Nebraska | 47-0366193 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of class | Name of Each Exchange on Which Registered |
Common Stock, $.01 par value | New York Stock Exchange |
Pages | ||
Part I. Financial Information (unaudited) | ||
Part II. Other Information | ||
ASSETS | July 30, 2016 | January 30, 2016 | |||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 168,173 | $ | 161,185 | |||
Short-term investments | 38,612 | 36,465 | |||||
Receivables | 16,954 | 9,651 | |||||
Inventory | 144,267 | 149,566 | |||||
Prepaid expenses and other assets | 5,864 | 6,030 | |||||
Total current assets | 373,870 | 362,897 | |||||
PROPERTY AND EQUIPMENT | 459,228 | 450,762 | |||||
Less accumulated depreciation and amortization | (285,701 | ) | (277,981 | ) | |||
173,527 | 172,781 | ||||||
LONG-TERM INVESTMENTS | 28,080 | 33,826 | |||||
OTHER ASSETS | 4,490 | 3,269 | |||||
Total assets | $ | 579,967 | $ | 572,773 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 48,764 | $ | 33,862 | |||
Accrued employee compensation | 15,289 | 33,126 | |||||
Accrued store operating expenses | 14,294 | 6,639 | |||||
Gift certificates redeemable | 16,883 | 22,858 | |||||
Income taxes payable | — | 11,141 | |||||
Total current liabilities | 95,230 | 107,626 | |||||
DEFERRED COMPENSATION | 14,186 | 12,849 | |||||
DEFERRED RENT LIABILITY | 39,825 | 39,655 | |||||
Total liabilities | 149,241 | 160,130 | |||||
COMMITMENTS | |||||||
STOCKHOLDERS’ EQUITY: | |||||||
Common stock, authorized 100,000,000 shares of $.01 par value; 48,623,080 and 48,428,110 shares issued and outstanding at July 30, 2016 and January 30, 2016, respectively | 486 | 484 | |||||
Additional paid-in capital | 138,535 | 134,864 | |||||
Retained earnings | 291,883 | 277,626 | |||||
Accumulated other comprehensive loss | (178 | ) | (331 | ) | |||
Total stockholders’ equity | 430,726 | 412,643 | |||||
Total liabilities and stockholders’ equity | $ | 579,967 | $ | 572,773 |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||
July 30, 2016 | August 1, 2015 | July 30, 2016 | August 1, 2015 | ||||||||||||
SALES, Net of returns and allowances | $ | 212,157 | $ | 236,053 | $ | 455,700 | $ | 507,398 | |||||||
COST OF SALES (Including buying, distribution, and occupancy costs) | 132,275 | 141,458 | 281,089 | 299,206 | |||||||||||
Gross profit | 79,882 | 94,595 | 174,611 | 208,192 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Selling | 46,065 | 46,358 | 93,628 | 95,512 | |||||||||||
General and administrative | 9,735 | 11,060 | 20,471 | 22,698 | |||||||||||
55,800 | 57,418 | 114,099 | 118,210 | ||||||||||||
INCOME FROM OPERATIONS | 24,082 | 37,177 | 60,512 | 89,982 | |||||||||||
OTHER INCOME, Net | 595 | 272 | 1,003 | 1,008 | |||||||||||
INCOME BEFORE INCOME TAXES | 24,677 | 37,449 | 61,515 | 90,990 | |||||||||||
PROVISION FOR INCOME TAXES | 9,205 | 13,968 | 22,946 | 33,939 | |||||||||||
NET INCOME | $ | 15,472 | $ | 23,481 | $ | 38,569 | $ | 57,051 | |||||||
EARNINGS PER SHARE: | |||||||||||||||
Basic | $ | 0.32 | $ | 0.49 | $ | 0.80 | $ | 1.19 | |||||||
Diluted | $ | 0.32 | $ | 0.49 | $ | 0.80 | $ | 1.18 | |||||||
Basic weighted average shares | 48,107 | 48,074 | 48,107 | 48,074 | |||||||||||
Diluted weighted average shares | 48,227 | 48,202 | 48,215 | 48,195 |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||
July 30, 2016 | August 1, 2015 | July 30, 2016 | August 1, 2015 | ||||||||||||
NET INCOME | $ | 15,472 | $ | 23,481 | $ | 38,569 | $ | 57,051 | |||||||
OTHER COMPREHENSIVE INCOME, NET OF TAX: | |||||||||||||||
Change in unrealized loss on investments, net of tax of $68, $3, $72, and $3, respectively | 117 | 4 | 125 | 4 | |||||||||||
Reclassification adjustment for losses included in net income, net of tax of $0, $0, $17, and $0, respectively | — | — | 28 | — | |||||||||||
Other comprehensive income | 117 | 4 | 153 | 4 | |||||||||||
COMPREHENSIVE INCOME | $ | 15,589 | $ | 23,485 | $ | 38,722 | $ | 57,055 |
Number of Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||
