QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class: |
Trading Symbol(s): |
Name of each exchange on which registered: | ||
☒ |
Accelerated filer |
☐ | ||||
Non-accelerated filer |
☐ |
Smaller reporting company |
||||
Emerging growth company |
PAGE |
||||||
Item 1. |
1 |
|||||
Item 2. |
17 |
|||||
Item 3. |
22 |
|||||
Item 4. |
22 |
|||||
Item 1. |
23 |
|||||
Item 1A. |
23 |
|||||
Item 2. |
23 |
|||||
Item 3. |
23 |
|||||
Item 4. |
23 |
|||||
Item 5. |
23 |
|||||
Item 6. |
24 |
Thirteen Weeks Ended |
Thirty-nine Weeks Ended |
|||||||||||||||
In thousands, except per share amounts |
November 3, 2019 |
October 28, 2018 |
November 3, 2019 |
October 28, 2018 |
||||||||||||
Net revenues |
$ |
$ |
$ |
$ |
||||||||||||
Cost of goods sold |
||||||||||||||||
Gross profit |
||||||||||||||||
Selling, general and administrative expenses |
||||||||||||||||
Operating income |
||||||||||||||||
Interest (income) expense, net |
||||||||||||||||
Earnings before income taxes |
||||||||||||||||
Income taxes |
||||||||||||||||
Net earnings |
$ |
$ |
$ |
$ |
||||||||||||
Basic earnings per share |
$ |
$ |
$ |
$ |
||||||||||||
Diluted earnings per share |
$ |
$ |
$ |
$ |
||||||||||||
Shares used in calculation of earnings per share: |
||||||||||||||||
Basic |
||||||||||||||||
Diluted |
|
Thirteen Weeks Ended |
Thirty-nine Weeks Ended |
||||||||||||||
In thousands |
November 3, 2019 |
October 28, 2018 |
November 3, 2019 |
October 28, 2018 |
||||||||||||
Net earnings |
$ | |
$ | |
$ | |
$ |
|
||||||||
Other comprehensive income (loss): |
||||||||||||||||
Foreign currency translation adjustments |
|
( |
) | ( |
) | ( |
) | |||||||||
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $ |
|
( |
) | |
|
|||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax of $ |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Comprehensive income |
$ | |
$ | |
$ | |
$ | |
||||||||
In thousands, except per share amounts |
November 3, 2019 |
February 3, 2019 |
October 28, 2018 |
|||||||||
ASSETS |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
$ | |
$ | |
$ | |
||||||
Accounts receivable, net |
|
|
|
|||||||||
Merchandise inventories, net |
|
|
|
|||||||||
Prepaid expenses |
|
|
|
|||||||||
Other current assets |
|
|
|
|||||||||
Total current assets |
|
|
|
|||||||||
Property and equipment, net |
|
|
|
|||||||||
Operating lease right-of-use assets |
|
— |
— |
|||||||||
Deferred income taxes, net |
|
|
|
|||||||||
Goodwill |
|
|
|
|||||||||
Other long-term assets, net |
|
|
|
|||||||||
Total assets |
$ | |
$ | |
$ | |
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||
Current liabilities |
||||||||||||
Accounts payable |
$ | |
$ | |
$ | |
||||||
Accrued expenses |
|
|
|
|||||||||
Gift card and other deferred revenue |
|
|
|
|||||||||
Borrowings under revolving line of credit |
|
— |
|
|||||||||
Income taxes payable |
|
|
|
|||||||||
Operating lease liabilities |
|
— |
— |
|||||||||
Other current liabilities |
|
|
|
|||||||||
Total current liabilities |
|
|
|
|||||||||
Deferred rent and lease incentives |
|
|
|
|||||||||
Long-term debt |
|
|
|
|||||||||
Long-term operating lease liabilities |
|
— |
— |
|||||||||
Other long-term liabilities |
|
|
|
|||||||||
Total liabilities |
|
|
|
|||||||||
Commitments and contingencies – See Note F |
||||||||||||
Stockholders’ equity |
||||||||||||
Preferred stock: $ par value; |
|
— |
— |
|||||||||
Common stock: $ par value; |
|
|
|
|||||||||
Additional paid-in capital |
|
|
|
|||||||||
Retained earnings |
|
|
|
|||||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ( |
) | ||||||
Treasury stock, at cost: |
( |
) | ( |
) | ( |
) | ||||||
Total stockholders’ equity |
|
|
|
|||||||||
Total liabilities and stockholders’ equity |
$ | |
$ | |
$ | |
||||||
|
|
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Total Stockholders’ Equity |
||||||||||||||||||||||
|
|
Common Stock |
| |||||||||||||||||||||||||
In thousands |
Shares |
Amount |
||||||||||||||||||||||||||
Balance at February 3, 2019 |
|
$ | |
$ | |
$ | |
$ | ( |
) | $ | ( |
) | $ | |
|||||||||||||
Net earnings |
— |
— |
— |
|
— |
— |
|
|||||||||||||||||||||
Foreign currency translation adjustments |
— |
— |
— |
— |
( |
) | — |
( |
) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax |
— |
— |
— |
— |
|
— |
|
|||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax |
— |
— |
— |
— |
( |
) | — |
( |
) | |||||||||||||||||||
Conversion/release of stock-based awards 1 |
|
|
( |
) | — |
— |
( |
) | ( |
) | ||||||||||||||||||
Repurchases of common stock |
( |
) | ( |
) | ( |
) | ( |
) | — |
( |
) | ( |
) | |||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 |
— |
— |
( |
) | — |
— |
|
— |
||||||||||||||||||||
Stock-based compensation expense |
— |
— |
