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Basis of Presentation and Critical Accounting Policies (Policies)
9 Months Ended
Oct. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Property and Equipment
Property and Equipment
Property and equipment are recorded at cost. Finance lease assets are shown as right-of-use ("ROU") assets and are excluded from property and equipment
Revenue Recognition
Revenue Recognition

We recognize revenue in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers, when control of the merchandise is transferred to our customer at delivery. Sales are recorded net of expected returns at the time the customer takes possession of the merchandise. Net sales exclude sales taxes because we are a pass-through conduit for collecting and remitting these taxes.

Gift Cards and Customer Orders: The net deferred revenue liability for gift cards and customer orders at October 28, 2023, January 28, 2023, and October 29, 2022 was $10.3 million, $9.8 million, and $9.9 million, respectively, recognized in accounts payable on our unaudited condensed consolidated balance sheets. 

During the 13-weeks and 39-weeks ended October 28, 2023 and October 29, 2022, gift card deferred revenue realized from prior periods was immaterial.
Loyalty Program: We offer the Hibbett/City Gear Rewards program whereby upon registration and in accordance with the terms of the program, customers earn points on certain purchases. Points convert into rewards at defined thresholds. The short-term future performance obligation liability is estimated at each reporting period based on historical conversion and redemption patterns.
Indefinite-Lived Intangible Assets
Indefinite-Lived Intangible Assets
The City Gear tradename is an indefinite-lived asset which is not amortized, but rather tested for impairment at least annually, or on an interim basis if events and circumstances have occurred that indicate that it is more likely than not that an asset is impaired.
Recent Accounting Pronouncements
Standards that were adopted

None.

Standards that are not yet adopted

In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, Segment Reporting (Topic 280). This update provides, among other things, enhanced segment disclosure requirements including disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We will adopt ASU 2023-07 upon the effective date and do not expect its adoption to have a material impact on our financial position, results of operations or cash flows.

We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board of U.S. GAAP for applicability to our operations and financial reporting. As of October 28, 2023, there were no new pronouncements or interpretations that had or were expected to have a significant impact on our financial reporting.