0001174947-17-000491.txt : 20170329 0001174947-17-000491.hdr.sgml : 20170329 20170329163146 ACCESSION NUMBER: 0001174947-17-000491 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 79 CONFORMED PERIOD OF REPORT: 20170128 FILED AS OF DATE: 20170329 DATE AS OF CHANGE: 20170329 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SHOE CARNIVAL INC CENTRAL INDEX KEY: 0000895447 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-SHOE STORES [5661] IRS NUMBER: 351736614 STATE OF INCORPORATION: IN FISCAL YEAR END: 0130 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21360 FILM NUMBER: 17722612 BUSINESS ADDRESS: STREET 1: 7500 EAST COLUMBIA STREET CITY: EVANSVILLE STATE: IN ZIP: 47715 BUSINESS PHONE: 8128676471 MAIL ADDRESS: STREET 1: 7500 EAST COLUMBIA STREET CITY: EVANSVILLE STATE: IN ZIP: 47715 10-K 1 scvl1281710k.htm FORM 10-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

Form 10-K

 

(Mark One)    
[X]   Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  For the fiscal year ended:   January 28, 2017
or
[   ]   Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  For the transition period from ____________________  to  ____________________
     
Commission File Number: 0-21360
  Shoe Carnival, Inc.
  (Exact name of registrant as specified in its charter)
           
Indiana   35-1736614
(State or other jurisdiction of
incorporation or organization)		   (IRS Employer Identification Number)  
       
7500 East Columbia Street
Evansville, IN		   47715
(Address of principal executive offices)   (Zip code)  

 

(812) 867-6471

(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
 
Common Stock, $.01 par value   The NASDAQ Stock Market LLC
(Title of Each Class)   (Name of Each Exchange on Which Registered)  
   
Securities registered pursuant to Section 12(g) of the Act: None  

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

  [  ] Yes   [ X] No

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

  [  ] Yes   [X] No

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

  [X] Yes   [  ] No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

  [X ] Yes   [  ] No

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

 

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

 

[  ] Large accelerated filer [X] Accelerated filer [  ] Non-accelerated filer [  ] Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

  [  ] Yes   [X] No

 

The aggregate market value of the voting stock held by non-affiliates of the registrant based on the last sale price for such stock at July 30, 2016 (the last business day of the registrant’s most recently completed second fiscal quarter) was approximately $346,446,502 (assuming solely for the purposes of this calculation that all Directors and executive officers of the registrant are “affiliates”).

 

Number of Shares of Common Stock, $.01 par value, outstanding at March 24, 2017 was 17,692,686.

 

DOCUMENTS INCORPORATED BY REFERENCE

 

Certain information contained in the Definitive Proxy Statement for the Annual Meeting of Shareholders of the Registrant to be held on June 13, 2017 is incorporated by reference into PART III hereof.

 

 

 

 

TABLE OF CONTENTS

 

PART I

 

Item 1. Business 2
Item 1A. Risk Factors 10
Item 1B. Unresolved Staff Comments 17
Item 2. Properties 17
Item 3. Legal Proceedings 17
Item 4. Mine Safety Disclosures 17
     
     
PART II
     
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18
Item 6. Selected Financial Data 20
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 21
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 31
Item 8. Financial Statements and Supplementary Data 31
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 53
Item 9A. Controls and Procedures 53
Item 9B. Other Information 56
     
     
PART III
     
Item 10. Directors, Executive Officers and Corporate Governance 56
Item 11. Executive Compensation 56
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 56
Item 13. Certain Relationships and Related Transactions, and Director Independence 56
Item 14. Principal Accounting Fees and Services 56
     
     
PART IV
     
Item 15. Exhibits and Financial Statement Schedules 57
Item 16. Form 10-K Summary 57
     
Signatures   58

 

 

 

 

Shoe Carnival, Inc.
Evansville, Indiana

 

Annual Report to Securities and Exchange Commission
January 28, 2017

 

PART I

 

Cautionary Statement Regarding Forward-Looking Information

 

This annual report contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. A number of factors could cause our actual results, performance, achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, but are not limited to: general economic conditions in the areas of the continental United States in which our stores are located and the impact of the ongoing economic crisis in Puerto Rico on sales at, and cash flows of, our stores located in Puerto Rico; the effects and duration of economic downturns and unemployment rates; changes in the overall retail environment and more specifically in the apparel and footwear retail sectors; our ability to generate increased sales at our stores; the potential impact of national and international security concerns on the retail environment; changes in our relationships with key suppliers; the impact of competition and pricing; our ability to successfully manage and execute our marketing initiatives and maintain positive brand perception and recognition; changes in weather patterns, consumer buying trends and our ability to identify and respond to emerging fashion trends; the impact of disruptions in our distribution or information technology operations; the effectiveness of our inventory management; the impact of natural disasters on our stores, as well as on consumer confidence and purchasing in general; risks associated with the seasonality of the retail industry; the impact of unauthorized disclosure or misuse of personal and confidential information about our customers, vendors and employees; our ability to manage our third-party vendor relationships; our ability to successfully execute our growth strategy, including the availability of desirable store locations at acceptable lease terms, our ability to open new stores in a timely and profitable manner, including our entry into major new markets, and the availability of sufficient funds to implement our growth plans; higher than anticipated costs associated with the closing of underperforming stores; our ability to successfully grow our e-commerce sales; the inability of manufacturers to deliver products in a timely manner; changes in the political and economic environments and the continued favorable trade relations in China and the other countries which are the major manufacturers of footwear; the impact of regulatory changes in the United States and the countries where our manufacturers are located; the resolution of litigation or regulatory proceedings in which we are or may become involved; our ability to meet our labor needs while controlling costs; and future stock repurchases under our stock repurchase program and future dividend payments. For a more detailed discussion of risk factors impacting us, see ITEM 1A. RISK FACTORS of this report.

 

ITEM 1.    BUSINESS

 

Our Company

 

Shoe Carnival, Inc. is one of the nation’s largest family footwear retailers, providing the convenience of shopping at any of our store locations or online. We offer customers a broad assortment of moderately priced dress, casual and athletic footwear for men, women and children with emphasis on national and regional name brands. We differentiate our retail concept from our competitors’ by our distinctive, fun and promotional marketing efforts. On average, our stores are 11,000 square feet, generate approximately $2.4 million in annual sales and carry inventory of approximately 27,600 pairs of shoes per location. As of January 28, 2017, we operated 415 stores in 35 states and Puerto Rico and offered online shopping at www.shoecarnival.com.

 

We are an Indiana corporation that was initially formed in Delaware in 1993 and reincorporated in Indiana in 1996. References to “we,” “us,” “our” and the “Company” in this Annual Report on Form 10-K refer to Shoe Carnival, Inc. and its subsidiaries.

 

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Key Competitive Strengths

 

We believe our financial success is due to a number of key competitive strengths that make Shoe Carnival a destination of choice for today’s retail consumer.

 

Distinctive shopping experience

 

Our stores combine competitive pricing with a promotional, in-store marketing effort that encourages customer participation and injects fun and surprise into every shopping experience. We promote a high-energy retail environment by decorating with exciting graphics and bold colors, and by featuring a stage and mic-person as the focal point in our stores. With a microphone, this mic-person announces current specials supplied by our centralized merchandising staff, organizes contests and games, and assists and educates customers with the features and location of merchandise. Our mic-person offers limited-duration promotions throughout the day, encouraging customers to take immediate advantage of our value pricing. We believe this fun and promotional atmosphere results in various competitive advantages, including increased multiple unit sales; the building of a loyal, repeat customer base; the creation of word-of-mouth advertising; and enhanced sell-through of in-season goods. A similar customer experience is reflected in our e-commerce site through special promotions and limited time sales, along with relevant product stories featured on our home page.

 

Broad merchandise assortment

 

Our objective is to be the destination retailer-of-choice for a wide range of consumers seeking value priced, current season name brand and private label footwear. Our product assortment includes dress and casual shoes, sandals, boots and a wide assortment of athletic shoes for the entire family. Our average store carries approximately 27,400 pairs of shoes in four general categories – women’s, men’s, children’s and athletics – which are organized within the store by category and brand, thus fashioning strong brand statements within the aisles. We engage our customers by presenting creative branded merchandise statements and signage upon entering our stores. Key brands are further emphasized by prominent displays on end caps, focal walls, and within the aisles. These displays may highlight a product offering of a single vendor, highlight sales promotions, advertise promotional pricing to meet or beat competitors’ sale prices or may make a seasonal or lifestyle statement by highlighting similar footwear from multiple vendors. These visual merchandising techniques make it easier for customers to shop and focus attention on key name brands. Our e-commerce site offers customers an opportunity to choose from a large selection of products in all of the same categories of footwear, and introduces our concept to consumers who are new to Shoe Carnival, in both existing and new markets. Customers who enroll in our loyalty program (“Shoe Perks”) or register on our website receive periodic personalized e-mail communication from us. This communication affords us additional opportunity to highlight our broad product assortment and promotions.

 

Value pricing for our customers

 

Our marketing effort targets moderate income, value conscious consumers seeking name brand footwear for all age groups. We believe that by offering a wide selection of popular styles of name brand merchandise at competitive prices, we generate broad customer appeal. Additionally, the time conscious customer appreciates the convenience of one stop shopping for the entire family, whether it is at any of our store locations or online at shoecarnival.com. We also believe our fun and promotional shopping environment contributes to a reputation of value pricing.

 

Efficient store level cost structure

 

Our cost efficient store operations and real estate strategy enable us to price products competitively. We achieve low labor costs by housing merchandise directly on the selling floor in an open stock format, allowing customers to serve themselves, if they choose. This reduces the staffing required to assist customers and reduces store level labor costs as a percentage of sales. We locate stores predominantly in open-air shopping centers in order to take advantage of lower occupancy costs and maximize our exposure to value oriented shoppers.

 

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Heavy reliance on information technology

 

We have invested significant resources in information technology. Our proprietary inventory management and advanced point-of-sale (“POS”) systems provide corporate management, buyers and store managers with the timely information necessary to monitor and control all phases of operations. The POS provides, in addition to other features, full price management (including price look-up), promotion tracking capabilities (in support of the spontaneous nature of the in-store price promotions), real-time sales and gross margin by product category at the store level and customer tracking. Using the POS, store managers are able to monitor sales and gross profit margins on a real-time basis throughout the day. Reacting to sales trends, our mic-people use POS reports to choose from among a number of product promotions supplied by our centralized merchandising staff.

 

Our centralized network connects our corporate office to our distribution center and retail stores via a wide area network, providing up-to-date sales and inventory information as required. Our data warehouse enables our merchandising and store operations staff to analyze sales, margin and inventory levels by location, by day, down to the size of shoe. Using this information, our merchandise managers meet regularly with vendors to compare their product sales, gross margins and return on inventory investment against previously stated objectives. We believe timely access to key business data has enabled us in the past to drive annual comparable store sales increases, manage our markdown activity and improve inventory turnover.

 

Growth Strategy

 

Our goal is to continue to grow our net sales and earnings by opening additional stores throughout the United States and growing our multi-channel business. As of January 28, 2017, we operated 415 stores located across 35 states and Puerto Rico. Our stores averaged approximately 11,000 square feet, ranging in size from 4,000 to 26,500 square feet. New store sizes typically depend upon location and population base, and our stores are predominantly located in open-air shopping centers. Although our traditional store prototype utilizes between 8,000 and 11,000 square feet of leased area, we have begun to roll out scalable store prototypes that reflect the diverse population densities of our markets. These scalable prototypes utilize a wide range of leased space based on sales potential and opportunistic space availability. In all of our stores, the sales area is approximately 85% of the gross store footprint.

 

  Historical Store Count
Fiscal Years 2016 2015 2014 2013 2012
           
Stores open at the beginning of the year 405 400 376 351 327
           
New store openings 19 20 31 32 31
           
Store closings (9) (15) (7) (7) (4)
           
Stores open at the end of the year 415 405 400 376 351
           
Stores relocated 3 2 3 9 6
Percentage of store base remodeled 4% 7% 7% 9% 5%

 

Expanding our store base both in number of stores, as well as geographic footprint

 

Increasing market penetration by opening new stores is a key component of our growth strategy. We believe our strong unleveraged financial position provides a solid platform for additional growth. In fiscal 2016, we opened 19 new stores and closed nine stores. The majority of these new store locations served to fill in existing markets with additional stores, with the goal of increasing the performance of the overall market. For fiscal 2017, we expect to open approximately 20 stores and close approximately 15 stores. The majority of the new stores locations will serve existing markets within our current geographic footprint and the remaining stores will serve smaller, new markets.

 

Critical to the success of opening new stores in larger markets or geographic areas is our ability to cluster stores. In large markets (populations greater than 400,000), clustering involves opening two or more stores at approximately the same time. In smaller markets that can only support a single store, clustering involves seeking locations in reasonably close proximity to other existing markets. This strategy creates cost efficiencies by enabling us to leverage store expenses with respect to advertising, distribution and management costs. We believe the advantages

 

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of clustering stores in existing markets will lead to cost efficiencies and overall incremental sales gains that should more than offset any adverse effect on sales of existing stores.

 

We lease all store locations, as we believe the flexibility afforded by leasing allows us to avoid the inherent risks of owning real estate, particularly with respect to underperforming stores. Before entering a new market, we perform a market, demographic and competition analysis to evaluate the suitability of the potential market. Potential store site selection criteria include, among other factors, market demographics, traffic counts, tenant mix, visibility within the center and from major thoroughfares, overall retail activity of the area and proposed lease terms. The time required to open a store after signing a lease depends primarily upon the property owner’s ability to deliver the premises. After we accept the premises from the property owner, we can generally open a turnkey store within 60 days and open an ‘as-is’ store within up to 115 days.

 

Multi-Channel Strategy

 

We are committed to establishing Shoe Carnival as a world class multi-channel retailer. The foundation of our multi-channel strategy is connecting customers with our wide assortment of store inventory through multiple channels, while maintaining a personalized, seamless customer service experience. We believe over time the majority of our customers will utilize multiple channels to purchase our product offerings based on their needs at the time, as described below. Our e-commerce business continues to grow and we continue to make enhancements to capitalize on our increasing website traffic and optimize conversion rates.

·Our “ship from store” program is a core element of our multi-channel strategy. This program allows stores to fulfill online orders and has been implemented on a chain wide basis (with limited exceptions). By fulfilling e-commerce orders from our store level inventory, we are able to minimize out-of-stocks, offer our customers an expanded online assortment and leverage store level inventory and overhead. Additionally, during peak sales periods, e-commerce orders for certain key items and promotional product are fulfilled from our distribution center.
·A growing part of our multi-channel strategy is our Shoes 2U program. This program enables us to ship product from any store to a customer’s home or store of their choice if they are unable to find the size, color or style of a shoe in the store in which they are shopping. This creates an endless aisle experience for our customers in which our chain-wide inventory is accessible to any store customer.
·Given our desire to connect with customers anywhere and anytime, an important component of our multi-channel strategy is our mobile app. Our mobile app was redesigned in fiscal 2015 and introduced e-commerce functionality directly from the app. Product offerings on the app correspond to our online assortment and customers now have the ability to scan UPC codes to find sizes that may not be available in our stores. These products and our entire online assortment can be conveniently purchased directly from our app.
·During the third quarter of fiscal 2016, we completed the launch of a new online service, which gives our customers the option to buy online, pick up in store and buy online, ship to store. This feature provides the convenience of local pickup for our customers with the added benefit of driving traffic back to our stores. This launch represents our continued effort to evolve our customer experience.

 

Overall, we believe that our ongoing multi-channel initiatives represent the cornerstone for our long-term growth and are in-line with rapidly changing consumer behavior. In fiscal 2017, we plan to upgrade and enhance our e-commerce and mobile platforms. These steps will be an integral part of expanding our multi-channel footprint and creating opportunities to connect with our customers in new ways.

 

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Merchandise

 

Critical to our success is maintaining fresh, fashionable merchandise at moderate prices. Our buyers stay in touch with evolving fashion trends and adjust growth strategies based on these trends. This is accomplished by subscribing to an industry leading trend service, shopping fashion-leading markets, attending national trade shows, gathering vendor input and monitoring the current styles shown in leading fashion and lifestyle magazines.

 

Our buyers and planners have years of experience and in-depth knowledge of our customers and the markets in which we operate. This helps us select the best assortment and quantities in order to manage and allocate inventories at the store level. The mix of merchandise and the brands offered in a particular store reflect the demographics of each market, among other factors. Management encourages store operations personnel to provide input to our merchandising staff regarding market specific fashion trends. Our e-commerce site offers customers an opportunity to choose from a large selection of products in all of the same categories of footwear, and introduces our concept to consumers who are new to Shoe Carnival, in both existing and new markets. Due to our multi-channel retailer strategy, we view our e-commerce sales as an extension of our physical stores.

 

Our stores and e-commerce site offer a broad assortment of current-season, name brand footwear, supplemented with private label merchandise. Our stores carry complementary accessories such as socks, belts, shoe care items, handbags, sport bags, backpacks, jewelry, scarves and wallets, while our e-commerce site offers certain handbags, sport bags and backpacks. We purchase merchandise from approximately 170 footwear vendors. Management of the purchasing function is the responsibility of our Executive Vice President – Chief Merchandising Officer. Our buyers maintain ongoing communication with our vendors and provide feedback to our vendors on sales, profitability and current demand for their products. We adjust future purchasing decisions based upon the results of this analysis. In fiscal 2016, two branded suppliers, Nike, Inc. and Skechers USA, Inc., collectively accounted for approximately 45% of our net sales. Nike, Inc. accounted for approximately 33% of our net sales and Skechers USA, Inc. accounted for approximately 12%. Name brand suppliers also provide us with cooperative advertising and visual merchandising funds. A loss of any of our key suppliers in certain product categories or our inability to obtain name brand or other merchandise from suppliers at competitive prices could have a material adverse effect on our business. As is common in the industry, we do not have any long-term contracts with our suppliers.

 

Initial pricing levels are typically established in accordance with the manufacturer’s suggested retail pricing structure. Subsequent to this initial pricing, our buying staff manages our markdown cadence based on product-specific sell-through rates to achieve liquidation of inventory within the natural lifecycle of the product. We emphasize our value proposition to customers by combining current season name brand product with promotional pricing. Our promotions include both advertised limited time sale offerings in addition to in-store and online timed specials.

 

The table below sets forth our percentage of sales by product category.

 

Fiscal Years  2016  2015  2014  2013  2012
                
Non-Athletics:                         
Women’s   26%   27%   27%   27%   26%
Men’s   14    14    14    15    15 
Children’s   5    5    5    5    5 
Total   45    46    46    47    46 
                          
Athletics:                         
Women’s   16    16    16    16    17 
Men’s   22    22    21    21    21 
Children’s   13    12    13    12    12 
Total   51    50    50    49    50 
                          
Accessories   4    4    4    4    4 
                          
Total   100%   100%   100%   100%   100%

 

Women’s, men’s and children’s non-athletic footwear categories are further divided into dress, casual, sport, sandals and boots. We classify athletic shoes by functionality, such as running, basketball or fitness shoes.

 

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Building Brand Awareness

 

Our goal is to communicate a consistent brand image across all aspects of our operations. We utilize a blend of advertising mediums and marketing methods to communicate who we are and the values we offer. Special emphasis is made to highlight brands as well as specific styles of product, and visual graphics are used extensively in our stores to emphasize the lifestyle aspect of the styles we carry. The use of social media has become an increasingly important medium in our digital marketing efforts, allowing us to directly communicate with, as well as advertise to, our core customers. For fiscal 2016, approximately 49% of our total advertising budget was directed to television, radio and digital media. Print media (including inserts, direct mail and newspaper advertising) and outdoor advertising accounted for the balance. We make a special effort to utilize the cooperative advertising dollars and collateral offered by vendors whenever possible. We utilize television advertising to deliver a balanced mix of both branding and seasonal product messaging across the year beginning with the Easter selling season. Moreover, it enables us to provide a message of offering value-priced, current season footwear.

 

In addition to a dynamic, lively and fun shopping experience, we offer our customers our Shoe Perks rewards program. This loyalty program provides customers with a heightened shopping experience, which includes exclusive offers and personalized messaging. Rewards are earned by making purchases either in-store or online and through participating in other point earning opportunities that facilitate engagement with our brand.

 

We remain highly focused on expanding Shoe Perks enrollment. In fiscal 2016, we added 4.5 million new members, and purchases from Shoe Perks members increased to 66% of our net sales. We believe our Shoe Perks program affords us tremendous opportunity to communicate, build relationships, and engage with our most loyal shoppers and increase our customer touch points, which we believe will result in long-term sales gains.

 

We strive to make each store opening a major retail event. Major promotions during grand openings and peak selling periods feature contests and prize giveaways. We believe our grand openings help establish the high-energy, promotional atmosphere that develops a loyal, repeat customer base and generates word-of-mouth advertising.

 

Distribution

 

We operate a single 410,000 square foot distribution center located in Evansville, Indiana. Our facility is leased from a third party and can support the processing and distribution needs of a minimum of 460 stores to facilitate future growth. We have the right to expand the facility by 200,000 square feet, which would provide us processing capacity to support approximately 650 stores.

 

Our distribution center is equipped with state-of-the-art processing and product movement equipment. The facility utilizes cross docking/store replenishment and redistribution methods to fill store product requirements. These methods may include count verification, price and bar code labeling of each unit (when not performed by the manufacturer), redistribution of an order into size assortments (when not performed by the manufacturer) and allocation of shipments to individual stores. Throughout packing, allocating, storing and shipping, our distribution process is essentially paperless. Merchandise is typically shipped to each store location once per week. For stores within the continental United States, a dedicated carrier, with occasional use of common carriers, handles the majority of shipments. Our shipments to Puerto Rico are loaded for containerized overseas shipment, with final delivery by a third party provider.

 

Competition

 

The retail footwear business is highly competitive. We believe the principal competitive factors in our industry are merchandise selection, price, fashion, quality, location, shopping environment and service. We compete with department stores, shoe stores, sporting goods stores, online retailers and mass merchandisers. Our specific competitors vary from market to market. We compete with most department stores and traditional shoe stores by offering competitive prices. We compete with off-price retailers, mass merchandisers and discount stores by offering a wider and deeper selection of merchandise. Many of our competitors are significantly larger and have substantially greater resources than we do. However, we believe that our distinctive retail format, in combination with our wide merchandise selection, competitive prices and low operating costs, enables us to compete effectively.

 

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Store Operations

 

Management of store operations is the responsibility of our Executive Vice President - Store Operations, who is assisted by divisional managers, regional directors, regional managers and the individual store general managers. Generally, each store has a general manager and up to three store managers, depending on sales volume. Store operations personnel make certain merchandising decisions necessary to maximize sales and profits primarily through merchandise placement, signage and timely clearance of slower selling items. Administrative functions are centralized at the corporate headquarters. These functions include accounting, purchasing, store maintenance, information systems, advertising, human resources, distribution and pricing. Management oversight for e-commerce is also located at our corporate headquarters.

 

Employees

 

At January 28, 2017, we had approximately 5,100 employees, of which approximately 2,700 were employed on a part-time basis. The number of employees fluctuates during the year primarily due to seasonality. No employees are represented by a labor union.

 

We attribute a large portion of our success in various areas of cost control to our inclusion of virtually all management level employees in incentive compensation plans. We contribute all or a portion of the cost of medical, disability and life insurance coverage for those employees who are eligible to participate in Company-sponsored plans. Additionally, we sponsor retirement plans that are open to all employees who have met the minimum age and work hour requirements. All employees are eligible to receive discounts on purchases from our stores. We consider our relationship with our employees to be satisfactory.

 

Seasonality

 

Our quarterly results of operations have fluctuated, and are expected to continue to fluctuate in the future, primarily as a result of seasonal variances and the timing of sales and costs associated with opening new stores. Non-capital expenditures, such as advertising and payroll, incurred prior to the opening of a new store are charged to expense as incurred. Therefore, our results of operations may be adversely affected in any quarter in which we incur pre-opening expenses related to the opening of new stores.

 

We have three distinct peak selling periods: Easter, back-to-school and Christmas. To prepare for our peak shopping seasons, we must order and keep in stock significantly more merchandise than we would carry during other parts of the year. Any unanticipated decrease in demand for our products during these peak shopping seasons could require us to sell excess inventory at a substantial markdown, which could reduce our net sales and gross margins and negatively affect our profitability. Our operating results depend significantly upon the sales generated during these periods.

 

Trademarks

 

We own the following federally registered trademarks and service marks:  Shoe Carnival® and associated trade dress and related logos, The Carnival®, Donna Lawrence®, Innocence®, Y-NOT?®, UNR8ED®, Solanz®, Cabrizi®, Shoe Perks®, SC Work Wear®, WHEN YOU WANT 2®, JUMP BACK IN®, STEP OUT OF BORING®, A SURPRISE IN STORE®, SHOES 2U®, Laces for Learning® and Princess Lacey’s Laces®. We believe these marks are valuable and, accordingly, we intend to maintain the marks and the related registrations. We are not aware of any pending claims of infringement or other challenges to our right to use these marks.

 

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Environmental

 

Compliance with federal, state and local provisions regulating the discharge of material into the environment or otherwise relating to the protection of the environment has not had a material effect upon our capital expenditures, earnings or competitive position. We believe the nature of our operations have little, if any, environmental impact. We therefore anticipate no material capital expenditures for environmental control facilities for our current fiscal year or for the near future.

 

Available Information

 

We make available free of charge through the investor relations portion of our website at www.shoecarnival.com our annual reports on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission. We have included our website address throughout this filing as textual references only. The information contained on, or accessible through, our website is not incorporated into this Form 10-K.

 

This Annual Report on Form 10-K filed with the Securities and Exchange Commission, including the financial statements and schedules thereto, without the accompanying exhibits, is available without charge to shareholders, investment professionals and securities analysts upon written request. Requests should be directed to Investor Relations at our corporate address. A list of exhibits is included in this Annual Report on Form 10-K, and exhibits are available from us upon payment to us of the cost of furnishing them.

 

Executive Officers

 

Name Age   Position
J. Wayne Weaver 82   Chairman of the Board and Director
Clifton E. Sifford 63   President, Chief Executive Officer and Director
W. Kerry Jackson 55   Senior Executive Vice President - Chief Operating and Financial Officer and Treasurer
Timothy T. Baker 60   Executive Vice President - Store Operations
Carl N. Scibetta 58   Executive Vice President – Chief Merchandising Officer

 

Mr. Weaver is Shoe Carnival’s largest shareholder and has served as Chairman of the Board since March 1988. From 1978 until February 2, 1993, Mr. Weaver had served as president and chief executive officer of Nine West Group, Inc., a designer, developer and marketer of women’s footwear. He has over 50 years of experience in the footwear industry. Mr. Weaver is a former director of Nine West Group, Inc. Mr. Weaver served as chairman and chief executive officer of Jacksonville Jaguars, LTD, a professional football franchise, until January 2012. Mr. Weaver previously served two terms as a director of Stein Mart, Inc., a publicly traded chain of off-price retail stores, from June 2014 until March 2016 and from November 2000 until April 2008.

 

Mr. Sifford has been employed as President and Chief Executive Officer and has served as a Director since October 2012. Mr. Sifford also served as Chief Merchandising Officer from October 2012 to March 2016. From June 2001 to October 2012, Mr. Sifford served as Executive Vice President – General Merchandise Manager and from April 1997 to June 2001, Mr. Sifford served as Senior Vice President – General Merchandise Manager. Prior to joining us, Mr. Sifford served as merchandise manager – shoes for Belk, Inc.

 

Mr. Jackson has been employed as Senior Executive Vice President, Chief Operating and Financial Officer and Treasurer since October 2012. From August 2004 to October 2012, Mr. Jackson served as Executive Vice President – Chief Financial Officer and Treasurer. From June 2001 to August 2004, Mr. Jackson served as Senior Vice President – Chief Financial Officer and Treasurer. From September 1996 to June 2001, Mr. Jackson served as Vice President – Chief Financial Officer and Treasurer. From January 1993 to September 1996, Mr. Jackson served as Vice President – Controller and Chief Accounting Officer. Prior to January 1993, Mr. Jackson held various accounting positions with us. Prior to joining us in 1988, Mr. Jackson was associated with a public accounting firm. He is a Certified Public Accountant.

 

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Mr. Baker has been employed as Executive Vice President – Store Operations since June 2001. From March 1994 to June 2001, Mr. Baker served as Senior Vice President – Store Operations. From May 1992 to March 1994, Mr. Baker served as Vice President – Store Operations. Prior to that time, he served as one of our regional managers. From 1983 to June 1989, Mr. Baker held various retail management positions with Payless ShoeSource.

 

Mr. Scibetta has been employed as Executive Vice President – Chief Merchandising Officer since March 2016. From December 2012 to March 2016, Mr. Scibetta served as General Merchandise Manager. Prior to joining us, Mr. Scibetta served as Vice President, Divisional Merchandise Manager– Footwear for Belk, Inc. since 2008. From 2004 to 2007, Mr. Scibetta served as Vice President, Divisional Merchandise Manager– Footwear for Parisian Department Stores. From 1998 to 2000, Mr. Scibetta served as Vice President, Divisional Merchandise Manager for Shoe Corporation of America. Mr. Scibetta began his retail career with Wohl Shoe Company in 1980.

 

Our executive officers serve at the discretion of the Board of Directors. There is no family relationship between any of our Directors or executive officers.

 

ITEM 1A. Risk Factors

 

Carefully consider the following risk factors and all other information contained in this annual report before making an investment decision with respect to our common stock. Investing in our common stock involves a high degree of risk. If any of the following risks actually occur, we may not be able to conduct our business as currently planned and our financial condition and operating results could be materially and adversely affected. See PART I “Cautionary Statement Regarding Forward-Looking Information” at the beginning of this Annual Report on Form 10-K.

 

Economic conditions and unemployment rates may adversely affect consumer spending and may significantly harm our business. The success of our business depends to a significant extent upon the level of consumer spending. A number of factors may affect the level of consumer spending on merchandise that we offer, including, among other things:

 

·general economic, industry and weather conditions;
·unemployment trends and salaries and wage rates;
·energy costs, which affect gasoline and home heating prices;
·the level of consumer debt;
·consumer credit availability;
·real estate values and foreclosure rates;
·consumer confidence in future economic conditions;
·interest rates;
·health care costs;
·tax rates and policies; and
·war, terrorism, other hostilities and security concerns.

 

The merchandise we sell generally consists of discretionary items. Adverse economic conditions and unemployment rates, and any related decrease in consumer confidence and spending may result in reduced consumer demand for discretionary items. Any decrease in consumer demand could reduce traffic in our stores, limit the prices we can charge for our products and force us to take inventory markdowns, which could have a material adverse effect on our business, results of operations and financial condition. Reduced demand may also require increased selling and promotional expenses. Reduced demand and increased competition could increase the need to close underperforming stores, which could result in higher than anticipated closing costs.

 

We face significant competition in our markets and we may be unable to compete favorably. The retail footwear industry is highly competitive with few barriers to entry. We compete primarily with department stores, shoe stores, sporting goods stores, online retailers and mass merchandisers. Many of our competitors are significantly larger and have substantially greater resources than we do. Economic pressures on or bankruptcies of our competition could result in increased pricing pressures. This competition could adversely affect our results of operations and financial condition in the future.

 

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Failure to successfully manage and execute our marketing initiatives could have a negative impact on our business. Our success and growth is partially dependent on generating customer traffic in order to gain sales momentum in our stores and drive traffic to our website. Successful marketing efforts require the ability to reach customers through their desired mode of communication, utilizing various media outlets. Media placement decisions are generally made months in advance of the scheduled release date. Our inability to accurately predict our consumers’ preferences, to utilize their desired mode of communication, or to ensure availability of advertised products could adversely affect our business and operating results. In addition, our competitors may spend more on marketing or use different marketing approaches, which would provide them with a competitive advantage.

 

Our failure to identify fashion trends could result in lower sales, higher markdowns and lower gross profits. Our success depends upon our ability to anticipate and react to the fashion tastes of our customers and provide merchandise that satisfies consumer demand. Our failure to anticipate, identify or react appropriately to changes in consumer fashion preferences may result in lower sales, higher markdowns to reduce excess inventories and lower gross profits. Conversely, if we fail to anticipate or react to consumer demand for our products, we may experience inventory shortages, which would result in lost sales and could negatively affect our customer goodwill, our brand image and our profitability. Moreover, our business relies on continuous changes in fashion preferences. Stagnating consumer preferences could also result in lower sales and would require us to take higher markdowns to reduce excess inventories.

 

A failure to increase sales at our existing stores may adversely affect our stock price and affect our results of operations. A number of factors have historically affected, and will continue to affect, our comparable store sales results, including:

 

·competition;
·timing of holidays including sales tax holidays;
·general regional and national economic conditions;
·inclement weather and/or unseasonable weather patterns;
·consumer trends, such as less disposable income due to the impact of higher prices on consumer goods;
·fashion trends;
·changes in our merchandise mix;
·our ability to efficiently distribute merchandise;
·timing and type of, and customer response to, sales events, promotional activities or other advertising;
·the effectiveness of our inventory management;
·new merchandise introductions; and
·our ability to execute our business strategy effectively.

 

Our comparable store sales results have fluctuated in the past, and we believe such fluctuations may continue. The unpredictability of our comparable store sales may cause our revenue and results of operations to vary from quarter to quarter, and an unanticipated decline in revenues or operating income may cause our stock price to fluctuate significantly.

 

Members in our Shoe Perks customer loyalty program account for a significant portion of our sales, and any material decline in sales from our Shoe Perks members could have an adverse impact on our results of operations. Our Shoe Perks rewards program provides our customers with a heightened shopping experience, which includes exclusive offers and personalized messaging. Rewards are earned by making purchases either in-store or online and through participating in other point earning opportunities that facilitate engagement with our brand. We remain highly focused on expanding our Shoe Perks enrollment. In fiscal 2016, we added 4.5 million new members, and purchases from Shoe Perks members increased to 66% of net sales. Shoe Perks members on average spent 19% more per transaction than non-members in fiscal 2016. If our Shoe Perks members do not continue to shop with us, our sales may be adversely affected, which could have an adverse impact on our results of operations.

 

We would be adversely affected if our information technology systems fail to operate effectively, are disrupted or are compromised. We rely on our existing information technology systems in operating and monitoring all major aspects of our business, including sales, warehousing, distribution, purchasing, inventory control, merchandise planning and replenishment, point-of-sale support and financial systems. We regularly make investments to upgrade,

 

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enhance or replace these systems, as well as leverage new technologies to support our operational strategies. Any delays or difficulties transitioning to new systems or integrating them with current systems in an orderly and timely fashion could have a material adverse effect on our operational results, financial position and cash flows.

 

The reliability and capacity of our information technology systems, and in particular our distribution technology operations, are critical to our continued operations. We currently operate a single, 410,000 square foot distribution center in Evansville, Indiana. Virtually all merchandise received by our stores is and will be shipped through our distribution center. We fulfill our e-commerce orders primarily from our store locations. During peak sales periods, e-commerce orders for certain key items and promotional product are fulfilled from our distribution center. Our corporate computer network is essential to our distribution process.

 

Despite our precautionary efforts, our information technology systems are vulnerable from time to time to damage or interruption from, among other things, natural or man-made disasters, technical malfunctions, inadequate systems capacity, power outages or terrorist attack, computer viruses and security breaches, which may require significant investment to fix or replace. If our distribution center is shut down for any reason, if our information technology systems do not operate effectively, or if we are the target of attacks or security breaches, we may suffer the loss of critical data, we could incur significantly higher costs and longer lead times associated with distributing our products to our stores, our ability to operate our e-commerce site and mobile app may be impacted, and we could experience other interruptions or delays to our operations. Our insurance only covers costs relating to specified, limited matters such as a shutdown due to fire and windstorms, as well as certain cyber security incidents, but does not cover other events such as acts of war or terrorist attacks. Even in the event of a shutdown due to covered matters our insurance may not be sufficient, or the insurance proceeds may not be paid to us in a timely fashion. Shutdowns or information technology disruptions could have an adverse effect on our operating and financial performance.

