2018 |
Oct. 28, 2017 |
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net sales | $ 347,100 | $ 357,236 | $ 1,060,623 | $ 1,042,924 | ||||
Credit income | 13,324 | 13,670 | [1] | 43,143 | 39,788 | [1] | ||
Total revenues | 360,424 | 370,906 | [1] | 1,103,766 | 1,082,712 | [1] | ||
Selling, general and administrative expenses | $ 109,774 | 113,706 | [1] | $ 327,965 | 328,976 | [1] | ||
Accounting Standards Update 2014-09 | Scenario, Previously Reported | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net sales | 357,236 | 1,042,924 | ||||||
Total revenues | 357,236 | 1,042,924 | ||||||
Selling, general and administrative expenses | 100,036 | 289,188 | ||||||
Accounting Standards Update 2014-09 | Restatement Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Credit income | 13,670 | 39,788 | ||||||
Total revenues | 13,670 | 39,788 | ||||||
Selling, general and administrative expenses | $ 13,670 | $ 39,788 | ||||||
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Basis of Presentation Impact of Adoption of New Revenue Recognition Standard on Statement of Cash Flows (Details) - USD ($) $ in Thousands |
9 Months Ended | ||||
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Nov. 03, 2018 |
Oct. 28, 2017 |
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Cash flows from operating activities: | |||||
Increase in merchandise inventories | $ (163,906) | $ (136,247) | [1] | ||
Increase in other assets | $ 4,910 | (10,941) | [1] | ||
Accounting Standards Update 2014-09 | Scenario, Previously Reported | |||||
Cash flows from operating activities: | |||||
Increase in merchandise inventories | (137,479) | ||||
Increase in other assets | (9,709) | ||||
Accounting Standards Update 2014-09 | Restatement Adjustment | |||||
Cash flows from operating activities: | |||||
Increase in merchandise inventories | 1,232 | ||||
Increase in other assets | $ (1,232) | ||||
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Debt Obligations (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Nov. 03, 2018 |
Feb. 03, 2018 |
Oct. 28, 2017 |
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Debt Instrument [Line Items] | |||
Current portion of debt obligations | $ 3,555 | $ 2,985 | $ 3,025 |
Long-term debt obligations | 345,840 | 180,350 | 268,969 |
Total debt obligations | $ 349,395 | 183,335 | 271,994 |
Line of Credit | |||
Debt Instrument [Line Items] | |||
Credit facility, amendment date | Aug. 03, 2018 | ||
Credit facility, maximum borrowing capacity before amendment | $ 400,000 | ||
Credit facility, maximum borrowing capacity | 425,000 | ||
Credit facility, maximum borrowing capacity with seasonal increase | $ 450,000 | ||
Credit facility, collateral | The credit facility is secured by our inventory, cash, cash equivalents, and substantially all of our other assets. | ||
Credit facility, weighted average interest rate during period | 3.53% | ||
Credit facility, average daily borrowings | $ 274,300 | ||
Credit facility, excess borrowing capacity required, amount (greater of) | $ 35,000 | ||
Credit facility, excess borrowing capacity required, percent of Adjusted Combined Loan Cap (greater of) | 10.00% | ||
Credit facility, dividend restriction amount | $ 30,000 | ||
Credit facility, excess borrowing availability | $ 95,300 | ||
Credit facility, covenant compliance | in compliance with the debt covenants of the credit facility agreement | ||
Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letter of credit subfacility, maximum borrowing capacity | $ 25,000 | ||
Letters of credit outstanding, amount | $ 6,900 | ||
Letters of credit, expiration period | 12 months | ||
Revolving Credit Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, expiration date | Dec. 16, 2021 | ||
Total debt obligations | $ 322,572 | 179,288 | 267,159 |
Term loan | Line of Credit | |||
Debt Instrument [Line Items] | |||
Total debt obligations | 25,000 | ||
Term loan, face amount | $ 25,000 | ||
Term loan, frequency of periodic payment | quarterly | ||
Term loan, periodic payment, principal | $ 600 | ||
Term loan, date of first required payment | Feb. 04, 2019 | ||
Term loan, maturity date | Dec. 16, 2021 | ||
Finance Obligations | |||