FISCAL 2016 | |||||||||||||||||||||||
BALANCE, January 31, 2016 | 48,428,110 | $ | 484 | $ | 134,864 | $ | 277,626 | $ | (331 | ) | $ | 412,643 | |||||||||||
Net income | — | — | — | 38,569 | — | 38,569 | |||||||||||||||||
Dividends paid on common stock, ($0.50 per share) | — | — | — | (24,312 | ) | — | (24,312 | ) | |||||||||||||||
Issuance of non-vested stock, net of forfeitures | 194,970 | 2 | (2 | ) | — | — | — | ||||||||||||||||
Amortization of non-vested stock grants, net of forfeitures | — | — | 3,673 | — | — | 3,673 | |||||||||||||||||
Change in unrealized loss on investments, net of tax | — | — | — | — | 125 | 125 | |||||||||||||||||
Reclassification adjustment for losses included in net income, net of tax | — | — | — | — | 28 | 28 | |||||||||||||||||
BALANCE, July 30, 2016 | 48,623,080 | $ | 486 | $ | 138,535 | $ | 291,883 | $ | (178 | ) | $ | 430,726 | |||||||||||
FISCAL 2015 | |||||||||||||||||||||||
BALANCE, February 1, 2015 | 48,379,613 | $ | 484 | $ | 131,112 | $ | 224,111 | $ | (429 | ) | $ | 355,278 | |||||||||||
Net income | — | — | — | 57,051 | — | 57,051 | |||||||||||||||||
Dividends paid on common stock, ($0.46 per share) | — | — | — | (22,325 | ) | — | (22,325 | ) | |||||||||||||||
Issuance of non-vested stock, net of forfeitures | 152,360 | 1 | (1 | ) | — | — | — | ||||||||||||||||
Amortization of non-vested stock grants, net of forfeitures | — | — | 4,510 | — | — | 4,510 | |||||||||||||||||
Change in unrealized loss on investments, net of tax | — | — | — | — | 4 | 4 | |||||||||||||||||
BALANCE, August 1, 2015 | 48,531,973 | $ | 485 | $ | 135,621 | $ | 258,837 | $ | (425 | ) | $ | 394,518 |
Twenty-Six Weeks Ended | |||||||
July 30, 2016 | August 1, 2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 38,569 | $ | 57,051 | |||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 16,151 | 15,834 | |||||
Amortization of non-vested stock grants, net of forfeitures | 3,673 | 4,510 | |||||
Deferred income taxes | (1,359 | ) | (1,669 | ) | |||
Other | 1,151 | 284 | |||||
Changes in operating assets and liabilities: | |||||||
Receivables | 1,202 | 1,010 | |||||
Inventory | 5,299 | (20,868 | ) | ||||
Prepaid expenses and other assets | 166 | (352 | ) | ||||
Accounts payable | 13,893 | 23,406 | |||||
Accrued employee compensation | (17,837 | ) | (18,036 | ) | |||
Accrued store operating expenses | 7,655 | 511 | |||||
Gift certificates redeemable | (5,975 | ) | (6,330 | ) | |||
Income taxes payable | (19,646 | ) | (24,141 | ) | |||
Deferred rent liabilities and deferred compensation | 1,507 | (447 | ) | ||||
Net cash flows from operating activities | 44,449 | 30,763 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of property and equipment | (17,039 | ) | (21,022 | ) | |||
Change in other assets | 49 | 65 | |||||
Purchases of investments | (13,778 | ) | (19,491 | ) | |||
Proceeds from sales/maturities of investments | 17,619 | 20,760 | |||||
Net cash flows from investing activities | (13,149 | ) | (19,688 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Payment of dividends | (24,312 | ) | (22,325 | ) | |||
Net cash flows from financing activities | (24,312 | ) | (22,325 | ) | |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 6,988 | (11,250 | ) | ||||
CASH AND CASH EQUIVALENTS, Beginning of period | 161,185 | 133,708 | |||||
CASH AND CASH EQUIVALENTS, End of period | $ | 168,173 | $ | 122,458 |
1. | Management Representation |
2. | Description of the Business |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||
Merchandise Group | July 30, 2016 | August 1, 2015 | July 30, 2016 | August 1, 2015 | |||||||
Denims | 33.5 | % | 35.0 | % | 38.7 | % | 38.7 | % | |||
Tops (including sweaters) | 32.4 | 32.6 | 30.1 | 31.0 | |||||||
Sportswear/Fashions | 14.9 | 14.0 | 12.3 | 12.3 | |||||||
Accessories | 10.2 | 9.8 | 9.1 | 8.7 | |||||||
Footwear | 5.7 | 5.6 | 6.1 | 6.0 | |||||||
Casual bottoms | 1.4 | 1.2 | 1.6 | 1.3 | |||||||
Outerwear | 0.5 | 0.5 | 0.7 | 0.7 | |||||||