 

Failure to protect the integrity and security of individually identifiable data of our customers and employees could expose us to litigation and damage our reputation. We receive and maintain certain personal, sensitive and confidential information about our customers, vendors and employees. The collection and use of this information is regulated at the international, federal and state levels, and is subject to certain contractual restrictions in third party contracts. Non-compliance with these regulations and contractual restrictions may subject us to fines, penalties, restrictions and expulsion from credit card acceptance programs and civil liability.  Although we have implemented processes to collect and protect the integrity and security of this personal information, there can be no assurance that this information will not be obtained by unauthorized persons, or collected or used inappropriately, including as a result of cyber-security breaches, acts of vandalism, computer viruses, credit card fraud or phishing. Advanced cyber-security threats are persistent and continue to evolve, making them increasingly difficult to identify and prevent. If our security and information systems or the systems of our employees or external business associates are compromised or our employees or external business associates fail to comply with these laws and regulations and this information is obtained by unauthorized persons, or collected or used inappropriately, it could negatively affect our reputation, as well as our operations and financial results, and could result in litigation or regulatory action against us or the imposition of costs, fines or other penalties. As privacy and information security laws and regulations change, we may incur additional costs to remain in compliance.

 

We outsource certain business processes to third-party vendors and have certain business relationships that subject us to risks, including disruptions in business and increased costs. We outsource some of our business processes to third party vendors. We make a diligent effort to ensure that all providers of these outsourced services are observing proper internal control practices; however, there are no guarantees that failures will not occur. Failure of third parties to provide adequate services or our inability to arrange for alternative providers on favorable terms in a timely manner could disrupt our business, increase our costs or otherwise adversely affect our business and our financial results.

 

Failure to maintain positive brand perception and recognition could have a negative impact on our business. Maintaining a good reputation is critical to our business.  The considerable expansion in the use of social media over recent years has increased the risk that our reputation could be negatively impacted in a short amount of time. If we are unable to quickly and effectively respond to any incidents negatively impacting our reputation, we may suffer declines in customer loyalty and traffic and we may experience vendor relationship issues and other issues, all of which could negatively affect our financial results.

 

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We will require significant funds to implement our growth strategy and meet our other liquidity needs. We may not continue to generate sufficient cash flow from operations or obtain sufficient borrowings under our existing credit facility to finance our growth strategy and meet our other liquidity needs. In fiscal 2017, capital expenditures are expected to range from $22 million to $23 million. Our actual costs may be greater than anticipated. We also require working capital to support inventory for our existing stores. Failure to generate or raise sufficient funds may require us to modify, delay or abandon some of our future growth or expenditure plans. We utilize our existing credit facility to issue merchandise and special purpose standby letters of credit as well as to fund working capital requirements, as needed. Significant decreases in cash flow from operations could result in our borrowing under the credit facility to fund operational needs. If we borrow funds under our credit facility and interest rates materially increase from present levels, our results could be adversely affected.

 

Various risks associated with our e-commerce business may adversely affect our business and results of operations. Digital commerce has been a rapidly growing sales channel, particularly with younger consumers, and an increasing source of competition in the retail industry. We sell shoes and related accessories through our website at www.shoecarnival.com. We fulfill e-commerce orders from our store locations and, during peak periods, from our distribution center. We anticipate that the percentage of our sales through our e-commerce site will continue to grow and thus the risks associated with these operations could have an impact on our overall operations. Our e-commerce operations may not, however, achieve growing sales and profitability. Our e-commerce operations are subject to numerous risks, including unanticipated operating problems, reliance on third party computer hardware, software and service providers, and the need to invest in additional computer systems. Any significant interruptions in the operations of these third party providers, over which we have no control, could have a material adverse effect on our e-commerce business. Our e-commerce operations involve additional potential risks that could have an impact on our results of operations including hiring, retaining and training personnel to conduct our e-commerce operations, diversion of sales from our stores, our ability to manage any upgrades or other technological changes, our ability to provide customer-facing technology systems, including mobile technology solutions, that function reliably and provide convenient and consistent experience for our customers, exposure to potential liability for online content, risks related to the failure of the computer systems that operate our e-commerce site and its related support systems, including computer viruses, telecommunication failures and cyber-attacks and break-ins and similar disruptions, and security risks related to our electronic processing and transmission of confidential customer information. Any breach involving our customer information could materially harm our reputation or result in liability including, but not limited to, fines, penalties and costs of litigation, any of which could have a material adverse effect on our operating results, financial position and cash flows.

 

An increase in the cost or a disruption in the flow of imported goods may decrease our sales and profits. We rely on imported goods to sell in our stores. Substantially all of our footwear product is manufactured overseas, including the merchandise we import directly from overseas manufacturers and the merchandise we purchase from domestic vendors. The primary footwear manufacturers are located in China and East Asia. A disruption in the flow of imported merchandise or an increase in the cost of those goods may decrease our sales and profits. In addition, we do not control our vendors or their labor and business practices. The violation of labor, product safety or other laws by one of our vendors could have an adverse effect on our business.

 

If imported merchandise becomes more expensive or unavailable, the transition to alternative sources may not occur in time to meet our demands. Products from alternative sources may be of lesser quality and more expensive than those we currently import. Other risks associated with our use of imported goods include:

 

·disruptions in the flow of imported goods because of factors such as electricity or raw material shortages, work stoppages, strikes, political unrest and natural disasters;
·import duties, import quotas, tariffs, anti-dumping duties, and other trade sanctions;
·modifications to international trade policy and/or existing trade agreements and other changes affecting United States trade relations with other countries;
·problems with oceanic shipping, including shipping container shortages and piracy;
·port congestion at arrival ports causing delays;
·additional oceanic shipping costs to reach non-congested ports;
·inland transit costs and delays resulting from port congestion;
·economic crises and international disputes;

 

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·currency exchange rate fluctuations;
·increases in the cost of purchasing or shipping foreign merchandise resulting from the failure to maintain normal trade relations with source countries;
·increases in shipping rates imposed by the trans-Pacific shipping cartel; and
·compliance with the laws and regulations, and changes to such laws and regulations, in the United States and the countries where our manufacturers are located, including but not limited to requirements relating to shipping security, product safety testing, environmental requirements and anti-corruption laws.

 

We may not be able to successfully execute our growth strategy, which could have a material adverse effect on our business, financial condition and results of operations. We intend to open new stores as a part of our growth strategy. We may not be able to open all of the new stores contemplated by our growth strategy and the new stores that we open may not be as profitable as existing stores.

 

The complexity of our operations and management responsibilities will increase as we grow. Our growth strategy requires that we continue to expand and improve our operating and financial systems and expand, train and manage our employee base. In addition, as we open new stores, we may be unable to hire a sufficient number of qualified store personnel or successfully integrate the new stores into our business.

 

The success of our growth strategy will depend on a number of other factors, many of which are out of our control, including, among other things:

 

·our ability to locate suitable store sites and negotiate store leases (for new stores and renewals) on favorable terms;
·the acceptance of the Shoe Carnival concept in new markets;
·our ability to provide adequate distribution to support growth;
·our ability to source sufficient levels of inventory to meet the needs of new stores;
·particularly in new markets, our ability to open a sufficient number of new stores to provide the critical mass needed for efficient advertising and effective brand recognition;
·the availability of financing for capital expenditures and working capital requirements;
·our ability to improve costs and timing associated with opening new stores; and
·the impact of new stores on sales or profitability of existing stores in the same market.

 

Due to the risks involved, we may be unable to open new stores at the rates expected. If we fail to successfully implement our growth strategy, it could have a material adverse effect on our business, financial condition or results of operations.

 

We depend on our key suppliers for merchandise and advertising support and the loss of key suppliers could adversely affect our business. Our business depends upon our ability to purchase fashionable, name brand and other merchandise at competitive prices from our suppliers. In fiscal 2016, two branded suppliers, Nike, Inc. and Skechers USA, Inc., collectively accounted for approximately 45% of our net sales. Nike, Inc. accounted for approximately 33% of our net sales and Skechers USA, Inc. accounted for approximately 12%. Name brand suppliers also provide us with cooperative advertising and visual merchandising funds. A loss of any of our key suppliers in certain product categories or our inability to obtain name brand or other merchandise from suppliers at competitive prices could have a material adverse effect on our business. As is common in the industry, we do not have any long-term contracts with our suppliers.

 

Our quarterly operating results will fluctuate due to seasonality, weather conditions and other factors. Our quarterly results of operations have fluctuated, and are expected to continue to fluctuate in the future, primarily as a result of seasonal variances, weather conditions and the timing of sales and costs associated with opening new stores.

 

We have three distinct peak selling periods: Easter, back-to-school and Christmas. To prepare for our peak shopping seasons, we must order and keep in stock significantly more merchandise than we would carry during other parts of the year. Any unanticipated decrease in demand for our products during these peak shopping seasons could require us to sell excess inventory at a substantial markdown, which could reduce our net sales and gross

 

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margins and negatively affect our profitability. Our operating results depend significantly upon the sales generated during these periods, and our quarterly results may be impacted by calendar shifts of holiday or seasonal periods.

 

We also increase our inventory levels to offer styles particularly suited for the relevant season, such as sandals in the early summer season and boots during the winter season. If the weather conditions for a particular season vary significantly from those typical for such season, such as an unusually cold early summer or an unusually warm winter, consumer demand for the seasonally appropriate merchandise that we have available in our stores could be adversely affected and negatively impact net sales and margins. Lower demand for seasonally appropriate merchandise may leave us with an excess inventory of our seasonally appropriate products, forcing us to sell these products at significantly discounted prices and adversely affecting our net sales margins and operating cash flow. Conversely, if weather conditions permit us to sell our seasonal product early in the season, this may reduce inventory levels needed to meet our customers’ needs later in that same season. Consequently, our results of operations are highly dependent on somewhat predictable weather conditions and our ability to react to changes in weather conditions.

 

Other factors that may affect our quarterly results of operations include:

 

·fashion trends;
·the timing of income tax refunds to customers;
·the effectiveness of our inventory management;
·changes in general economic conditions and consumer spending patterns; and
·actions of competitors or co-tenants.

 

If our future quarterly results fail to meet the expectations of research analysts, then the market price of our common stock could decline substantially.

 

If our long-lived assets become impaired, we may need to record significant non-cash impairment charges. Periodically, we review our long-lived assets for impairment whenever economic events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Significant negative industry or general economic trends, disruptions to our business and unexpected significant changes or planned changes in our use of the assets (such as store relocations or closures) may result in impairment charges. Any such impairment charges, if significant, would adversely affect our financial position and results of operations.

 

We are subject to periodic litigation and other regulatory proceedings, which could result in the unexpected expenditure of time and resources. We are a defendant from time to time in lawsuits and regulatory actions relating to our business. Due to the inherent uncertainties of litigation and regulatory proceedings, we cannot accurately predict the ultimate outcome of any such proceedings. An unfavorable outcome could have a material adverse impact on our business, financial condition and results of operations. In addition, regardless of the outcome of any litigation or regulatory proceedings, such proceedings are expensive and will require that we devote substantial resources and executive time to defend, thereby diverting management’s attention and resources that are needed to successfully run our business.

 

Our failure to manage key executive succession and retention and to continue to attract qualified personnel could adversely affect our business. Our success depends largely on the continued service of our executive management team. Our business would be adversely affected if we fail to adequately plan for the succession and retention of our executive management team. While we have succession plans in place for members of our executive management team, and continue to review and update those plans, and we have employment agreements with certain key executive officers, these plans and agreements do not guarantee that the services of our executive officers will continue to be available to us or that we will be able to find suitable management personnel to replace departing executives on a timely basis.

 

Furthermore, our strategy requires us to continue to train, motivate and manage our employees and to attract, motivate and retain additional qualified managerial and merchandising personnel. The ability to meet our labor needs while controlling costs is subject to external factors such as unemployment levels, prevailing wage rates, health care and minimum wage legislation and changing demographics. If we are unable to attract and retain quality sales associates and management, the ability to meet growth goals or to sustain expected levels of profitability may be compromised.

 

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Our stock price may be volatile and could decline substantially. The stock market has, from time to time, experienced extreme price and volume fluctuations. Many factors may cause the market price for our common stock to decline, including:

 

·operating results failing to meet the expectations of securities analysts or investors in any quarter;
·downward revisions in securities analysts’ estimates;
·material announcements by us or our competitors; and
·the other risk factors cited in this annual report.

 

In the past, companies that have experienced volatility in the market price of their stock have been the subject of securities class action litigation. If we become involved in a securities class action litigation in the future, it could result in substantial costs and diversion of management attention and resources, thus harming our business.

 

We cannot guarantee that we will continue to make dividend payments or that we will continue to repurchase stock pursuant to our stock repurchase program. Our Board of Directors determines if it is in our best interest to pay a dividend to our shareholders and the amount of any dividend, and declares all dividend payments. In the future, our results of operations and financial condition may not allow for a dividend to be declared or the Board of Directors may decide not to continue to declare dividends. In addition, our current share repurchase program authorizes the purchase of up to $50 million of our common stock through December 31, 2017. However, we are not obligated to make any purchases under the share repurchase program and the program may be amended, suspended or discontinued at any time.

 

Failure to maintain effective internal control over financial reporting could result in a loss of investor confidence in our financial reports and have a material adverse effect on our stock price. We must continue to document, test and evaluate our internal control over financial reporting in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, which requires annual reports by management regarding the effectiveness of our internal control over financial reporting and a report by our independent registered public accounting firm attesting to the effectiveness of our internal control over financial reporting. We have expended, and expect that we will continue to expend, significant management time and resources documenting and testing our internal control over financial reporting. If we conclude in future periods that our internal control over financial reporting is not effective, it could result in lost investor confidence in the accuracy, reliability and completeness of our financial reports. Any such events could have a material adverse effect on our stock price.

 

We are controlled by our principal shareholder. J. Wayne Weaver, our Chairman of the Board of Directors and principal shareholder, and his spouse together own approximately 27.6% of our outstanding common stock. Accordingly, Mr. Weaver is able to exert substantial influence over our management and operations. In addition, his interests may differ from or be opposed to the interests of our other shareholders, and his control may have the effect of delaying or preventing a change in control that may be favored by other shareholders.

 

Provisions of our organizational documents and Indiana law might deter acquisition bids for us. Our Restated Articles of Incorporation, our By-Laws and Indiana corporate laws contain provisions that may discourage other persons from attempting to acquire control of us, including, without limitation, a Board of Directors that has staggered terms for its members, supermajority voting provisions, restrictions on the ability of shareholders to call a special meeting of shareholders and procedural requirements in connection with shareholder proposals or director nominations. The Board of Directors has the authority to issue preferred stock in one or more series without the approval of the holders of our common stock. Further, Indiana corporate law contains business combination provisions that, in general, prohibit for five years any business combination with a beneficial owner of 10% or more of our common stock unless the holder’s acquisition of the stock was approved in advance by our Board of Directors. Indiana corporate law also contains control share acquisition provisions that limit the ability of certain shareholders to vote their shares unless their control share acquisition is approved. In certain circumstances, the fact that corporate devices are in place that inhibit or discourage takeover attempts could reduce the market value of our common stock.

 

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ITEM 1B. Unresolved staff comments

 

None.

 

ITEM 2.    PROPERTIES

 

We lease all existing stores and intend to lease all future stores. Approximately 99% of the leases for our existing stores provide for fixed minimum rentals and approximately 47% provide for contingent rental payments based upon various specified percentages of sales above minimum levels. Certain leases also contain escalation clauses for increases in minimum rentals, operating costs and taxes.

 

The following table identifies the number of our stores in each state and Puerto Rico as of January 28, 2017:

 

State/Territory     State/Territory  
Alabama 12   New Jersey 3
Arkansas 11   New York 3
Arizona 4   North Carolina 19
Colorado 4   North Dakota 4
Delaware 1   Ohio 20
Florida 28   Oklahoma 7
Georgia 17   Pennsylvania 14
Idaho 4   Puerto Rico 9
Iowa 12   South Carolina 11
Illinois 30   South Dakota 2
Indiana 29   Tennessee 20
Kansas 4   Texas 48
Kentucky 12   Utah 4
Louisiana 14   Virginia 7
Michigan 17   Wisconsin 3
Missouri 21   West Virginia 5
Mississippi 8   Wyoming 2
Montana 3   Total Stores 415
Nebraska 3    
             

In February 2006, we entered into an operating lease with an independent third party to lease our 410,000 square foot distribution center located in Evansville, Indiana. The lease has an initial term of 15 years, expiring in 2021. We have the right to extend the initial lease term for up to three additional periods of five years each, and to expand the facility by up to 200,000 square feet.

 

In June 2006, we entered into an operating lease with an independent third party to lease our corporate headquarters for an initial term of 15 years, expiring in 2021. We have the right to extend the initial lease term for up to three additional periods of five years each, and to expand the facility by up to 30,000 square feet.

 

For additional information with respect to our properties, see ITEM 1. BUSINESS – “Growth Strategy” and “Distribution” as well as PART II, ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – “Executive Summary” of this report.

 

ITEM 3.    LEGAL PROCEEDINGS

 

From time to time, we are involved in certain legal proceedings in the ordinary course of conducting our business. While the outcome of any legal proceeding is uncertain, we do not currently expect that any such proceedings will have a material adverse effect on our financial position or results of operations.

 

ITEM 4.    MINE SAFETY DISCLOSURES

 

Not applicable.

 

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PART II

 

ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 

Market Information and Holders

 

Our common stock has been quoted on The NASDAQ Stock Market, LLC under the trading symbol “SCVL” since March 16, 1993. As of March 24, 2017, there were approximately 152 holders of record of our common stock. We did not sell any unregistered equity securities during fiscal 2016.

 

The quarterly intraday high and low trading prices, in addition to dividends per share, were as follows:

 

Fiscal 2016  High  Low  Dividends Per
Share
          
First Quarter  $28.14   $21.26   $0.065 
Second Quarter   27.86    21.16    0.07 
Third Quarter   30.13    24.82    0.07 
Fourth Quarter   31.79    23.44    0.07 
                
Fiscal 2015               
                
First Quarter  $29.79   $22.20   $0.06 
Second Quarter   30.00    25.51    0.065 
Third Quarter   28.59    22.03    0.065 
Fourth Quarter   25.17    17.36    0.065 

 

Cash Dividends

 

The declaration and payment of any future dividends are at the discretion of the Board of Directors and will depend on our results of operations, financial condition, business conditions and other factors deemed relevant by our Board of Directors. Our credit agreement permits the payment of cash dividends as long as no default or event of default exists under the credit agreement and the aggregate amount of cash dividends for a fiscal year do not exceed $10 million.

 

On March 22, 2017, the Board of Directors approved the payment of a cash dividend to our shareholders in the first quarter of fiscal 2017.  The quarterly cash dividend of $0.07 per share will be paid on April 24, 2017 to shareholders of record as of the close of business on April 10, 2017.

 

Issuer Purchases of Equity Securities

 

Throughout fiscal 2016, we issued treasury shares to employees for the issuance of restricted stock awards. We also repurchased 15,929 shares of common stock as a result of our withholding shares or allowing our employees to deliver shares to us for the income taxes resulting from the vesting of certain restricted stock awards. It is our intention to continue these practices as they relate to the issuance of treasury shares.

 

On December 6, 2016, our Board of Directors authorized a new share repurchase program for up to $50 million of outstanding common stock, effective January 1, 2017. The purchases may be made in the open market or through privately negotiated transactions, from time-to-time through December 31, 2017, and in accordance with applicable laws, rules and regulations. On January 27, 2017, we entered into a stock repurchase plan for the purpose of repurchasing shares of our common stock in accordance with guidelines specified under Rule 10b5-1 of the Exchange Act (the “Rule 10b5-1 Plan”). The Rule 10b5-1 Plan was established pursuant to, and as part of, our share repurchase program and permits shares to be repurchased in accordance with pre-determined criteria when repurchases would otherwise be prohibited, such as during self-imposed blackout periods, or under insider trading laws. The share repurchase program may be amended, suspended or discontinued at any time and does not commit

 

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us to repurchase shares of our common stock. We have funded, and intend to continue to fund, the share repurchase program from cash on hand, and any shares acquired will be available for stock-based compensation awards and other corporate purposes. The actual number and value of the shares to be purchased will depend on the performance of our stock price and other market conditions. As of January 28, 2017, approximately 284,000 shares at an aggregate cost of $7.2 million had been repurchased under the new share repurchase program.

 

The new share repurchase program replaced the prior $50 million share repurchase program that was authorized in December 2015 and expired in accordance with its terms on December 31, 2016. At its expiration, we had purchased approximately 1.6 million shares at an aggregate cost of $39.7 million under the prior repurchase program.

 

The following table summarizes repurchase activity during the fourth quarter of fiscal 2016:

 


Issuer Purchases of Equity Securities
               
          Total Number   Approximate
          Of Shares   Dollar Value
          Purchased   of Shares
          as Part   that May Yet
  Total Number   Average   of Publicly   Be Purchased
  of Shares   Price Paid   Announced   Under
Period Purchased (1)   per Share   Programs (2)   Programs(2)
               
October 31, 2016 to November 26, 2016 151   $     24.70   0   $10,285,000
November 27, 2016 to December 31, 2017 492   $     27.11   360   $10,275,000
January 1, 2017 to January 28, 2017 288,258   $     25.22   284,184   $42,834,000
  288,901       284,544    

 

(1)Total number of shares purchased includes 4,357 shares delivered to or withheld by us in connection with employee payroll tax withholding upon the vesting of certain restricted stock awards.

 

(2)On December 6, 2016, our Board of Directors authorized a new share repurchase program for up to $50 million of our outstanding common stock, effective January 1, 2017 and expiring on December 31, 2017. The new share repurchase program replaced the prior $50 million share repurchase program that was authorized in December 2015, and expired in accordance with its terms on December 31, 2016.

 

Securities Authorized for Issuance Under Equity Compensation Plans

 

The information required by this Item concerning securities authorized for issuance under our equity plans has been incorporated by reference into PART III, ITEM 12 of this report.

 

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ITEM 6.   SELECTED FINANCIAL DATA

 

The following selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations as contained in PART II, ITEM 7 along with our consolidated financial statements and notes to those statements included in PART II, ITEM 8 of this report.

 

(In thousands, except per share and operating data)

 

Fiscal years (1)  2016  2015  2014  2013  2012
Income Statement Data:                         
Net Sales  $1,001,102   $983,968   $940,162   $884,785   $854,998 
Cost of sales (including buying, distribution and occupancy costs)   711,867    693,452    666,483    625,468    597,521 
Gross Profit   289,235    290,516    273,679    259,317    257,477 
Selling, general and administrative expenses   251,323    243,883    231,826    215,650    208,983 
Operating income   37,912    46,633    41,853    43,667    48,494 
Interest income   (6)   (39)   (14)   (12)   (32)
Interest expense   169    168    165    173    273 
Income before income taxes   37,749    46,504    41,702    43,506    48,253 
Income tax expense   14,232    17,737    16,175    16,635    18,915 
Net income  $23,517   $28,767   $25,527   $26,871   $29,338 
                          
Net income per share:                         
Basic  $1.28   $1.45   $1.27   $1.33   $1.44 
Diluted  $1.28   $1.45   $1.27   $1.32   $1.43 
                          
Weighted average shares:                         
Basic   18,017    19,417    19,777    19,926    19,911 
Diluted   18,022    19,427    19,791    19,947    19,972 
                          
Dividends declared per share  $0.275   $0.255   $0.24   $0.24   $1.15 
                          
Selected Operating Data:                         
Stores open at end of year   415    405    400    376    351 
Square footage of store spaceat year end (000’s)   4,526    4,465    4,419    4,147    3,823 
Average sales per store (000’s) (2)  $2,367   $2,407   $2,390   $2,425   $2,478 
Average sales per square foot (2) (4)  $224   $224   $221   $223   $229 
Comparable store sales (2)(3)   0.5%   3.0%   1.8%   0.0%   4.5%
Balance Sheet Data:                         
Cash and cash equivalents  $62,944   $68,814   $61,376   $48,253   $45,756 
Total assets  $458,478   $481,093   $465,016   $436,851   $407,196 
Long-term debt  $0   $0   $0   $0   $0 
Total shareholders’ equity  $318,882   $339,802   $331,198   $316,872   $292,368 

 

(1) Our fiscal year is a 52/53 week year ending on the Saturday closest to January 31.  Unless otherwise stated, references to years 2016, 2015, 2014, 2013, and 2012 relate respectively to the fiscal years ended January 28, 2017, January 30, 2016, January 31, 2015, February 1, 2014, and February 2, 2013.  Fiscal year 2012 consisted of 53 weeks and the other fiscal years consisted of 52 weeks.
(2) Selected Operating Data for fiscal 2012 has been adjusted to a comparable 52-week period ended January 26, 2013.  The 53rd week in fiscal 2012 caused a one-week shift in our fiscal calendar.  To minimize the effect of this fiscal calendar shift on comparable store sales, our reported annual comparable store sales results for fiscal 2013 compare the 52-week period ended February 1, 2014 to the 52-week period ended February 2, 2013.  Comparable store sales for fiscal 2012 compare the 52-week period ended January 26, 2013 to the 52-week period ended January 28, 2012.

 

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(3) Comparable store sales for the periods indicated include stores that have been open for 13 full months after such store’s grand opening prior to the beginning of the period, including those stores that have been relocated or remodeled.  Therefore, stores opened or closed during the periods indicated are not included in comparable store sales.  Our e-commerce sales were included in comparable sales starting with fiscal 2013.  We include e-commerce sales in our comparable store sales.  Due to our multi-channel retailer strategy, we view the e-commerce sales as an extension of our physical stores.
(4) Average sales per square foot includes net e-commerce sales.  We include e-commerce sales in our average sales per square foot as a result of our multi-channel retailer strategy.  Due to our multi-channel retailer strategy, we view the e-commerce sales as an extension of our physical stores.

 

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion of our financial condition and results of operations should be read together with our consolidated financial statements and notes to those statements included in PART II, ITEM 8 of this report.

 

Overview of Our Business

 

Shoe Carnival, Inc. is one of the nation’s largest family footwear retailers, providing the convenience of shopping at any of our store locations or online at shoecarnival.com. Our stores combine competitive pricing with a fun and promotional, in-store marketing effort that encourages customer participation and injects fun and surprise into every shopping experience. We believe this fun and promotional atmosphere results in various competitive advantages, including increased multiple unit sales; the building of a loyal, repeat customer base; the creation of word-of-mouth advertising; and enhanced sell-through of in-season goods. A similar customer experience is reflected in our e-commerce site through special promotions and limited time sales, along with relevant product stories featured on our home page.

 

Our objective is to be the destination retailer-of-choice for a wide range of consumers seeking value priced, current season name brand and private label footwear. Our product assortment includes dress and casual shoes, sandals, boots and a wide assortment of athletic shoes for the entire family in four general categories - women’s, men’s, children’s and athletics. In addition to footwear, our stores carry selected accessory items such as socks, belts, shoe care items, handbags, sport bags, backpacks, jewelry, scarves and wallets. Our e-commerce site offers customers an opportunity to choose from a large selection of products in all of the same categories of footwear with a depth of sizes and colors that may not be available in some of our smaller stores, and introduces our concept to consumers who are new to Shoe Carnival, in both existing and new markets.

 

Our fiscal year is a 52/53 week year ending on the Saturday closest to January 31. Unless otherwise stated, references to years 2016, 2015 and 2014 relate respectively to the fiscal years ended January 28, 2017, January 30, 2016, and January 31, 2015, all of which consisted of 52 weeks.

 

Executive Summary

 

Overview

 

Net income decreased to $23.5 million in fiscal 2016, or $1.28 per diluted share, compared to net income of $28.8 million, or $1.45 per diluted share, in fiscal 2015. Despite earnings that were below expectations and a decline in store traffic, we generated positive comparable store sales and ended fiscal 2016 with a little over $1 billion in sales, a record and milestone for the Company. We believe progress with our multi-channel strategy helped drive positive conversion rates at our stores and continued to fuel top-line growth. From a balance sheet perspective, we focused on effectively managing inventory levels throughout the year, ending fiscal 2016 with inventories down $13.2 million, or 6.8% year-over-year on a per store basis.

 

Highlights of our performance in fiscal 2016 compared to the prior year are presented below, followed by a more comprehensive discussion under “Results of Operations”:

 

·Net sales increased $17.1 million, or 1.7%, during fiscal 2016 compared to fiscal 2015. The net sales increase was driven by sales of $23.3 million from the 39 new stores opened since the beginning of fiscal 2015 and a

 

 

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  $4.7 million increase in comparable stores sales. This net sales increase was partially offset by a $10.9 million loss in sales from the 24 stores closed since the beginning of fiscal 2015. Despite a mid-single digit decline in store traffic, comparable store sales increased 0.5% for the full fiscal year. We posted a low single-digit comparable store sales increase in adult athletics and a mid-single digit increase in children’s athletics and produced positive comparable store sale results with sandals. These gains were partially offset by an overall comparable store sales decrease in men’s, women’s and children’s non-athletic product, particularly in women’s boots.
·Our gross profit margin decreased to 28.9% in fiscal 2016 from 29.5% in the prior year. Our merchandise margin decreased 0.6% primarily due to an increase in expenses related to our multi-channel sales initiatives, while buying, distribution and occupancy costs, as a percentage of sales, remained flat compared to the prior year.
·We repurchased approximately 1.7 million shares of common stock during fiscal 2016 at a total cost of $42.6 million under our share repurchase programs and ended fiscal 2016 with $62.9 million in cash and cash equivalents. We ended fiscal 2016 with no outstanding interest bearing debt.
·During fiscal 2016, we completed the launch of a new online service which gives our customers the option to buy online, pick up in store and buy online, ship to store. This feature provides the convenience of local pickup for our customers with the added benefit of driving traffic back to our stores.
·In fiscal 2016, we increased membership in our Shoe Perks customer loyalty program by an additional 4.5 million members, which brought total membership to 13.5 million customers at the end of the fiscal year. For the year, member sales accounted for approximately 66% of our total business and members on average spent 19% more per transaction than non-members. We believe our Shoe Perks program affords us tremendous opportunity to communicate, build relationships and engage with our most loyal shoppers, which we believe will result in long-term sales gains.
·We opened 19 stores, relocated three stores and closed nine stores during fiscal 2016, ending the year with 415 stores.
·During fiscal 2016 we recorded non-cash impairments of long-lived assets totaling $4.5 million, or 0.6% as a percentage of sales. Of the $4.5 million, $3.6 million related to impairments of long-lived assets recorded on seven of our stores located in Puerto Rico.

 

Fiscal 2017

 

In fiscal 2017, we remain focused on growing our business through store expansion, multi-channel initiatives and by enhancing the Shoe Carnival brand. We expect to open approximately 20 stores in fiscal 2017, primarily in existing markets, and we plan to remodel approximately 5% of our existing store base. Consistent with fiscal 2016, we plan to continue reinvesting in our existing physical store base, focusing on in-store graphics, such as signage updates to focal walls and end-caps, and the installation of accessories walls and handbag fixturing to further enhance our offerings. We are also leveraging inward expansion through our brand store concept. We believe this unique ’shop-within-a-shop’ concept will drive traffic to our physical stores by offering customers an enhanced shopping experience, with compelling product offerings from key branded partners.

 

We will continue certain key initiatives in fiscal 2017, including our commitment to acquiring new Shoe Perks members and our focus on multi-channel initiatives, such as investment in our website and mobile infrastructure and diversification of our e-commerce supply chain. Digital media will become more prominent for us in fiscal 2017, as we focus on using Customer Relationship Management (“CRM”) as a relationship and loyalty management tool. We believe using CRM strategies will help drive customer retention through segmentation and other analysis and will aid us in gaining a better understanding of our customer base.

 

Critical Accounting Policies

 

It is necessary for us to include certain judgments in our reported financial results.  These judgments involve estimates based in part on our historical experience and incorporate the impact of the current general economic climate and company-specific circumstances.  However, because future events and economic conditions are inherently uncertain, our actual results could differ materially from these estimates.  The accounting policies that require the more significant judgments are included below.

 

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Merchandise Inventories – Our merchandise inventories are stated at the lower of cost or market (LCM) as of the balance sheet date and consist primarily of dress, casual and athletic footwear for women, men and children. The cost of our merchandise is determined using the first-in, first-out valuation method (FIFO). For determining market value, we estimate the future demand and related sale price of merchandise in our inventory. The stated value of merchandise inventories contained on our consolidated balance sheets also includes freight, certain capitalized overhead costs and reserves.

 

We review our inventory at the end of each quarter to determine if it is properly stated at LCM. Factors considered include recent sale prices, historical loss rates, the length of time merchandise has been held in inventory, quantities of the various styles held in inventory, seasonality of the merchandise, expected consideration to be received from our vendors and current and expected future sales trends. We reduce the value of our inventory to its estimated net realizable value where cost exceeds the estimated future selling price. Merchandise inventories as of January 28, 2017, and January 30, 2016, totaled $279.6 million and $292.9 million, respectively, representing approximately 61% of total assets for both fiscal years. Given the significance of inventories to our consolidated financial statements, the determination of net realizable value is considered to be a critical accounting estimate. Material changes in the factors noted above could have a significant impact on the actual net realizable value of our inventory and our reported operating results.

 

Valuation of Long-Lived Assets – Long-lived assets, such as property and equipment subject to depreciation, are evaluated for impairment on a periodic basis if events or circumstances indicate the carrying value may not be recoverable. This evaluation includes performing an analysis of the estimated undiscounted future cash flows of the long-lived assets. Assets are grouped and the evaluation performed at the lowest level for which there are identifiable cash flows, which is generally at a store level.

 

If the estimated future cash flows for a store are determined to be less than the carrying value of the store’s assets, an impairment loss is recorded for the difference between estimated fair value and carrying value. We estimate the fair value of our long-lived assets using store specific cash flow assumptions discounted by a rate commensurate with the risk involved with such assets while incorporating marketplace assumptions. Our assumptions and estimates used in the evaluation of impairment, including current and future economic trends for stores, are subject to a high degree of judgment. Assets subject to impairment are adjusted to estimated fair value and, if applicable, an impairment loss is recorded in selling, general and administrative expenses. Our net long-lived assets as of January 28, 2017, and January 30, 2016, totaled $96.2 million and $103.4 million, respectively, representing approximately 21% of total assets for both fiscal years. From our evaluations performed during fiscal 2016 and fiscal 2015, we recorded impairments of long-lived assets on our domestic stores of $0.9 million and $1.0 million, respectively. Additionally, during fiscal 2016, we recorded impairments of $3.6 million related to long-lived assets associated with seven of our stores located in Puerto Rico, which is discussed in further detail below. If actual operating results or market conditions differ from those anticipated, the carrying value of certain of our assets may prove unrecoverable and we may incur additional impairment charges in the future.

 

We operate nine stores in Puerto Rico. Puerto Rico is experiencing an economic crisis characterized by a deep recession and defaults on its public sector debt. During the fourth quarter of fiscal 2016, based on our review of the recoverability of long-lived assets in our Puerto Rico stores, we recorded impairment charges of $3.6 million on seven of these nine stores. Subsequent to this impairment, the long-lived assets in our nine Puerto Rico stores had a combined aggregate net book value of $765,000 as of January 28, 2017. We will continue to assess the recoverability of the long-lived assets in our Puerto Rico stores and continue to monitor further developments in the economic environment on the island.

 

Insurance Reserves – We self-insure a significant portion of our workers’ compensation, general liability and employee health care costs and also maintain insurance in each area of risk protecting us from individual and aggregate losses over specified dollar values. We review the liability reserved for our self-insured portions on a quarterly basis, taking into consideration a number of factors, including historical claims experience, severity factors, statistical trends and, in certain instances, valuation assistance provided by independent third parties. Our self-insurance reserves include estimates of both claims filed, carried at their expected ultimate settlement value, and claims incurred but not yet reported. As of January 28, 2017 and January 30, 2016, our self-insurance reserves totaled $3.4 million and $3.3 million, respectively. While we believe that the recorded amounts are adequate, there can be no assurance that changes to management’s estimates will not occur due to limitations inherent in the

 

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estimating process. If actual results are not consistent with our estimates or assumptions, we may be exposed to future losses or gains that could be material.

