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Subsequent Events
12 Months Ended
Feb. 01, 2020
Subsequent Events [Abstract]  
Subsequent Events

24. Subsequent Events

On February 19, 2020, we announced that our Board of Directors declared a quarterly dividend of $0.40 per share on our common stock. The dividend will be payable on May 1, 2020 to shareholders of record at the close of business on April 17, 2020. Although it is our Company’s intention to continue to pay a quarterly cash dividend in the future, any decision to pay future cash dividends will be made by the Board of Directors and will depend on future earnings, financial condition, and other factors.

COVID-19 is having a significant effect on overall economic conditions in the various geographic areas in which we have operations. Our top priority is to protect our associates and their families, our customers, and our operations. We are taking all precautionary measures as directed by health authorities and local and national governments. On March 18, 2020, in response to intensifying efforts to contain the spread of COVID-19, we temporarily closed our stores across all of our brands in North America, EMEA, and Malaysia. On March 25, 2020, we temporarily closed our stores in New Zealand.

The rest of our locations in the Asia Pacific region, which include Hong Kong, Singapore, and Australia, will remain open subject to direction from local and national governments.

We continue to monitor the outbreak of COVID-19 and other closures, or closures for a longer period, may be required to help ensure the health and safety of our associates and our customers. COVID-19 has and may continue to have an effect on ports and trade, as well as global travel. We have set up a special management committee and the committee is taking the necessary precautionary measures to protect the health and safety of our associates as well as following the guidance provided by local health authorities. Given the dynamic nature of these circumstances, the duration of business disruption, and reduced customer traffic, the related financial affect cannot be reasonably estimated at this time but are expected to materially affect our business for the first quarter and full year of 2020.

On March 19, 2020, in order to increase our cash position and help preserve our financial flexibility, we have drawn $330 million of our credit facility.