Other | 1.4 | 1.3 | 1.4 | 1.3 | |||||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
3. | Earnings Per Share |
Thirteen Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||||||
July 30, 2016 | August 1, 2015 | ||||||||||||||||||||
Income | Weighted Average Shares | Per Share Amount | Income | Weighted Average Shares | Per Share Amount | ||||||||||||||||
Basic EPS | $ | 15,472 | 48,107 | $ | 0.32 | $ | 23,481 | 48,074 | $ | 0.49 | |||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||
Non-vested shares | — | 120 | — | — | 128 | — | |||||||||||||||
Diluted EPS | $ | 15,472 | 48,227 | $ | 0.32 | $ | 23,481 | 48,202 | $ | 0.49 |
Twenty-Six Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||||||||
July 30, 2016 | August 1, 2015 | ||||||||||||||||||||
Income | Weighted Average Shares | Per Share Amount | Income | Weighted Average Shares | Per Share Amount | ||||||||||||||||
Basic EPS | $ | 38,569 | 48,107 | $ | 0.80 | $ | 57,051 | 48,074 | $ | 1.19 | |||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||
Non-vested shares | — | 108 | — | — | 121 | (0.01 | ) | ||||||||||||||
Diluted EPS | $ | 38,569 | 48,215 | $ | 0.80 | $ | 57,051 | 48,195 | $ | 1.18 |
4. | Investments |
Amortized Cost or Par Value | Gross Unrealized Gains | Gross Unrealized Losses | Other-than- Temporary Impairment | Estimated Fair Value | |||||||||||||||
Available-for-Sale Securities: | |||||||||||||||||||
Auction-rate securities | $ | 3,450 | $ | — | $ | (283 | ) | $ | — | $ | 3,167 | ||||||||
Held-to-Maturity Securities: | |||||||||||||||||||
State and municipal bonds | $ | 49,339 | $ | 94 | $ | (23 | ) | $ | — | $ | 49,410 | ||||||||
Trading Securities: | |||||||||||||||||||
Mutual funds | $ | 13,958 | $ | 228 | $ | — | $ | — | $ | 14,186 |
Amortized Cost or Par Value | Gross Unrealized Gains | Gross Unrealized Losses | Other-than- Temporary Impairment | Estimated Fair Value | |||||||||||||||
Available-for-Sale Securities: | |||||||||||||||||||
Auction-rate securities | $ | 7,975 | $ | — | $ | (525 | ) | $ | — | $ | 7,450 | ||||||||
Held-to-Maturity Securities: | |||||||||||||||||||
State and municipal bonds | $ | 49,992 | $ | 163 | $ | (32 | ) | $ | — | $ | 50,123 | ||||||||
Trading Securities: | |||||||||||||||||||
Mutual funds | $ | 13,442 | $ | — | $ | (593 | ) | $ | — | $ | 12,849 |
Nature | Underlying Collateral | Par Value | ||||
Municipal revenue bonds | 100% insured by AAA/AA/A-rated bond insurers | $ | 3,400 | |||
Municipal bond funds | Fixed income instruments within issuers' money market funds | 50 | ||||
Total par value | $ | 3,450 |
Amortized Cost | Fair Value | ||||||
Held-to-Maturity Securities | |||||||
Less than 1 year | $ | 38,612 | $ | 38,672 | |||
1 - 5 years | 10,727 | 10,738 | |||||
$ | 49,339 | $ | 49,410 |
5. | Fair Value Measurements |
• | Level 1 – Quoted market prices in active markets for identical assets or liabilities. Short-term and long-term investments with active markets or known redemption values are reported at fair value utilizing Level 1 inputs. |
• | Level 2 – Observable market-based inputs (either directly or indirectly) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or inputs that are corroborated by market data. |
• | Level 3 – Unobservable inputs that are not corroborated by market data and are projections, estimates, or interpretations that are supported by little or no market activity and are significant to the fair value of the assets. The Company has concluded that certain of its ARS represent Level 3 valuation. A discounted cash flow analysis was used to value these investments. The assumptions used in preparing the discounted cash flow model include estimates for interest rates, timing and amount of cash flows, and expected holding periods of the ARS. As of July 30, 2016, the unobservable inputs used by the Company and its independent third-party valuation consultant in valuing its Level 3 investments in ARS included: |
◦ | Durations until redemption ranging from 7.2 to 8.5 years, with a weighted average of 7.8 years. |