 

Income Taxes – As part of the process of preparing our consolidated financial statements, we are required to estimate our current and future income taxes for each tax jurisdiction in which we operate. Significant judgment is required in determining our annual tax expense and evaluating our tax positions. As a part of this process, deferred tax assets and liabilities are recognized based on the difference between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Our temporary timing differences relate primarily to inventory, depreciation, accrued expenses, deferred lease incentives and stock-based compensation. Deferred tax assets and liabilities are measured using the tax rates enacted and expected to be in effect in the years when those temporary differences are expected to reverse. Deferred tax assets are reduced, if necessary, by a valuation allowance to the extent future realization of those tax benefits are uncertain.

 

We are also required to make many subjective assumptions and judgments regarding our income tax exposures when accounting for uncertain tax positions associated with our income tax filings. We must presume that taxing authorities will examine all uncertain tax positions and that they have full knowledge of all relevant information. However, interpretations of guidance surrounding income tax laws and regulations are often complex, ambiguous and frequently change over time and a number of years may elapse before a particular issue is resolved. As such, changes in our subjective assumptions and judgments can materially affect amounts recognized in our consolidated financial statements. Although we believe we have adequately provided for all uncertain tax positions, tax authorities could assess tax liabilities greater or less than our accrued positions for open tax periods.

 

Results of Operations

 

The following table sets forth our results of operations expressed as a percentage of net sales for the following fiscal years:

 

   2016  2015  2014
Net Sales   100.0%   100.0%   100.0%
Cost of sales (including buying, distribution, and occupancy costs)   71.1    70.5    70.9 
Gross profit   28.9    29.5    29.1 
Selling, general and administrative expenses    25.1    24.8    24.6 
Operating income   3.8    4.7    4.5 
Interest income   (0.0)   (0.0)   (0.0)
Interest expense   0.0    0.0    0.0 
Income before income taxes   3.8    4.7    4.5 
Income tax expense   1.4    1.8    1.8 
Net income   2.4%   2.9%   2.7%

 

In the regular course of business, we offer our customers sales incentives including coupons, discounts, and free merchandise. Sales are recorded net of such incentives and returns and allowances. If an incentive involves free merchandise, that merchandise is recorded as a zero sale and the cost is included in cost of sales. Comparable store sales for the periods indicated below include stores that have been open for 13 full months after such store’s grand opening prior to the beginning of the period, including those stores that have been relocated or remodeled. Therefore, stores opened or closed during the periods indicated are not included in comparable store sales. We include e-commerce sales in our comparable store sales as a result of our multi-channel retailer strategy. Due to our multi-channel retailer strategy, we view the e-commerce sales as an extension of our physical stores.

 

2016 Compared to 2015

 

Net Sales

 

Net sales increased $17.1 million to $1.001 billion for fiscal 2016, a 1.7% increase, from net sales of $984.0 million for fiscal 2015. Of the $17.1 million increase in net sales, approximately $23.3 million was attributable to the 39

 

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new stores we opened since the beginning of fiscal 2015 and $4.7 million was attributable to our 0.5% increase in comparable store sales. These increases were partially offset by the loss of $10.9 million in sales from the 24 stores closed since the beginning of fiscal 2015. Contributing to our net sales increase were increases in our conversion rate, average sales per transaction, average units per transaction and average unit retail, despite a mid-single digit decline in store traffic.

 

Gross Profit

 

Gross profit decreased $1.3 million to $289.2 million in fiscal 2016. Our gross profit margin in fiscal 2016 decreased to 28.9% from 29.5% in the prior fiscal year. Our merchandise margin decreased 0.6% while buying, distribution and occupancy costs, as a percentage of sales, remained flat compared to prior year. Our merchandise margin decreased primarily due to an increase in expenses related to our multi-channel sales initiatives.

 

Selling, General and Administrative Expenses

 

Selling, general and administrative expenses increased $7.4 million to $251.3 million in fiscal 2016 compared to $243.9 million in the prior year. As a percentage of sales, these expenses increased to 25.1% in fiscal 2016 from 24.8% in fiscal 2015. Significant changes in expense between the periods included the following:

·On an overall basis, the net change in selling, general and administrative expenses was primarily driven by increases in non-cash impairments and fixed asset write-offs, wages, other employee benefits, advertising and depreciation expense, partially offset by reductions in incentive compensation and employee health care expense in addition to an increase in insurance proceeds received in fiscal 2016 compared to the prior year.
·We incurred additional selling expense of $2.3 million during fiscal 2016 compared to the prior year related to the operation of 39 new stores opened since the beginning of fiscal 2015, net of expense reductions associated with the closure of 24 stores since the beginning of the same period.
·Stock-based compensation expense increased $120,000 in fiscal 2016 compared to fiscal 2015. This was primarily attributable to the expense related to performance and service-based stock awards granted in fiscal 2016, partially offset by management adjustments related to the timing and probability of the vesting of performance-based stock awards and the net impact of the related adjustments on stock-based compensation expense.
·Incentive compensation decreased $2.0 million in fiscal 2016 compared to the prior year. This decrease was primarily attributable to lower financial performance against the defined metrics associated with our performance-based compensation during fiscal 2016.

 

In fiscal 2016, pre-opening costs included in selling, general and administrative expenses were $886,000, or 0.09% as a percentage of sales, compared to $1.2 million, or 0.10% as a percentage of sales, for fiscal 2015. We opened 19 stores during fiscal 2016 at an average cost of $47,000 compared to 20 stores last year at an average cost of $60,000. Pre-opening costs, such as advertising, payroll and supplies, incurred prior to the opening of a new store are charged to expense in the period in which they are incurred. The total amount of pre-opening expense incurred will vary by store depending on the specific market and the promotional activities involved.

 

The portion of store closing costs and non-cash asset impairment charges included in selling, general and administrative expenses for fiscal 2016 was $5.6 million or 0.6% as a percentage of sales. Store closing costs in fiscal 2016 were related to the nine stores we closed in fiscal 2016 and acceleration of expenses associated with management’s determination to close certain underperforming stores in future periods. We recorded impairments of long-lived assets totaling $4.5 million in fiscal 2016. Of the $4.5 million, $3.6 million related to impairments of long-lived assets associated with seven of our stores located in Puerto Rico. The portion of store closing costs and non-cash asset impairment charges included in selling, general and administrative expenses for fiscal 2015 was $2.8 million, or 0.3% as a percentage of sales. Store closing costs in fiscal 2015 were related to the 15 stores we closed in fiscal 2015 and acceleration of expenses associated with management’s determination to close certain underperforming stores in future periods. We recorded impairments of long-lived assets totaling $1.0 million in fiscal 2015. The timing and actual amount of expense recorded in closing a store can vary significantly depending, in part, on the period in which management commits to a closing plan, the remaining basis in the fixed assets to be disposed of at closing and the amount of any lease buyout.

 

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Income Taxes

 

The effective income tax rate for fiscal 2016 was 37.7% compared to 38.1% for fiscal 2015. Our provision for income tax expense is based on the current estimate of our annual effective tax rate.

 

2015 Compared to 2014

 

Net Sales

 

Net sales increased $43.8 million to $984.0 million for fiscal 2015, a 4.7% increase, from net sales of $940.2 million for fiscal 2014. Of the $43.8 million increase in net sales, approximately $36.5 million was attributable to the 51 new stores we opened since the beginning of fiscal 2014 and $26.7 million was attributable to our 3.0% increase in comparable store sales. These increases were partially offset by the loss of $19.4 million in sales from the 22 stores closed since the beginning of fiscal 2014. Our increase included high single digit comparable store sales increases in our women’s fashion boot and sandal categories as well as mid-single digit increases in men’s boots and adult athletics. Additionally, we benefited from a combination of higher conversion rates, average unit retail, and average sales per transaction, which were offset by a mid-single digit decline in traffic.

 

Gross Profit

 

Gross profit increased $16.8 million to $290.5 million in fiscal 2015. The gross profit margin in fiscal 2015 increased to 29.5% from 29.1% in the prior fiscal year. Our merchandise margin increased 0.1% while buying, distribution and occupancy costs, as a percentage of sales, decreased 0.3% due to leveraging expenses against a higher sales base.

 

Selling, General and Administrative Expenses

 

Selling, general and administrative expenses increased $12.1 million in fiscal 2015 to $243.9 million, primarily due to an additional $4.8 million in incremental expense in fiscal 2015 related to the operation of new stores, net of expense reductions for stores that have closed since the beginning of fiscal 2014. Incentive compensation, inclusive of stock-based compensation, increased $4.4 million in fiscal 2015 compared to fiscal 2014. Of this increase, $1.8 million was attributable to higher financial performance against the defined metrics associated with our performance-based cash compensation. The remaining increase of $2.6 million was mainly attributable to additional expense for performance-based awards granted in fiscal 2015 and our reversal of $2.3 million of cumulative prior period expense recorded in fiscal 2014 for certain performance-based restricted stock grants that were deemed not probable to vest prior to their expiration. The reversal of expense recorded in fiscal 2014 did not recur in 2015. We also experienced an increase in self-insured health care costs of $1.8 million in fiscal 2015 when compared to last year. Costs related to our self-insured health care programs are subject to a significant degree of volatility.

 

In fiscal 2015, pre-opening costs included in selling, general and administrative expenses were $1.2 million, or 0.1% as a percentage of sales, compared to $2.1 million, or 0.2% as a percentage of sales, for fiscal 2014. We opened 20 stores during fiscal 2015 at an average cost of $60,000 compared to 31 stores last year at an average cost of $68,000. Pre-opening costs, such as advertising, payroll and supplies, incurred prior to the opening of a new store are charged to expense in the period in which they are incurred. The total amount of pre-opening expense incurred will vary by store depending on the specific market and the promotional activities involved.

 

The portion of store closing costs and non-cash asset impairment charges included in selling, general and administrative expenses for fiscal 2015 was $2.8 million or 0.3% as a percentage of sales. These costs related to the closing of 15 stores, non-cash asset impairment of certain underperforming stores and acceleration of expenses associated with management’s determination to close certain underperforming stores in future periods. The portion of store closing costs and non-cash asset impairment charges included in selling, general and administrative expenses for fiscal 2014 was $1.5 million or 0.2% as a percentage of sales. These costs related to the closing of seven stores, non-cash asset impairment of certain underperforming stores and acceleration of expenses associated with management’s determination to close certain underperforming stores in future periods. The timing and actual amount of expense recorded in closing a store can vary significantly depending, in part, on the period in which

 

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management commits to a closing plan, the remaining basis in the fixed assets to be disposed of at closing and the amount of any lease buyout.

 

Income Taxes

 

The effective income tax rate for fiscal 2015 was 38.1% compared to 38.8% for fiscal 2014. Our provision for income tax expense is based on the current estimate of our annual effective tax rate.

 

Liquidity and Capital Resources

 

Our sources and uses of cash are summarized as follows:

 

(In thousands)  2016  2015  2014
          
Net income  $23,517   $28,767   $25,527 
Depreciation and amortization    23,699    23,078    20,063 
Stock-based compensation    3,822    3,702    1,064 
Deferred income taxes   (1,381)   (3,035)   (550)
Lease incentives   3,825    6,604    8,307 
Changes in operating assets and liabilities   10,132    2,840    3,209 
Other operating activities   175    (3,401)   34 
Net cash provided by operating activities   63,789    58,555    57,654 
Net cash used in investing activities   (21,832)   (27,651)   (32,457)
Net cash used in financing activities   (47,827)   (23,466)   (12,074)
Net (decrease) increase in cash and cash equivalents  $(5,870)  $7,438   $13,123 

 

We anticipate that our existing cash and cash flows from operations will be sufficient to fund our planned store expansion along with other capital expenditures, working capital needs, potential dividend payments, potential share repurchases under our share repurchase program, and various other commitments and obligations, as they arise, for at least the next 12 months.

 

Cash Flow - Operating Activities

 

Our net cash provided by operating activities was $63.8 million, $58.6 million and $57.7 million in fiscal years 2016, 2015 and 2014, respectively. These amounts reflect our income from operations adjusted for non-cash items and working capital changes. Working capital was $265.5 million, $282.1 million and $276.0 million at January 28, 2017, January 30, 2016 and January 31, 2015, respectively. Working capital decreased $16.6 million at January 28, 2017 compared to January 30, 2016 primarily due to a $13.2 million decrease in merchandise inventories. The current ratio was 4.1, 4.2 and 4.3 at January 28, 2017, January 30, 2016 and January 31, 2015, respectively.

 

Cash Flow - Investing Activities

 

Our cash outflows for investing activities were primarily for capital expenditures. During fiscal 2016, we expended $21.8 million for the purchase of property and equipment, of which $16.4 million was for the construction and fixturing of new stores, remodeling and relocations. During fiscal 2015, we expended $27.9 million for the purchase of property and equipment, of which $18.2 million was for the construction and fixturing of new stores, remodeling and relocations. During fiscal 2014, we expended $33.5 million for the purchase of property and equipment, of which $27.2 million was for the construction of new stores, remodeling and relocations. The remaining capital expenditures in all periods were for continued investments in technology and normal asset replacement activities.

 

Cash Flow - Financing Activities

 

Cash outflows for financing activities have represented cash dividend payments and share repurchases. Shares of our common stock can be either acquired as part of a publicly announced repurchase program or withheld by us in connection with employee payroll tax withholding upon the vesting of restricted stock awards. Our cash inflows

 

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from financing activities have represented proceeds from the issuance of shares as a result of stock option exercises and purchases under our Employee Stock Purchase Plan.

 

During fiscal 2016, net cash used in financing activities was $47.8 million compared to net cash used in financing activities of $23.5 million during fiscal 2015 and $12.1 million in fiscal 2014. The increase in cash used in financing activities in fiscal 2016 was primarily attributable to the $42.6 million of common stock repurchased under our share repurchase program in fiscal 2016. There was $18.8 million of common stock repurchased under the share repurchase program in fiscal 2015 and $7.5 million of common stock repurchased under the share repurchase program during fiscal 2014.

 

Store Openings and Closings – Fiscal 2016

 

We aim to realize positive long-term financial performance for our store portfolio. We utilize a formal review process in our evaluation of potential new store sites as well as for decisions surrounding leases on existing store locations. Our approach is both qualitative and quantitative in nature. We look to continually enhance this process with tools such as real estate software used for portfolio analysis that aid in identifying viable locations for future expansion and identifying potential store closings and relocations.

 

In fiscal 2016, we opened 19 new stores. On a per-store basis, the initial inventory investment for stores opened averaged $438,000, capital expenditures averaged $456,000 and lease incentives received from landlords averaged $188,000.

 

Pre-opening expenses included in cost of sales and selling, general and administrative expenses totaled approximately $1.6 million for fiscal 2016, or an average of $85,000 per store. Items classified as pre-opening expenses include rent, freight, advertising, salaries and supplies. During fiscal 2015 we opened 20 new stores and expended $1.9 million, or an average of $96,000 per store. The decrease in the average expense per new store was primarily the result of a decrease in pre-opening advertising expense.

 

We closed nine stores during fiscal 2016 and 15 stores during fiscal 2015. Store closing costs for these stores totaled $375,000 in fiscal 2016 and $817,000 in fiscal 2015. These costs included normal costs associated with closing a store, non-cash asset impairment of certain underperforming stores and acceleration of expenses associated with management’s determination to close certain underperforming stores in future periods. The timing and actual amount of expense recorded in closing an individual store can vary significantly depending, in part, on the period in which management commits to a closing plan, the remaining basis in the fixed assets to be disposed of at closing and the cost incurred in terminating the lease.

 

Capital Expenditures – Fiscal 2017

 

Capital expenditures are expected to be $22 million to $23 million in fiscal 2017. Of our total capital expenditures, between $10 million and $11 million are expected to be used for new store construction and fixturing, approximately $2 million will be used for store relocations and approximately $4 million will be used to remodel approximately 5% of our existing store base. Lease incentives to be received from landlords are expected to range from approximately $4 million to $5 million. The remaining capital expenditures are expected to be incurred for various other store improvements, continued investments in technology and normal asset replacement activities. The actual amount of cash required for capital expenditures for store operations depends in part on the number of new stores opened and relocated, the amount of lease incentives, if any, received from landlords and the number of stores remodeled. The number of new store openings and relocations will be dependent upon, among other things, the availability of desirable locations, and the negotiation of acceptable lease terms and general economic and business conditions affecting consumer spending in areas we target for expansion.

 

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Store Openings and Closings – Fiscal 2017

 

During fiscal 2017, we anticipate opening approximately 20 new stores and relocating two store locations. Although our traditional store prototype utilizes between 8,000 and 11,000 square feet of leased area, we have begun to roll out scalable store prototypes that reflect the diverse population densities of our markets. These scalable prototypes utilize a wide range of leased space based on sales potential and opportunistic space availability. Capital invested in new stores in fiscal 2017 is expected to average approximately $436,000 with landlord incentives averaging $131,000. The average initial inventory investment in our stores is expected to range from $236,000 to $569,000 depending on the size and sales expectation of the store and the timing of the new store opening.

 

Pre-opening expenses included in cost of sales and selling, general and administrative expenses are expected to increase slightly in fiscal 2017 compared to fiscal 2016, averaging approximately $90,000 per store.

 

As we enter fiscal 2017, we currently expect to close approximately 15 stores. Depending upon the results of lease negotiations with certain landlords of underperforming stores, we may increase or decrease the number of store closures in future periods. The timing and actual amount of expense recorded in closing a store can vary significantly depending, in part, on the period in which management commits to a closing plan, the remaining basis in the fixed assets to be disposed of at closing and the cost incurred in terminating the lease. We will continue to review our annual store growth rate based on our view of the internal and external opportunities and challenges in the marketplace.

 

Dividends

 

In fiscal 2016 four quarterly cash dividends were approved and paid. The first quarter dividend was in the amount of $0.065 per share and the dividends paid for the remaining three quarters were increased to $0.07 per share. During fiscal 2015, the first quarter dividend was in the amount of $0.06 per share and the dividends for the remaining three quarters were $0.065 per share. During fiscal 2014, four quarterly cash dividends were approved and paid, each in the amount of $0.06 per share. During fiscal years 2016, 2015 and 2014, we returned $5.0 million, $5.0 million and $4.8 million, respectively, in cash to our shareholders through our quarterly dividends.

 

The declaration and payment of any future dividends are at the discretion of the Board of Directors and will depend on our results of operations, financial condition, business conditions and other factors deemed relevant by our Board of Directors. Our credit agreement permits the payment of cash dividends as long as no default or event of default exists under the credit agreement and the aggregate amount of cash dividends for a fiscal year do not exceed $10 million.

 

Share Repurchase Program

 

On December 6, 2016, our Board of Directors authorized a new share repurchase program for up to $50 million of outstanding common stock, effective January 1, 2017. The purchases may be made in the open market or through privately negotiated transactions, from time-to-time through December 31, 2017, and in accordance with applicable laws, rules and regulations. On January 27, 2017, we entered into a stock repurchase plan for the purpose of repurchasing shares of our common stock in accordance with guidelines specified under Rule 10b5-1 of the Exchange Act (the “Rule 10b5-1 Plan”). The Rule 10b5-1 Plan was established pursuant to, and as part of, our share repurchase program and permits shares to be repurchased in accordance with pre-determined criteria when repurchases would otherwise be prohibited, such as during self-imposed blackout periods, or under insider trading laws. The share repurchase program may be amended, suspended or discontinued at any time and does not commit us to repurchase shares of our common stock. We have funded, and intend to continue to fund, the share repurchase program from cash on hand, and any shares acquired will be available for stock-based compensation awards and other corporate purposes. The actual number and value of the shares to be purchased will depend on the performance of our stock price and other market conditions. As of January 28, 2017, approximately 284,000 shares at an aggregate cost of $7.2 million had been repurchased under the new share repurchase program.

 

The new share repurchase program replaced the prior $50 million share repurchase program that was authorized in December 2015 and expired in accordance with its terms on December 31, 2016. At its expiration, we had purchased approximately 1.6 million shares at an aggregate cost of $39.7 million under the prior repurchase program.

 

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Contractual Obligations

 

Significant contractual obligations as of January 28, 2017 and the fiscal years in which payments are due include:

 

(In thousands)  Payments Due By Fiscal Year 
Contractual Obligations  Total   2017   2018 &
2019		   2020 &
2021		  2022 and
after		 
Letters of credit  $1,006   $1,006   $—   $—   $— 
Operating leases   373,018    69,772    117,171    92,968    93,107 
Purchase commitments   401,962    394,294    4,277    3,373    18 
Deferred compensation   10,465    1,030    27    14    9,394 
Total contractual obligations  $786,451   $466,102   $121,475   $96,355   $102,519 

 

For purposes of our contractual obligations table above, we have assumed that we will make all payments scheduled or reasonably estimated to be made under those obligations that have a determinable expiration date. We have disregarded the possibility that such obligations may be prematurely terminated or extended, whether automatically by the terms of the obligation or by agreement between us and the counterparty, due to the speculative nature of premature termination or extension. Except for operating leases, the balances included in the “2022 and after” column of the contractual obligations table includes amounts where we are not able to reasonably estimate the timing of the potential future payments. Estimated interest payments on our credit facility are not included in the above table as our credit facility provides for frequent borrowing and/or repayment activities, which does not lend itself to reliable forecasting for disclosure purposes.

 

On March 27, 2017 we entered into a second amendment of our current unsecured credit agreement (the “Credit Agreement”) to extend the expiration date by five years and renegotiate certain terms and conditions. The Credit Agreement, as amended, continues to provide for up to $50.0 million in cash advances and commercial and standby letters of credit with borrowing limits based on eligible inventory, which amount may be increased from time to time by up to an additional $50.0 million, without the consent of any lender, if certain conditions are met. The Credit Agreement contains covenants which stipulate: (1) Total Shareholders’ Equity will not fall below $250.0 million at the end of each fiscal quarter; (2) the ratio of funded debt plus three times rent to EBITDA plus rent will not exceed 2.5 to 1.0; (3) cash dividends for a fiscal year will not exceed $10 million; and, (4) Distributions in the form of redemptions of Equity Interests can be made solely with cash on hand so long as before and immediately after such distributions there are no revolving loans outstanding. Should a default condition be reported, the lenders may preclude additional borrowings and call all loans and accrued interest at their discretion. The credit facility bears interest, at our option, at (1) the agent bank’s prime rate as defined in the Credit Agreement plus 1%, with the prime rate defined as the greater of (a) the Federal Fund rate plus 0.50% or (b) the interest rate announced from time to time by the agent bank as its “prime rate” or (2) LIBOR plus 1.25% to 2.50%, depending on our achievement of certain performance criteria. A commitment fee is charged at 0.20% to 0.35% per annum, depending on our achievement of certain performance criteria, on the unused portion of the bank group’s commitment. The Credit Agreement expires on March 27, 2022.

 

Our previously amended Credit Agreement contained covenants which stipulated: (1) Total Shareholders’ Equity, adjusted for the effect of any share repurchases, will not fall below that of the prior fiscal year-end; (2) the ratio of funded debt plus three times rent to EBITDA plus rent will not exceed 2.5 to 1.0; and (3) cash dividends for a fiscal year will not exceed 30% of consolidated net income for the immediately preceding fiscal year, and in no event may the total distributions in any fiscal year exceed 25% of the prior year’s ending net worth. We were in compliance with these covenants as of January 28, 2017.

 

There were no borrowings outstanding under the credit facility and letters of credit outstanding were $1.0 million at January 28, 2017.

 

See Note 6 – “Long-Term Debt”, Note 7 – “Leases”, Note 8 – “Income Taxes” and Note 9 – “Employee Benefit Plans” to our Notes to Consolidated Financial Statements contained in PART II, ITEM 8 of this report for a further discussion of our contractual obligations.

 

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Off-Balance Sheet Arrangements

 

There were no assignments of operating leases to third parties in fiscal 2016. We assigned four store operating leases to separate third parties during fiscal 2015. Based on the terms of the assignments, we are not liable to the landlords for obligations accruing after the date of these assignments in connection with these locations. Except for operating leases entered into in the normal course business, we did not have any off-balance sheet arrangements as of January 28, 2017. See Note 7 – “Leases” to our Notes to Consolidated Financial Statements contained in PART II, ITEM 8 of this report for further discussion of our lease obligations.

 

Seasonality

 

Our quarterly results of operations have fluctuated, and are expected to continue to fluctuate in the future, primarily as a result of seasonal variances and the timing of sales and costs associated with opening new stores. Non-capital expenditures, such as advertising and payroll, incurred prior to the opening of a new store are charged to expense as incurred. Therefore, our results of operations may be adversely affected in any quarter in which we incur pre-opening expenses related to the opening of new stores.

 

We have three distinct peak selling periods: Easter, back-to-school and Christmas. To prepare for our peak shopping seasons, we must order and keep in stock significantly more merchandise than we would carry during other parts of the year. Any unanticipated decrease in demand for our products during these peak shopping seasons could require us to sell excess inventory at a substantial markdown, which could reduce our net sales and gross margins and negatively affect our profitability. Our operating results depend significantly upon the sales generated during these periods.

 

New Accounting Pronouncements

 

Recent accounting pronouncements applicable to our operations are contained in Note 2 – “Summary of Significant Accounting Policies,” contained in the Notes to Consolidated Financial Statements included in PART II, item 8 of this report.

 

ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

We are exposed to market risk in that the interest payable on our credit facility is based on variable interest rates and therefore is affected by changes in market rates. We do not use interest rate derivative instruments to manage exposure to changes in market interest rates. We had no borrowings under our credit facility during fiscal 2016 or fiscal 2015.

 

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

The information required by this item appears beginning on page 33.

 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors and Shareholders of

 

Shoe Carnival, Inc.

 

Evansville, Indiana

 

We have audited the accompanying consolidated balance sheets of Shoe Carnival, Inc. and subsidiaries (the “Company”) as of January 28, 2017 and January 30, 2016, and the related consolidated statements of income, shareholders’ equity, and cash flows for each of the three years in the period ended January 28, 2017. Our audits also included the financial statement schedule listed in the Index at Item 15. These financial statements and financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on the financial statements and financial statement schedule based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Shoe Carnival, Inc. and subsidiaries as of January 28, 2017 and January 30, 2016, and the results of their operations and their cash flows for each of the three years in the period ended January 28, 2017, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

 

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of January 28, 2017, based on the criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 29, 2017 expressed an unqualified opinion on the Company’s internal control over financial reporting.

 

/s/ DELOITTE & TOUCHE LLP

Indianapolis, Indiana

March 29, 2017

 

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Shoe Carnival, Inc.
Consolidated Balance Sheets
(In thousands, except share data)

 

   January 28,
2017		  January 30,
2016
Assets          
Current Assets:          
Cash and cash equivalents  $62,944   $68,814 
Accounts receivable   4,424    2,131 
Merchandise inventories   279,646    292,878 
Deferred income taxes   0    1,061 
Other   4,737    5,193 
Total Current Assets   351,751    370,077 
Property and equipment – net   96,216    103,386 
Deferred income taxes   9,600    7,158 
Other noncurrent assets   911    472 
Total Assets  $458,478   $481,093 
           
           
Liabilities and Shareholders’ Equity          
Current Liabilities:          
Accounts payable  $67,808   $72,086 
Accrued and other liabilities   18,488    15,848 
Total Current Liabilities   86,296    87,934 
Deferred lease incentives   30,751    31,971 
Accrued rent   11,255    11,224 
Deferred compensation   10,465    9,612 
Other   829    550 
Total Liabilities   139,596    141,291 
           
Shareholders’ Equity:          
Common stock, $.01 par value, 50,000,000 shares authorized,20,569,198 and 20,604,178 shares issued, respectively   206    206 
Additional paid-in capital   65,272    66,805 
Retained earnings   312,641    294,308 
Treasury stock, at cost, 2,433,925 and 955,612 shares, respectively   (59,237)   (21,517)
Total Shareholders’ Equity   318,882    339,802 
Total Liabilities and Shareholders’ Equity  $458,478   $481,093 

 

See notes to consolidated financial statements.

 

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Shoe Carnival, Inc.
Consolidated Statements of Income
(In thousands, except per share data)

   January 28, 2017  January 30, 2016  January 31, 2015
          
Net sales  $1,001,102   $983,968   $940,162 
               
Cost of sales (including buying, distribution and occupancy costs)   711,867    693,452    666,483 
                
Gross profit   289,235    290,516    273,679 
Selling, general and administrative expenses   251,323    243,883    231,826 
                
Operating income   37,912    46,633    41,853 
Interest income   (6)   (39)   (14)
Interest expense   169    168    165 
                
Income before income taxes   37,749    46,504    41,702 
Income tax expense   14,232    17,737    16,175 
                
Net income  $23,517   $28,767   $25,527 
                
Net income per share:               
Basic  $1.28   $1.45   $1.27 
Diluted  $1.28   $1.45   $1.27 
                
Weighted average shares:               
Basic   18,017    19,417    19,777 
Diluted   18,022    19,427    19,791 


See notes to consolidated financial statements.

 

34

 

 

Shoe Carnival, Inc.
Consolidated Statements of Shareholders’ Equity
(In thousands)

 

   Common Stock Additional Retained Treasury 
   Issued   Treasury    Amount   Paid-In Capital   Earnings   Stock   Total 
Balance at                                   
February 1, 2014   20,482    0   $205   $66,600   $250,070   $(3)  $316,872 
Stock option exercises   6    4         1         76    77 
Dividends ($0.24 per share)                       (4,911)        (4,911)
Stock-based compensation                                   
income tax benefit                  68              68 
Employee stock purchase                                   
plan purchases   2    9         37         173    210 
Restricted stock awards   183    13    2    (260)        258    0 
Shares surrendered by employees                                   
to pay taxes on restricted stock        (2)                  (55)   (55)
Purchase of common stock for                                   
Treasury        (405)                  (7,533)   (7,533)
Stock-based compensation                                   
expense                  943              943 
Net income                       25,527         25,527 
                                    
Balance at                                   
January 31, 2015   20,673    (381)   207    67,389    270,686    (7,084)   331,198 
Stock option exercises        15         (125)        280    155 
Dividends ($0.255 per share)                       (5,145)        (5,145)
Stock-based compensation                                   
income tax benefit                  120              120 
Employee stock purchase                                   
plan purchases        10         20         216    236 
Restricted stock awards   (69)   212    (1)   (3,980)        3,981    0 
Shares surrendered by employees                                   
to pay taxes on restricted stock        (3)                  (86)   (86)
Purchase of common stock for                                   
Treasury        (809)                  (18,824)   (18,824)
Stock-based compensation                                   
expense                  3,381              3,381 
Net income                       28,767         28,767 
                                    
Balance at                                   
January 30, 2016   20,604    (956)   206    66,805    294,308    (21,517)   339,802 
Dividends ($0.275 per share)                       (5,184)        (5,184)
Stock-based compensation                                   
income tax benefit                  3              3 
Employee stock purchase                                   
plan purchases        10         (10)        233    223 
Restricted stock awards   (35)   225    2    (5,072)        5,072    0 
Shares surrendered by employees                                   
to pay taxes on restricted stock        (16)                  (421)   (421)
Purchase of common stock for                                   
Treasury        (1,697)                  (42,604)   (42,604)
Stock-based compensation                                   
expense                  3,546              3,546 
Net income                       23,517         23,517 
Balance at                                   

January 28, 2017

   20,569    (2,434)  $206   $65,272  $312,641   $(59,237)   $318,882 

 

See notes to consolidated financial statements.

 

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Shoe Carnival, Inc.
Consolidated Statements of Cash Flows
(In thousands)

 

   January 28,
2017		  January 30,
2016		  January 31,
2015
          
Cash Flows From Operating Activities               
Net income  $23,517   $28,767   $25,527 
               
Adjustments to reconcile net income to net cash provided by operating activities:               
Depreciation and amortization   23,699    23,078    20,063 
Stock-based compensation   3,822    3,702    1,064 
Loss on retirement and impairment of assets, net   4,794    1,770    1,104 
Deferred income taxes   (1,381)   (3,035)   (550)
Lease incentives   3,825    6,604    8,307 
Other   (4,619)   (5,171)   (1,070)
Changes in operating assets and liabilities:               
Accounts receivable   (2,293)   588    1,409 
Merchandise inventories   13,232    (5,001)   (3,076)
Accounts payable and accrued liabilities   (982)   6,530    6,838 
Other   175    723    (1,962)
Net cash provided by operating activities   63,789    58,555    57,654 
                
Cash Flows From Investing Activities               
Purchases of property and equipment   (21,832)   (27,901)   (33,543)
Proceeds from sale of property and equipment   0    0    836 
Proceeds from note receivable   0    250    250 
Net cash used in investing activities   (21,832)   (27,651)   (32,457)
                
Cash Flow From Financing Activities               
Proceeds from issuance of stock   223    391    287 
Dividends paid   (5,028)   (5,037)   (4,828)
Excess tax benefits from stock-based compensation   3    90    55 
Purchase of common stock for treasury   (42,604)   (18,824)   (7,533)
Shares surrendered by employees to pay taxes on restricted stock   (421)   (86)   (55)
Net cash used in financing activities   (47,827)   (23,466)   (12,074)
Net (decrease) increase in cash and cash equivalents   (5,870)   7,438    13,123 
Cash and cash equivalents at beginning of year   68,814    61,376    48,253 
                
Cash and Cash Equivalents at End of Year  $62,944   $68,814   $61,376 
                
Supplemental disclosures of cash flow information:               
Cash paid during year for interest  $170   $168   $166 
Cash paid during year for income taxes  $14,696   $20,020   $17,618 
Capital expenditures incurred but not yet paid  $168   $677   $1,596 

 

See notes to consolidated financial statements.

 

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Shoe Carnival, Inc.
Notes to Consolidated Financial Statements

 

Note 1 – Organization and Description of Business

 

Our consolidated financial statements include the accounts of Shoe Carnival, Inc. and its wholly-owned subsidiaries SCHC, Inc. and Shoe Carnival Ventures, LLC, and SCLC, Inc., a wholly-owned subsidiary of SCHC, Inc. (collectively referred to as “we”, “our”, “us” or “Company”). All intercompany accounts and transactions have been eliminated. Our primary activity is the sale of footwear and related products through our retail stores in 35 states within the continental United States and in Puerto Rico. We also offer online shopping on our e-commerce site at www.shoecarnival.com.

 

Note 2 – Summary of Significant Accounting Policies

 

Fiscal Year

 

Our fiscal year is a 52/53 week year ending on the Saturday closest to January 31. Unless otherwise stated, references to years 2016, 2015 and 2014 relate to the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015, respectively.

 

Use of Estimates in the Preparation of Consolidated Financial Statements

 

The preparation of our consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities as of the financial statement reporting date in addition to the reported amounts of certain revenues and expenses for the reporting period.  The assumptions used by management in future estimates could change significantly due to changes in circumstances and actual results could differ from those estimates.

 

Cash and Cash Equivalents

 

We had cash and cash equivalents of $62.9 million at January 28, 2017 and $68.8 million at January 30, 2016. Credit and debit card receivables and receivables due from a third-party totaling $4.9 million and $5.5 million were included in cash equivalents at January 28, 2017 and January 30, 2016, respectively. Credit and debit card receivables generally settle within three days; receivables due from a third-party generally settle within 15 days.

 

We consider all short-term investments with an original maturity date of three months or less to be cash equivalents. As of January 28, 2017, and January 30, 2016, all invested cash was held in a money market account. While investments are not considered by management to be at significant risk, they could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or lack of access to either invested cash or cash held in our bank accounts.