Debt Instrument [Line Items] | |||
Total debt obligations | $ 812 | 1,549 | 1,849 |
Other Financing | |||
Debt Instrument [Line Items] | |||
Total debt obligations | $ 1,011 | $ 2,498 | $ 2,986 |
Revenue Net Sales by Merchandise Category (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Nov. 03, 2018 |
Oct. 28, 2017 |
Nov. 03, 2018 |
Oct. 28, 2017 |
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Disaggregation of Revenue [Line Items] | |||||||
Net sales | $ 347,100 | $ 357,236 | $ 1,060,623 | $ 1,042,924 | |||
Apparel | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 210,167 | 226,550 | 655,116 | 665,606 | |||
Apparel | Women's | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 114,666 | 125,171 | 374,593 | 387,384 | |||
Apparel | Men's | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 55,184 | 57,001 | 166,102 | 163,609 | |||
Apparel | Children's | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 40,317 | 44,378 | 114,421 | 114,613 | |||
Non-Apparel | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 136,861 | 131,080 | 408,796 | 378,033 | |||
Non-Apparel | Footwear | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 48,994 | 46,564 | 147,942 | 137,232 | |||
Non-Apparel | Accessories | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 22,686 | 24,945 | 68,239 | 72,977 | |||
Non-Apparel | Cosmetics/Fragrances | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 30,442 | 31,412 | 97,825 | 96,494 | |||
Non-Apparel | Home/Gifts/Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 34,739 | 28,159 | 94,790 | 71,330 | |||
Revenue Adjustments Not Allocated | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | [1] | 72 | (394) | (3,289) | (715) | ||
Department Stores | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 275,261 | 295,462 | 859,919 | 909,333 | |||
Department Stores | Apparel | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 168,368 | 188,292 | 542,002 | 587,378 | |||
Department Stores | Apparel | Women's | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 94,732 | 105,805 | 315,428 | 345,892 | |||
Department Stores | Apparel | Men's | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 43,954 | 47,674 | 138,414 | 144,588 | |||
Department Stores | Apparel | Children's | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 29,682 | 34,813 | 88,160 | 96,898 | |||
Department Stores | Non-Apparel | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 106,710 | 107,663 | 320,903 | 322,229 | |||
Department Stores | Non-Apparel | Footwear | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 44,400 | 45,329 | 134,024 | 134,836 | |||
Department Stores | Non-Apparel | Accessories | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 17,823 | 19,792 | 55,121 | 61,045 | |||
Department Stores | Non-Apparel | Cosmetics/Fragrances | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 27,822 | 28,843 | 90,295 | 90,640 | |||
Department Stores | Non-Apparel | Home/Gifts/Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 16,665 | 13,699 | 41,463 | 35,708 | |||
Department Stores | Revenue Adjustments Not Allocated | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | [1] | 183 | (493) | (2,986) | (274) | ||
Off-Price Stores | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 71,839 | 61,774 | 200,704 | 133,591 | |||
Off-Price Stores | Apparel | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 41,799 | 38,258 | 113,114 | 78,228 | |||
Off-Price Stores | Apparel | Women's | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 19,934 | 19,366 | 59,165 | 41,492 | |||
Off-Price Stores | Apparel | Men's | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 11,230 | 9,327 | 27,688 | 19,021 | |||
Off-Price Stores | Apparel | Children's | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 10,635 | 9,565 | 26,261 | 17,715 | |||
Off-Price Stores | Non-Apparel | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 30,151 | 23,417 | 87,893 | 55,804 | |||
Off-Price Stores | Non-Apparel | Footwear | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 4,594 | 1,235 | 13,918 | 2,396 | |||
Off-Price Stores | Non-Apparel | Accessories | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 4,863 | 5,153 | 13,118 | 11,932 | |||