◦ | Discount rates ranging from 3.67% to 3.67%, with a weighted average of 3.67%. |
• | Pricing was provided by the custodian or third-party broker for ARS; |
• | Sales of similar securities; |
• | Quoted prices for similar securities in active markets; |
• | Quoted prices for similar assets in markets that are not active - including markets where there are few transactions for the asset, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; |
• | Pricing was provided by a third-party valuation consultant (using Level 3 inputs). |
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||
July 30, 2016 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||
Available-for-sale securities: | |||||||||||||||
Auction-rate securities | $ | — | $ | 183 | $ | 2,984 | $ | 3,167 | |||||||
Trading securities (including mutual funds) | 14,186 | — | — | 14,186 | |||||||||||
Totals | $ | 14,186 | $ | 183 | $ | 2,984 | $ | 17,353 |
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||
January 30, 2016 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||
Available-for-sale securities: | |||||||||||||||
Auction-rate securities | $ | — | $ | 185 | $ | 7,265 | $ | 7,450 | |||||||
Trading securities (including mutual funds) | 12,849 | — | — | 12,849 | |||||||||||
Totals | $ | 12,849 | $ | 185 | $ | 7,265 | $ | 20,299 |
Twenty-Six Weeks Ended July 30, 2016 | |||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||
Available-for-Sale Securities | Trading Securities | ||||||||||
Auction-rate Securities | Mutual Funds | Total | |||||||||
Balance, beginning of year | $ | 7,265 | $ | — | $ | 7,265 | |||||
Total gains and losses: | |||||||||||
Included in net income | (45 | ) | — | (45 | ) | ||||||
Included in other comprehensive income | 244 | — | 244 | ||||||||
Purchases, Issuances, Sales, and Settlements: | |||||||||||
Sales | (4,480 | ) | — | (4,480 | ) | ||||||
Balance, end of quarter | $ | 2,984 | $ | — | $ | 2,984 |
Twenty-Six Weeks Ended August 1, 2015 | |||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||
Available-for-Sale Securities | Trading Securities | ||||||||||
Auction-rate Securities | Mutual Funds | Total | |||||||||
Balance, beginning of year | $ | 7,186 | $ | — | $ | 7,186 | |||||
Total gains and losses: | |||||||||||
Included in other comprehensive income | 7 | — | 7 | ||||||||
Purchases, Issuances, Sales, and Settlements: | |||||||||||
Sales | (75 | ) | — | (75 | ) | ||||||
Balance, end of quarter | $ | 7,118 | $ | — | $ | 7,118 |
6. | Supplemental Cash Flow Information |
7. | Stock-Based Compensation |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||
July 30, 2016 | August 1, 2015 | July 30, 2016 | August 1, 2015 | ||||||||||||
Stock-based compensation expense, before tax | $ | 1,792 | $ | 2,175 | $ | 3,673 | $ | 4,510 | |||||||
Stock-based compensation expense, after tax | $ | 1,129 | $ | 1,370 | $ | 2,314 | $ | 2,841 |
Shares | Weighted Average Grant Date Fair Value | |||||
Non-Vested - beginning of year | 360,784 | $ | 49.28 | |||
Granted | 336,600 | 28.42 | ||||
Forfeited | (141,630 | ) | 50.58 | |||
Vested | (39,580 | ) | 48.01 | |||
Non-Vested - end of quarter | 516,174 | $ | 35.42 |
8. | Recently Issued Accounting Pronouncements |
Percentage of Net Sales | Percentage of Net Sales | ||||||||||||||||
For Thirteen Weeks Ended | Percentage | For Twenty-Six Weeks Ended | Percentage | ||||||||||||||
July 30, 2016 | August 1, 2015 | Increase/(Decrease) | July 30, 2016 | August 1, 2015 | Increase/(Decrease) | ||||||||||||
Net sales | 100.0 | % | 100.0 | % | (10.1 | )% | 100.0 | % | 100.0 | % | (10.2 | )% | |||||
Cost of sales (including buying, distribution, and occupancy costs) | 62.3 | % | 59.9 | % | (6.5 | )% | 61.7 | % | 59.0 | % | (6.1 | )% | |||||
Gross profit | 37.7 | % | 40.1 | % | (15.6 | )% | 38.3 | % | 41.0 | % | (16.1 | )% | |||||
Selling expenses | 21.7 | % | 19.7 | % | (0.6 | )% | 20.5 | % | 18.8 | % | (2.0 | )% | |||||