 

Fair Value of Financial Instruments and Non-Financial Assets

 

Our financial assets as of January 28, 2017 and January 30, 2016 included cash and cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to its short-term nature. We did not have any financial liabilities measured at fair value for these periods. Non-financial assets measured at fair value included on our consolidated balance sheet as of January 28, 2017 and of January 30, 2016 were those long-lived assets for which an impairment charge has been recorded. We did not have any non-financial liabilities measured at fair value for these periods. See Note 3 – “Fair Value Measurements” for further discussion.

 

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Shoe Carnival, Inc.

Notes to Consolidated Financial Statements – continued

 

Merchandise Inventories and Cost of Sales

 

Merchandise inventories are stated at the lower of cost or market (LCM) using the first-in, first-out (FIFO) method. For determining market value, we estimate the future demand and related sale price of merchandise contained in inventory as of the balance sheet date. The stated value of merchandise inventories contained on our consolidated balance sheets also includes freight, certain capitalized overhead costs and reserves. Factors considered in determining if our inventory is properly stated at LCM includes, among others, recent sale prices, the length of time merchandise has been held in inventory, quantities of various styles held in inventory, seasonality of merchandise, expected consideration to be received from our vendors and current and expected future sales trends. We reduce the value of our inventory to its estimated net realizable value where cost exceeds the estimated future selling price. Material changes in the factors previously noted could have a significant impact on the actual net realizable value of our inventory and our reported operating results.

 

Cost of sales includes the cost of merchandise sold, buying, distribution, and occupancy costs, inbound freight expense, provision for inventory obsolescence, inventory shrink and credits and allowances from merchandise vendors. Cost of sales related to our e-commerce orders include charges paid to a third party service provider in addition to the freight expense for delivering merchandise to our customer.

 

Property and Equipment-Net

 

Property and equipment is stated at cost. Depreciation and amortization of property, equipment and leasehold improvements are taken on the straight-line method over the shorter of the estimated useful lives of the assets or the applicable lease terms. Lives used in computing depreciation and amortization range from two to twenty years. Expenditures for maintenance and repairs are charged to expense as incurred. Expenditures that materially increase values, improve capacities or extend useful lives are capitalized. Upon sale or retirement, the costs and related accumulated depreciation or amortization are eliminated from the respective accounts and any resulting gain or loss is included in operations.

 

We periodically evaluate our long-lived assets if events or circumstances indicate the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the carrying value of the assets exceeds the expected future cash flows to be derived from their use. Assets are grouped, and the evaluation performed, at the lowest level for which there are identifiable cash flows, which is generally at a store level. If the estimated, undiscounted future cash flows for a store are determined to be less than the carrying value of the store’s assets, an impairment loss is recorded for the difference between estimated fair value and carrying value. Assets subject to impairment are adjusted to estimated fair value and, if applicable, an impairment loss is recorded in selling, general and administrative expenses. We estimate the fair value of our long-lived assets using store specific cash flow assumptions discounted by a rate commensurate with the risk involved with such assets while incorporating marketplace assumptions. Our assumptions and estimates used in the evaluation of impairment, including current and future economic trends for stores, are subject to a high degree of judgment. If actual operating results or market conditions differ from those anticipated, the carrying value of certain of our assets may prove unrecoverable and we may incur additional impairment charges in the future. Our evaluations resulted in the recording of non-cash impairment charges of approximately $4.5 million and $1.0 million in fiscal years 2016 and 2015, respectively.

 

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Shoe Carnival, Inc.

Notes to Consolidated Financial Statements - continued

 

Insurance Reserves

 

We self-insure a significant portion of our workers’ compensation, general liability and employee health care costs and also maintain insurance in each area of risk, protecting us from individual and aggregate losses over specified dollar values. We review the liability reserved for our self-insured portions on a quarterly basis, taking into consideration a number of factors, including historical claims experience, severity factors, statistical trends and, in certain instances, valuation assistance provided by independent third parties. Self-insurance reserves include estimates of claims filed, carried at their expected ultimate settlement value, and claims incurred but not yet reported. As of January 28, 2017 and January 30, 2016, our self-insurance reserves totaled $3.4 million and $3.3 million, respectively. We record self-insurance reserves as a component of selling, general and administrative expenses in our Consolidated Statements of Income. While we believe that the recorded amounts are adequate, there can be no assurance that changes to management’s estimates will not occur due to limitations inherent in the estimating process. If actual results are not consistent with our estimates or assumptions, we may be exposed to losses or gains that could be material.

 

Deferred Lease Incentives

 

All cash incentives received from landlords are recorded as deferred income and amortized over the life of the lease on a straight-line basis as a reduction of rental expense.

 

Accrued Rent

 

We are party to various lease agreements, which require scheduled rent increases over the initial lease term. Rent expense for such leases is recognized on a straight-line basis over the initial lease term beginning the earlier of the start date of the lease or when we take possession of the property. The difference between rent based upon scheduled monthly payments and rent expense recognized on a straight-line basis is recorded as accrued rent.

 

Revenue Recognition

 

Revenue from sales of merchandise at our store locations is recognized at the time of sale. We record revenue from our e-commerce sales, including shipping and handling fees, based on an estimated customer receipt date. Our sales are recorded exclusive of sales tax. In the regular course of business, we offer our customers sales incentives including coupons, discounts, and free merchandise. Sales are recorded net of such incentives and returns and allowances. If an incentive involves free merchandise, that merchandise is recorded as a zero sale and the cost is included in cost of sales. Gift card revenue is recognized at the time of redemption.

 

Consideration Received From a Vendor

 

Consideration is primarily received from merchandise vendors. Consideration is either recorded as a reduction of the price paid for the vendor’s products and recorded as a reduction of our cost of sales, or if the consideration represents a reimbursement of a specific, incremental and identifiable cost, then it is recorded as an offset to the same financial statement line item.

 

Consideration received from our vendors includes co-operative advertising/promotion, margin assistance, damage allowances and rebates earned for a specific level of purchases over a defined period. Consideration principally takes the form of credits that we can apply against trade amounts owed.

 

Consideration received after the related merchandise has been sold is recorded as an offset to cost of sales in the period negotiations are finalized. For consideration received on merchandise still in inventory, the allowance is recorded as a reduction to the cost of on-hand inventory and recorded as a reduction of our cost of sales at the time of sale. Should the allowances received exceed the incremental cost then the excess consideration is recorded as a reduction to the cost of on-hand inventory and allocated to cost of sales in future periods utilizing an average inventory turn rate.

 

Store Opening and Start-up Costs

 

Non-capital expenditures, such as advertising, payroll, supplies and rent, incurred prior to the opening of a new store are charged to expense in the period they are incurred.

 

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Shoe Carnival, Inc.

Notes to Consolidated Financial Statements - continued

 

Advertising Costs

 

Print, television, radio, outdoor and digital media costs are generally expensed when incurred. Internal production costs are expensed when incurred and external production costs are expensed in the period the advertisement first takes place. Advertising expenses included in selling, general and administrative expenses were $42.9 million, $42.1 million and $41.6 million in fiscal years 2016, 2015 and 2014, respectively.

 

Stock-Based Compensation

 

We recognize compensation expense for stock-based awards based on a fair value based method. Stock-based awards may include stock options, stock appreciation rights, and restricted stock awards under our stock-based compensation plans. Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our employee stock purchase plan. This discount represents the difference between the market price and the employee purchase price. Stock-based compensation expense is included in selling, general and administrative expense.

 

We apply an estimated forfeiture rate in calculating the stock-based compensation expense for the period. Forfeiture estimates are adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from previous estimates.

 

Segment Information

 

We have identified each retail store and our e-commerce store as individual operating segments. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, merchandising and distribution processes involved, target customers and economic characteristics. Due to our multi-channel retailer strategy, we view our e-commerce sales as an extension of our physical stores.

 

Income Taxes

 

We compute income taxes using the asset and liability method, under which deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. Deferred tax assets are reduced, if necessary, by a valuation allowance to the extent future realization of those tax benefits are uncertain. We account for uncertain tax positions in accordance with current authoritative guidance and report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest expense and penalties, if any, related to uncertain tax positions in income tax expense.

 

 

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Shoe Carnival, Inc.

Notes to Consolidated Financial Statements - continued

 

Net Income Per Share

 

The following table sets forth the computation of basic and diluted earnings per share as shown on the face of the accompanying consolidated statements of income.

 

   Fiscal Year Ended 
   January 28, 2017   January 30, 2016   January 31, 2015 
   (In thousands except per share data) 
Basic Earnings per Share:  Net
Income		   Shares   Per
Share
Amount		   Net
Income		   Shares   Per
Share
Amount		   Net
Income		   Shares   Per
Share
Amount		 
Net income  $23,517             $28,767             $25,527           
Amount allocated to participating securities   (487)             (566)             (461)          
Net income available for basic common shares and basic earnings per share  $23,030    18,017   $1.28   $28,201    19,417   $1.45   $25,066    19,777   $1.27 
                                              
Diluted Earnings per Share:                                             
Net income  $23,517             $28,767             $25,527           
Amount allocated to participating securities   (487)             (566)             (461)          
Adjustment for dilutive potential common shares   0    5         0    10         0    14      
Net income available for diluted common shares and diluted earnings per share  $23,030    18,022   $1.28   $28,201    19,427   $1.45   $25,066    19,791   $1.27 

 

Our basic and diluted earnings per share are computed using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to their

participation rights in dividends and undistributed earnings or losses. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. During periods of undistributed losses however, no effect is given to our participating securities since they do not share in the losses. Per share amounts are computed by dividing net income available to common shareholders by the weighted average shares outstanding during each period. No options to purchase shares of common stock were excluded in the computation of diluted shares for the periods presented.

 

New Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance on the recognition of revenue for all contracts with customers designed to improve comparability and enhance financial statement disclosures. Subsequently, the FASB has also issued accounting standards updates which clarify the guidance. The underlying principle of this comprehensive model is that revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the payment to which the company expects to be entitled in exchange for those goods or services. In August 2015, the FASB subsequently issued guidance which approved a one year deferral of the guidance until annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017, which makes the guidance effective for us at the beginning of fiscal 2018, including interim periods within that fiscal year. Upon adoption, we will apply the provisions of the guidance either on a retrospective or modified retrospective basis. We are evaluating the impact of this guidance on our consolidated financial position, results of operations and cash flows.

 

In July 2015, the FASB issued guidance on simplifying the measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. The new guidance does not apply to inventory currently measured using the last-in-first-out or the retail inventory valuation methods. The guidance will be effective at the

 

 

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Shoe Carnival, Inc.

Notes to Consolidated Financial Statements - continued

 

beginning of fiscal 2017, including interim periods within that fiscal year, and will be applied on a prospective basis. We do not believe the guidance will have a material impact on our consolidated financial position, results of operations and cash flows.

 

In November 2015, the FASB issued guidance which simplifies the classification of deferred taxes by requiring an entity to classify deferred tax liabilities and assets as noncurrent within a classified statement of financial position. We early adopted this guidance in the third quarter of fiscal 2016 and are applying this change prospectively. Prior consolidated balance sheets have not been retrospectively adjusted. The adoption resulted in a $2.7 million reclassification of net deferred tax assets from current to noncurrent on our consolidated balance sheet as of October 29, 2016. The adoption did not have a material impact on our results of consolidated operations and cash flows.

 

In February 2016, the FASB issued guidance which will replace most existing lease accounting guidance. This update requires an entity to recognize leased assets and the rights and obligations created by those leased assets on the balance sheet and to disclose key information about the entity’s leasing arrangements. The guidance will be effective at the beginning of fiscal 2019, including interim periods within that fiscal year, and will be applied on a modified retrospective basis. We are evaluating the impact of this guidance on our consolidated financial position, results of operations and cash flows. However, we expect that the adoption of the guidance will require us to recognize right-of-use assets and lease liabilities that will be material to our consolidated balance sheet.

 

In March 2016, the FASB issued guidance intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification in the statement of cash flows and forfeitures. The guidance will be effective at the beginning of fiscal 2017, including interim periods within that fiscal year, and can be applied either prospectively, retrospectively or using a modified retrospective transition method. We are still evaluating the effect of the guidance, but the adoption may create volatility in our effective tax rate. Upon adoption, all tax-related cash flows resulting from share-based payments will be reported as operating activities on the statements of cash flows, a change from the current presentation of presenting tax benefits as an inflow from financing activities and an outflow from operating activities.

 

In November 2016, the FASB issued guidance for restricted cash classification and presentation of the statement of cash flows requiring cash to be included within cash and cash equivalents on the statement of cash flows. The guidance will be effective at the beginning of fiscal 2018, including interim periods within that fiscal year, and will be applied on a retrospective basis. We are evaluating the impact of this guidance on our consolidated statement of cash flows.

 

Note 3 – Fair Value Measurements

 

The accounting standards related to fair value measurements define fair value and provide a consistent framework for measuring fair value under the authoritative literature. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect market assumptions. This guidance only applies when other standards require or permit the fair value measurement of assets and liabilities. The guidance does not expand the use of fair value measurements. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three broad levels.

 

·Level 1 – Quoted prices in active markets for identical assets or liabilities;
·Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data;
·Level 3 – Significant unobservable inputs that are not corroborated by market data. Generally, these fair value measures are model-based valuation techniques such as discounted cash flows, and are based on the best information available, including our own data. Fair values of our long-lived assets are estimated using an income-based approach and are classified within Level 3 of the valuation hierarchy.

 

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Shoe Carnival, Inc.

Notes to Consolidated Financial Statements - continued

 

The following table presents assets that are measured at fair value on a recurring basis at January 28, 2017 and January 30, 2016. We have no material liabilities measured at fair value on a recurring or non-recurring basis.

 

    Fair Value Measurements 
(In thousands)   Level 1    Level 2    Level 3   Total  
As of January 28, 2017:                    
Cash equivalents – money market account  $114   $0   $0   $114 
                     
As of January 30, 2016:                    
Cash equivalents– money market account  $5,386   $0   $0   $5,386 

 

The fair values of cash, receivables, accounts payable, accrued expenses and other current liabilities approximate their carrying values because of their short-term nature.

 

From time to time, we measure certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. These are typically store specific assets, which are reviewed for impairment whenever events or changes in circumstances indicate that recoverability of their carrying value is questionable. If the expected undiscounted future cash flows related to a store’s assets are less than their carrying value, an impairment loss would be recognized for the difference between estimated fair value and carrying value and recorded in selling, general and administrative expenses. We estimate the fair value of store assets using an income-based approach considering the cash flows expected over the remaining lease term for each location. These projections are primarily based on management’s estimates of store-level sales, gross margins, direct expenses, exercise of future lease renewal options and resulting cash flows and, by their nature, include judgments about how current initiatives will impact future performance. External factors, such as the local environment in which the store resides, including strip-mall traffic and competition, are evaluated in terms of their effect on sales trends. Changes in sales and operating income assumptions or unfavorable changes in external factors can significantly impact the estimated future cash flows. An increase or decrease in the projected cash flow can significantly decrease or increase the fair value of these assets, which would have an effect on the impairment recorded.

 

During the fifty-two weeks ended January 28, 2017, we recorded an impairment charge of $4.5 million on long-lived assets held and used, which was included in earnings for the period. Subsequent to this impairment, these long-lived assets had a remaining unamortized basis of $4.7 million. During the fifty-two weeks ended January 30, 2016, we recorded an impairment charge of $1.0 million on long-lived assets held and used, which was included in earnings for the period. Subsequent to this impairment, these long-lived assets had a remaining unamortized basis of $1.0 million.

 

Note 4 – Property and Equipment-Net

 

The following is a summary of property and equipment:

 

(In thousands)  January 28,
2017		  January 30,
2016
       
Furniture, fixtures and equipment  $154,391   $149,341 
Leasehold improvements   110,787    104,220 
Total   265,178    253,561 
Less accumulated depreciation and amortization   (168,962)   (150,175)
Property and equipment – net  $96,216   $103,386 

 

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Shoe Carnival, Inc.

Notes to Consolidated Financial Statements - continued

 

Note 5 – Accrued and Other Liabilities

 

Accrued and other liabilities consisted of the following:

 

(In thousands)  January 28,
2017		  January 30,
2016
       
Employee compensation and benefits  $4,829   $6,075 
Self-insurance reserves   3,411    3,305 
Gift cards   2,355    2,211 
Sales and use tax   1,362    1,902 
Other   6,531    2,355 
Total accrued and other liabilities  $18,488   $15,848 

 

Note 6 – Long-Term Debt

 

On March 27, 2017 we entered into a second amendment of our current unsecured credit agreement (the “Credit Agreement”) to extend the expiration date by five years and renegotiate certain terms and conditions. The Credit Agreement continues to provide for up to $50.0 million in cash advances and commercial and standby letters of credit with borrowing limits based on eligible inventory.

 

The Credit Agreement contains covenants which stipulate: (1) Total Shareholders’ Equity will not fall below $250.0 million at the end of each fiscal quarter; (2) the ratio of funded debt plus three times rent to EBITDA plus rent will not exceed 2.5 to 1.0; (3) cash dividends for a fiscal year will not exceed $10 million; and, (4) Distributions in the form of redemptions of Equity Interests can be made solely with cash on hand so long as before and immediately after such distributions there are no revolving loans outstanding. Should a default condition be reported, the lenders may preclude additional borrowings and call all loans and accrued interest at their discretion. As of January 28, 2017, there were $1.0 million in letters of credit outstanding and $49.0 million available to us for borrowing under the Credit Agreement.

 

The credit facility bears interest, at our option, at (1) the agent bank’s prime rate as defined in the Credit Agreement plus 1.0% with the prime rate defined as the greater of (a) the Federal Fund rate plus 0.50% or (b) the interest rate announced from time to time by the agent bank as its “prime rate” or (2) LIBOR plus 1.25% to 2.50%, depending on our achievement of certain performance criteria. A commitment fee is charged at 0.20% to 0.35% per annum, depending on our achievement of certain performance criteria, on the unused portion of the bank group’s commitment. The Credit Agreement expires on March 27, 2022.

 

Note 7 – Leases

 

We lease all of our retail locations and certain equipment under operating leases expiring at various dates through fiscal 2031. Various lease agreements require scheduled rent increases over the initial lease term. Rent expense for such leases is recognized on a straight-line basis over the initial lease term beginning the earlier of the start date of the lease or when we take possession of the property. The difference between rent based upon scheduled monthly payments and rent expense recognized on a straight-line basis is recorded as accrued rent. All incentives received from landlords are recorded as deferred income and amortized over the life of the lease on a straight-line basis as a reduction of rental expense.

 

Certain leases provide for contingent rents that are not measurable at inception. These contingent rents are primarily based on a percentage of sales that are in excess of a predetermined level. These amounts are excluded from minimum rent and are included in the determination of total rent expense when it is probable that the expense has been incurred and the amount is reasonably estimable. Certain leases also contain escalation clauses for increases in operating costs and taxes.

 

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Shoe Carnival, Inc.

Notes to Consolidated Financial Statements - continued

 

There were no assignments of operating leases to third parties in fiscal 2016. We assigned four store operating leases to separate third parties during fiscal 2015. Based on the terms of the assignments, we are not liable to the landlords for any future obligations that should arise in connection with these locations.

 

Rental expense for our operating leases consisted of:

 

(In thousands)  2016  2015  2014
          
Rentals for real property  $65,900   $64,244   $62,727 
Contingent rent   92    83    59 
Equipment rentals   62    59    66 
Total  $66,054   $64,386   $62,852 

 

Future minimum lease payments at January 28, 2017 were as follows:

 

(In thousands)  Operating
Leases
    
2017  $69,772 
2018   61,041 
2019   56,130 
2020   47,483 
2021   45,485 
Thereafter to 2031   93,107 
Total  $373,018 

 

Note 8 – Income Taxes

 

The provision for income taxes consisted of:

 

(In thousands)  2016  2015  2014
          
Current:               
Federal  $13,366   $18,366   $14,575 
State   1,997    2,267    1,800 
Puerto Rico   250    249    350 
Total current   15,613    20,882    16,725 
                
Deferred:               
Federal   (153)   (3,000)   (1,229)
State   (1,228)   (145)   (115)
Puerto Rico   (1,494)   (318)   (1,149)
Total deferred   (2,875)   (3,463)   (2,493)
Valuation allowance   1,494    318    1,943 
Total provision  $14,232   $17,737   $16,175 

 

We realized a tax benefit of $2,900, $120,000 and $68,000 in fiscal years 2016, 2015 and 2014, respectively, as a result of the exercise of stock options and the vesting of restricted stock, which is recorded in shareholders’ equity.

 

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Notes to Consolidated Financial Statements - continued

 

Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows:

 

Fiscal years    2016    2015    2014
          
U.S. Federal statutory tax rate   35.0%   35.0%   35.0%
State and local income taxes, net of federal tax benefit   2.1    2.7    3.1 
Puerto Rico   0.2    0.3    0.2 
Valuation allowance   4.0    0.7    4.7 
Tax benefit of foreign losses   (3.6)   (0.6)   (4.3)
    0.0    0.0    0.1 
Effective income tax rate   37.7%   38.1%   38.8%

 

We recorded $224,000, $327,000 and $300,000 in federal employment related tax credits in fiscal 2016, 2015 and 2014, respectively.

 

Deferred income taxes are the result of temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. The sources of these differences and the tax effect of each are as follows:

 

(In thousands)  January 28,
2017		  January 30,
2016
Deferred tax assets:          
Accrued rent  $4,333   $4,321 
Accrued compensation   8,552    6,911 
Accrued employee benefits   555    532 
Inventory   1,125    737 
Self-insurance reserves   758    641 
Lease incentives   11,996    12,522 
Net operating loss carry forward   3,719    2,261 
Other   638    411 
Total deferred tax assets   31,676    28,336 
Valuation allowance   (3,717)   (2,261)
Total deferred tax assets – net of valuation allowance   27,959    26,075 
           
Deferred tax liabilities:          
Property and equipment   17,256    16,671 
Capitalized costs   1,103    1,153 
Other   0    32 
Total deferred tax liabilities   18,359    17,856 
Net deferred tax asset   9,600    8,219 
Less current deferred income tax benefit   0    (1,061)
Long-term deferred income taxes  $9,600   $7,158 

 

At the end of fiscal 2016, we estimated foreign net operating loss carry forwards of $9.8 million, which expire between fiscal 2023 and fiscal 2026. At January 28, 2017, we had a valuation allowance of $3.7 million against these net operating losses that would be realizable only upon the generation of future taxable income in the jurisdiction in which the losses were incurred.

 

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Notes to Consolidated Financial Statements - continued

 

Our unrecognized tax liabilities relate to tax years encompassing our fiscal years 1999 through 2016 for the tax years that remain subject to examination by major tax jurisdictions as of January 28, 2017. At January 28, 2017, January 30, 2016 and January 31, 2015, there were no unrecognized tax liabilities or related accrued penalties or interest in Other liabilities on the Consolidated Balance Sheets.

 

Note 9 – Employee Benefit Plans

 

Retirement Savings Plans

 

On February 24, 1994, our Board of Directors approved the Shoe Carnival Retirement Savings Plan (the “Domestic Savings Plan”).  The Domestic Savings Plan is open to all employees working in the continental United States who have been employed for at least one year, are at least 21 years of age and who work at least 1,000 hours in a defined year.  The primary savings mechanism under the Domestic Savings Plan is a 401(k) plan under which an employee may contribute up to 20% of annual earnings with us matching the first 4% at a rate of 50%.  Our contributions to the participants’ accounts become fully vested when the participant reaches their third anniversary of employment with us.  Contributions charged to expense were $695,000, $656,000, and $639,000 in fiscal years 2016, 2015, and 2014, respectively.

 

On March 19, 2012, our Board of Directors approved the Shoe Carnival Puerto Rico Savings Plan (the “Puerto Rico Savings Plan”).  The Puerto Rico Savings Plan is open to all employees working in Puerto Rico who have been employed for at least one year, are at least 21 years of age and who work at least 1,000 hours in a defined year. This plan is similar to our Domestic Savings Plan whereby an employee may contribute up to 20% of his or her annual earnings, with us matching the first 4% at a rate of 50%.  Contributions charged to expense were $15,000, $10,000 and $12,000 in fiscal years 2016, 2015 and 2014, respectively.

 

Stock Purchase Plan

 

On May 11, 1995, our shareholders approved the Shoe Carnival, Inc. Employee Stock Purchase Plan (the “Stock Purchase Plan”) as adopted by our Board of Directors on February 9, 1995. The Stock Purchase Plan reserves 450,000 shares of our common stock (subject to adjustment for any subsequent stock splits, stock dividends and certain other changes in the common stock) for issuance and sale to any employee who has been employed for more than a year at the beginning of the calendar year, and who is not a 10% owner of our common stock, at 85% of the then fair market value up to a maximum of $5,000 in any calendar year. Under the Stock Purchase Plan, 10,000, 10,000 and 11,000 shares of common stock were purchased by participants in the plan and proceeds to us for the sale of those shares were approximately $223,000, $236,000 and $209,000 for fiscal years 2016, 2015 and 2014, respectively. At January 28, 2017, there were 94,000 shares of unissued common stock reserved for future purchase under the Stock Purchase Plan.

 

The following table summarizes information regarding stock-based compensation expense recognized for the Stock Purchase Plan:

 

(In thousands)  2016  2015  2014
       
Stock-based compensation expense before the recognized income tax benefit (1)   $39   $41   $37 
Income tax benefit  $15   $16   $14 

 

(1)Amounts are representative of the 15% discount employees are provided for purchases under the Stock Purchase Plan.

 

47

 

 

Shoe Carnival, Inc.

Notes to Consolidated Financial Statements - continued

 

Deferred Compensation Plan

 

In fiscal 2000, we established a non-qualified deferred compensation plan for certain key employees who, due to Internal Revenue Service guidelines, cannot take full advantage of the employer sponsored 401(k) plan. Participants in the plan elect on an annual basis to defer, on a pre-tax basis, portions of their current compensation until retirement, or earlier if so elected. While not required to, we can match a portion of the employees’ contributions, which would be subject to vesting requirements. The compensation deferred under this plan is credited with earnings or losses measured by the rate of return on investments elected by plan participants. The plan is currently unfunded. Compensation expense for our match and earnings on the deferred amounts was $1.5 million for fiscal 2016 and $856,000 for fiscal 2014. Compensation income for our match and earnings on the deferred amounts was $6,000 for fiscal 2015. The total deferred compensation liability at January 28, 2017 and January 30, 2016 was $10.5 million and $9.6 million, respectively.

 

Note 10 – Stock Based Compensation

 

Compensation Plan Summaries

 

The 2000 Stock Option and Incentive Plan (the “2000 Plan”) was approved by our Board of Directors and shareholders effective June 8, 2000.  On June 14, 2012, the 2000 Plan was amended to increase the number of shares reserved for issuance from 3,000,000 to 3,900,000 (subject to adjustment for subsequent stock splits, stock dividends and certain other changes in the common stock).  The 2000 Plan was also amended to revise the provision governing the payment of dividends on shares of restricted stock.  No further awards may be made under the 2000 Plan after the later of ten years from date of adoption, or ten years from the approval of any amendment. At January 28, 2017, there were 380,000 shares of unissued common stock reserved for future grants under the 2000 Plan.

 

Stock options currently outstanding under the 2000 Plan typically were granted such that one-third of the shares underlying the stock options granted would vest and become fully exercisable on each of the first three anniversaries of the date of the grant and were assigned a 10-year term from the date of grant.  Restricted stock awards issued to employees under the 2000 Plan are classified as either performance-based or service-based.  Performance-based restricted stock awards historically were granted such that they vest upon the achievement of specified levels of annual earnings per diluted share during a six-year period starting from the grant date.  Should the annual earnings per diluted share criteria not be met within the six-year period from the grant date, any shares still restricted will be forfeited. In fiscal 2016, we granted performance-based restricted stock awards that vest on March 31, 2019 if we achieve a specified level of annual earnings per diluted share in any of fiscal 2016, 2017 or 2018. Should the annual earnings per diluted share criteria not be met in any of three fiscal years, the restricted stock awards will be forfeited on March 31, 2019.  Service-based restricted stock awards typically are granted under one of four vesting periods: (a) one-third of the shares would vest on each of the first three anniversaries subsequent to the date of the grant; (b) the full award would vest at the end of a 5-year service period subsequent to date of grant; (c) the full award would vest at the end of a 2-year service period subsequent to date of grant; or (d) for our Directors, all restricted stock awards are issued to vest on January 2nd. of the year following the year of the grant. Awards that contain both performance and service based conditions require that the performance target is met during the required service period. Non-vested performance-based restricted stock granted before June 14, 2012, and all shares of non-vested service-based restricted stock provide non-forfeitable rights to all dividends declared by the Company. Dividends on non-vested performance-based restricted stock granted after June 14, 2012, are subject to deferral until such times as the shares vest and are released.

 

Plan Specific Activity and End of Period Balance Summaries

 

Stock Options

 

No stock options have been granted since fiscal 2008. All outstanding options had vested as of the end of fiscal 2011, therefore no unrecognized compensation expense remains.

 

48

 

 

Shoe Carnival, Inc.

Notes to Consolidated Financial Statements - continued

 

The following table summarizes the stock option transactions pursuant to the stock-based compensation plans:

 

   Number of
Shares		  Weighted-
Average
Exercise Price		  Weighted-
Average
Remaining
Contractual
Term (Years)		  Aggregate
Intrinsic
Value (in
thousands)
Outstanding at January 30, 2016   7,000   $7.63           
Granted   0                
Forfeited or expired   0                
Exercised   0    0.00           
Outstanding and exercisable at January 28, 2017
   7,000   $7.63    0.98   $124 

 

The following table summarizes information regarding options exercised:

 

(In thousands)  2016  2015  2014
          
Total intrinsic value (1)  $0   $229   $146 
Total cash received  $0   $155   $77 
Associated excess income tax benefits recorded  $0   $57   $43 

 

(1)Defined as the difference between the market value at exercise and the grant price of stock options exercised.

 

Restricted Stock Awards

 

The following table summarizes the restricted share transactions pursuant to the 2000 Plan:

 

   Number of
Shares		  Weighted-
Average Grant
Date Fair Value
Restricted stock at January 30, 2016   829,492   $22.13 
Granted   225,003    24.98 
Vested   (54,657)   25.38 
Forfeited   (34,980)   21.55 
Restricted stock at January 28, 2017   964,858   $22.63 

 

The total fair value at grant date of restricted stock awards that vested during fiscal 2016, 2015 and 2014 was $1.4 million, $478,000 and $351,000, respectively. The weighted-average grant date fair value of stock awards granted during fiscal 2015 and fiscal 2014 was $24.43 and $25.50, respectively.

 

The following table summarizes information regarding stock-based compensation expense recognized for restricted stock awards:

 

(In thousands)  2016  2015  2014
       
Stock-based compensation expense before the recognized income tax benefit  $3,507   $3,340   $906 
Income tax benefit  $1,322   $1,274   $351 

 

The $906,000 of expense recognized in fiscal 2014 was comprised of stock-based compensation expense of $3.2 million, partially offset by an expense reversal of $2.3 million. The reduction in expense was attributable to the third quarter reversal of the cumulative prior period expense for performance-based awards, which were deemed by management as not probable of vesting prior to their expiration.

 

49

 

Shoe Carnival, Inc.

Notes to Consolidated Financial Statements - continued

 

As of January 28, 2017, there was approximately $7.4 million of unrecognized compensation expense remaining related to both our performance-based and service-based restricted stock awards. The cost is expected to be recognized over a weighted average period of approximately 1.9 years. This incorporates our current assumptions with respect to the estimated requisite service period required to achieve the designated performance conditions for performance-based stock awards.

 

Cash-Settled Stock Appreciation Rights (SARs)

 

Our outstanding Cash-Settled Stock Appreciation Rights (SARs) were granted during the first quarter of fiscal 2015 to certain non-executive employees, such that one-third of the shares underlying the SARs will vest and become fully exercisable on each of the first three anniversaries of the date of the grant and were assigned a five-year term from the date of grant, after which any unexercised SARs will expire. Each SAR entitles the holder, upon exercise of their vested shares, to receive cash in an amount equal to the closing price of our stock on the date of exercise less the exercise price, with a maximum amount of gain defined. The SARs granted during the first quarter of fiscal 2015 were issued with a defined maximum gain of $10.00 over the exercise price of $24.26. In accordance with current authoritative guidance, cash-settled SARs are accounted for as liability awards and classified as Other liabilities on the Consolidated Balance Sheets.

 

The following table summarizes the SARs activity:

 

   Number of
Shares		  Weighted-
Average
Exercise Price		  Weighted-
Average
Remaining
Contractual
Term (Years)
Outstanding at January 30, 2016   147,550   $24.26      
Granted   0    24.26      
Forfeited   (6,500)   24.26      
Exercised   (29,750)   24.26      
Outstanding at January 28, 2017   111,300   $24.26    3.1 

 

The fair value of liability awards are remeasured, using a trinomial lattice model, at each reporting period until the date of settlement. Increases or decreases in stock-based compensation expense is recognized over the vesting period, or immediately for vested awards.

 

The fair value was estimated using a trinomial lattice model with the following assumptions:

 

   January 28, 2017  January 30, 2016  January 31, 2015
Risk free interest rate yield curve   0.49% - 1.94%   0.22% - 1.33%   0.01% - 1.18%
Expected dividend yield   1.1%   1.0%   1.0%
Expected volatility   35.51%   36.05%   37.82%
Maximum life   3.1 Years    4.1 Years    2.0 Years 
Exercise multiple   1.34    1.34    1.31 
Maximum payout  $10.00   $10.00   $6.67 
Employee exit rate   2.2% - 9.0%   2.2% - 9.0%   2.2% - 9.0%

 

The risk free interest rate was based on the U.S. Treasury yield curve in effect at the end of the reporting period. The expected dividend yield was based on our quarterly cash dividends in fiscal 2016, with the assumption that quarterly dividends would continue at the current rate. Expected volatility was based on the historical volatility of our stock. The exercise multiple and employee exit rate are based on historical option data.

 

50

 

 

Shoe Carnival, Inc.

Notes to Consolidated Financial Statements - continued

 

The following table summarizes information regarding stock-based compensation expense recognized for SARs:

 

(In thousands)  2016  2015  2014
       
Stock-based compensation expense before the recognized income tax benefit  $276   $321   $121 
Income tax benefit  $104   $123   $47 

 

As of January 28, 2017, approximately $110,000 in unrecognized compensation expense remained related to non-vested SARs. This expense is expected to be recognized over a weighted-average period of approximately 0.7 years.

 

Note 11 – Business Risk

 

We purchase merchandise from approximately 170 footwear vendors. In fiscal 2016, two branded suppliers, Nike, Inc. and Skechers USA, Inc., collectively accounted for approximately 45% of our net sales. Nike, Inc. accounted for approximately 33% of our net sales and Skechers USA, Inc. accounted for approximately 12%. A loss of any of our key suppliers in certain product categories could have a material adverse effect on our business. As is common in the industry, we do not have any long-term contracts with suppliers.

 

Note 12 – Litigation Matters

 

The accounting standard related to loss contingencies provides guidance in regards to our disclosure and recognition of loss contingencies, including pending claims, lawsuits, disputes with third parties, investigations and other actions that are incidental to the operation of our business. The guidance utilizes the following defined terms to describe the likelihood of a future loss: (1) probable – the future event or events are likely to occur, (2) remote – the chance of the future event or events is slight and (3) reasonably possible – the chance of the future event or events occurring is more than remote but less than likely. The guidance also contains certain requirements with respect to how we accrue for and disclose information concerning our loss contingencies. We accrue for a loss contingency when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. When the reasonable estimate of the loss is within a range of amounts, and no amount in the range constitutes a better estimate than any other amount, we accrue for the amount at the low end of the range. We adjust our accruals from time to time as we receive additional information, but the loss we incur may be significantly greater than or less than the amount we have accrued. We disclose loss contingencies if there is at least a reasonable possibility that a loss has been incurred. No accrual or disclosure is required for losses that are remote.

 

From time to time, we are involved in certain legal proceedings in the ordinary course of conducting our business. While the outcome of any legal proceeding is uncertain, we do not currently expect that any such proceedings will have a material adverse effect on our consolidated balance sheets, statements of income, or cash flows.