Off-Price Stores | Non-Apparel | Cosmetics/Fragrances | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 2,620 | 2,569 | 7,530 | 5,854 | |||
Off-Price Stores | Non-Apparel | Home/Gifts/Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | 18,074 | 14,460 | 53,327 | 35,622 | |||
Off-Price Stores | Revenue Adjustments Not Allocated | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Net sales | [1] | $ (111) | $ 99 | $ (303) | $ (441) | ||
|
Revenue Credit Income (Details) - USD ($) $ in Millions |
Nov. 03, 2018 |
Feb. 03, 2018 |
Oct. 28, 2017 |
Jan. 28, 2017 |
---|---|---|---|---|
Prepaid Expense and Other Assets, Current [Abstract] | ||||
Credit Income Receivable | $ 4.0 | $ 5.8 | $ 3.5 | $ 4.9 |
Revenue Contract Liability Components (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Nov. 03, 2018 |
Aug. 04, 2018 |
Feb. 03, 2018 |
Oct. 28, 2017 |
Jul. 29, 2017 |
Jan. 28, 2017 |
|
Components of Revenue Contract Liability [Line Items] | ||||||
Gift cards and merchandise credits, net | $ 9,756 | $ 12,122 | $ 8,587 | |||
Loyalty program rewards, net | 5,540 | 1,118 | 2,452 | |||
Merchandise fulfillment liability | 1,180 | 234 | 684 | |||
Contract liabilities | $ 16,476 | $ 15,119 | $ 13,474 | $ 11,723 | $ 10,399 | $ 11,669 |
Typical period to satisfy unfulfilled merchandise orders | 7 days | |||||
Typical redemption period of gift cards and merchandise credits | 12 months | |||||
Typical redemption period of majority of gift cards and merchandise credits | 3 months | |||||
Department Stores | ||||||
Components of Revenue Contract Liability [Line Items] | ||||||
Expiration period for reward certificates under loyalty programs | 30 days | |||||
Off-Price Stores | ||||||
Components of Revenue Contract Liability [Line Items] | ||||||
Expiration period for reward certificates under loyalty programs | 60 days |
Revenue Contract Liability Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Nov. 03, 2018 |
Oct. 28, 2017 |
Nov. 03, 2018 |
Oct. 28, 2017 |
|
Change in Contract with Customer, Liability [Abstract] | ||||
Contract liabilities, beginning balance | $ 15,119 | $ 10,399 | $ 13,474 | $ 11,669 |
Contract liabilities, net sales recognized | (6,574) | (2,404) | (7,396) | (5,291) |
Contract liabilities, current period additions | 7,931 | 3,728 | 10,398 | 5,345 |
Contract liabilities, ending balance | $ 16,476 | $ 11,723 | $ 16,476 | $ 11,723 |
Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Nov. 03, 2018 |
Oct. 28, 2017 |
Nov. 03, 2018 |
Oct. 28, 2017 |
|
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,012 | $ 1,987 | $ 4,962 | $ 6,501 |
Stock-based compensation expense, tax benefit | (747) | (2,444) | ||
Stock-based compensation expense, net of tax | 1,012 | 1,240 | 4,962 | 4,057 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract] | ||||
Unrecognized share-based compensation expense | 8,900 | $ 8,900 | ||
Weighted average period, unrecognized compensation expense | 2 years 1 month 25 days | |||
Non-vested stock | ||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 887 | 1,300 | $ 3,153 | 4,203 |
Restricted Stock Units (RSUs) | ||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 196 | 108 | 947 | 310 |
Performance Share Units (PSUs) | Stock-Settled Award | ||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | (82) | $ 579 | 701 | $ 1,988 |
Performance Share Units (PSUs) | Cash-Settled Award | ||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 11 | $ 161 |
Stock-Based Compensation Non-vested Stock (Details) - Non-vested stock - USD ($) $ / shares in Units, $ in Millions |
9 Months Ended | |
---|---|---|
Nov. 03, 2018 |
Oct. 28, 2017 |
|
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Settlement at the end of vesting period | one-for-one to common stock | |
Number of shares | ||
Outstanding at February 3, 2018 | 1,637,037 | |
Granted | 631,266 | |
Vested | (732,452) | |
Forfeited | (117,259) | |
Outstanding at November 3, 2018 | 1,418,592 | |
Weighted average grant date fair value (in dollars per share) | ||
Outstanding at February 3, 2018, weighted average grant date fair value (in dollars per share) | $ 6.67 | |
Grants in period, weighted average grant date fair value (in dollars per share) | 2.41 | $ 2.21 |