|
— |
— |
— |
|
|||||||||||||||||||||
Dividends declared |
— |
— |
— |
( |
) | — |
— |
( |
) | |||||||||||||||||||
Adoption of accounting pronouncements 2 |
— |
— |
— |
( |
) | — |
— |
( |
) | |||||||||||||||||||
Balance at May 5, 2019 |
|
$ | |
$ | |
$ | |
$ | ( |
) | $ | ( |
) | $ | |
|||||||||||||
Net earnings |
— |
— |
— |
|
— |
— |
|
|||||||||||||||||||||
Foreign currency translation adjustments |
— |
— |
— |
— |
( |
) | — |
( |
) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax |
— |
— |
— |
— |
( |
) | — |
( |
) | |||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax |
— |
— |
— |
— |
( |
) | — |
( |
) | |||||||||||||||||||
Conversion/release of stock-based awards 1 |
|
|
( |
) | — |
— |
— |
( |
) | |||||||||||||||||||
Repurchases of common stock |
( |
) | ( |
) | ( |
) | ( |
) | — |
— |
( |
) | ||||||||||||||||
Stock-based compensation expense |
— |
— |
|
— |
— |
— |
|
|||||||||||||||||||||
Dividends declared |
— |
— |
— |
( |
) | — |
— |
( |
) | |||||||||||||||||||
Balance at August 4, 2019 |
|
$ | |
$ | |
$ | |
$ | ( |
) | $ | ( |
) | $ | |
|||||||||||||
Net earnings |
— |
— |
— |
|
— |
— |
|
|||||||||||||||||||||
Foreign currency translation adjustments |
— |
— |
— |
— |
|
— |
|
|||||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax |
— |
— |
— |
— |
|
— |
|
|||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax |
— |
— |
— |
— |
( |
) | — |
( |
) | |||||||||||||||||||
Conversion/release of stock-based awards 1 |
|
— |
( |
) | — |
— |
( |
) | ( |
) | ||||||||||||||||||
Repurchases of common stock |
( |
) | ( |
) | ( |
) | ( |
) | — |
— |
( |
) | ||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
Stock-based compensation expense |
— |
— |
|
— |
— |
— |
|
|||||||||||||||||||||
Dividends declared |
— |
— |
— |
( |
) | — |
— |
( |
) | |||||||||||||||||||
Balance at November 3, 2019 |
|
$ |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
( |
) |
$ |
|
|||||||||||||
1 |
Amounts are shown net of shares withheld for employee taxes. |
2 |
Relates to our adoption of ASU 2016-02, Leases, in fiscal 2019. See Note A. |
|
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Total Stockholders’ Equity |
|||||||||||||||||||||||
|
Common Stock |
| ||||||||||||||||||||||||||
In thousands |
Shares |
Amount |
||||||||||||||||||||||||||
Balance at January 28, 2018 |
|
$ | |
$ | |
$ | |
$ | ( |
) | $ | ( |
) | $ | |
|||||||||||||
Net earnings |
— |
— |
— |
|
— |
— |
|
|||||||||||||||||||||
Foreign currency translation adjustments |
— |
— |
— |
— |
( |
) | — |
( |
) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax |
— |
— |
— |
— |
|
— |
|
|||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax |
— |
— |
— |
— |
|
— |
|
|||||||||||||||||||||
Conversion/release of stock-based awards 1 |
|
|
( |
) | — |
— |
( |
) | ( |
) | ||||||||||||||||||
Repurchases of common stock |
( |
) | ( |
) | ( |
) | ( |
) | — |
— |
( |
) | ||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 |
— |
— |
( |
) | ( |
) | — |
|
— |
|||||||||||||||||||
Stock-based compensation expense |
— |
— |
|
— |
— |
— |
|
|||||||||||||||||||||
Dividends declared |
— |
— |
— |
( |
) | — |
— |
( |
) | |||||||||||||||||||
Adoption of accounting pronouncements 2 |
— |
— |
— |
|
— |
— |
|
|||||||||||||||||||||
Balance at April 29, 2018 |
|
$ | |
$ | |
$ | |
$ | ( |
) | $ | ( |
) | $ | |
|||||||||||||
Net earnings |
— |
— |
— |
|
— |
— |
|
|||||||||||||||||||||
Foreign currency translation adjustments |
— |
— |
— |
— |
( |
) | — |
( |
) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax |
— |
— |
— |
— |
|
— |
|
|||||||||||||||||||||
Conversion/release of stock-based awards 1 |
|
|
( |
) | — |
— |
( |
) | ( |
) | ||||||||||||||||||
Repurchases of common stock |
( |
) | ( |
) | ( |
) | ( |
) | — |
— |
( |
) | ||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 |
— |
— |
( |
) | ( |
) | — |
|
— |
|||||||||||||||||||
Stock-based compensation expense |
— |
— |
|
— |
— |
— |
|
|||||||||||||||||||||
Dividends declared |
— |
— |
— |
( |
) | — |
— |
( |
) | |||||||||||||||||||
Balance at July 29, 2018 |
|
$ | |
$ | |
$ | |
$ | ( |
) | $ | ( |
) | $ | |
|||||||||||||
Net earnings |
— |
— |
— |
|
— |
— |
|
|||||||||||||||||||||
Foreign currency translation adjustments |
— |
— |
— |
— |
( |
) |
— |
( |
) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax |
— |
— |
— |
— |
( |
) |
— |
( |
) | |||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax |
— |
— |
— |
— |
( |
) |
— |
( |
) | |||||||||||||||||||
Conversion/release of stock-based awards 1 |
|
— |
( |
) |
— |
— |
— |
( |
) | |||||||||||||||||||
Repurchases of common stock |
( |
) |
( |
) |
( |
) |
( |
) |
— |
— |
( |
) | ||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 |
|
|
— |
|
|