 

51

 

 

Shoe Carnival, Inc.

Notes to Consolidated Financial Statements - continued

 

Note 13 – Quarterly Results (Unaudited)

 

Quarterly results are determined in accordance with the accounting policies used for annual data and include certain items based upon estimates for the entire year. All fiscal quarters in 2016 and 2015 include results for 13 weeks.

 

(In thousands, except per share data)

 

Fiscal 2016  First
Quarter		  Second
Quarter		  Third
Quarter		  Fourth
Quarter
             
Net sales  $260,470   $231,907   $274,524   $234,201 
Gross profit   75,556    67,230    82,010    64,439 
Operating income (loss)   17,285    6,660    15,452    (1,485)
Net income (loss)   10,661    4,104    9,672    (920)
Net income (loss) per share – Basic (1)  $0.56   $0.22   $0.54   $(0.05)
Net income (loss) per share – Diluted (1)  $0.56   $0.22   $0.54   $(0.05)

 

Fiscal 2015  First
Quarter		  Second
Quarter		  Third
Quarter		  Fourth
Quarter
             
Net sales  $252,767   $227,822   $269,713   $233,666 
Gross profit   74,689    66,274    81,317    68,236 
Operating income   17,030    7,877    15,173    6,553 
Net income   10,396    4,817    9,386    4,168 
Net income per share – Basic (1)  $0.52   $0.24   $0.47   $0.21 
Net income per share – Diluted (1)  $0.52   $0.24   $0.47   $0.21 

 

(1)Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year due to the impact of changes in weighted shares outstanding and differing applications of earnings under the two-class method.

 

Note 14 – Subsequent Events

 

On March 22, 2017, the Board of Directors approved the payment of a cash dividend to our shareholders in the first quarter of fiscal 2017.  The quarterly cash dividend of $0.07 per share will be paid on April 24, 2017 to shareholders of record as of the close of business on April 10, 2017.

 

The declaration and payment of any future dividends are at the discretion of the Board of Directors and will depend on our results of operations, financial condition, business conditions and other factors deemed relevant by our Board of Directors.

 

On March 27, 2017, we entered into a second amendment of our Credit Agreement to extend the expiration date by five years and renegotiate certain terms and conditions. The Credit Agreement continues to provide for up to $50.0 million in cash advances and commercial and standby letters of credit with borrowing limits based on eligible inventory. The details of the amended Credit Agreement are contained in Note 6 – “Long –Term Debt.”

 

52

 

 

SHOE CARNIVAL, INC.
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

 

(In thousands)

 

Reserve for sales returns and allowances

  Balance at
Beginning
of Period		  Charged to
Cost and
Expenses		  Credited to
Costs and
Expenses		  Balance at
End of
Period
             
Year ended January 31, 2015  $131   $104,511   $104,495   $147 
Year ended January 30, 2016  $147   $105,258   $105,227   $178 
Year ended January 28, 2017  $178   $102,826   $102,802   $202 

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

 

ITEM 9A. CONTROLS AND PROCEDURES

 

Management’s Report on Internal Control Over Financial Reporting

 

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934. Internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s board of directors, management and other personnel 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 and includes those policies and procedures that:

 

·Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

 

·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 Company are being made only in accordance with authorizations of management and directors of the Company; and

 

·Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

 

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Management assessed the effectiveness of the Company’s internal control over financial reporting as of
January 28, 2017. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations (“COSO”) of the Treadway Commission in Internal Control-Integrated Framework (2013). Based on its assessment, management believes that the Company’s internal control over financial reporting was effective as of January 28, 2017.

 

The Company’s internal control over financial reporting as of January 28, 2017 has been audited by its independent registered public accounting firm, Deloitte & Touche LLP, as stated in their report, which is included herein.

 

53

 

 

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures and Changes in Internal Control over Financial Reporting

 

Our Chief Executive Officer and Chief Financial Officer have concluded, based on their evaluation as of
January 28, 2017, that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports filed or submitted by us under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and include controls and procedures designed to ensure that information required to be disclosed by us in such reports is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

 

There has been no significant change in our internal control over financial reporting that occurred during the quarter ended January 28, 2017 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

54

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors and Shareholders of

Shoe Carnival, Inc.

Evansville, Indiana

 

We have audited the internal control over financial reporting of Shoe Carnival, Inc. and subsidiaries (the “Company”) as of January 28, 2017, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 

A company’s internal control over financial reporting is a process designed by, or under the supervision of, the company’s principal executive and principal financial officers, or persons performing similar functions, and effected by the company’s board of directors, management, and other personnel 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (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 company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

 

Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of January 28, 2017, based on the criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

 

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements and financial statement schedule as of and for the year ended January 28, 2017, of the Company and our report dated March 29, 2017, expressed an unqualified opinion on those financial statements and financial statement schedule.

 

/s/ DELOITTE & TOUCHE LLP

Indianapolis, Indiana

March 29, 2017

 

55

 

 

ITEM 9B. OTHER INFORMATION
   

None

 

PART III

 

ITEM 10.  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

The information required by this Item concerning our Directors, nominees for Director, Code of Ethics, designation of the Audit Committee financial expert and identification of the Audit Committee, and concerning any disclosure of delinquent filers under Section 16(a) of the Exchange Act, is incorporated herein by reference to our definitive Proxy Statement for the 2017 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after the end of our last fiscal year. Information concerning our executive officers is included under the caption “Executive Officers” at the end of PART I, ITEM 1. BUSINESS of this Annual Report on Form 10-K. Such information is incorporated herein by reference.

 

We have adopted a Code of Business Conduct and Ethics (the “Code”) that applies to all of our Directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting officer and controller. The Code is posted on our website at www.shoecarnival.com. We intend to disclose any amendments to the Code by posting such amendments on our website. In addition, any waivers of the Code for our Directors or executive officers will be disclosed in a report on Form 8-K.

 

ITEM 11.  EXECUTIVE COMPENSATION

 

The information required by this Item concerning remuneration of our officers and Directors and information concerning material transactions involving such officers and Directors and Compensation Committee interlocks, including the Compensation Committee Report and the Compensation Discussion and Analysis, is incorporated herein by reference to our definitive Proxy Statement for the 2017 Annual Meeting of Shareholders which will be filed pursuant to Regulation 14A within 120 days after the end of our last fiscal year.

 

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 

The information required by this Item concerning the stock ownership of management and five percent beneficial owners and securities authorized for issuance under equity compensation plans is incorporated herein by reference to our definitive Proxy Statement for the 2017 Annual Meeting of Shareholders which will be filed pursuant to Regulation 14A within 120 days after the end of our last fiscal year.

 

ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 

The information required by this Item concerning certain relationships and related transactions and the independence of our Directors is incorporated herein by reference to our definitive Proxy Statement for the 2017 Annual Meeting of Shareholders, which will be filed pursuant to Regulation 14A within 120 days after the end of our last fiscal year.

 

ITEM 14.  PRINCIPAL ACCOUNTING FEES AND SERVICES

 

The information required by this Item concerning principal accountant fees and services is incorporated herein by reference to our definitive Proxy Statement for the 2017 Annual Meeting of Shareholders, which will be filed pursuant to Regulation 14A within 120 days after the end of our last fiscal year.

 

56

 

 

PART IV

 

ITEM 15.   EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 

1. 1 Financial Statements:
    The following financial statements of Shoe Carnival, Inc. are set forth in PART II, ITEM 8 of this report:
    Report of Independent Registered Public Accounting Firm
    Consolidated Balance Sheets at January 28, 2017 and January 30, 2016
    Consolidated Statements of Income for the years ended January 28, 2017, January 30, 2016, and January 31, 2015.
    Consolidated Statements of Shareholders’ Equity for the years ended January 28, 2017,       January 30, 2016, and January 31, 2015
    Consolidated Statements of Cash Flows for the years ended January 28, 2017, January 30, 2016, and January 31, 2015
    Notes to Consolidated Financial Statements
2. 2 Financial Statement Schedule:
    The following financial statement schedule of Shoe Carnival, Inc. is set forth in PART II, ITEM 8 of this report.
    Schedule II Valuation and Qualifying Accounts
3. 3 Exhibits:
    A list of exhibits required to be filed as part of this report is set forth in the Index to Exhibits, which immediately precedes such exhibits, and is incorporated herein by reference.

 

ITEM 16.   FORM 10-K SUMMARY

 

None.

 

57

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Shoe Carnival, Inc.

 

Date:   March 29, 2017 By: /s/ Clifton E. Sifford
    Clifton E. Sifford
    President and Chief Executive Officer

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Signature Title Date

 

/s/ J. Wayne Weaver   Chairman of the Board and Director March 29, 2017
J. Wayne Weaver      

 

/s/ Clifton E. Sifford   President, Chief Executive Officer and Director March 29, 2017
Clifton E. Sifford   (Principal Executive Officer)  
       
/s/ James A. Aschleman   Director March 29, 2017
James A. Aschleman      
       
/s/ Jeffrey C. Gerstel   Director March 29, 2017
Jeffrey C. Gerstel      
       
/s/ Andrea R. Guthrie   Director March 29, 2017
Andrea R. Guthrie      
       
/s/ Kent A. Kleeberger   Director March 29, 2017
Kent A. Kleeberger      
       
/s/ Joseph W. Wood   Director March 29, 2017
Joseph W. Wood      

 

/s/ W. Kerry Jackson   Senior Executive Vice President - Chief Operating March 29, 2017
W. Kerry Jackson   and Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)  

 

58

 

 

INDEX TO EXHIBITS

 

      Incorporated by Reference To  
Exhibit
No.		  
Description		 Form Exhibit Filing
Date		 Filed
Herewith
             
3-A   Amended and Restated Articles of Incorporation of Registrant 8-K 3-A 6/14/2013  
3-B   By-laws of Registrant, as amended to date 8-K 3-B 6/14/2013  
4-A   Credit Agreement, dated as of January 20, 2010, among Registrant, the financial institutions from time to time party thereto as Banks, and Wachovia Bank, National Association, as Agent 8-K 4.1 1/26/2010+  
4-B   First Amendment to Credit Agreement dated as of April 10, 2013, by and among Registrant, the financial institutions from time to time party thereto as Banks, and Wells Fargo Bank, N.A., as successor-by-merger to Wachovia Bank, National Association, as Agent 10-K 4-B 4/15/2013  
4-C   Second Amendment to Credit Agreement dated as of March 27, 2017, by and among Registrant, the financial institutions from time to time party thereto as Banks, and Wells Fargo Bank, N.A., as successor-by-merger to Wachovia Bank, National Association, as Agent       X
10-A   Lease, dated as of February 8, 2006, by and between Registrant and Big-Shoe Properties, LLC 10-K 10-A 4/13/2006+  
10-B   Lease, dated as of June 22, 2006, by and between Registrant and Outback Holdings, LLC 8-K 10-D 6/28/2006+  
10-C*   Summary Compensation Sheet       X
10-D*   Non-competition Agreement dated as of January 15, 1993, between Registrant and J. Wayne Weaver S-1 10-I 2/4/1993  
10-E*   Employee Stock Purchase Plan of Registrant, as amended 10-Q 10-L 9/15/1997+  
10-F*   2006 Executive Incentive Compensation Plan, as amended 8-K 10-B 6/17/2011+  
10-G*   2016 Executive Incentive Compensation Plan 8-K 10.1 6/17/2016  
10-H*   2000 Stock Option and Incentive Plan of Registrant, as amended 10-Q 10.1 6/10/2015  
10-I*   Form of Notice of Grant of Stock Options and Option Agreement for incentive stock options granted under the Registrant’s 2000 Stock Option and Incentive Plan 8-K 10-A 9/2/2004+  
10-J*   Form of Notice of Grant of Stock Options and Option Agreement for non-qualified stock options granted under the Registrant’s 2000 Stock Option and Incentive Plan 8-K 10-B 9/2/2004+  
10-K*   Form of Award Agreement for restricted stock granted under the Registrant’s 2000 Stock Option and Incentive Plan 8-K 10-C 3/24/2005+  

 

59

 

 

INDEX TO EXHIBITS - Continued

 

      Incorporated by Reference To  
Exhibit
No.		   Description Form Exhibit Filing
Date		 Filed
Herewith
            X
10-L*   Form of Award Agreement for time-based restricted stock with cliff vesting granted under the Registrant’s 2000 Stock Option and Incentive Plan 8-K 10.2 10/19/2012  
10-M*   Form of Award Agreement for  performance-based restricted stock with deferred cash dividends granted under the Registrant’s 2000 Stock Option and Incentive Plan 10-Q 10.1 6/13/13  
10-N*   Form of Award Agreement for time-based restricted stock granted to executive officers under the Registrant’s 2000 Stock Option and Incentive Plan 8-K 10.1 3/21/2016  
10-O*   Form of Award Agreement for restricted stock with both performance-based and time-based restrictions granted under the Registrant’s 2000 Stock Option and Incentive Plan 8-K/A 10.2 4/25/2016  
10-P*   Amended and Restated Employment and Noncompetition Agreement dated December 11, 2008, between Registrant and Timothy Baker 8-K 10.2 12/17/2008+  
10-Q*   Amended and Restated Employment and Noncompetition Agreement dated December 11, 2008, between Registrant and Clifton E. Sifford 8-K 10.3 12/17/2008+  
10-R*   Amended and Restated Employment and Noncompetition Agreement dated December 11, 2008, between Registrant and W. Kerry Jackson 8-K 10.4 12/17/2008+  
10-S*   Employment and Noncompetition Agreement dated April 7, 2011, between Registrant and Kathy A. Yearwood 10-K 10-X 4/14/2011+  
10-T*   Employment and Noncompetition Agreement dated  December 4, 2012, between Registrant and Carl N. Scibetta 10-K 10-U 4/15/2013  
10-U*   Shoe Carnival, Inc. Deferred Compensation Plan, as amended 10-K 10-S 4/10/2014  
21   A list of subsidiaries of Shoe Carnival, Inc.       X
23   Written consent of Deloitte & Touche LLP       X
31.1   Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002       X
31.2   Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002       X

 

60

 

 

      Incorporated by Reference To  

Exhibit
No.

   Description Form Exhibit Filing
Date		 Filed
Herewith
            X
32.1   Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002       X
32.2   Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002       X
101   The following materials from Shoe Carnival, Inc.’s Annual Report on Form 10-K for the year ended January 28, 2017, formatted in XBRL (Extensible Business Reporting Language): (1) Consolidated Balance Sheets, (2) Consolidated Statements of Income, (3) Consolidated Statement of Shareholders’ Equity, (4) Consolidated Statements of Cash Flows, and (5) Notes to Consolidated Financial Statements.       X

*

 

+

 

  

The indicated exhibit is a management contract, compensatory plan or arrangement required to be filed by Item 601 of Regulation S-K.

 

SEC File No. 000-21360.

 

60

 EX-4.(C) 2 scvl12817ex4c.htm CREDIT AGREEMENT

EXHIBIT 4-C

 

second AMENDMENT TO CREDIT AGREEMENT

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Agreement”) is made and entered into as of March 27, 2017, by and among SHOE CARNIVAL, INC., an Indiana corporation (the “Borrower”), the Banks (as defined herein) party hereto, and WELLS FARGO BANK, N.A., a national banking association, as successor-by-merger to Wachovia Bank, National Association (together with its successors and assigns, the “Agent”), as Agent on behalf of itself and the Banks.

W I T N E S S E T H :

WHEREAS, Borrower, the financial institutions from time to time party thereto (the “Banks”), and Agent have executed and delivered that certain Credit Agreement dated as of January 20, 2010, as amended by that certain First Amendment to Credit Agreement dated as of April 10, 2013 (and as the same may have been further amended, restated, supplemented, or otherwise modified from time to time before the date hereof, the “Credit Agreement”); and

WHEREAS, the Borrower has requested that the Agent and the Banks party hereto amend certain provisions of the Credit Agreement as set forth herein, and the Agent and the Banks party hereto have agreed to such amendments, subject to the terms and conditions hereof.

NOW, THEREFORE, for and in consideration of the above premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, the parties hereto hereby covenant and agree as follows:

SECTION 1.   Definitions. Unless otherwise specifically defined herein, each term used herein (and in the recitals above) which is defined in the Credit Agreement shall have the meaning assigned to such term in the Credit Agreement. Each reference to “hereof,” “hereunder,” “herein,” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall from and after the date hereof refer to the Credit Agreement as amended hereby.

SECTION 2.   Amendments to Credit Agreement.

(a)             The definition of “Borrowing Base” in Section 1.1 of the Credit Agreement is amended so that it reads, in its entirety, as follows:

“Borrowing Base” shall mean:

(a) at all times before the Commitments are increased by any amount in accordance with Section 2.12, an amount equal to the Commitments; and

(b) at all other times, an amount equal to 50% of the value (determined at the lower of cost, excluding any capitalized overhead cost allocated to any such inventory, or market) of Eligible Inventory.

At all times contemplated in the immediately preceding clause (b), the Borrowing Base at any time (absent manifest error) shall be the Borrowing Base shown in the most recently delivered Borrowing Base Certificate and such Borrowing Base shall be and remain the Borrowing Base until the next Borrowing Base Certificate

 

 

 

is required to be delivered to Agent, at which time the Borrowing Base shall be the amount shown in such subsequent Borrowing Base Certificate.

(b)            The definition of “Change of Control” in Section 1.1 of the Credit Agreement is amended so that it reads, in its entirety, as follows:

“Change of Control” shall mean the occurrence of either of the following circumstances: (a) any “Person” or “Group” (within the meaning of Sections 13(d) and 14(d) under the Securities Exchange Act of 1934) is or shall (i) be the “beneficial owner” (as so defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act) of more than 50% (determined on a fully diluted basis) of the voting interest in Borrower’s Equity Interests or (ii) have obtained the power (whether or not exercised) to elect a majority of Borrower’s directors or (b) Borrower’s board of directors shall cease to consist of a majority of (i) directors who were directors on the Effective Date and (ii) directors whose nomination to become a director was approved by a majority of the board of directors.

(c)             The definition of “LIBOR” in Section 1.1 of the Credit Agreement is amended so that it reads, in its entirety, as follows:

“LIBOR” shall mean, for any applicable Interest Period with respect to any LIBOR Loan, the rate per annum as published by ICE Benchmark Administration Limited (or any successor page or other commercially available source as the Agent may designate from time to time) as of 11:00 a.m., London time, two Business Days prior to the commencement of the requested Interest Period, for a term, and in an amount, comparable to the Interest Period and the amount of the LIBOR Loan requested (whether as an initial LIBOR Loan or as a continuation of a LIBOR Loan or as a conversion of a Prime Loan to a LIBOR Loan) by Borrower in accordance with this Agreement (and, if any such published rate is below zero, then the rate shall be deemed to be zero). Each determination of LIBOR shall be made by the Agent and shall be conclusive in the absence of manifest error.

(d)            The definition of “LIBOR Margin” in Section 2.5(b) of the Credit Agreement is amended so that it reads, in its entirety, as follows:

“LIBOR Margin” shall mean (a) at any time of determination prior to the Second Amendment Effective Date, the percentage determined by reference to the table in this Section 5.2(b) as in effect prior to the Second Amendment Effective Date and (b) at any time of determination on and after the Second Amendment Effective Date, the percentage determined by reference to the following table as adjusted on a quarterly basis simultaneously with the delivery of the Compliance Certificate required by Section 5.1(a)(iii) for any fiscal quarter and based on the ratio of Funded Debt to EBITDA determined as of the last day of the immediately preceding fiscal quarter for the four fiscal quarters then ending:

Level Funded Debt to EBITDA LIBOR Margin
1 Greater than 1.50 to 1.00 2.50%
2 Greater than or equal to 1.00 to 1.00 but less than or equal to 1.50 to 1.00 1.75%
3 Less than 1.00 to 1.00 1.25%

 

(e)             The definition of “Obligations” in Section 1.1 of the Credit Agreement is amended so that it reads, in its entirety, as follows:

2 

 


“Obligations” shall mean (a) any and all indebtedness, liabilities and obligations of Borrower and the Guarantors to Agent or any of the Banks under the Notes, Letters of Credit, this Agreement, or any of the other Loan Documents, now or hereafter executed and delivered by Borrower or any Guarantor to Agent or any of the Banks, including without limitation, all principal of the Loans, all Letter of Credit Obligations and other obligations of the Borrower and Guarantors with respect to Letters of Credit, interest, expenses, fees, and other sums payable by Borrower or Guarantor under this Agreement or the other Loan Documents (including any interest on pre-petition Obligations accruing after the commencement of any Insolvency Proceeding by or against Borrower or any Guarantor, whether or not allowable in such Insolvency Proceeding) and (b) all Bank Product Obligations, in each of the foregoing cases, whether now existing or hereafter arising, absolute or contingent, joint and/or several, secured or unsecured, direct or indirect, expressed or implied in law, contractual or tortious, liquidated or unliquidated, at law or in equity, or otherwise, and whether created directly or acquired by such Bank by assignment or otherwise, and any and all indemnities arising thereunder and all costs of collection and/or Attorneys’ Fees incurred or to be incurred in connection therewith; provided that, any of the foregoing to the contrary notwithstanding, the Obligations shall not include any Excluded Swap Obligation.

(f)             The definition of “Permitted Distribution Conditions” in Section 1.1 of the Credit Agreement is amended so that it reads, in its entirety, as follows:

“Permitted Distribution Conditions” shall mean, with respect to any Distribution, that (a) such Distribution is lawful; and (b) both immediately before and immediately after giving effect to such Distribution, no Default or Event of Default exists.

(g)            The definition of “Prime Rate” in Section 1.1 of the Credit Agreement is amended so that it reads, in its entirety, as follows:

“Prime Rate” shall mean the greater of (a) the rate of interest announced, from time to time, by Agent at its principal office in San Francisco as its “prime rate”, with the understanding that the “prime rate” is one of Agent’s base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after its announcement in such internal publications as Agent may designate (and, if any such announced rate is below zero, then the rate determined pursuant to this clause (a) shall be deemed to be zero) and (b) the Federal Funds Rate in effect on such day plus 1/2%.

(h)            The definition of “Term” in Section 1.1 of the Credit Agreement is amended so that it reads, in its entirety, as follows:

“Term” shall mean the period from the Effective Date up to and including March 27, 2022, except that (a) all, but not less than all, of the Banks may, in their sole discretion, extend such Term for additional one year periods by notifying Borrower of each such extension at least twelve (12) months prior to the expiration of the then current Term and of their intention to extend the Term by an additional year; (b) Agent may terminate the Banks’ obligations hereunder at any time prior to stated maturity date or any extension thereof pursuant to Article 6 herein; and (c) Borrower may terminate the facility as provided in Section 2.7.

(i)              The following new definitions are added to Section 1.1 of the Credit Agreement in appropriate alphabetical order:

“Anti-Corruption Laws” means the FCPA, the U.K. Bribery Act of 2010, as amended, and all other applicable laws and regulations or ordinances concerning or relating to bribery, money laundering or corruption in any jurisdiction in which any Obligor or any of its Subsidiaries or Related Parties is located or is doing business.

3 

 

 

“Anti-Money Laundering Laws” means the applicable laws or regulations in any jurisdiction in which any Obligor or any of its Subsidiaries or Related Parties is located or is doing business that relates to money laundering, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

“Excluded Swap Obligation” means, with respect to any Obligor, any Swap Obligation if, and to the extent that, all or a portion of the guaranty of such Obligor of, or the grant by such Obligor of a security interest to secure, such Swap Obligation (or any guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Obligor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guaranty of such Obligor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guaranty or security interest is or becomes illegal.

“Governmental Authority” means the government of any nation or any political subdivision thereof, whether at the national, state, territorial, provincial, county, municipal or any other level, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of, or pertaining to, government (including any supra-national bodies such as the European Union or the European Central Bank).

“Sanctioned Entity” means (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization directly or indirectly controlled by a country or its government, or (d) a Person resident in or determined to be resident in a country, in each case of clauses (a) through (d) that is a target of Sanctions, including a target of any country sanctions program administered and enforced by OFAC.

4 

 

 

“Sanctioned Person” means, at any time (a) any Person named on the list of Specially Designated Nationals and Blocked Persons maintained by OFAC, OFAC’s consolidated Non-SDN list or any other Sanctions-related list maintained by any relevant Sanctions authority, (b) a Person or legal entity that is a target of Sanctions, (c) any Person operating, organized or resident in a country that is a Sanctioned Entity, or (d) any Person directly or indirectly owned or controlled (individually or in the aggregate) by or acting on behalf of any such Person or Persons described in clauses (a) through (c) above.

“Sanctions” means individually and collectively, respectively, any and all economic sanctions, trade sanctions, financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes anti-terrorism laws and other sanctions laws, regulations or embargoes, including those imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by the Office of Foreign Assets Control (OFAC) of the U.S. Department of Treasury, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future executive order, (b) the United Nations Security Council, (c) the European Union or any European Union member state, (d) Her Majesty’s Treasury of the United Kingdom, or (d) any other Governmental Authority with jurisdiction over Agent, any Bank, or any Obligor or any of their respective Subsidiaries or Related Parties.

“Second Amendment Effective Date” shall mean March 27, 2017.

“Second Amendment” means that certain Second Amendment to Credit Agreement dated as of the Second Amendment Effective Date by and among Borrower, Banks, and Agent (and consented to by the Guarantors).

“Swap Obligation” means, with respect to any Obligor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

(j)              Section 2.2.A(b) of the Credit Agreement is amended so that it reads, in its entirety, as follows:

(b)       A Notice of Borrowing shall not be required in connection with a Prime Loan made in substitution of, or in replacement of, any LIBOR Loan pursuant to Article 7. Subject to Section 9.1, any Notice of Borrowing for a LIBOR Loan or a Prime Loan may be delivered through Agent’s electronic platform or portal. A Notice of Borrowing shall not be revocable by Borrower. Upon receipt of a Notice of Borrowing, Agent shall promptly notify each Bank of the contents thereof and of such Bank’s Pro Rata Share of such Revolving Loan. All Borrowing requests which are not made on-line via Agent’s electronic platform or portal shall be subject to (and unless Agent elects otherwise in the exercise of its sole discretion, such Borrowings shall not be made until the completion of) Agent’s authentication process (with results satisfactory to Agent) prior to the funding of any such requested Revolving Loan.

(k)            Section 2.2.A(g) of the Credit Agreement is amended so that it reads, in its entirety, as follows:

(g)       In the event that a Bank (i) has, or has a direct or indirect parent company that has, (A) become the subject of any Insolvency Proceeding, (B) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal

5 

 

 

regulatory authority acting in such a capacity, or (C) become the subject of a Bail-in Action; or (ii) for any reason fails or refuses to fund its portion of a Revolving Loan in violation of this Agreement or make payment of any amount such Bank is required to pay to Agent under Section 2.13 with respect to Letters of Credit, Agent under Section 2.2.C, or Agent under any other applicable term hereof or the other Loan Documents (each such Bank, a “Defaulting Bank”), then, until such time as such Defaulting Bank has funded its portion of such Revolving Loan or other amount, or all other Banks, and Agent, as applicable, have received payment in full (whether by repayment or prepayment) of the principal and interest due in respect of such Borrowing or amount; provided, that a Bank shall not be a Defaulting Bank solely by virtue of the ownership or acquisition of any equity interest in that Bank or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Bank with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Bank (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Bank.

(l)              Section 2.2.C(b) of the Credit Agreement is amended so that it reads, in its entirety, as follows:

(b)       Procedure for Swingline Borrowing; Etc. (i) Borrower shall give Agent written notice of each Swingline Borrowing (“Notice of Swingline Borrowing”) prior to 2:00 p.m. on the requested date of each Swingline Borrowing; provided, however, that, subject to Section 9.1, any Notice of Swingline Borrowing may be through Agent’s electronic platform or portal. All Swingline Borrowings shall be in a minimum amount of $100,000 or more with any greater amount being in $100,000 increments. Each Notice of Swingline Borrowing shall be irrevocable and shall specify (A) the principal amount of such Swingline Loan, (B) the date of such Swingline Loan (which shall be a Domestic Business Day), and (C) the deposit account of Borrower to which the proceeds of such Swingline Loan should be credited. Agent will make the proceeds of each Swingline Loan available to Borrower in U.S. dollars in immediately available funds at the account specified by Borrower in the applicable Notice of Swingline Borrowing not later than 5:00 p.m. on the requested date of such Swingline Loan. All Swingline Loans shall be Prime Loans. All Borrowing requests which are not made on-line via Agent’s electronic platform or portal shall be subject to (and unless Agent elects otherwise in the exercise of its sole discretion, such Borrowings shall not be made until the completion of) Agent’s authentication process (with results satisfactory to Agent) prior to the funding of any such requested Swingline Loan

(m)          The second sentence in Section 2.6 of the Credit Agreement is amended so that it reads, in its entirety, as follows:

(a)        Prior to the Second Amendment Effective Date, the unused fee shall be calculated for each day based on the percentage per annum applicable to such day determined by reference to the table in this Section 2.6 as in effect prior to the Second Amendment Effective Date (as adjusted on a quarterly basis simultaneously with the delivery of the Compliance Certificate required by Section 5.1(a)(iii) for any fiscal quarter based on the ratio of Funded Debt to EBITDA determined as of the last day of the immediately preceding fiscal quarter for the four fiscal quarters then ending), multiplied by the amount by which the Commitment exceeded the Working Capital Obligations on such day and (b) on and after the Second Amendment Effective Date, the unused fee shall be calculated for each day based on the percentage per annum applicable to such day determined by reference to the following table (as adjusted on a quarterly basis simultaneously with the delivery of the Compliance Certificate required by Section 5.1(a)(iii) for any fiscal quarter based on the ratio of Funded Debt to EBITDA determined as of the last day of the immediately preceding fiscal quarter for the four fiscal quarters then ending), multiplied by the amount by which the Commitment exceeded the Working Capital Obligations on such day:

6 

 

Level Funded Debt to EBITDA Unused Fee
1 Greater than 1.50 to 1.00 0.35%
2 Greater than or equal to 1.00 to 1.00 but less than or equal to 1.50 to 1.00 0.25%
3 Less than 1.00 to 1.00 0.20%

 

(n)            Section 2.12 of the Credit Agreement is amended so that it reads, in its entirety, as follows:

SECTION 2.12 Accordion Feature. The Commitments may be increased from time to time by up to an additional $50,000,000, without the consent of any Bank; provided that (a) no Bank shall be required to increase its respective Commitment, (b) Agent, Borrower, and each Person making any such new Commitment shall execute and deliver to Agent an acceptance agreement in form and substance satisfactory to Agent setting forth, among other things, the new Commitment of such Person, such Person’s Pro Rata Share of the Commitments, and certain representations and warranties of Borrower and such Person, (c) no Default or Event of Default shall then be in existence, (d) all other terms and conditions related to the increased commitment shall be satisfactory to Agent in its discretion, (e) after giving effect to such increase, the Working Capital Obligations shall not exceed the lesser of the Commitments and the Borrowing Base, and (f) no such increase shall be in an amount of less than $25,000,000. Upon any agreement to increase the Commitments as contemplated by this Section 2.12, Borrower agrees to (i) execute any and all documents required by Agent in connection therewith and (ii) reimburse Agent and the Banks for any and all costs and expenses as which may be occasioned on account of the reallocation of any Loans among the Banks based on their new Pro Rata Shares (including, without limitation, any amounts payable under Section 2.10). Borrower shall not be required to pay any arranging or similar fees on account of its exercise of its rights under this Section 2.12, except to the extent Agent and Borrower have otherwise expressly agreed in writing to the payment of such fees.

(o)            Section 4.1(t) of the Credit Agreement is amended so that it reads, in its entirety, as follows:

(t)        OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws. None of any Obligor nor any of its Subsidiaries is in violation of any Sanctions. None of any Obligor nor any of its Subsidiaries nor, to the knowledge of such Obligor, any director, officer, employee, agent or Related Parties of such Obligor or such Subsidiary (a) is a Sanctioned Person or a Sanctioned Entity, (b) has any assets located in Sanctioned Entities, or (c) derives revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. Each of the Obligors and its Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance by the Obligors and their Subsidiaries and their respective directors, officers, employees, agents and Related Parties with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each of the Obligors and its Subsidiaries, and to the knowledge of each such Obligor, each director, officer, employee, agent and Related Party of each such Obligor and each such Subsidiary, is in compliance with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws in all material respects. No proceeds of any Loan made or Letter of Credit issued hereunder will be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity, or otherwise used in any manner that would result in a violation of any applicable Sanction, any Anti-Corruption Law or any Anti-Money Laundering Law by any Person (including any Bank, Bank Product Provider, or other individual or entity participating in any transaction).

(p)            Section 5.1(a)(iv) of the Credit Agreement is amended so that it reads, in its entirety, as follows:

7 

 

 

(iv)       As soon as available and in any event within 20 days after the end of each fiscal quarter, a Borrowing Base Certificate, dated as of the end of such fiscal quarter, in the form of Exhibit E attached hereto (each a “Borrowing Base Certificate”), all certified (subject to normal year-end adjustments) as to fairness of presentation, generally accepted accounting principles, and consistency by the president, chief financial officer, or principal accounting officer of Borrower; provided, Borrower shall not be required to deliver a Borrowing Base Certificate in accordance with this clause (iv) until the Commitments are increased by any amount in accordance with Section 2.12;

(q)            Section 5.1(e)(i) of the Credit Agreement is amended so that it reads, in its entirety, as follows:

(i)       Have, as of the end of each fiscal quarter, Net Worth of not less than $250,000,000.

(r)              Section 5.1 of the Credit Agreement is amended to add the following new clause (m):

(m)        OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws. Each Obligor will, and will cause each of its Subsidiaries to comply with all applicable Sanctions. Each of the Obligors and its Subsidiaries shall implement and maintain in effect policies and procedures designed to ensure compliance by the Obligors and their Subsidiaries and their respective directors, officers, employees, agents and Related Parties with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each of the Obligors shall and shall cause their respective Subsidiaries to comply with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws in all material respects.

(s)             Section 5.2(d)(iii) of the Credit Agreement is amended so that it reads, in its entirety, as follows:

(iii)       Borrower may, and may permit its Subsidiaries which are Obligors to, make acquisitions of any Persons or their assets during any 12-month period during the Term of this Agreement which in the aggregate do not exceed $10,000,000, provided that after giving effect to any such acquisition, Borrower shall be in compliance with all of the provisions of this Agreement.

(t)              Section 5.2(e) of the Credit Agreement is amended so that it reads, in its entirety, as follows:

(e)       Stock Redemptions and Distributions. No Subsidiary shall make any Distribution except to Borrower or to a Subsidiary wholly owned by Borrower. With respect to its common Equity Interests, Borrower will not declare or make any Distribution to its shareholders (excluding any stock split or stock dividend) except, so long as the Permitted Distribution Conditions are satisfied before and immediately after giving effect to such proposed Distributions, Borrower may declare and make the following Distributions:

(i)       Distributions in the form of cash dividends, so long as the aggregate amount of such cash dividends made in any fiscal year does not exceed $10,000,000; and

(ii)       Distributions in the form of redemptions of Equity Interests made solely with Borrower’s cash on hand so long as before and immediately after such Distributions there are no Revolving Loans outstanding.

8 

 

 

(u)            Section 5.3 of the Credit Agreement is amended so that it reads, in its entirety, as follows:

SECTION 5.3 Use of Proceeds. Borrower agrees (a) that none of the proceeds of any Loan or Letter of Credit will be used, directly or indirectly, to make any payments to a Sanctioned Entity or a Sanctioned Person, to fund any investments, loans or contributions in, or otherwise make such proceeds available to, a Sanctioned Entity or a Sanctioned Person, to fund any operations, activities or business of a Sanctioned Entity or a Sanctioned Person, or in any other manner that would result in a violation of Sanctions by any Person, and (b) that no part of the proceeds of any Loan or Letter of Credit will be used, directly or indirectly, in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws, and (c) except as permitted in Section 5.2(e) herein, Borrower will not engage principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System, as amended from time to time.