Vested in period, weighted average grant date fair value (in dollars per share) | 7.12 | |
Forfeitures in period, weighted average grant date fair value (in dollars per share) | 6.64 | |
Outstanding at November 3, 2018, weighted average grant date fair value (in dollars per share) | $ 4.54 | |
Aggregate intrinsic value | ||
Aggregate intrinsic value, vested | $ 1.3 | $ 1.2 |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures | ||
Shares issued in period | 645,242 | |
Employees | ||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award annual vesting rights, percentage | 25.00% | |
Award vesting period | 4 years | |
Non-employee directors | ||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 1 year |
Stock-Based Compensation Restricted Stock Units (Details) - Restricted Stock Units (RSUs) |
9 Months Ended |
---|---|
Nov. 03, 2018
$ / shares
shares
| |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award annual vesting rights, percentage | 25.00% |
Award vesting period | 4 years |
Settlement at the end of vesting period | Each vested RSU is settled in cash in an amount equal to the fair market value of one share of our common stock on the vesting date, not to exceed five times the per share fair market value of our common stock on the grant date |
Number of shares | |
Outstanding at February 3, 2018 | shares | 1,283,750 |
Granted | shares | 1,415,000 |
Vested | shares | (387,186) |
Forfeited | shares | (451,250) |
Outstanding at November 3, 2018 | shares | 1,860,314 |
Weighted average grant date fair value (in dollars per share) | |
Outstanding at February 3, 2018, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.14 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | 2.18 |
Vested in period, weighted average grant date fair value (in dollars per share) | $ / shares | 2.15 |
Forfeitures in period, weighted average grant date fair value (in dollars per share) | $ / shares | 2.17 |
Outstanding at November 3, 2018, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.16 |
Stock-Based Compensation Stock-settled Performance Share Units (Details) - Performance Share Units (PSUs) - Stock-Settled Award $ / shares in Units, $ in Thousands |
9 Months Ended | |
---|---|---|
Nov. 03, 2018
USD ($)
shares
$ / shares
|
Oct. 28, 2017
$ / shares
|
|
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award requisite service period | 3 years | |
Settlement at the end of vesting period | Converts to common stock (unless otherwise determined by our Board of Directors, or its Compensation Committee) ranging from zero to a maximum of twice the number of granted shares outstanding on the vesting date. | |
Method used to determine fair value | Monte Carlo simulation | |
Number of shares | ||
Outstanding at February 3, 2018 | 921,706 | |
Granted | 280,000 | |
Vested and earned | (9,302) | |
Forfeited | (141,680) | |
Outstanding at November 3, 2018 | 1,050,724 | |
Weighted average grant date fair value (in dollars per share) | ||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.84 | |
Aggregate intrinsic value | ||
Aggregate intrinsic value, vested | $ | $ 20 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures | ||
Shares issued in period | 7,036 | |
Maximum | ||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Multiple of the number of granted shares outstanding for issuable shares | 2 | |
Minimum | ||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Multiple of the number of granted shares outstanding for issuable shares | 0 | |
2016 Performance Share Units Granted | ||
Number of shares | ||
Outstanding at February 3, 2018 | 321,706 | |
Vested and earned | (9,302) | |
Forfeited | (51,680) | |
Outstanding at November 3, 2018 | 260,724 | |
Weighted average grant date fair value (in dollars per share) | ||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.69 | |
2017 Performance Share Units Granted | ||
Number of shares | ||
Outstanding at February 3, 2018 | 600,000 | |
Forfeited | (90,000) | |
Outstanding at November 3, 2018 | 510,000 | |
Weighted average grant date fair value (in dollars per share) | ||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.80 | $ 1.80 |
