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Background and Basis of Presentation
12 Months Ended
Feb. 01, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Background and Basis of Presentation
BACKGROUND AND BASIS OF PRESENTATION
Description of Business
Lands' End, Inc. ("Lands' End" or the "Company") is a leading multi-channel retailer of casual clothing, accessories and footwear, as well as home products. Lands' End offers products through catalogs, online at www.landsend.com and affiliated specialty and international websites, and through retail locations, primarily at Lands' End Shops at Sears and Lands' End stores.
Terms that are commonly used in the Company's notes to consolidated financial statements are defined as follows:
ABL Facility - Asset-based senior secured credit agreements, dated as of November 16, 2017, with Wells Fargo Bank, N.A. and certain other lenders
ASC - Financial Accounting Standards Board Accounting Standards Codification, which serves as the source for authoritative GAAP, as supplemented by rules and interpretive releases by the SEC which are also sources of authoritative GAAP for SEC registrants
ASU - Financial Accounting Standards Board Accounting Standards Update
CAM - Common area maintenance for leased properties
Debt Facilities - Collectively, the ABL Facility and the Term Loan Facility
Deferred Awards - Time vesting stock awards
EPS - Earnings per share
ERP - Enterprise resource planning software solutions
ESL - ESL Investments, Inc. and its investment affiliates, including Edward S. Lampert
FASB - Financial Accounting Standards Board
First Quarter 2018 - The 13 weeks ended May 4, 2018
First Quarter 2019 - The 13 weeks ended May 3, 2019
Fiscal 2019 - The Company's next fiscal year representing the 52 weeks ending January 31, 2020
Fiscal 2018 - The 52 weeks ended February 1, 2019
Fiscal 2017 - The 53 weeks ended February 2, 2018
Fiscal 2016 - The 52 weeks ended January 27, 2017
Fourth Quarter 2018 - The 13 weeks ended February 1, 2019
Fourth Quarter 2017 - The 14 weeks ended February 2, 2018
GAAP - Accounting principles generally accepted in the United States
Kmart Holding Corporation - a subsidiary of Sears Holdings Corporation
LIBOR - London inter-bank offered rate
Performance Awards - Performance-based stock awards
Option Awards - Stock option awards
Sears Holdings or Sears Holdings Corporation - Sears Holdings Corporation, a Delaware corporation, and its consolidated subsidiaries
Sears Roebuck - Sears, Roebuck and Co., a subsidiary of Sears Holdings Corporation
SEC - United States Securities and Exchange Commission
Separation - On April 4, 2014 Sears Holdings distributed 100% of the outstanding common stock of Lands' End to its shareholders
SHMC - Sears Holdings Management Corporation, a subsidiary of Sears Holdings Corporation
SHCP - SHC Promotions LLC, a subsidiary of Sears Holdings Corporation
Tax Act - The Tax Cuts and Jobs Act passed by the United States government on December 22, 2017
Tax Sharing Agreement - A tax sharing agreement entered into by Sears Holdings Corporation and Lands' End in connection with the Separation
Term Loan Facility - Term loan credit agreements, dated as of April 4, 2014, with Bank of America, N.A. and certain other lenders
Transform Holdco - Transform Holdco LLC, an affiliate of ESL, which on February 11, 2019 acquired from Sears Holdings substantially all of the go-forward retail footprint and other assets and component businesses of Sears Holdings as a going concern
UTBs - Gross unrecognized tax benefits
Basis of Presentation
The Consolidated Financial Statements include the accounts of Lands' End, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated.
The accompanying Consolidated Financial Statements have been prepared in accordance with GAAP. In the opinion of management, all material adjustments are of a normal and recurring nature necessary for a fair presentation of the results for the periods presented have been reflected. Dollar amounts are reported in thousands, except per share data, unless otherwise noted.