(v)            Section 9.1(b)(i) of the Credit Agreement is amended so that it reads, in its entirety, as follows:

(i)       Loan Mechanics. Borrower authorizes Agent and the Banks to extend, convert, or continue Loans, issue Letters of Credit, effect selections of interest rates, and transfer funds to or on behalf of Borrower based on instructions sent through Agent’s electronic platform or portal in accordance with Sections 2.2.A(b) and 2.2.C(b) of this Agreement.

(w)          The following new Section 9.18 is added to the Credit Agreement:

SECTION 9.18 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a)                         the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

(b)                         the effects of any Bail-in Action on any such liability, including, if applicable:

(i)                           a reduction in full or in part or cancellation of any such liability;

(ii)                         a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

(iii)                        the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

9 

 

 

(x)            Exhibit D to the Credit Agreement is amended and restated in the form of Exhibit D attached hereto.

SECTION 3.   Conditions Precedent. This Agreement shall become effective only upon satisfaction of the following conditions precedent:

(a)                execution and delivery of this Agreement by Borrower, Agent, and each of the Banks;

(b)               execution and delivery of the Consent, Reaffirmation, and Agreement of the Guarantors at the end hereof by each of the Guarantors;

(c)                execution and delivery of the Florida Out-of-State Affidavit in the form of Exhibit A, attached hereto and made a part hereof, by the Borrower;

(d)               Agent shall have received all documents it may reasonably request relating to the existence of each of Borrower and the Guarantors (including without limitation certified copies of the Articles of Incorporation and Bylaws, and any amendments thereto), the corporate authority for and the validity of the Loan Documents (as amended by this Agreement) (including without limitation certified copies of corporate resolutions of the Board of Directors of Borrower and the Guarantors and incumbency certificates), and any other matters relevant hereto, all in form and substance satisfactory to Agent and each of the Banks;

(e)                there shall not have occurred a material adverse change since January 30, 2016, in the business, assets, liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects of Borrower and its Subsidiaries taken as a whole or in the facts and information regarding such entities as represented to date;

(f)                there shall not have occurred any action, suit, investigation, or proceeding pending or threatened in any court or before any arbitrator or governmental authority that purports to materially and adversely affect (i) Borrower or any of its Subsidiaries, taken as a whole, (ii) any transaction contemplated hereby, or (iii) the ability of Borrower or any of its Subsidiaries or any other Obligor under any Guarantee to perform its respective obligations under the Loan Documents (as amended hereby); and

(g)               Borrower shall have paid (or the Agent shall be satisfied with the arrangements made for the payment of) (i) an upfront fee to each of the Banks in an amount equal to 0.20% of each such Bank’s Commitment on the date hereof (and after giving effect hereto) and (ii) all other costs, fees, and expense owed by Borrower to the Banks and Agent as of the date hereof (with the Borrower hereby authorizing the Agent to debit its applicable deposit account maintained with the Agent and to apply the proceeds thereof to the payment of the foregoing items).

SECTION 4.   Miscellaneous Terms.

(a)             Effect of Agreement. Except as set forth expressly hereinabove, all terms of the Credit Agreement and the other Loan Documents shall be and remain in full force and effect, and shall constitute the legal, valid, binding, and enforceable obligations of Borrower. Except to the extent otherwise expressly set forth herein, the amendments set forth herein shall have prospective application only from and after the date of this Agreement.

10 

 

(b)            No Novation or Mutual Departure. Borrower expressly acknowledges and agrees that (i) there has not been, and this Agreement does not constitute or establish, a novation with respect to the Credit Agreement or any of the other Loan Documents, or a mutual departure from the strict terms, provisions, and conditions thereof, other than with respect to the amendments contained in Section 2 above; (ii) nothing in this Agreement shall affect or limit Agent’s and Banks’ right to demand payment of liabilities owing from Borrower to Agent and Banks under, or to demand strict performance of, the terms, provisions, and conditions of the Credit Agreement and the other Loan Documents, to exercise any and all rights, powers, and remedies under the Credit Agreement or the other Loan Documents or at law or in equity, or to do any and all of the foregoing, immediately at any time after the occurrence and continuance of a Default or an Event of Default under the Credit Agreement or the other Loan Documents; and (iii) the amendments in Section 2 above shall not apply to any other past, present, or future noncompliance with any provision of the Credit Agreement or any of the other Loan Documents and do not constitute any course of dealing between Agent, Banks, and Borrower.

(c)             Ratification. Borrower (i) hereby restates, ratifies, and reaffirms each and every term, covenant, and condition set forth in the Credit Agreement and the other Loan Documents to which it is a party effective as of the date hereof and (ii) restates and renews each and every representation and warranty heretofore made by it in the Credit Agreement and the other Loan Documents as fully as if made on the date hereof and with specific reference to this Agreement and any other Loan Documents executed or delivered in connection herewith (except with respect to representations and warranties made as of an expressed date, in which case such representations and warranties shall be true and correct as of such date).

(d)            No Default. To induce Agent and the Banks a party hereto to enter into this Agreement and to continue to make advances pursuant to the Credit Agreement (subject to the terms and conditions hereof and thereof), Borrower hereby acknowledges and agrees that, as of the date hereof, and after giving effect to the terms hereof, there exists (i) no Default or Event of Default and (ii) no right of offset, defense, counterclaim, claim, or objection in favor of Borrower or arising out of or with respect to any of the Loans or other obligations of Borrower owed to the Agent and the Banks under the Credit Agreement or any other Loan Document.

(e)             Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument. This Agreement may be executed by each party on separate copies, which copies, when combined so as to include the signatures of all parties, shall constitute a single counterpart of the Agreement.

(f)             Fax or Other Transmission. Delivery by one or more parties hereto of an executed counterpart of this Agreement via facsimile, telecopy, or other electronic method of transmission pursuant to which the signature of such party can be seen (including, without limitation, Adobe Corporation’s Portable Document Format) shall have the same force and effect as the delivery of an original executed counterpart of this Agreement. Any party delivering an

11 

 

 

executed counterpart of this Agreement by facsimile or other electronic method of transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability, or binding effect of this Agreement.

(g)            Section References. Section titles and references used in this Agreement shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties hereto evidenced hereby.

(h)            Further Assurances. Borrower agrees to take, at Borrower’s expense, such further actions as Agent shall reasonably request from time to time to evidence the amendments set forth herein and the transactions contemplated hereby.

(i)              Severability. Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.

(j)              Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the internal laws of the State of New York but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of New York.

[SIGNATURES ON FOLLOWING PAGES.]

12 

 

IN WITNESS WHEREOF, each of the Borrower, the Agent, and the Banks a party hereto has caused this Agreement to be duly executed by its duly authorized officer as of the day and year first above written.

  BORROWER:
  SHOE CARNIVAL, INC.,
  an Indiana corporation
     
     
  By: /s/ W. Kerry Jackson
     
  Name: W. Kerry Jackson
     
  Title: SEVP – COO & CFO


 

 

  AGENT AND BANKS:
     
  WELLS FARGO BANK, N.A., as successor-by-merger to Wachovia Bank, National Association, as Agent and a Bank
     
     
  By: /s/ Andrew T. Cavallari
     
  Name: Andrew T. Cavallari
     
  Title: VP

 

 

 

  FIFTH THIRD BANK, as a Bank
     
     
  By: /s/ Kelvin Canaday
     
  Name: Kelvin Canaday
     
  Title: AVP

 

 

CONSENT, REAFFIRMATION, AND AGREEMENT OF GUARANTORS

 

Each of the undersigned (i) acknowledges receipt of the foregoing Second Amendment to Credit Agreement (the “Agreement”), (ii) consents to the execution and delivery of the Agreement by the parties thereto, and (iii) reaffirms all of its respective obligations and covenants under that certain Subsidiary Guaranty dated as of January 20, 2010 (as amended, restated, supplemented, or otherwise modified from time to time) and, in each case, agrees that none of its respective obligations and covenants thereunder shall be reduced or limited by the execution and delivery of the Agreement.

This Consent, Reaffirmation, and Agreement of Guarantors (this “Consent”) may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument. This Consent may be executed by each party on separate copies, which copies, when combined so as to include the signatures of all parties, shall constitute a single counterpart of the Consent.

 

Dated: March 27, 2017.

 

  SCLC, INC., a Delaware corporation
     
     
  By:   /s/ Darryl E. Smith
     
  Name:   Darryl E. Smith
     
  Title:   Treasurer & Secretary
     
     
     
  SCHC, INC., a Delaware corporation
     
     
  By:   /s/ John J. Koach
     
  Name:   John J. Koach
  Title:   President

 

 

EXHIBIT A

 

form of Florida Out-of-State Affidavit of BORROWER

 

[SEE ATTACHED]

 

 

 

 

Florida Out-of-State Affidavit of BORROWER

STATE OF INDIANA

COUNTY OF VANDERBURGH

 

I, W. Kerry Jackson, after being duly sworn, depose and say:

 

(1)       I am the SEVP – COO & CFO of Shoe Carnival, Inc., an Indiana corporation (the “Borrower”).

 

(2)       On the date hereof, I, on behalf of the Borrower and with full authorization, executed that certain Second Amendment to Credit Agreement (the “Amendment”) to be dated on or about the date hereof, by and among the Borrower, the financial institutions party thereto, and Wells Fargo Bank, N.A., as successor-by-merger to Wachovia Bank, National Association (together with its successors and assigns, the “Agent”), in Evansville, Indiana.

 

(3)       On the date hereof, I, on behalf of Borrower, caused the Amendment to be delivered to Timothy W. Bratcher, Esq., via overnight courier (to Greenberg Traurig, LLP, 3333 Piedmont Road, NE, Suite 2500, Atlanta, GA 30305, Attn: Timothy Bratcher), in Atlanta, Georgia.

 

(4)       This Affidavit is made for the benefit of Agent for compliance with the laws of the State of Florida relating to documentary stamp taxes.

 

[CONTINUED ON FOLLOWING PAGE]

 

2.                 

FURTHER AFFIANT SAYETH NOT:    
Signature of Borrower:    
       
shoe Carnival, Inc.    
      Dated:  March 27, 2017
By:   /s/ W. Kerry Jackson    
       
Name:   W. Kerry Jackson    
       
Title: SEVP – COO & CFO    

 

The foregoing affidavit was sworn to before me this 27 day of March, 2017, at Evansville, Indiana.

 

/s/ Kelly Koch                         

Notary Public, State of Indiana

My commission expires: April 17, 2022

 

 

 EX-10.(C) 3 scvl12817ex10c.htm SUMMARY COMPENSATION SHEET

Exhibit 10-C

SUMMARY COMPENSATION SHEET

 

The following summarizes certain compensation decisions taken by the Compensation Committee (the "Committee") and/or the Board of Directors ("Board") of Shoe Carnival, Inc. (the "Company"), with respect to the compensation of the Company’s named executive officers and directors.

 

1. 2017 Base Salary

 

The Committee approved increases to the base salaries of each of the named executive officers set forth below. The following base salaries are effective for the Company’s named executive officers for fiscal 2017:

 

        
Name		  
Title		   Base
Salary		  
           
             
Clifton E. Sifford   President and Chief Executive Officer   $ 675,000  
             
W. Kerry Jackson   Senior Executive Vice
President, Chief Operating and
Financial Officer and Treasurer		   $ 550,000  
             
Timothy T. Baker   Executive Vice President -
Store Operations		   $ 530,000  
             
Carl N. Scibetta   Executive Vice President –
Chief Merchandising Officer		   $ 500,000  

 

2. Director's Compensation

 

Effective January 1, 2017, the Company pays the following to its non-employee Directors:

 

Annual Cash Retainer   $60,000
Annual Committee Chair Cash Retainer    
•   Audit Committee   $15,000
•   Compensation Committee   $10,000
•   Nominating and Governance Committee   $7,500
Annual Committee Member Cash Retainer (including Chairs)    
•   Audit Committee   $10,000
•   Compensation Committee   $7,500
•   Nominating and Governance Committee   $5,000
Annual Lead Director Cash Retainer   $15,000

 

Non-employee Directors will annually receive a stock award valued at $60,000 as of the date of grant under the Company’s equity incentive plan. The restrictions on the stock award lapse on January 2nd of the year following the year in which the grant was made.

 

The Company also reimburses all Directors for all reasonable out-of-pocket expenses incurred in connection with meetings of the Board.

 

 

 

 EX-21 4 scvl12817ex21.htm SUBSIDIARIES OF SHOE CARNIVAL, INC.

Exhibit 21

SUBSIDIARIES OF SHOE CARNIVAL, INC.

 

Subsidiary   State of Incorporation/Organization   Percentage of Ownership
         
SCHC, Inc.   Delaware   100%
SCLC, Inc.   Delaware   100% Owned by SCHC, Inc.
Shoe Carnival Ventures, LLC   Indiana   100%
         
         

 

 

 EX-23 5 scvl12817ex23.htm CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EXHIBIT 23

 

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in Registration Statements on Form S-8 (Nos. 333-183748, 333-153421, 333-117231, and 333-60114) relating to the 2000 Stock Option and Incentive Plan of Shoe Carnival, Inc., and the Registration Statement on Form S-8 (No. 33-80979) relating to the Employee Stock Purchase Plan of Shoe Carnival, Inc., of our reports dated March 29, 2017, relating to the financial statements and financial statement schedule of Shoe Carnival, Inc., and the effectiveness of Shoe Carnival Inc.'s internal control over financial reporting, appearing in this Annual Report on Form 10-K of Shoe Carnival, Inc. for the year ended January 28, 2017.

 

/s/ DELOITTE & TOUCHE LLP

Indianapolis, Indiana

March 29, 2017

 

 

 

 

 

 

 EX-31.1 6 scvl12817ex31-1.htm CERTIFICATION

Exhibit 31.1

 

SHOE CARNIVAL, INC.
CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002

I, Clifton E. Sifford, certify that:

1. I have reviewed this annual report on Form 10-K of Shoe Carnival, 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 (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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 registrant’s board of directors (or persons performing the equivalent functions):
  (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:  March 29, 2017 By:  /s/ Clifton E. Sifford
Clifton E. Sifford
President and Chief Executive Officer

 

 

 

 EX-31.2 7 scvl12817ex31-2.htm CERTIFICATION

Exhibit 31.2

 

SHOE CARNIVAL, INC.
CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002

I, W. Kerry Jackson, certify that:

1. I have reviewed this annual report on Form 10-K of Shoe Carnival, 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 (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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 registrant’s board of directors (or persons performing the equivalent functions):
  (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:  March 29, 2017 By:  /s/ W. Kerry Jackson
W. Kerry Jackson
Senior Executive Vice President
Chief Operating and Financial Officer and Treasurer

 

 

 EX-32.1 8 scvl12817ex32-1.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350,
AS ADOPTED PURSUANT TO SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
 

In connection with the Annual Report of Shoe Carnival, Inc. (the “Company”) on Form 10-K for the period ending January 28, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Clifton E. Sifford, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date:  March 29, 2017 By:  /s/ Clifton E. Sifford
Clifton E. Sifford
President and Chief Executive Officer

 

 

 

 

 EX-32.2 9 scvl12817ex32-2.htm CERTIFICATION

Exhibit 32.2

 

CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350,
AS ADOPTED PURSUANT TO SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of Shoe Carnival, Inc. (the “Company”) on Form 10-K for the period ending January 28, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I W. Kerry Jackson, Senior Executive Vice President, Chief Operating and Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date:  March 29, 2017 By:  /s/ W. Kerry Jackson
W. Kerry Jackson
Senior Executive Vice President
Chief Operating and Financial Officer and Treasurer

 

 

 

 

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Mar. 24, 2017
Jul. 30, 2016
Document and Entity Information [Abstract]      
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Entity Registrant Name SHOE CARNIVAL INC    
Entity Central Index Key 0000895447    
Current Fiscal Year End Date --01-28    
Document Fiscal Year Focus 2017    
Document Fiscal Period Focus FY    
Entity Filer Category Accelerated Filer    
Entity Current Reporting Status Yes    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Common Stock, Shares Outstanding   17,692,686  
Entity Public Float     $ 346,446,502
XML 17 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jan. 28, 2017
Jan. 30, 2016
Current Assets:    
Cash and cash equivalents $ 62,944 $ 68,814
Accounts receivable 4,424 2,131
Merchandise inventories 279,646 292,878
Deferred income taxes 0 1,061
Other 4,737 5,193
Total Current Assets 351,751 370,077
Property and equipment - net 96,216 103,386
Deferred income taxes 9,600 7,158
Other noncurrent assets 911 472
Total Assets 458,478 481,093
Current Liabilities:    
Accounts payable 67,808 72,086
Accrued and other liabilities 18,488 15,848
Total Current Liabilities 86,296 87,934
Deferred lease incentives 30,751 31,971
Accrued rent 11,255 11,224
Deferred compensation 10,465 9,612
Other 829 550
Total Liabilities 139,596 141,291
Shareholders' Equity:    
Common stock, $.01 par value, 50,000,000 shares authorized, 20,569,198 and 20,604,178 shares issued, respectively 206 206
Additional paid-in capital 65,272 66,805
Retained earnings 312,641 294,308
Treasury stock, at cost, 2,433,925 and 955,612 shares, respectively (59,237) (21,517)
Total Shareholders' Equity 318,882 339,802
Total Liabilities and Shareholders' Equity $ 458,478 $ 481,093
XML 18 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jan. 28, 2017
Jan. 30, 2016
Statement of Financial Position [Abstract]    
Common stock, par value per share $ 0.01 $ 0.01
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 20,569,198 20,604,178
Treasury shares, shares 2,433,925 955,612
XML 19 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Income Statement [Abstract]      
Net sales $ 1,001,102 $ 983,968 $ 940,162
Cost of sales (including buying, distribution and occupancy costs) 711,867 693,452 666,483
Gross profit 289,235 290,516 273,679
Selling, general and administrative expenses 251,323 243,883 231,826
Operating income 37,912 46,633 41,853
Interest income (6) (39) (14)
Interest expense 169 168 165
Income before income taxes 37,749 46,504 41,702
Income tax expense 14,232 17,737 16,175
Net income $ 23,517 $ 28,767 $ 25,527
Net income per share:      
Basic $ 1.28 $ 1.45 $ 1.27
Diluted $ 1.28 $ 1.45 $ 1.27
Weighted average shares:      
Basic 18,017 19,417 19,777
Diluted 18,022 19,427 19,791
XML 20 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Total
Balance at Feb. 01, 2014 $ 205 $ 66,600 $ 250,070 $ (3) $ 316,872
Balance, shares at Feb. 01, 2014 20,482,000     0  
Stock option exercises   1   $ 76 77
Stock option exercises, shares 6,000     4,000  
Dividends     (4,911)   (4,911)
Stock-based compensation income tax benefit   68     68
Employee stock purchase plan purchases   37   $ 173 210
Employee stock purchase plan purchases, shares 2,000     9,000  
Restricted stock awards $ 2 (260)   $ 258 0
Restricted stock awards, shares 183,000     13,000  
Shares surrendered by employees to pay taxes on restricted stock       $ (55) (55)
Shares surrendered by employees to pay taxes on restricted stock, shares       (2,000)  
Purchase of common stock for treasury       $ (7,533) (7,533)
Purchase of common stock for treasury, shares       (405,000)  
Stock-based compensation expense   943     943
Net income     25,527   25,527
Balance at Jan. 31, 2015 $ 207 67,389 270,686 $ (7,084) 331,198
Balance, shares at Jan. 31, 2015 20,673,000     (381,000)  
Stock option exercises   (125)   $ 280 155
Stock option exercises, shares       15,000  
Dividends     (5,145)   (5,145)
Stock-based compensation income tax benefit   120     120
Employee stock purchase plan purchases   20   $ 216 236
Employee stock purchase plan purchases, shares       10,000  
Restricted stock awards $ (1) (3,980)   $ 3,981 0
Restricted stock awards, shares (69,000)     212,000  
Shares surrendered by employees to pay taxes on restricted stock       $ (86) (86)
Shares surrendered by employees to pay taxes on restricted stock, shares       (3,000)  
Purchase of common stock for treasury       $ (18,824) (18,824)
Purchase of common stock for treasury, shares       (809,000)  
Stock-based compensation expense   3,381     3,381
Net income     28,767   28,767
Balance at Jan. 30, 2016 $ 206 66,805 294,308 $ (21,517) 339,802
Balance, shares at Jan. 30, 2016 20,604,000     (956,000)  
Dividends     (5,184)   (5,184)
Stock-based compensation income tax benefit   3     3
Employee stock purchase plan purchases   (10)   $ 233 223
Employee stock purchase plan purchases, shares       10,000  
Restricted stock awards   (5,072)   $ 5,072 0
Restricted stock awards, shares (35,000)     225,000  
Shares surrendered by employees to pay taxes on restricted stock       $ (421) (421)
Shares surrendered by employees to pay taxes on restricted stock, shares       (16,000)  
Purchase of common stock for treasury       $ (42,604) (42,604)
Purchase of common stock for treasury, shares       (1,697,000)  
Stock-based compensation expense   3,546     3,546
Net income     23,517   23,517
Balance at Jan. 28, 2017 $ 206 $ 65,272 $ 312,641 $ (59,237) $ 318,882
Balance, shares at Jan. 28, 2017 20,569,000     (2,434,000)  
XML 21 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Statement of Stockholders' Equity [Abstract]      
Dividends paid, price per share $ 0.275 $ 0.255 $ 0.24
XML 22 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Cash Flows From Operating Activities      
Net income $ 23,517 $ 28,767 $ 25,527
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 23,699 23,078 20,063
Stock-based compensation 3,822 3,702 1,064
Loss on retirement and impairment of assets, net 4,794 1,770 1,104
Deferred income taxes (1,381) (3,035) (550)
Lease incentives 3,825 6,604 8,307
Other (4,619) (5,171) (1,070)
Changes in operating assets and liabilities:      
Accounts receivable (2,293) 588 1,409
Merchandise inventories 13,232 (5,001) (3,076)
Accounts payable and accrued liabilities (982) 6,530 6,838
Other 175 723 (1,962)
Net cash provided by operating activities 63,789 58,555 57,654
Cash Flows From Investing Activities      
Purchases of property and equipment (21,832) (27,901) (33,543)
Proceeds from sale of property and equipment 0 0 836
Proceeds from note receivable 0 250 250
Net cash used in investing activities (21,832) (27,651) (32,457)
Cash Flow From Financing Activities      
Proceeds from issuance of stock 223 391 287
Dividends paid (5,028) (5,037) (4,828)
Excess tax benefits from stock-based compensation 3 90 55
Purchase of common stock for treasury (42,604) (18,824) (7,533)
Shares surrendered by employees to pay taxes on restricted stock (421) (86) (55)
Net cash used in financing activities (47,827) (23,466) (12,074)
Net (decrease) increase in cash and cash equivalents (5,870) 7,438 13,123
Cash and cash equivalents at beginning of year 68,814 61,376 48,253
Cash and Cash Equivalents at End of Year 62,944 68,814 61,376
Supplemental disclosures of cash flow information:      
Cash paid during year for interest 170 168 166
Cash paid during year for income taxes 14,696 20,020 17,618
Capital expenditures incurred but not yet paid $ 168 $ 677 $ 1,596
XML 23 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization and Description of Business
 12 Months Ended
Jan. 28, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business

Note 1 – Organization and Description of Business

 

Our consolidated financial statements include the accounts of Shoe Carnival, Inc. and its wholly-owned subsidiaries SCHC, Inc. and Shoe Carnival Ventures, LLC, and SCLC, Inc., a wholly-owned subsidiary of SCHC, Inc. (collectively referred to as “we”, “our”, “us” or “Company”). All intercompany accounts and transactions have been eliminated. Our primary activity is the sale of footwear and related products through our retail stores in 35 states within the continental United States and in Puerto Rico. We also offer online shopping on our e-commerce site at www.shoecarnival.com.
XML 24 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Jan. 28, 2017
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

 

Fiscal Year

 

Our fiscal year is a 52/53 week year ending on the Saturday closest to January 31. Unless otherwise stated, references to years 2016, 2015 and 2014 relate to the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015, respectively.

 

Use of Estimates in the Preparation of Consolidated Financial Statements

 

The preparation of our consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities as of the financial statement reporting date in addition to the reported amounts of certain revenues and expenses for the reporting period.  The assumptions used by management in future estimates could change significantly due to changes in circumstances and actual results could differ from those estimates.

 

Cash and Cash Equivalents

 

We had cash and cash equivalents of $62.9 million at January 28, 2017 and $68.8 million at January 30, 2016. Credit and debit card receivables and receivables due from a third-party totaling $4.9 million and $5.5 million were included in cash equivalents at January 28, 2017 and January 30, 2016, respectively. Credit and debit card receivables generally settle within three days; receivables due from a third-party generally settle within 15 days.

 

We consider all short-term investments with an original maturity date of three months or less to be cash equivalents. As of January 28, 2017, and January 30, 2016, all invested cash was held in a money market account. While investments are not considered by management to be at significant risk, they could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or lack of access to either invested cash or cash held in our bank accounts.

 

Fair Value of Financial Instruments and Non-Financial Assets

 

Our financial assets as of January 28, 2017 and January 30, 2016 included cash and cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to its short-term nature. We did not have any financial liabilities measured at fair value for these periods. Non-financial assets measured at fair value included on our consolidated balance sheet as of January 28, 2017 and of January 30, 2016 were those long-lived assets for which an impairment charge has been recorded. We did not have any non-financial liabilities measured at fair value for these periods. See Note 3 – “Fair Value Measurements” for further discussion.

 

Merchandise Inventories and Cost of Sales

 

Merchandise inventories are stated at the lower of cost or market (LCM) using the first-in, first-out (FIFO) method. For determining market value, we estimate the future demand and related sale price of merchandise contained in inventory as of the balance sheet date. The stated value of merchandise inventories contained on our consolidated balance sheets also includes freight, certain capitalized overhead costs and reserves. Factors considered in determining if our inventory is properly stated at LCM includes, among others, recent sale prices, the length of time merchandise has been held in inventory, quantities of various styles held in inventory, seasonality of merchandise, expected consideration to be received from our vendors and current and expected future sales trends. We reduce the value of our inventory to its estimated net realizable value where cost exceeds the estimated future selling price. Material changes in the factors previously noted could have a significant impact on the actual net realizable value of our inventory and our reported operating results.

 

Cost of sales includes the cost of merchandise sold, buying, distribution, and occupancy costs, inbound freight expense, provision for inventory obsolescence, inventory shrink and credits and allowances from merchandise vendors. Cost of sales related to our e-commerce orders include charges paid to a third party service provider in addition to the freight expense for delivering merchandise to our customer.

 

Property and Equipment-Net

 

Property and equipment is stated at cost. Depreciation and amortization of property, equipment and leasehold improvements are taken on the straight-line method over the shorter of the estimated useful lives of the assets or the applicable lease terms. Lives used in computing depreciation and amortization range from two to twenty years. Expenditures for maintenance and repairs are charged to expense as incurred. Expenditures that materially increase values, improve capacities or extend useful lives are capitalized. Upon sale or retirement, the costs and related accumulated depreciation or amortization are eliminated from the respective accounts and any resulting gain or loss is included in operations.

 

We periodically evaluate our long-lived assets if events or circumstances indicate the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the carrying value of the assets exceeds the expected future cash flows to be derived from their use. Assets are grouped, and the evaluation performed, at the lowest level for which there are identifiable cash flows, which is generally at a store level. If the estimated, undiscounted future cash flows for a store are determined to be less than the carrying value of the store’s assets, an impairment loss is recorded for the difference between estimated fair value and carrying value. Assets subject to impairment are adjusted to estimated fair value and, if applicable, an impairment loss is recorded in selling, general and administrative expenses. We estimate the fair value of our long-lived assets using store specific cash flow assumptions discounted by a rate commensurate with the risk involved with such assets while incorporating marketplace assumptions. Our assumptions and estimates used in the evaluation of impairment, including current and future economic trends for stores, are subject to a high degree of judgment. If actual operating results or market conditions differ from those anticipated, the carrying value of certain of our assets may prove unrecoverable and we may incur additional impairment charges in the future. Our evaluations resulted in the recording of non-cash impairment charges of approximately $4.5 million and $1.0 million in fiscal years 2016 and 2015, respectively.

 

Insurance Reserves

 

We self-insure a significant portion of our workers’ compensation, general liability and employee health care costs and also maintain insurance in each area of risk, protecting us from individual and aggregate losses over specified dollar values. We review the liability reserved for our self-insured portions on a quarterly basis, taking into consideration a number of factors, including historical claims experience, severity factors, statistical trends and, in certain instances, valuation assistance provided by independent third parties. Self-insurance reserves include estimates of claims filed, carried at their expected ultimate settlement value, and claims incurred but not yet reported. As of January 28, 2017 and January 30, 2016, our self-insurance reserves totaled $3.4 million and $3.3 million, respectively. We record self-insurance reserves as a component of selling, general and administrative expenses in our Consolidated Statements of Income. While we believe that the recorded amounts are adequate, there can be no assurance that changes to management’s estimates will not occur due to limitations inherent in the estimating process. If actual results are not consistent with our estimates or assumptions, we may be exposed to losses or gains that could be material.

 

Deferred Lease Incentives

 

All cash incentives received from landlords are recorded as deferred income and amortized over the life of the lease on a straight-line basis as a reduction of rental expense.

 

Accrued Rent

 

We are party to various lease agreements, which require scheduled rent increases over the initial lease term. Rent expense for such leases is recognized on a straight-line basis over the initial lease term beginning the earlier of the start date of the lease or when we take possession of the property. The difference between rent based upon scheduled monthly payments and rent expense recognized on a straight-line basis is recorded as accrued rent.

 

Revenue Recognition

 

Revenue from sales of merchandise at our store locations is recognized at the time of sale. We record revenue from our e-commerce sales, including shipping and handling fees, based on an estimated customer receipt date. Our sales are recorded exclusive of sales tax. In the regular course of business, we offer our customers sales incentives including coupons, discounts, and free merchandise. Sales are recorded net of such incentives and returns and allowances. If an incentive involves free merchandise, that merchandise is recorded as a zero sale and the cost is included in cost of sales. Gift card revenue is recognized at the time of redemption.

 

Consideration Received From a Vendor

 

Consideration is primarily received from merchandise vendors. Consideration is either recorded as a reduction of the price paid for the vendor’s products and recorded as a reduction of our cost of sales, or if the consideration represents a reimbursement of a specific, incremental and identifiable cost, then it is recorded as an offset to the same financial statement line item.

 

Consideration received from our vendors includes co-operative advertising/promotion, margin assistance, damage allowances and rebates earned for a specific level of purchases over a defined period. Consideration principally takes the form of credits that we can apply against trade amounts owed.

 

Consideration received after the related merchandise has been sold is recorded as an offset to cost of sales in the period negotiations are finalized. For consideration received on merchandise still in inventory, the allowance is recorded as a reduction to the cost of on-hand inventory and recorded as a reduction of our cost of sales at the time of sale. Should the allowances received exceed the incremental cost then the excess consideration is recorded as a reduction to the cost of on-hand inventory and allocated to cost of sales in future periods utilizing an average inventory turn rate.

 

Store Opening and Start-up Costs

 

Non-capital expenditures, such as advertising, payroll, supplies and rent, incurred prior to the opening of a new store are charged to expense in the period they are incurred.

 

Advertising Costs

 

Print, television, radio, outdoor and digital media costs are generally expensed when incurred. Internal production costs are expensed when incurred and external production costs are expensed in the period the advertisement first takes place. Advertising expenses included in selling, general and administrative expenses were $42.9 million, $42.1 million and $41.6 million in fiscal years 2016, 2015 and 2014, respectively.

 

Stock-Based Compensation

 

We recognize compensation expense for stock-based awards based on a fair value based method. Stock-based awards may include stock options, stock appreciation rights, and restricted stock awards under our stock-based compensation plans. Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our employee stock purchase plan. This discount represents the difference between the market price and the employee purchase price. Stock-based compensation expense is included in selling, general and administrative expense.

 

We apply an estimated forfeiture rate in calculating the stock-based compensation expense for the period. Forfeiture estimates are adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from previous estimates.

 

Segment Information

 

We have identified each retail store and our e-commerce store as individual operating segments. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, merchandising and distribution processes involved, target customers and economic characteristics. Due to our multi-channel retailer strategy, we view our e-commerce sales as an extension of our physical stores.

 

Income Taxes

 

We compute income taxes using the asset and liability method, under which deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. Deferred tax assets are reduced, if necessary, by a valuation allowance to the extent future realization of those tax benefits are uncertain. We account for uncertain tax positions in accordance with current authoritative guidance and report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest expense and penalties, if any, related to uncertain tax positions in income tax expense.

 

Net Income Per Share

 

The following table sets forth the computation of basic and diluted earnings per share as shown on the face of the accompanying consolidated statements of income.

 

   Fiscal Year Ended 
   January 28, 2017   January 30, 2016   January 31, 2015 
   (In thousands except per share data) 
Basic Earnings per Share:  Net
Income		   Shares   Per
Share
Amount		   Net
Income		   Shares   Per
Share
Amount		   Net
Income		   Shares   Per
Share
Amount		 
Net income  $23,517             $28,767             $25,527           
Amount allocated to participating securities   (487)             (566)             (461)          
Net income available for basic common shares and basic earnings per share  $23,030    18,017   $1.28   $28,201    19,417   $1.45   $25,066    19,777   $1.27 
                                              
Diluted Earnings per Share:                                             
Net income  $23,517             $28,767             $25,527           
Amount allocated to participating securities   (487)             (566)             (461)          
Adjustment for dilutive potential common shares   0    5         0    10         0    14      
Net income available for diluted common shares and diluted earnings per share  $23,030    18,022   $1.28   $28,201    19,427   $1.45   $25,066    19,791   $1.27 

 

Our basic and diluted earnings per share are computed using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to their

participation rights in dividends and undistributed earnings or losses. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. During periods of undistributed losses however, no effect is given to our participating securities since they do not share in the losses. Per share amounts are computed by dividing net income available to common shareholders by the weighted average shares outstanding during each period. No options to purchase shares of common stock were excluded in the computation of diluted shares for the periods presented.

 

New Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance on the recognition of revenue for all contracts with customers designed to improve comparability and enhance financial statement disclosures. Subsequently, the FASB has also issued accounting standards updates which clarify the guidance. The underlying principle of this comprehensive model is that revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the payment to which the company expects to be entitled in exchange for those goods or services. In August 2015, the FASB subsequently issued guidance which approved a one year deferral of the guidance until annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017, which makes the guidance effective for us at the beginning of fiscal 2018, including interim periods within that fiscal year. Upon adoption, we will apply the provisions of the guidance either on a retrospective or modified retrospective basis. We are evaluating the impact of this guidance on our consolidated financial position, results of operations and cash flows.

 

In July 2015, the FASB issued guidance on simplifying the measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. The new guidance does not apply to inventory currently measured using the last-in-first-out or the retail inventory valuation methods. The guidance will be effective at the beginning of fiscal 2017, including interim periods within that fiscal year, and will be applied on a prospective basis. We do not believe the guidance will have a material impact on our consolidated financial position, results of operations and cash flows.

 

In November 2015, the FASB issued guidance which simplifies the classification of deferred taxes by requiring an entity to classify deferred tax liabilities and assets as noncurrent within a classified statement of financial position. We early adopted this guidance in the third quarter of fiscal 2016 and are applying this change prospectively. Prior consolidated balance sheets have not been retrospectively adjusted. The adoption resulted in a $2.7 million reclassification of net deferred tax assets from current to noncurrent on our consolidated balance sheet as of October 29, 2016. The adoption did not have a material impact on our results of consolidated operations and cash flows.