2018 Performance Share Units Granted | ||
Number of shares | ||
Granted | 280,000 | |
Outstanding at November 3, 2018 | 280,000 | |
Weighted average grant date fair value (in dollars per share) | ||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.05 |
Stock-Based Compensation Cash-settled Performance Share Units (Details) - Performance Share Units (PSUs) - Cash-Settled Award |
9 Months Ended |
---|---|
Nov. 03, 2018
shares
$ / shares
| |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award requisite service period | 3 years |
Settlement at the end of vesting period | Settles in cash ranging from zero to a maximum of twice the number of target units awarded multiplied by the fair market value of one share of our common stock on the vesting date. |
Method used to determine fair value | Monte Carlo simulation |
Maximum | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Multiple of the number of granted units outstanding for amount of settlement | 2 |
Minimum | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Multiple of the number of granted units outstanding for amount of settlement | 0 |
2018 Performance Share Units Granted | |
Number of shares | |
Granted | 460,000 |
Forfeited | (110,000) |
Outstanding at November 3, 2018 | 350,000 |
Weighted average grant date fair value (in dollars per share) | |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.05 |
Stock-Based Compensation Stock Appreciation Rights (SARs) (Details) - Stock Appreciation Rights (SARs) |
9 Months Ended |
---|---|
Nov. 03, 2018
$ / shares
shares
| |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award annual vesting rights, percentage | 25.00% |
Award vesting period | 4 years |
Expiration period if not exercised or forfeited | 7 years |
Number of shares | |
Outstanding, vested and exercisable at February 3, 2018 | shares | 97,900 |
Expired | shares | (97,900) |
Weighted Average Exercise Price [Abstract] | |
Outstanding, vested and exercisable at February 3, 2018 | $ / shares | $ 18.83 |
Expired | $ / shares | $ 18.83 |
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Nov. 03, 2018 |
Oct. 28, 2017 |
Nov. 03, 2018 |
Oct. 28, 2017 |
|
Basic EPS from continuing operations: | ||||
Net loss | $ (31,353) | $ (17,722) | $ (79,953) | $ (42,967) |
Distributed earnings allocated to participating securities, Basic | (18) | (66) | (149) | (268) |
Net loss allocated to common shares | $ (31,371) | $ (17,788) | $ (80,102) | $ (43,235) |
Basic weighted average shares outstanding | 28,261 | 27,602 | 28,059 | 27,468 |
Basic loss per share | $ (1.11) | $ (0.64) | $ (2.85) | $ (1.57) |
Diluted EPS from continuing operations: | ||||
Net loss | $ (31,353) | $ (17,722) | $ (79,953) | $ (42,967) |
Distributed earnings allocated to participating securities, Diluted | (18) | (66) | (149) | (268) |
Net loss allocated to common shares | $ (31,371) | $ (17,788) | $ (80,102) | $ (43,235) |
Basic weighted average shares outstanding | 28,261 | 27,602 | 28,059 | 27,468 |
Diluted weighted average shares outstanding | 28,261 | 27,602 | 28,059 | 27,468 |
Diluted loss per share | $ (1.11) | $ (0.64) | $ (2.85) | $ (1.57) |
Performance Share Units (PSUs) | Stock-Settled Award | Anti-dilutive due to net loss | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of anti-dilutive securities excluded from computation of diluted loss per share | 89 | 341 | ||
Stock Appreciation Rights (SARs) | Anti-dilutive due to exercise price | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of anti-dilutive securities excluded from computation of diluted loss per share | 113 | 19 | 129 |
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Nov. 20, 2018 |
Nov. 03, 2018 |
Oct. 28, 2017 |
Dec. 19, 2018 |
|
Equity [Abstract] | ||||
Cash dividends paid | $ 4,342 | $ 7,097 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends Payable, Date Declared | Nov. 20, 2018 | |||
Dividends Payable, Amount Per Share | $ 0.05 | |||
Dividends Payable, Date to be Paid | Dec. 19, 2018 | |||
Dividends Payable, Date of Record | Dec. 04, 2018 |
Pension Plan (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Nov. 03, 2018 |
Oct. 28, 2017 |
Nov. 03, 2018 |
Oct. 28, 2017 |
|
Retirement Benefits [Abstract] | ||||