 

In February 2016, the FASB issued guidance which will replace most existing lease accounting guidance. This update requires an entity to recognize leased assets and the rights and obligations created by those leased assets on the balance sheet and to disclose key information about the entity’s leasing arrangements. The guidance will be effective at the beginning of fiscal 2019, including interim periods within that fiscal year, and will be applied on a modified retrospective basis. We are evaluating the impact of this guidance on our consolidated financial position, results of operations and cash flows. However, we expect that the adoption of the guidance will require us to recognize right-of-use assets and lease liabilities that will be material to our consolidated balance sheet.

 

In March 2016, the FASB issued guidance intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification in the statement of cash flows and forfeitures. The guidance will be effective at the beginning of fiscal 2017, including interim periods within that fiscal year, and can be applied either prospectively, retrospectively or using a modified retrospective transition method. We are still evaluating the effect of the guidance, but the adoption may create volatility in our effective tax rate. Upon adoption, all tax-related cash flows resulting from share-based payments will be reported as operating activities on the statements of cash flows, a change from the current presentation of presenting tax benefits as an inflow from financing activities and an outflow from operating activities.

 

In November 2016, the FASB issued guidance for restricted cash classification and presentation of the statement of cash flows requiring cash to be included within cash and cash equivalents on the statement of cash flows. The guidance will be effective at the beginning of fiscal 2018, including interim periods within that fiscal year, and will be applied on a retrospective basis. We are evaluating the impact of this guidance on our consolidated statement of cash flows.

XML 25 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements
 12 Months Ended
Jan. 28, 2017
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 3 – Fair Value Measurements

 

The accounting standards related to fair value measurements define fair value and provide a consistent framework for measuring fair value under the authoritative literature. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect market assumptions. This guidance only applies when other standards require or permit the fair value measurement of assets and liabilities. The guidance does not expand the use of fair value measurements. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three broad levels.

 

·Level 1 – Quoted prices in active markets for identical assets or liabilities;
·Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data;
·Level 3 – Significant unobservable inputs that are not corroborated by market data. Generally, these fair value measures are model-based valuation techniques such as discounted cash flows, and are based on the best information available, including our own data. Fair values of our long-lived assets are estimated using an income-based approach and are classified within Level 3 of the valuation hierarchy.

 

The following table presents assets that are measured at fair value on a recurring basis at January 28, 2017 and January 30, 2016. We have no material liabilities measured at fair value on a recurring or non-recurring basis.

 

    Fair Value Measurements 
(In thousands)   Level 1    Level 2    Level 3   Total  
As of January 28, 2017:                    
Cash equivalents – money market account  $114   $0   $0   $114 
                     
As of January 30, 2016:                    
Cash equivalents– money market account  $5,386   $0   $0   $5,386 

 

The fair values of cash, receivables, accounts payable, accrued expenses and other current liabilities approximate their carrying values because of their short-term nature.

 

From time to time, we measure certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. These are typically store specific assets, which are reviewed for impairment whenever events or changes in circumstances indicate that recoverability of their carrying value is questionable. If the expected undiscounted future cash flows related to a store’s assets are less than their carrying value, an impairment loss would be recognized for the difference between estimated fair value and carrying value and recorded in selling, general and administrative expenses. We estimate the fair value of store assets using an income-based approach considering the cash flows expected over the remaining lease term for each location. These projections are primarily based on management’s estimates of store-level sales, gross margins, direct expenses, exercise of future lease renewal options and resulting cash flows and, by their nature, include judgments about how current initiatives will impact future performance. External factors, such as the local environment in which the store resides, including strip-mall traffic and competition, are evaluated in terms of their effect on sales trends. Changes in sales and operating income assumptions or unfavorable changes in external factors can significantly impact the estimated future cash flows. An increase or decrease in the projected cash flow can significantly decrease or increase the fair value of these assets, which would have an effect on the impairment recorded.

 

During the fifty-two weeks ended January 28, 2017, we recorded an impairment charge of $4.5 million on long-lived assets held and used, which was included in earnings for the period. Subsequent to this impairment, these long-lived assets had a remaining unamortized basis of $4.7 million. During the fifty-two weeks ended January 30, 2016, we recorded an impairment charge of $1.0 million on long-lived assets held and used, which was included in earnings for the period. Subsequent to this impairment, these long-lived assets had a remaining unamortized basis of $1.0 million.
XML 26 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Property and Equipment-Net
 12 Months Ended
Jan. 28, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment-Net

Note 4 – Property and Equipment-Net

 

The following is a summary of property and equipment:

 

(In thousands)  January 28,
2017		  January 30,
2016
       
Furniture, fixtures and equipment  $154,391   $149,341 
Leasehold improvements   110,787    104,220 
Total   265,178    253,561 
Less accumulated depreciation and amortization   (168,962)   (150,175)
Property and equipment – net  $96,216   $103,386 

 
XML 27 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Accrued and Other Liabilities
 12 Months Ended
Jan. 28, 2017
Payables and Accruals [Abstract]  
Accrued and Other Liabilities

Note 5 – Accrued and Other Liabilities

 

Accrued and other liabilities consisted of the following:

 

(In thousands)  January 28,
2017		  January 30,
2016
       
Employee compensation and benefits  $4,829   $6,075 
Self-insurance reserves   3,411    3,305 
Gift cards   2,355    2,211 
Sales and use tax   1,362    1,902 
Other   6,531    2,355 
Total accrued and other liabilities  $18,488   $15,848 

 
XML 28 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Long-Term Debt
 12 Months Ended
Jan. 28, 2017
Debt Disclosure [Abstract]  
Long-Term Debt

Note 6 – Long-Term Debt

 

On March 27, 2017 we entered into a second amendment of our current unsecured credit agreement (the “Credit Agreement”) to extend the expiration date by five years and renegotiate certain terms and conditions. The Credit Agreement continues to provide for up to $50.0 million in cash advances and commercial and standby letters of credit with borrowing limits based on eligible inventory.

 

The Credit Agreement contains covenants which stipulate: (1) Total Shareholders’ Equity will not fall below $250.0 million at the end of each fiscal quarter; (2) the ratio of funded debt plus three times rent to EBITDA plus rent will not exceed 2.5 to 1.0; (3) cash dividends for a fiscal year will not exceed $10 million; and, (4) Distributions in the form of redemptions of Equity Interests can be made solely with cash on hand so long as before and immediately after such distributions there are no revolving loans outstanding. Should a default condition be reported, the lenders may preclude additional borrowings and call all loans and accrued interest at their discretion. As of January 28, 2017, there were $1.0 million in letters of credit outstanding and $49.0 million available to us for borrowing under the Credit Agreement.

 

The credit facility bears interest, at our option, at (1) the agent bank’s prime rate as defined in the Credit Agreement plus 1.0% with the prime rate defined as the greater of (a) the Federal Fund rate plus 0.50% or (b) the interest rate announced from time to time by the agent bank as its “prime rate” or (2) LIBOR plus 1.25% to 2.50%, depending on our achievement of certain performance criteria. A commitment fee is charged at 0.20% to 0.35% per annum, depending on our achievement of certain performance criteria, on the unused portion of the bank group’s commitment. The Credit Agreement expires on March 27, 2022.
XML 29 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
Leases
 12 Months Ended
Jan. 28, 2017
Leases [Abstract]  
Leases

Note 7 – Leases

 

We lease all of our retail locations and certain equipment under operating leases expiring at various dates through fiscal 2031. Various lease agreements require scheduled rent increases over the initial lease term. Rent expense for such leases is recognized on a straight-line basis over the initial lease term beginning the earlier of the start date of the lease or when we take possession of the property. The difference between rent based upon scheduled monthly payments and rent expense recognized on a straight-line basis is recorded as accrued rent. All incentives received from landlords are recorded as deferred income and amortized over the life of the lease on a straight-line basis as a reduction of rental expense.

 

Certain leases provide for contingent rents that are not measurable at inception. These contingent rents are primarily based on a percentage of sales that are in excess of a predetermined level. These amounts are excluded from minimum rent and are included in the determination of total rent expense when it is probable that the expense has been incurred and the amount is reasonably estimable. Certain leases also contain escalation clauses for increases in operating costs and taxes.

 

There were no assignments of operating leases to third parties in fiscal 2016. We assigned four store operating leases to separate third parties during fiscal 2015. Based on the terms of the assignments, we are not liable to the landlords for any future obligations that should arise in connection with these locations.

 

Rental expense for our operating leases consisted of:

 

(In thousands)  2016  2015  2014
          
Rentals for real property  $65,900   $64,244   $62,727 
Contingent rent   92    83    59 
Equipment rentals   62    59    66 
Total  $66,054   $64,386   $62,852 

 

Future minimum lease payments at January 28, 2017 were as follows:

 

(In thousands)  Operating
Leases
    
2017  $69,772 
2018   61,041 
2019   56,130 
2020   47,483 
2021   45,485 
Thereafter to 2031   93,107 
Total  $373,018 

 
XML 30 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Income Taxes
 12 Months Ended
Jan. 28, 2017
Income Tax Disclosure [Abstract]  
Income Taxes

Note 8 – Income Taxes

 

The provision for income taxes consisted of:

 

(In thousands)  2016  2015  2014
          
Current:               
Federal  $13,366   $18,366   $14,575 
State   1,997    2,267    1,800 
Puerto Rico   250    249    350 
Total current   15,613    20,882    16,725 
                
Deferred:               
Federal   (153)   (3,000)   (1,229)
State   (1,228)   (145)   (115)
Puerto Rico   (1,494)   (318)   (1,149)
Total deferred   (2,875)   (3,463)   (2,493)
Valuation allowance   1,494    318    1,943 
Total provision  $14,232   $17,737   $16,175 

 

We realized a tax benefit of $2,900, $120,000 and $68,000 in fiscal years 2016, 2015 and 2014, respectively, as a result of the exercise of stock options and the vesting of restricted stock, which is recorded in shareholders’ equity.

 

Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows:

 

Fiscal years    2016    2015    2014
          
U.S. Federal statutory tax rate   35.0%   35.0%   35.0%
State and local income taxes, net of federal tax benefit   2.1    2.7    3.1 
Puerto Rico   0.2    0.3    0.2 
Valuation allowance   4.0    0.7    4.7 
Tax benefit of foreign losses   (3.6)   (0.6)   (4.3)
    0.0    0.0    0.1 
Effective income tax rate   37.7%   38.1%   38.8%

 

We recorded $224,000, $327,000 and $300,000 in federal employment related tax credits in fiscal 2016, 2015 and 2014, respectively.

 

Deferred income taxes are the result of temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. The sources of these differences and the tax effect of each are as follows:

 

(In thousands)  January 28,
2017		  January 30,
2016
Deferred tax assets:          
Accrued rent  $4,333   $4,321 
Accrued compensation   8,552    6,911 
Accrued employee benefits   555    532 
Inventory   1,125    737 
Self-insurance reserves   758    641 
Lease incentives   11,996    12,522 
Net operating loss carry forward   3,719    2,261 
Other   638    411 
Total deferred tax assets   31,676    28,336 
Valuation allowance   (3,717)   (2,261)
Total deferred tax assets – net of valuation allowance   27,959    26,075 
           
Deferred tax liabilities:          
Property and equipment   17,256    16,671 
Capitalized costs   1,103    1,153 
Other   0    32 
Total deferred tax liabilities   18,359    17,856 
Net deferred tax asset   9,600    8,219 
Less current deferred income tax benefit   0    (1,061)
Long-term deferred income taxes  $9,600   $7,158 

 

At the end of fiscal 2016, we estimated foreign net operating loss carry forwards of $9.8 million, which expire between fiscal 2023 and fiscal 2026. At January 28, 2017, we had a valuation allowance of $3.7 million against these net operating losses that would be realizable only upon the generation of future taxable income in the jurisdiction in which the losses were incurred.

 

Our unrecognized tax liabilities relate to tax years encompassing our fiscal years 1999 through 2016 for the tax years that remain subject to examination by major tax jurisdictions as of January 28, 2017. At January 28, 2017, January 30, 2016 and January 31, 2015, there were no unrecognized tax liabilities or related accrued penalties or interest in Other liabilities on the Consolidated Balance Sheets.
XML 31 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Employee Benefit Plans
 12 Months Ended
Jan. 28, 2017
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans

Note 9 – Employee Benefit Plans

 

Retirement Savings Plans

 

On February 24, 1994, our Board of Directors approved the Shoe Carnival Retirement Savings Plan (the “Domestic Savings Plan”).  The Domestic Savings Plan is open to all employees working in the continental United States who have been employed for at least one year, are at least 21 years of age and who work at least 1,000 hours in a defined year.  The primary savings mechanism under the Domestic Savings Plan is a 401(k) plan under which an employee may contribute up to 20% of annual earnings with us matching the first 4% at a rate of 50%.  Our contributions to the participants’ accounts become fully vested when the participant reaches their third anniversary of employment with us.  Contributions charged to expense were $695,000, $656,000, and $639,000 in fiscal years 2016, 2015, and 2014, respectively.

 

On March 19, 2012, our Board of Directors approved the Shoe Carnival Puerto Rico Savings Plan (the “Puerto Rico Savings Plan”).  The Puerto Rico Savings Plan is open to all employees working in Puerto Rico who have been employed for at least one year, are at least 21 years of age and who work at least 1,000 hours in a defined year. This plan is similar to our Domestic Savings Plan whereby an employee may contribute up to 20% of his or her annual earnings, with us matching the first 4% at a rate of 50%.  Contributions charged to expense were $15,000, $10,000 and $12,000 in fiscal years 2016, 2015 and 2014, respectively.

 

Stock Purchase Plan

 

On May 11, 1995, our shareholders approved the Shoe Carnival, Inc. Employee Stock Purchase Plan (the “Stock Purchase Plan”) as adopted by our Board of Directors on February 9, 1995. The Stock Purchase Plan reserves 450,000 shares of our common stock (subject to adjustment for any subsequent stock splits, stock dividends and certain other changes in the common stock) for issuance and sale to any employee who has been employed for more than a year at the beginning of the calendar year, and who is not a 10% owner of our common stock, at 85% of the then fair market value up to a maximum of $5,000 in any calendar year. Under the Stock Purchase Plan, 10,000, 10,000 and 11,000 shares of common stock were purchased by participants in the plan and proceeds to us for the sale of those shares were approximately $223,000, $236,000 and $209,000 for fiscal years 2016, 2015 and 2014, respectively. At January 28, 2017, there were 94,000 shares of unissued common stock reserved for future purchase under the Stock Purchase Plan.

 

The following table summarizes information regarding stock-based compensation expense recognized for the Stock Purchase Plan:

 

(In thousands)  2016  2015  2014
       
Stock-based compensation expense before the recognized income tax benefit (1)   $39   $41   $37 
Income tax benefit  $15   $16   $14 

 

(1)Amounts are representative of the 15% discount employees are provided for purchases under the Stock Purchase Plan.

 

Deferred Compensation Plan

 

In fiscal 2000, we established a non-qualified deferred compensation plan for certain key employees who, due to Internal Revenue Service guidelines, cannot take full advantage of the employer sponsored 401(k) plan. Participants in the plan elect on an annual basis to defer, on a pre-tax basis, portions of their current compensation until retirement, or earlier if so elected. While not required to, we can match a portion of the employees’ contributions, which would be subject to vesting requirements. The compensation deferred under this plan is credited with earnings or losses measured by the rate of return on investments elected by plan participants. The plan is currently unfunded. Compensation expense for our match and earnings on the deferred amounts was $1.5 million for fiscal 2016 and $856,000 for fiscal 2014. Compensation income for our match and earnings on the deferred amounts was $6,000 for fiscal 2015. The total deferred compensation liability at January 28, 2017 and January 30, 2016 was $10.5 million and $9.6 million, respectively.
XML 32 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Based Compensation
 12 Months Ended
Jan. 28, 2017
Share-based Compensation [Abstract]  
Stock Based Compensation

Note 10 – Stock Based Compensation

 

Compensation Plan Summaries

 

The 2000 Stock Option and Incentive Plan (the “2000 Plan”) was approved by our Board of Directors and shareholders effective June 8, 2000.  On June 14, 2012, the 2000 Plan was amended to increase the number of shares reserved for issuance from 3,000,000 to 3,900,000 (subject to adjustment for subsequent stock splits, stock dividends and certain other changes in the common stock).  The 2000 Plan was also amended to revise the provision governing the payment of dividends on shares of restricted stock.  No further awards may be made under the 2000 Plan after the later of ten years from date of adoption, or ten years from the approval of any amendment. At January 28, 2017, there were 380,000 shares of unissued common stock reserved for future grants under the 2000 Plan.

 

Stock options currently outstanding under the 2000 Plan typically were granted such that one-third of the shares underlying the stock options granted would vest and become fully exercisable on each of the first three anniversaries of the date of the grant and were assigned a 10-year term from the date of grant.  Restricted stock awards issued to employees under the 2000 Plan are classified as either performance-based or service-based.  Performance-based restricted stock awards historically were granted such that they vest upon the achievement of specified levels of annual earnings per diluted share during a six-year period starting from the grant date.  Should the annual earnings per diluted share criteria not be met within the six-year period from the grant date, any shares still restricted will be forfeited. In fiscal 2016, we granted performance-based restricted stock awards that vest on March 31, 2019 if we achieve a specified level of annual earnings per diluted share in any of fiscal 2016, 2017 or 2018. Should the annual earnings per diluted share criteria not be met in any of three fiscal years, the restricted stock awards will be forfeited on March 31, 2019.  Service-based restricted stock awards typically are granted under one of four vesting periods: (a) one-third of the shares would vest on each of the first three anniversaries subsequent to the date of the grant; (b) the full award would vest at the end of a 5-year service period subsequent to date of grant; (c) the full award would vest at the end of a 2-year service period subsequent to date of grant; or (d) for our Directors, all restricted stock awards are issued to vest on January 2nd. of the year following the year of the grant. Awards that contain both performance and service based conditions require that the performance target is met during the required service period. Non-vested performance-based restricted stock granted before June 14, 2012, and all shares of non-vested service-based restricted stock provide non-forfeitable rights to all dividends declared by the Company. Dividends on non-vested performance-based restricted stock granted after June 14, 2012, are subject to deferral until such times as the shares vest and are released.

 

Plan Specific Activity and End of Period Balance Summaries

 

Stock Options

 

No stock options have been granted since fiscal 2008. All outstanding options had vested as of the end of fiscal 2011, therefore no unrecognized compensation expense remains.

 

The following table summarizes the stock option transactions pursuant to the stock-based compensation plans:

 

   Number of
Shares		  Weighted-
Average
Exercise Price		  Weighted-
Average
Remaining
Contractual
Term (Years)		  Aggregate
Intrinsic
Value (in
thousands)
Outstanding at January 30, 2016   7,000   $7.63           
Granted   0                
Forfeited or expired   0                
Exercised   0    0.00           
Outstanding and exercisable at January 28, 2017
   7,000   $7.63    0.98   $124 

 

The following table summarizes information regarding options exercised:

 

(In thousands)  2016  2015  2014
          
Total intrinsic value (1)  $0   $229   $146 
Total cash received  $0   $155   $77 
Associated excess income tax benefits recorded  $0   $57   $43 

 

(1)Defined as the difference between the market value at exercise and the grant price of stock options exercised.

 

Restricted Stock Awards

 

The following table summarizes the restricted share transactions pursuant to the 2000 Plan:

 

   Number of
Shares		  Weighted-
Average Grant
Date Fair Value
Restricted stock at January 30, 2016   829,492   $22.13 
Granted   225,003    24.98 
Vested   (54,657)   25.38 
Forfeited   (34,980)   21.55 
Restricted stock at January 28, 2017   964,858   $22.63 

 

The total fair value at grant date of restricted stock awards that vested during fiscal 2016, 2015 and 2014 was $1.4 million, $478,000 and $351,000, respectively. The weighted-average grant date fair value of stock awards granted during fiscal 2015 and fiscal 2014 was $24.43 and $25.50, respectively.

 

The following table summarizes information regarding stock-based compensation expense recognized for restricted stock awards:

 

(In thousands)  2016  2015  2014
       
Stock-based compensation expense before the recognized income tax benefit  $3,507   $3,340   $906 
Income tax benefit  $1,322   $1,274   $351 

 

The $906,000 of expense recognized in fiscal 2014 was comprised of stock-based compensation expense of $3.2 million, partially offset by an expense reversal of $2.3 million. The reduction in expense was attributable to the third quarter reversal of the cumulative prior period expense for performance-based awards, which were deemed by management as not probable of vesting prior to their expiration.

 

As of January 28, 2017, there was approximately $7.4 million of unrecognized compensation expense remaining related to both our performance-based and service-based restricted stock awards. The cost is expected to be recognized over a weighted average period of approximately 1.9 years. This incorporates our current assumptions with respect to the estimated requisite service period required to achieve the designated performance conditions for performance-based stock awards.

 

Cash-Settled Stock Appreciation Rights (SARs)

 

Our outstanding Cash-Settled Stock Appreciation Rights (SARs) were granted during the first quarter of fiscal 2015 to certain non-executive employees, such that one-third of the shares underlying the SARs will vest and become fully exercisable on each of the first three anniversaries of the date of the grant and were assigned a five-year term from the date of grant, after which any unexercised SARs will expire. Each SAR entitles the holder, upon exercise of their vested shares, to receive cash in an amount equal to the closing price of our stock on the date of exercise less the exercise price, with a maximum amount of gain defined. The SARs granted during the first quarter of fiscal 2015 were issued with a defined maximum gain of $10.00 over the exercise price of $24.26. In accordance with current authoritative guidance, cash-settled SARs are accounted for as liability awards and classified as Other liabilities on the Consolidated Balance Sheets.

 

The following table summarizes the SARs activity:

 

   Number of
Shares		  Weighted-
Average
Exercise Price		  Weighted-
Average
Remaining
Contractual
Term (Years)
Outstanding at January 30, 2016   147,550   $24.26      
Granted   0    24.26      
Forfeited   (6,500)   24.26      
Exercised   (29,750)   24.26      
Outstanding at January 28, 2017   111,300   $24.26    3.1 

 

The fair value of liability awards are remeasured, using a trinomial lattice model, at each reporting period until the date of settlement. Increases or decreases in stock-based compensation expense is recognized over the vesting period, or immediately for vested awards.

 

The fair value was estimated using a trinomial lattice model with the following assumptions:

 

   January 28, 2017  January 30, 2016  January 31, 2015
Risk free interest rate yield curve   0.49% - 1.94%   0.22% - 1.33%   0.01% - 1.18%
Expected dividend yield   1.1%   1.0%   1.0%
Expected volatility   35.51%   36.05%   37.82%
Maximum life   3.1 Years    4.1 Years    2.0 Years 
Exercise multiple   1.34    1.34    1.31 
Maximum payout  $10.00   $10.00   $6.67 
Employee exit rate   2.2% - 9.0%   2.2% - 9.0%   2.2% - 9.0%

 

The risk free interest rate was based on the U.S. Treasury yield curve in effect at the end of the reporting period. The expected dividend yield was based on our quarterly cash dividends in fiscal 2016, with the assumption that quarterly dividends would continue at the current rate. Expected volatility was based on the historical volatility of our stock. The exercise multiple and employee exit rate are based on historical option data.

 

The following table summarizes information regarding stock-based compensation expense recognized for SARs:

 

(In thousands)  2016  2015  2014
       
Stock-based compensation expense before the recognized income tax benefit  $276   $321   $121 
Income tax benefit  $104   $123   $47 

 

As of January 28, 2017, approximately $110,000 in unrecognized compensation expense remained related to non-vested SARs. This expense is expected to be recognized over a weighted-average period of approximately 0.7 years.
XML 33 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Business Risk
 12 Months Ended
Jan. 28, 2017
Risks and Uncertainties [Abstract]  
Business Risk

Note 11 – Business Risk

 

We purchase merchandise from approximately 170 footwear vendors. In fiscal 2016, two branded suppliers, Nike, Inc. and Skechers USA, Inc., collectively accounted for approximately 45% of our net sales. Nike, Inc. accounted for approximately 33% of our net sales and Skechers USA, Inc. accounted for approximately 12%. A loss of any of our key suppliers in certain product categories could have a material adverse effect on our business. As is common in the industry, we do not have any long-term contracts with suppliers.
XML 34 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Litigation Matters
 12 Months Ended
Jan. 28, 2017
Loss Contingency, Information about Litigation Matters [Abstract]  
Litigation Matters

Note 12 – Litigation Matters

 

The accounting standard related to loss contingencies provides guidance in regards to our disclosure and recognition of loss contingencies, including pending claims, lawsuits, disputes with third parties, investigations and other actions that are incidental to the operation of our business. The guidance utilizes the following defined terms to describe the likelihood of a future loss: (1) probable – the future event or events are likely to occur, (2) remote – the chance of the future event or events is slight and (3) reasonably possible – the chance of the future event or events occurring is more than remote but less than likely. The guidance also contains certain requirements with respect to how we accrue for and disclose information concerning our loss contingencies. We accrue for a loss contingency when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. When the reasonable estimate of the loss is within a range of amounts, and no amount in the range constitutes a better estimate than any other amount, we accrue for the amount at the low end of the range. We adjust our accruals from time to time as we receive additional information, but the loss we incur may be significantly greater than or less than the amount we have accrued. We disclose loss contingencies if there is at least a reasonable possibility that a loss has been incurred. No accrual or disclosure is required for losses that are remote.

 

From time to time, we are involved in certain legal proceedings in the ordinary course of conducting our business. While the outcome of any legal proceeding is uncertain, we do not currently expect that any such proceedings will have a material adverse effect on our consolidated balance sheets, statements of income, or cash flows.
XML 35 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Quarterly Results
 12 Months Ended
Jan. 28, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results

Note 13 – Quarterly Results (Unaudited)

 

Quarterly results are determined in accordance with the accounting policies used for annual data and include certain items based upon estimates for the entire year. All fiscal quarters in 2016 and 2015 include results for 13 weeks.

 

(In thousands, except per share data)

 

Fiscal 2016  First
Quarter		  Second
Quarter		  Third
Quarter		  Fourth
Quarter
             
Net sales  $260,470   $231,907   $274,524   $234,201 
Gross profit   75,556    67,230    82,010    64,439 
Operating income (loss)   17,285    6,660    15,452    (1,485)
Net income (loss)   10,661    4,104    9,672    (920)
Net income (loss) per share – Basic (1)  $0.56   $0.22   $0.54   $(0.05)
Net income (loss) per share – Diluted (1)  $0.56   $0.22   $0.54   $(0.05)

 

Fiscal 2015  First
Quarter		  Second
Quarter		  Third
Quarter		  Fourth
Quarter
             
Net sales  $252,767   $227,822   $269,713   $233,666 
Gross profit   74,689    66,274    81,317    68,236 
Operating income   17,030    7,877    15,173    6,553 
Net income   10,396    4,817    9,386    4,168 
Net income per share – Basic (1)  $0.52   $0.24   $0.47   $0.21 
Net income per share – Diluted (1)  $0.52   $0.24   $0.47   $0.21 

 

(1)Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year due to the impact of changes in weighted shares outstanding and differing applications of earnings under the two-class method.
XML 36 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events
 12 Months Ended
Jan. 28, 2017
Subsequent Events [Abstract]  
Subsequent Events

Note 14 – Subsequent Events

 

On March 22, 2017, the Board of Directors approved the payment of a cash dividend to our shareholders in the first quarter of fiscal 2017.  The quarterly cash dividend of $0.07 per share will be paid on April 24, 2017 to shareholders of record as of the close of business on April 10, 2017.

 

The declaration and payment of any future dividends are at the discretion of the Board of Directors and will depend on our results of operations, financial condition, business conditions and other factors deemed relevant by our Board of Directors.

 

On March 27, 2017, we entered into a second amendment of our Credit Agreement to extend the expiration date by five years and renegotiate certain terms and conditions. The Credit Agreement continues to provide for up to $50.0 million in cash advances and commercial and standby letters of credit with borrowing limits based on eligible inventory. The details of the amended Credit Agreement are contained in Note 6 – “Long –Term Debt.”
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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Jan. 28, 2017
Valuation and Qualifying Accounts [Abstract]  
VALUATION AND QUALIFYING ACCOUNTS

SHOE CARNIVAL, INC.
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

 

(In thousands)

 

Reserve for sales returns and allowances

  Balance at
Beginning
of Period		  Charged to
Cost and
Expenses		  Credited to
Costs and
Expenses		  Balance at
End of
Period
             
Year ended January 31, 2015  $131   $104,511   $104,495   $147 
Year ended January 30, 2016  $147   $105,258   $105,227   $178 
Year ended January 28, 2017  $178   $102,826   $102,802   $202 

 
XML 38 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Jan. 28, 2017
Accounting Policies [Abstract]  
Fiscal Year

Fiscal Year

 

Our fiscal year is a 52/53 week year ending on the Saturday closest to January 31. Unless otherwise stated, references to years 2016, 2015 and 2014 relate to the fiscal years ended January 28, 2017, January 30, 2016 and January 31, 2015, respectively.
Use of Estimates in the Preparation of Consolidated Financial Statements

Use of Estimates in the Preparation of Consolidated Financial Statements

 

The preparation of our consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities as of the financial statement reporting date in addition to the reported amounts of certain revenues and expenses for the reporting period.  The assumptions used by management in future estimates could change significantly due to changes in circumstances and actual results could differ from those estimates.
Cash and Cash Equivalents

Cash and Cash Equivalents

 

We had cash and cash equivalents of $62.9 million at January 28, 2017 and $68.8 million at January 30, 2016. Credit and debit card receivables and receivables due from a third-party totaling $4.9 million and $5.5 million were included in cash equivalents at January 28, 2017 and January 30, 2016, respectively. Credit and debit card receivables generally settle within three days; receivables due from a third-party generally settle within 15 days.

 

We consider all short-term investments with an original maturity date of three months or less to be cash equivalents. As of January 28, 2017, and January 30, 2016, all invested cash was held in a money market account. While investments are not considered by management to be at significant risk, they could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or lack of access to either invested cash or cash held in our bank accounts.
Fair Value of Financial Instruments and Non-Financial Assets

Fair Value of Financial Instruments and Non-Financial Assets

 

Our financial assets as of January 28, 2017 and January 30, 2016 included cash and cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to its short-term nature. We did not have any financial liabilities measured at fair value for these periods. Non-financial assets measured at fair value included on our consolidated balance sheet as of January 28, 2017 and of January 30, 2016 were those long-lived assets for which an impairment charge has been recorded. We did not have any non-financial liabilities measured at fair value for these periods. See Note 3 – “Fair Value Measurements” for further discussion.
Merchandise Inventories and Cost of Sales

Merchandise Inventories and Cost of Sales

 

Merchandise inventories are stated at the lower of cost or market (LCM) using the first-in, first-out (FIFO) method. For determining market value, we estimate the future demand and related sale price of merchandise contained in inventory as of the balance sheet date. The stated value of merchandise inventories contained on our consolidated balance sheets also includes freight, certain capitalized overhead costs and reserves. Factors considered in determining if our inventory is properly stated at LCM includes, among others, recent sale prices, the length of time merchandise has been held in inventory, quantities of various styles held in inventory, seasonality of merchandise, expected consideration to be received from our vendors and current and expected future sales trends. We reduce the value of our inventory to its estimated net realizable value where cost exceeds the estimated future selling price. Material changes in the factors previously noted could have a significant impact on the actual net realizable value of our inventory and our reported operating results.

 

Cost of sales includes the cost of merchandise sold, buying, distribution, and occupancy costs, inbound freight expense, provision for inventory obsolescence, inventory shrink and credits and allowances from merchandise vendors. Cost of sales related to our e-commerce orders include charges paid to a third party service provider in addition to the freight expense for delivering merchandise to our customer.
Property and Equipment-Net

Property and Equipment-Net

 

Property and equipment is stated at cost. Depreciation and amortization of property, equipment and leasehold improvements are taken on the straight-line method over the shorter of the estimated useful lives of the assets or the applicable lease terms. Lives used in computing depreciation and amortization range from two to twenty years. Expenditures for maintenance and repairs are charged to expense as incurred. Expenditures that materially increase values, improve capacities or extend useful lives are capitalized. Upon sale or retirement, the costs and related accumulated depreciation or amortization are eliminated from the respective accounts and any resulting gain or loss is included in operations.

 

We periodically evaluate our long-lived assets if events or circumstances indicate the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the carrying value of the assets exceeds the expected future cash flows to be derived from their use. Assets are grouped, and the evaluation performed, at the lowest level for which there are identifiable cash flows, which is generally at a store level. If the estimated, undiscounted future cash flows for a store are determined to be less than the carrying value of the store’s assets, an impairment loss is recorded for the difference between estimated fair value and carrying value. Assets subject to impairment are adjusted to estimated fair value and, if applicable, an impairment loss is recorded in selling, general and administrative expenses. We estimate the fair value of our long-lived assets using store specific cash flow assumptions discounted by a rate commensurate with the risk involved with such assets while incorporating marketplace assumptions. Our assumptions and estimates used in the evaluation of impairment, including current and future economic trends for stores, are subject to a high degree of judgment. If actual operating results or market conditions differ from those anticipated, the carrying value of certain of our assets may prove unrecoverable and we may incur additional impairment charges in the future. Our evaluations resulted in the recording of non-cash impairment charges of approximately $4.5 million and $1.0 million in fiscal years 2016 and 2015, respectively.
Insurance Reserves

Insurance Reserves

 

We self-insure a significant portion of our workers’ compensation, general liability and employee health care costs and also maintain insurance in each area of risk, protecting us from individual and aggregate losses over specified dollar values. We review the liability reserved for our self-insured portions on a quarterly basis, taking into consideration a number of factors, including historical claims experience, severity factors, statistical trends and, in certain instances, valuation assistance provided by independent third parties. Self-insurance reserves include estimates of claims filed, carried at their expected ultimate settlement value, and claims incurred but not yet reported. As of January 28, 2017 and January 30, 2016, our self-insurance reserves totaled $3.4 million and $3.3 million, respectively. We record self-insurance reserves as a component of selling, general and administrative expenses in our Consolidated Statements of Income. While we believe that the recorded amounts are adequate, there can be no assurance that changes to management’s estimates will not occur due to limitations inherent in the estimating process. If actual results are not consistent with our estimates or assumptions, we may be exposed to losses or gains that could be material.
Deferred Lease Incentives

Deferred Lease Incentives

 

All cash incentives received from landlords are recorded as deferred income and amortized over the life of the lease on a straight-line basis as a reduction of rental expense.
Accrued Rent

Accrued Rent

 

We are party to various lease agreements, which require scheduled rent increases over the initial lease term. Rent expense for such leases is recognized on a straight-line basis over the initial lease term beginning the earlier of the start date of the lease or when we take possession of the property. The difference between rent based upon scheduled monthly payments and rent expense recognized on a straight-line basis is recorded as accrued rent.
Revenue Recognition

Revenue Recognition

 

Revenue from sales of merchandise at our store locations is recognized at the time of sale. We record revenue from our e-commerce sales, including shipping and handling fees, based on an estimated customer receipt date. Our sales are recorded exclusive of sales tax. In the regular course of business, we offer our customers sales incentives including coupons, discounts, and free merchandise. Sales are recorded net of such incentives and returns and allowances. If an incentive involves free merchandise, that merchandise is recorded as a zero sale and the cost is included in cost of sales. Gift card revenue is recognized at the time of redemption.
Consideration Received From a Vendor

Consideration Received From a Vendor

 

Consideration is primarily received from merchandise vendors. Consideration is either recorded as a reduction of the price paid for the vendor’s products and recorded as a reduction of our cost of sales, or if the consideration represents a reimbursement of a specific, incremental and identifiable cost, then it is recorded as an offset to the same financial statement line item.

 

Consideration received from our vendors includes co-operative advertising/promotion, margin assistance, damage allowances and rebates earned for a specific level of purchases over a defined period. Consideration principally takes the form of credits that we can apply against trade amounts owed.

 

Consideration received after the related merchandise has been sold is recorded as an offset to cost of sales in the period negotiations are finalized. For consideration received on merchandise still in inventory, the allowance is recorded as a reduction to the cost of on-hand inventory and recorded as a reduction of our cost of sales at the time of sale. Should the allowances received exceed the incremental cost then the excess consideration is recorded as a reduction to the cost of on-hand inventory and allocated to cost of sales in future periods utilizing an average inventory turn rate.
Store Opening and Start-up Costs

Store Opening and Start-up Costs

 

Non-capital expenditures, such as advertising, payroll, supplies and rent, incurred prior to the opening of a new store are charged to expense in the period they are incurred.
Advertising Costs

Advertising Costs

 

Print, television, radio, outdoor and digital media costs are generally expensed when incurred. Internal production costs are expensed when incurred and external production costs are expensed in the period the advertisement first takes place. Advertising expenses included in selling, general and administrative expenses were $42.9 million, $42.1 million and $41.6 million in fiscal years 2016, 2015 and 2014, respectively.
Stock-Based Compensation

Stock-Based Compensation

 

We recognize compensation expense for stock-based awards based on a fair value based method. Stock-based awards may include stock options, stock appreciation rights, and restricted stock awards under our stock-based compensation plans. Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our employee stock purchase plan. This discount represents the difference between the market price and the employee purchase price. Stock-based compensation expense is included in selling, general and administrative expense.

 

We apply an estimated forfeiture rate in calculating the stock-based compensation expense for the period. Forfeiture estimates are adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from previous estimates.
Segment Information

Segment Information

 

We have identified each retail store and our e-commerce store as individual operating segments. Our operating segments have been aggregated and are reported as one reportable segment based on the similar nature of products sold, merchandising and distribution processes involved, target customers and economic characteristics. Due to our multi-channel retailer strategy, we view our e-commerce sales as an extension of our physical stores.
Income Taxes

Income Taxes

 

We compute income taxes using the asset and liability method, under which deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. Deferred tax assets are reduced, if necessary, by a valuation allowance to the extent future realization of those tax benefits are uncertain. We account for uncertain tax positions in accordance with current authoritative guidance and report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest expense and penalties, if any, related to uncertain tax positions in income tax expense.
Net Income Per Share

Net Income Per Share

 

The following table sets forth the computation of basic and diluted earnings per share as shown on the face of the accompanying consolidated statements of income.

 

   Fiscal Year Ended 
   January 28, 2017   January 30, 2016   January 31, 2015 
   (In thousands except per share data) 
Basic Earnings per Share:  Net
Income		   Shares   Per
Share
Amount		   Net
Income		   Shares   Per
Share
Amount		   Net
Income		   Shares   Per
Share
Amount		 
Net income  $23,517             $28,767             $25,527           
Amount allocated to participating securities   (487)             (566)             (461)          
Net income available for basic common shares and basic earnings per share  $23,030    18,017   $1.28   $28,201    19,417   $1.45   $25,066    19,777   $1.27 
                                              
Diluted Earnings per Share:                                             
Net income  $23,517             $28,767             $25,527           
Amount allocated to participating securities   (487)             (566)             (461)          
Adjustment for dilutive potential common shares   0    5         0    10         0    14      
Net income available for diluted common shares and diluted earnings per share  $23,030    18,022   $1.28   $28,201    19,427   $1.45   $25,066    19,791   $1.27 

 

Our basic and diluted earnings per share are computed using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to their

participation rights in dividends and undistributed earnings or losses. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. During periods of undistributed losses however, no effect is given to our participating securities since they do not share in the losses. Per share amounts are computed by dividing net income available to common shareholders by the weighted average shares outstanding during each period. No options to purchase shares of common stock were excluded in the computation of diluted shares for the periods presented.
New Accounting Pronouncements

New Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance on the recognition of revenue for all contracts with customers designed to improve comparability and enhance financial statement disclosures. Subsequently, the FASB has also issued accounting standards updates which clarify the guidance. The underlying principle of this comprehensive model is that revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the payment to which the company expects to be entitled in exchange for those goods or services. In August 2015, the FASB subsequently issued guidance which approved a one year deferral of the guidance until annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017, which makes the guidance effective for us at the beginning of fiscal 2018, including interim periods within that fiscal year. Upon adoption, we will apply the provisions of the guidance either on a retrospective or modified retrospective basis. We are evaluating the impact of this guidance on our consolidated financial position, results of operations and cash flows.

 

In July 2015, the FASB issued guidance on simplifying the measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. The new guidance does not apply to inventory currently measured using the last-in-first-out or the retail inventory valuation methods. The guidance will be effective at the

 

beginning of fiscal 2017, including interim periods within that fiscal year, and will be applied on a prospective basis. We do not believe the guidance will have a material impact on our consolidated financial position, results of operations and cash flows.

 

In November 2015, the FASB issued guidance which simplifies the classification of deferred taxes by requiring an entity to classify deferred tax liabilities and assets as noncurrent within a classified statement of financial position. We early adopted this guidance in the third quarter of fiscal 2016 and are applying this change prospectively. Prior consolidated balance sheets have not been retrospectively adjusted. The adoption resulted in a $2.7 million reclassification of net deferred tax assets from current to noncurrent on our consolidated balance sheet as of October 29, 2016. The adoption did not have a material impact on our results of consolidated operations and cash flows.

 

In February 2016, the FASB issued guidance which will replace most existing lease accounting guidance. This update requires an entity to recognize leased assets and the rights and obligations created by those leased assets on the balance sheet and to disclose key information about the entity’s leasing arrangements. The guidance will be effective at the beginning of fiscal 2019, including interim periods within that fiscal year, and will be applied on a modified retrospective basis. We are evaluating the impact of this guidance on our consolidated financial position, results of operations and cash flows. However, we expect that the adoption of the guidance will require us to recognize right-of-use assets and lease liabilities that will be material to our consolidated balance sheet.

 

In March 2016, the FASB issued guidance intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification in the statement of cash flows and forfeitures. The guidance will be effective at the beginning of fiscal 2017, including interim periods within that fiscal year, and can be applied either prospectively, retrospectively or using a modified retrospective transition method. We are still evaluating the effect of the guidance, but the adoption may create volatility in our effective tax rate. Upon adoption, all tax-related cash flows resulting from share-based payments will be reported as operating activities on the statements of cash flows, a change from the current presentation of presenting tax benefits as an inflow from financing activities and an outflow from operating activities.

 

In November 2016, the FASB issued guidance for restricted cash classification and presentation of the statement of cash flows requiring cash to be included within cash and cash equivalents on the statement of cash flows. The guidance will be effective at the beginning of fiscal 2018, including interim periods within that fiscal year, and will be applied on a retrospective basis. We are evaluating the impact of this guidance on our consolidated statement of cash flows.

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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jan. 28, 2017
Accounting Policies [Abstract]  
Computation of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per share as shown on the face of the accompanying consolidated statements of income.

 

   Fiscal Year Ended 
   January 28, 2017   January 30, 2016   January 31, 2015 
   (In thousands except per share data) 
Basic Earnings per Share:  Net
Income		   Shares   Per
Share
Amount		   Net
Income		   Shares   Per
Share
Amount		   Net
Income		   Shares   Per
Share
Amount		 
Net income  $23,517             $28,767             $25,527           
Amount allocated to participating securities   (487)             (566)             (461)          
Net income available for basic common shares and basic earnings per share  $23,030    18,017   $1.28   $28,201    19,417   $1.45   $25,066    19,777   $1.27 
                                              
Diluted Earnings per Share:                                             
Net income  $23,517             $28,767             $25,527           
Amount allocated to participating securities   (487)             (566)             (461)          
Adjustment for dilutive potential common shares   0    5         0    10         0    14      
Net income available for diluted common shares and diluted earnings per share  $23,030    18,022   $1.28   $28,201    19,427   $1.45   $25,066    19,791   $1.27 

 
XML 40 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Jan. 28, 2017
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on a Recurring Basis

The following table presents assets that are measured at fair value on a recurring basis at January 28, 2017 and January 30, 2016. We have no material liabilities measured at fair value on a recurring or non-recurring basis.

 

    Fair Value Measurements 
(In thousands)   Level 1    Level 2    Level 3   Total  
As of January 28, 2017:                    
Cash equivalents – money market account  $114   $0   $0   $114 
                     
As of January 30, 2016:                    
Cash equivalents– money market account  $5,386   $0   $0   $5,386 

 
XML 41 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
Property and Equipment-Net (Tables)
 12 Months Ended
Jan. 28, 2017
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

The following is a summary of property and equipment:

 

(In thousands)  January 28,
2017		  January 30,
2016
       
Furniture, fixtures and equipment  $154,391   $149,341 
Leasehold improvements   110,787    104,220 
Total   265,178    253,561 
Less accumulated depreciation and amortization   (168,962)   (150,175)
Property and equipment – net  $96,216   $103,386 

 
XML 42 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Accrued and Other Liabilities (Tables)
 12 Months Ended
Jan. 28, 2017
Payables and Accruals [Abstract]  
Schedule of Accrued and Other Liabilities

Accrued and other liabilities consisted of the following:

 

(In thousands)  January 28,
2017		  January 30,
2016
       
Employee compensation and benefits  $4,829   $6,075 
Self-insurance reserves   3,411    3,305 
Gift cards   2,355    2,211 
Sales and use tax   1,362    1,902 
Other   6,531    2,355 
Total accrued and other liabilities  $18,488   $15,848 

 
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Leases (Tables)
 12 Months Ended
Jan. 28, 2017
Leases [Abstract]  
Schedule of Rental Expense Under Operating Leases

Rental expense for our operating leases consisted of:

 

(In thousands)  2016  2015  2014
          
Rentals for real property  $65,900   $64,244   $62,727 
Contingent rent   92    83    59 
Equipment rentals   62    59    66 
Total  $66,054   $64,386   $62,852 

 
Schedule of Future Minimum Payments Under Operating Leases

Future minimum lease payments at January 28, 2017 were as follows:

 

(In thousands)  Operating
Leases
    
2017  $69,772 
2018   61,041 
2019   56,130 
2020   47,483 
2021   45,485 
Thereafter to 2031   93,107 
Total  $373,018 

 
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Income Taxes (Tables)
 12 Months Ended
Jan. 28, 2017
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision

The provision for income taxes consisted of:

 

(In thousands)  2016  2015  2014
          
Current:               
Federal  $13,366   $18,366   $14,575 
State   1,997    2,267    1,800 
Puerto Rico   250    249    350 
Total current   15,613    20,882    16,725 
                
Deferred:               
Federal   (153)   (3,000)   (1,229)
State   (1,228)   (145)   (115)
Puerto Rico   (1,494)   (318)   (1,149)
Total deferred   (2,875)   (3,463)   (2,493)
Valuation allowance   1,494    318    1,943 
Total provision  $14,232   $17,737   $16,175 

 
Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows:

 

Fiscal years    2016    2015    2014
          
U.S. Federal statutory tax rate   35.0%   35.0%   35.0%
State and local income taxes, net of federal tax benefit   2.1    2.7    3.1 
Puerto Rico   0.2    0.3    0.2 
Valuation allowance   4.0    0.7    4.7 
Tax benefit of foreign losses   (3.6)   (0.6)   (4.3)
    0.0    0.0    0.1 
Effective income tax rate   37.7%   38.1%   38.8%

 
Schedule of Deferred Tax Asset/Liability

Deferred income taxes are the result of temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. The sources of these differences and the tax effect of each are as follows:

 

(In thousands)  January 28,
2017		  January 30,
2016
Deferred tax assets:          
Accrued rent  $4,333   $4,321 
Accrued compensation   8,552    6,911 
Accrued employee benefits   555    532 
Inventory   1,125    737 
Self-insurance reserves   758    641 
Lease incentives   11,996    12,522 
Net operating loss carry forward   3,719    2,261 
Other   638    411 
Total deferred tax assets   31,676    28,336 
Valuation allowance   (3,717)   (2,261)
Total deferred tax assets – net of valuation allowance   27,959    26,075 
           
Deferred tax liabilities:          
Property and equipment   17,256    16,671 
Capitalized costs   1,103    1,153 
Other   0    32 
Total deferred tax liabilities   18,359    17,856 
Net deferred tax asset   9,600    8,219 
Less current deferred income tax benefit   0    (1,061)
Long-term deferred income taxes  $9,600   $7,158 

 
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Employee Benefit Plans (Tables)
 12 Months Ended
Jan. 28, 2017
Compensation and Retirement Disclosure [Abstract]  
Schedule of Stock Based Compensation Expense for Stock Purchase Plan

The following table summarizes information regarding stock-based compensation expense recognized for the Stock Purchase Plan:

 

(In thousands)  2016  2015  2014
       
Stock-based compensation expense before the recognized income tax benefit (1)   $39   $41   $37 
Income tax benefit  $15   $16   $14 

 

(1)Amounts are representative of the 15% discount employees are provided for purchases under the Stock Purchase Plan.
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Stock Based Compensation (Tables)
 12 Months Ended
Jan. 28, 2017
Share-based Compensation [Abstract]  
Schedule of Stock Option Activity

The following table summarizes the stock option transactions pursuant to the stock-based compensation plans:

 

   Number of
Shares		  Weighted-
Average
Exercise Price		  Weighted-
Average
Remaining
Contractual
Term (Years)		  Aggregate
Intrinsic
Value (in
thousands)
Outstanding at January 30, 2016   7,000   $7.63           
Granted   0                
Forfeited or expired   0                
Exercised   0    0.00           
Outstanding and exercisable at January 28, 2017
   7,000   $7.63    0.98   $124 

 
Schedule of Stock Options Exercised

The following table summarizes information regarding options exercised:

 

(In thousands)  2016  2015  2014
          
Total intrinsic value (1)  $0   $229   $146 
Total cash received  $0   $155   $77 
Associated excess income tax benefits recorded  $0   $57   $43 

 

(1)Defined as the difference between the market value at exercise and the grant price of stock options exercised.
Summary of Restricted Stock Awards Transactions

The following table summarizes the restricted share transactions pursuant to the 2000 Plan:

 

   Number of
Shares		  Weighted-
Average Grant
Date Fair Value
Restricted stock at January 30, 2016   829,492   $22.13 
Granted   225,003    24.98 
Vested   (54,657)   25.38 
Forfeited   (34,980)   21.55 
Restricted stock at January 28, 2017   964,858   $22.63 

 
Summary of Stock Compensation Expense

The following table summarizes information regarding stock-based compensation expense recognized for restricted stock awards:

 

(In thousands)  2016  2015  2014
       
Stock-based compensation expense before the recognized income tax benefit  $3,507   $3,340   $906 
Income tax benefit  $1,322   $1,274   $351 

 
Schedule of SARs Activity

The following table summarizes the SARs activity:

 

   Number of
Shares		  Weighted-
Average
Exercise Price		  Weighted-
Average
Remaining
Contractual
Term (Years)
Outstanding at January 30, 2016   147,550   $24.26      
Granted   0    24.26      
Forfeited   (6,500)   24.26      
Exercised   (29,750)   24.26      
Outstanding at January 28, 2017   111,300   $24.26    3.1 

 
Schedule of SARs Assumptions

The fair value was estimated using a trinomial lattice model with the following assumptions:

 

   January 28, 2017  January 30, 2016  January 31, 2015
Risk free interest rate yield curve   0.49% - 1.94%   0.22% - 1.33%   0.01% - 1.18%
Expected dividend yield   1.1%   1.0%   1.0%
Expected volatility   35.51%   36.05%   37.82%
Maximum life   3.1 Years    4.1 Years    2.0 Years 
Exercise multiple   1.34    1.34    1.31 
Maximum payout  $10.00   $10.00   $6.67 
Employee exit rate   2.2% - 9.0%   2.2% - 9.0%   2.2% - 9.0%

 
Schedule of Stock Compensation Expense Recognized for SARs:

The following table summarizes information regarding stock-based compensation expense recognized for SARs:

 

(In thousands)  2016  2015  2014
       
Stock-based compensation expense before the recognized income tax benefit  $276   $321   $121 
Income tax benefit  $104   $123   $47 

 
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Quarterly Results (Tables)
 12 Months Ended
Jan. 28, 2017
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Results

(In thousands, except per share data)

 

Fiscal 2016  First
Quarter		  Second
Quarter		  Third
Quarter		  Fourth
Quarter
             
Net sales  $260,470   $231,907   $274,524   $234,201 
Gross profit   75,556    67,230    82,010    64,439 
Operating income (loss)   17,285    6,660    15,452    (1,485)
Net income (loss)   10,661    4,104    9,672    (920)
Net income (loss) per share – Basic (1)  $0.56   $0.22   $0.54   $(0.05)
Net income (loss) per share – Diluted (1)  $0.56   $0.22   $0.54   $(0.05)

 

Fiscal 2015  First
Quarter		  Second
Quarter		  Third
Quarter		  Fourth
Quarter
             
Net sales  $252,767   $227,822   $269,713   $233,666 
Gross profit   74,689    66,274    81,317    68,236 
Operating income   17,030    7,877    15,173    6,553 
Net income   10,396    4,817    9,386    4,168 
Net income per share – Basic (1)  $0.52   $0.24   $0.47   $0.21 
Net income per share – Diluted (1)  $0.52   $0.24   $0.47   $0.21 

 

(1)Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year due to the impact of changes in weighted shares outstanding and differing applications of earnings under the two-class method.
XML 48 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Oct. 29, 2016
Feb. 02, 2016
Feb. 01, 2014
Accounting Policies [Abstract]            
Cash and cash equivalents $ 62,944 $ 68,814 $ 61,376   $ 68,814 $ 48,253
Credit and debit card receivables 4,900 5,500        
Impairment charges 4,500 1,000        
Self-insurance reserves 3,411 3,305        
Advertising expenses 42,900 42,100 $ 41,600      
Net deferred tax assets $ 9,600 $ 8,219        
Current deferred tax assets reclassified to noncurrent deferred tax assets       $ 2,700    
XML 49 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Schedule of Earnings per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Jan. 28, 2017
Oct. 29, 2016
Jul. 30, 2016
Apr. 30, 2016
Jan. 30, 2016
Oct. 31, 2015
Aug. 01, 2015
May 02, 2015
Jan. 28, 2017
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Basic Earnings per Share:                        
Net income $ (920) $ 9,672 $ 4,104 $ 10,661 $ 4,168 $ 9,386 $ 4,817 $ 10,396 $ 23,517 $ 23,517 $ 28,767 $ 25,527
Amount allocated to participating securities                 (487)   (566) (461)
Net income available for basic common shares and basic earnings per share                 $ 23,030   $ 28,201 $ 25,066
Net income available for basic common shares and basic earnings per share, Shares                 18,017   19,417 19,777
Net income per share - Basic $ (0.05) [1] $ 0.54 [1] $ 0.22 [1] $ 0.56 [1] $ 0.21 [1] $ 0.47 [1] $ 0.24 [1] $ 0.52 [1] $ 1.28   $ 1.45 $ 1.27
Diluted Earnings per Share:                        
Net income $ (920) $ 9,672 $ 4,104 $ 10,661 $ 4,168 $ 9,386 $ 4,817 $ 10,396 $ 23,517 $ 23,517 $ 28,767 $ 25,527
Amount allocated to participating securities                 (487)   (566) (461)
Adjustment for dilutive potential common shares                 $ 0   $ 0 $ 0
Adjustment for dilutive potential common shares, Shares                 5   10 14
Net income available for diluted common shares and diluted earnings per share                 $ 23,030   $ 28,201 $ 25,066
Net income available for diluted common shares and diluted earnings per share, Shares                 18,022   19,427 19,791
Net income per share - Diluted $ (0.05) [1] $ 0.54 [1] $ 0.22 [1] $ 0.56 [1] $ 0.21 [1] $ 0.47 [1] $ 0.24 [1] $ 0.52 [1] $ 1.28   $ 1.45 $ 1.27
[1] Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year due to the impact of changes in weighted shares outstanding and differing applications of earnings under the two-class method.
XML 50 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Fair Value Disclosures [Abstract]    
Long-lived assets, impairment charges $ 4.5 $ 1.0
Remaining unamortized basis $ 4.7 $ 1.0
XML 51 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements (Schedule of Assets Measure at Fair Value on Recurring Basis) (Details) - USD ($)
$ in Thousands
Jan. 28, 2017
Jan. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents - money market account $ 114 $ 5,386
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents - money market account 114 5,386
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents - money market account 0 0
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents - money market account $ 0 $ 0
XML 52 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1
Property and Equipment-Net (Details) - USD ($)
$ in Thousands
Jan. 28, 2017
Jan. 30, 2016
Property, Plant and Equipment [Line Items]    
Total $ 265,178 $ 253,561
Less accumulated depreciation and amortization (168,962) (150,175)
Property and equipment - net 96,216 103,386
Furniture, fixtures and equipment [Member]    
Property, Plant and Equipment [Line Items]    
Total 154,391 149,341
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Total $ 110,787 $ 104,220
XML 53 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
Accrued and Other Liabilities (Details) - USD ($)
$ in Thousands
Jan. 28, 2017
Jan. 30, 2016
Payables and Accruals [Abstract]    
Employee compensation and benefits $ 4,829 $ 6,075
Self-insurance reserves 3,411 3,305
Gift cards 2,355 2,211
Sales and use tax 1,362 1,902
Other 6,531 2,355
Total accrued and other liabilities $ 18,488 $ 15,848
XML 54 R39.htm IDEA: XBRL DOCUMENT v3.7.0.1
Long-Term Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 28, 2017
Mar. 31, 2017
Debt Instrument [Line Items]    
Outstanding letters of credit $ 1.0  
Line of credit, available borrowing amount $ 49.0  
Credit facility interest rate description (1) the agent bank's prime rate as defined in the Credit Agreement plus 1% with the prime rate defined as the greater of (a) the Federal Fund rate plus 0.50% or (b) the interest rate announced from time to time by the agent bank as its "prime rate" or (2) LIBOR plus 1.25% to 2.50%, depending on our achievement of certain performance criteria.  
Line of credit facility, expiration date Mar. 31, 2022  
Maximum [Member]    
Debt Instrument [Line Items]    
Commitment fee percentage rate 0.20%  
Minimum [Member]    
Debt Instrument [Line Items]    
Commitment fee percentage rate 0.35%  
Subsequent Event [Member]    
Debt Instrument [Line Items]    
Line of credit, maximum borrowing amount   $ 50.0
XML 55 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
Leases (Schedule of Operating Lease Rental Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Leases [Abstract]      
Rentals for real property $ 65,900 $ 64,244 $ 62,727
Contingent rent 92 83 59
Equipment rentals 62 59 66
Total rent expense $ 66,054 $ 64,386 $ 62,852
XML 56 R41.htm IDEA: XBRL DOCUMENT v3.7.0.1
Leases (Schedule of Operating Lease Payments) (Details)
$ in Thousands
Jan. 28, 2017
USD ($)
Leases [Abstract]  
2017 $ 69,772
2018 61,041
2019 56,130
2020 47,483
2021 45,485
Thereafter to 2031 93,107
Total $ 373,018
XML 57 R42.htm IDEA: XBRL DOCUMENT v3.7.0.1
Income Taxes (Narrative) (Details) - USD ($)
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Operating Loss Carryforwards [Line Items]      
Tax benefit from options exercised and restricted stock vesting $ 3,000 $ 120,000 $ 68,000
Federal employment related tax credits 224,000 327,000 $ 300,000
Valuation Allowance 3,717,000 $ 2,261,000  
Foreign Tax Authority [Member]      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards $ 9,800,000    
Foreign Tax Authority [Member] | Maximum [Member]      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards expiration dates Dec. 31, 2026    
Foreign Tax Authority [Member] | Minimum [Member]      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards expiration dates Jan. 01, 2023    
XML 58 R43.htm IDEA: XBRL DOCUMENT v3.7.0.1
Income Taxes (Schedule of the Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Current:      
Federal $ 13,366 $ 18,366 $ 14,575
State 1,997 2,267 1,800
Puerto Rico 250 249 350
Total current 15,613 20,882 16,725
Deferred:      
Federal (153) (3,000) (1,229)
State (1,228) (145) (115)
Puerto Rico (1,494) (318) (1,149)
Total deferred (2,875) (3,463) (2,493)
Valuation allowance 1,494 318 1,943
Total provision $ 14,232 $ 17,737 $ 16,175
XML 59 R44.htm IDEA: XBRL DOCUMENT v3.7.0.1
Income Taxes (Schedule of Reconciliation of Statutory Income Tax Rate) (Details)
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Income Tax Disclosure [Abstract]      
U.S. Federal statutory tax rate 35.00% 35.00% 35.00%
State and local income taxes, net of federal tax benefit 2.10% 2.70% 3.10%
Puerto Rico 0.20% 0.30% 0.20%
Valuation allowance 4.00% 0.70% 4.70%
Tax benefit of foreign losses (3.60%) (0.60%) (4.30%)
Other 0.00% 0.00% 0.10%
Effective income tax rate 37.70% 38.10% 38.80%
XML 60 R45.htm IDEA: XBRL DOCUMENT v3.7.0.1
Income Taxes (Schedule of Deferred Income Tax Assets/Liabilities) (Details) - USD ($)
$ in Thousands
Jan. 28, 2017
Jan. 30, 2016
Deferred tax assets:    
Accrued rent $ 4,333 $ 4,321
Accrued compensation 8,552 6,911
Accrued employee benefits 555 532
Inventory 1,125 737
Self-insurance reserves 758 641
Lease incentives 11,996 12,522
Net operating loss carry forward 3,719 2,261
Other 638 411
Total deferred tax assets 31,676 28,336
Valuation allowance (3,717) (2,261)
Total deferred tax assets - net of valuation allowance 27,959 26,075
Deferred tax liabilities:    
Property and equipment 17,256 16,671
Capitalized costs 1,103 1,153
Other 0 32
Total deferred tax liabilities 18,359 17,856
Net deferred tax asset 9,600 8,219
Less current deferred income tax benefit 0 (1,061)
Long-term deferred income taxes $ 9,600 $ 7,158
XML 61 R46.htm IDEA: XBRL DOCUMENT v3.7.0.1
Employee Benefit Plans (Narrative) (Details) - Employee Stock Purchase Plan [Member] - USD ($)
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares of common stock reserved for issuance 450,000    
Employee service period 1 year    
Maximum ownership rate 10.00%    
Purchase price, percentage of fair market value 85.00%    
Maximum annual purchases under plan $ 5,000    
Shares issued under plan 10,000 10,000 11,000
Proceeds from issuance of shares under plan $ 223,000 $ 236,000 $ 209,000
Shares of unissued common stock reserved for future purchase 94,000    
XML 62 R47.htm IDEA: XBRL DOCUMENT v3.7.0.1
Employee Benefit Plans (Narrative) (Details) - USD ($)
 1 Months Ended 12 Months Ended
Mar. 31, 2012
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Deferred Compensation Plan:        
Compensation (income) expense   $ 1,500,000 $ (6,000) $ 856,000
Total deferred compensation liability   $ 10,500,000 9,600,000  
United States Postretirement Benefit Plan of US Entity, Defined Benefit [Member]        
Defined Contribution Plan Disclosure [Line Items]        
Requisite service period for participation   1 year    
Requisite participant age   21 years    
Requisite work hours for participation   1000 hours    
Percentage of earnings which may be contributed   20.00%    
Employee contribution percentage   4.00%    
Eligible earnings which may be contributed, and matched by employer   50.00%    
Contributions charged to expense   $ 695,000 656,000 639,000
Foreign Postretirement Benefit Plan, Defined Benefit [Member]        
Defined Contribution Plan Disclosure [Line Items]        
Requisite service period for participation 1 year      
Requisite participant age 21 years      
Requisite work hours for participation 1000 hours      
Percentage of earnings which may be contributed 20.00%      
Employee contribution percentage 4.00%      
Eligible earnings which may be contributed, and matched by employer 50.00%      
Contributions charged to expense   $ 15,000 $ 10,000 $ 12,000
XML 63 R48.htm IDEA: XBRL DOCUMENT v3.7.0.1
Employee Benefit Plans (Schedule of Stock-based Compensation Expense) (Details) - Employee Stock Purchase Plan [Member] - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense before the recognized income tax benefit [1] $ 39 $ 41 $ 37
Income tax benefit $ 15 $ 16 $ 14
Discount rate employees are provided for purchases under the Stock Purchase Plan 15.00% 15.00% 15.00%
[1] Amounts are representative of the 15% discount employees are provided for purchases under the Stock Purchase Plan.
XML 64 R49.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Based Compensation (Narrative) (Details) - USD ($)
 3 Months Ended 12 Months Ended
Apr. 28, 2015
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Jun. 14, 2012
Stock Options Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock reserved for issuance   380,000     3,000,000
Common stock reserved, amount after amendment         3,900,000
Restricted Stock [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total fair value of vested stock   $ 1,400,000 $ 478,000 $ 351,000  
Weighted average fair value of shares granted   $ 24.98 $ 24.43 $ 25.50  
Stock-based compensation expense       $ 906,000  
Cumulative share based compensation expense       3,200,000  
Reduced share based compensation expense       $ 2,300,000  
Unrecognized share-based compensation expense   $ 7,400,000      
Unrecognized compensation cost, recognition period   1 year 10 months 24 days      
Stock Appreciation Rights (SARs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized share-based compensation expense   $ 110,000      
Unrecognized compensation cost, recognition period   8 months 12 days      
Defined maximum gain $ 10.00 $ 10.00 $ 10.00 $ 6.67  
Exercise price $ 24.26        
XML 65 R50.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Based Compensation (Schedule of Stock Option Activity) (Details) - Employee Stock Option [Member]
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 28, 2017
USD ($)
$ / shares
shares
Number of Shares  
Outstanding at January 31, 2016 7,000
Granted 0
Forfeited or expired 0
Exercised 0
Outstanding and exercisable at January 28, 2017 7,000
Weighted-Average Exercise Price  
Outstanding at January 31, 2016 | $ / shares $ 7.63
Exercised | $ / shares 0.00
Outstanding and exercisable at January 28, 2017 | $ / shares $ 7.63
Weighted-Average Remaining Contractual Term (Years)  
Outstanding and exercisable at January 28, 2017 11 months 23 days
Aggregate Intrinsic Value  
Outstanding and exercisable at January 28, 2017 | $ $ 124
XML 66 R51.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Based Compensation (Schedule of Stock Options Exercised) (Details) - Equity Option [Member] - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total intrinsic value [1] $ 0 $ 229 $ 146
Total cash received 0 155 77
Associated excess income tax benefits recorded $ 0 $ 57 $ 43
[1] Defined as the difference between the market value at exercise and the grant price of stock options exercised.
XML 67 R52.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Based Compensation (Summary of Restricted Stock Awards) (Details) - Restricted Stock [Member] - $ / shares
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at January 31, 2016 829,492    
Granted 225,003    
Vested (54,657)    
Forfeited (34,980)    
Outstanding at January 28, 2017 964,858 829,492  
Outstanding at Janurary 31, 2016 $ 22.13    
Granted 24.98 $ 24.43 $ 25.50
Vested 25.38    
Forfeited 21.55    
Outstanding at January 28, 2017 $ 22.63 $ 22.13  
XML 68 R53.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Based Compensation (Schedule of Stock-based Compensation Expense for Stock Options, Restricted Stock, and SARs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense before the recognized income tax benefit $ 3,507 $ 3,340 $ 906
Income tax benefit 1,322 1,274 351
Stock Appreciation Rights (SARs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense before the recognized income tax benefit 276 321 121
Income tax benefit $ 104 $ 123 $ 47
XML 69 R54.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Based Compensation (Summary of SARs Transactions) (Details) - Stock Appreciation Rights (SARs) [Member]
 12 Months Ended
Jan. 28, 2017
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding at January 30, 2016 | shares 147,550
Granted | shares 0
Forfeited | shares (6,500)
Exercised | shares (29,750)
Outstanding at January 28, 2017 | shares 111,300
Outstanding at January 30, 2016 | $ / shares $ 24.26
Granted | $ / shares 24.26
Forfeited | $ / shares 24.26
Exercised | $ / shares 24.26
Outstanding at January 28, 2017 | $ / shares $ 24.26
Outstanding at January 28, 2017 3 years 1 month 6 days
XML 70 R55.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Based Compensation (Schedule of SARs Assumptions) (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares
 3 Months Ended 12 Months Ended
Apr. 28, 2015
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Share Based Compensation Assumptions [Line Items]        
Expected dividend yield   1.10% 1.00% 1.00%
Expected volatility   35.51% 36.05% 37.82%
Maximum life   3 years 1 month 6 days 4 years 1 month 6 days 2 years
Exercise multiple   $ 1.34 $ 1.34 $ 1.31
Maximum payout $ 10.00 $ 10.00 $ 10.00 $ 6.67
Minimum [Member]        
Share Based Compensation Assumptions [Line Items]        
Risk free interest rate yield curve   0.49% 0.22% 0.01%
Employee exit rate   2.20% 2.20% 2.20%
Maximum [Member]        
Share Based Compensation Assumptions [Line Items]        
Risk free interest rate yield curve   1.94% 1.33% 1.18%
Employee exit rate   9.00% 9.00% 9.00%
XML 71 R56.htm IDEA: XBRL DOCUMENT v3.7.0.1
Business Risk (Details) - Supplier Concentration Risk [Member] - Sales Revenue, Net [Member]
 12 Months Ended
Jan. 28, 2017
Product Information [Line Items]  
Concentration Risk, Percentage 45.00%
Nike, Inc. [Member]  
Product Information [Line Items]  
Concentration Risk, Percentage 33.00%
Skechers USA, Inc. [Member]  
Product Information [Line Items]  
Concentration Risk, Percentage 12.00%
XML 72 R57.htm IDEA: XBRL DOCUMENT v3.7.0.1
Quarterly Results (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Jan. 28, 2017
Oct. 29, 2016
Jul. 30, 2016
Apr. 30, 2016
Jan. 30, 2016
Oct. 31, 2015
Aug. 01, 2015
May 02, 2015
Jan. 28, 2017
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Quarterly Financial Information Disclosure [Abstract]                        
Net sales $ 234,201 $ 274,524 $ 231,907 $ 260,470 $ 233,666 $ 269,713 $ 227,822 $ 252,767 $ 1,001,102   $ 983,968 $ 940,162
Gross profit 64,439 82,010 67,230 75,556 68,236 81,317 66,274 74,689 289,235   290,516 273,679
Operating income (1,485) 15,452 6,660 17,285 6,553 15,173 7,877 17,030 37,912   46,633 41,853
Net income $ (920) $ 9,672 $ 4,104 $ 10,661 $ 4,168 $ 9,386 $ 4,817 $ 10,396 $ 23,517 $ 23,517 $ 28,767 $ 25,527
Net income per share - Basic $ (0.05) [1] $ 0.54 [1] $ 0.22 [1] $ 0.56 [1] $ 0.21 [1] $ 0.47 [1] $ 0.24 [1] $ 0.52 [1] $ 1.28   $ 1.45 $ 1.27
Net income per share - Diluted $ (0.05) [1] $ 0.54 [1] $ 0.22 [1] $ 0.56 [1] $ 0.21 [1] $ 0.47 [1] $ 0.24 [1] $ 0.52 [1] $ 1.28   $ 1.45 $ 1.27
[1] Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year due to the impact of changes in weighted shares outstanding and differing applications of earnings under the two-class method.
XML 73 R58.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events (Details) - Subsequent Event [Member] - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended
Mar. 22, 2017
Mar. 31, 2017
Subsequent Event [Line Items]    
Dividend declared, date declared Mar. 22, 2017  
Dividend declared, amount per share $ 0.07  
Dividend declared, payment date Apr. 24, 2017  
Dividend declared, record date Apr. 10, 2017  
Line of credit, maximum borrowing amount   $ 50.0
XML 74 R59.htm IDEA: XBRL DOCUMENT v3.7.0.1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2017
Jan. 30, 2016
Jan. 31, 2015
Valuation and Qualifying Accounts [Abstract]      
Balance at Beginning of Period $ 178 $ 147 $ 131
Charged to Cost and Expenses 102,826 105,258 104,511
Credited to Costs and Expenses 102,802 105,227 104,495
Balance at End of Period $ 202 $ 178 $ 147
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