Employer service cost | $ 127 | $ 123 | $ 383 | $ 368 |
Interest cost on pension benefit obligation | 338 | 363 | 1,013 | 1,090 |
Expected return on plan assets | (435) | (407) | (1,305) | (1,222) |
Amortization of net loss | 85 | 213 | 439 | 637 |
Pension settlement charges | 411 | 374 | 411 | 374 |
Net periodic pension cost | 526 | $ 666 | 941 | $ 1,247 |
Contributions by employer | 1,100 | |||
Expected future employer contributions, remainder of fiscal year | $ 200 | $ 200 |
Fair Value Measurements (Details) $ in Thousands |
9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Nov. 03, 2018
USD ($)
|
Oct. 28, 2017
USD ($)
|
Feb. 03, 2018
USD ($)
|
||||||||
Fair Value, Measurements, Recurring | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Securities held in grantor trust for deferred compensation plans | [1],[2] | $ 18,969 | $ 18,750 | $ 20,293 | ||||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Instruments (Level 1) | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Securities held in grantor trust for deferred compensation plans | [1],[2] | 18,969 | 18,750 | 20,293 | ||||||
Fair Value, Measurements, Nonrecurring | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Store property, equipment and leasehold improvements, fair value | [3] | 1,106 | 229 | 778 | ||||||
Impairment charges on store property, equipment and leasehold improvements | $ 1,100 | $ 200 | $ 1,700 | |||||||
Fair Value, Measurements, Nonrecurring | Measurement Input, Discount Rate [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Alternative Investment, Measurement Input | 0.10 | 0.10 | 0.10 | |||||||
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Store property, equipment and leasehold improvements, fair value | [3] | $ 1,106 | $ 229 | $ 778 | ||||||
|
Gordmans Acquisition (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Nov. 03, 2018
USD ($)
|
Oct. 28, 2017
USD ($)
|
Nov. 03, 2018
USD ($)
|
Oct. 28, 2017
USD ($)
stores
|
Apr. 07, 2017
USD ($)
stores
|
|
Business Combination, Description [Abstract] | |||||
Business Acquisition, Effective Date of Acquisition | Apr. 07, 2017 | ||||
Business Acquisition, Name of Acquired Entity | Gordmans Stores, Inc. | ||||
Incremental Number of Store Locations with Acquisition Rights | stores | 7 | ||||
Business Combination, Reason for Business Combination | The Gordmans stores, which we operate as an off-price concept, add scale to our business, while allowing us to leverage strategic synergies and our current infrastructure. The acquisition also brings beneficial geographic and guest diversification. | ||||
Payments to acquire business | $ | $ 36,144 | ||||
Number of Gordmans stores acquired | stores | 55 | ||||
Number of Gordmans stores available to be acquired | stores | 57 | ||||
Business Combination, Acquisition Related Costs | $ | 9,200 | ||||
Business Combination, Revenue of Acquiree since Acquisition Date, Actual | $ | $ 71,839 | $ 61,774 | $ 200,704 | $ 133,591 | |
Business Combination, Pro Forma Information, Disclosure Impracticable | Pro forma net sales and earnings for the three and nine months ended October 28, 2017 are not presented due to the impracticability in substantiating this information as the Gordmans Acquisition was limited to select assets and assignment of leases acquired through a bankruptcy auction. Furthermore, the results of operations may have been impacted by the Sellers’ liquidation and may not be indicative of future performance. | ||||
New leases for former Gordmans store locations | stores | 3 | ||||
Business Combination, Recognized Identifiable Assets Acquired [Abstract] | |||||
Business Combination, Recognized Identifiable Assets Acquired, Inventory | $ | $ 31,770 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, Equipment, and Other Assets | $ | 4,374 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Assets | $ | $ 36,144 | ||||
Minimum | |||||
Business Combination, Description [Abstract] | |||||
Number of Store Locations with Acquisition Rights | stores | 50 | ||||
Maximum | |||||
Business Combination, Description [Abstract] | |||||
Number of Store Locations with Acquisition Rights | stores | 57 |
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