General and administrative expenses | 4.6 | % | 4.7 | % | (12.0 | )% | 4.5 | % | 4.5 | % | (9.8 | )% | |||||
Income from operations | 11.4 | % | 15.7 | % | (35.2 | )% | 13.3 | % | 17.7 | % | (32.8 | )% | |||||
Other income, net | 0.2 | % | 0.1 | % | 119.2 | % | 0.2 | % | 0.2 | % | (0.5 | )% | |||||
Income before income taxes | 11.6 | % | 15.8 | % | (34.1 | )% | 13.5 | % | 17.9 | % | (32.4 | )% | |||||
Provision for income taxes | 4.3 | % | 5.9 | % | (34.1 | )% | 5.0 | % | 6.7 | % | (32.4 | )% | |||||
Net income | 7.3 | % | 9.9 | % | (34.1 | )% | 8.5 | % | 11.2 | % | (32.4 | )% |
1. | Revenue Recognition. Retail store sales are recorded upon the purchase of merchandise by customers. Online sales are recorded when merchandise is delivered to the customer, with the time of delivery being based on estimated shipping time from the Company’s distribution center to the customer. Shipping fees charged to customers are included in revenue and shipping costs are included in selling expenses. The Company recognizes revenue from sales made under its layaway program upon delivery of the merchandise to the customer. Revenue is not recorded when gift cards and gift certificates are sold, but rather when a card or certificate is redeemed for merchandise. A current liability for unredeemed gift cards and certificates is recorded at the time the card or certificate is purchased. The liability recorded for unredeemed gift certificates and gift cards was $16.9 million and $22.9 million as of July 30, 2016 and January 30, 2016, respectively. The amounts of the gift certificate and gift card liabilities are determined using the outstanding balances from the prior three and four years of issuance, respectively. The Company records breakage as other income when the probability of redemption is remote, based on historical issuance and redemption patterns. |
2. | Inventory. Inventory is valued at the lower of cost or market. Cost is determined using an average cost method that approximates the first-in, first-out (FIFO) method. Management makes adjustments to inventory and cost of goods sold, based upon estimates, to account for merchandise obsolescence and markdowns that could affect market value, based on assumptions using calculations applied to current inventory levels within each different markdown level. Management also reviews the levels of inventory in each markdown group and the overall aging of the inventory versus the estimated future demand for such product and the current market conditions. Such judgments could vary significantly from actual results, either favorably or unfavorably, due to fluctuations in future economic conditions, industry trends, consumer demand, and the competitive retail environment. Such changes in market conditions could negatively impact the sale of markdown inventory, causing further markdowns or inventory obsolescence, resulting in increased cost of goods sold from write-offs and reducing the Company’s net earnings. The adjustment to inventory for markdowns and/or obsolescence was $11.1 million as of July 30, 2016 and $9.3 million as of January 30, 2016. The Company is not aware of any events, conditions, or changes in demand or price that would indicate that its inventory valuation may not be materially accurate at this time. |
3. | Income Taxes. The Company records a deferred tax asset and liability for expected future tax consequences resulting from temporary differences between financial reporting and tax bases of assets and liabilities. The Company considers future taxable income and ongoing tax planning in assessing the value of its deferred tax assets. If the Company determines that it is more than likely that these assets will not be realized, the Company would reduce the value of these assets to their expected realizable value, thereby decreasing net income. Estimating the value of these assets is based upon the Company’s judgment. If the Company subsequently determined that the deferred tax assets, which had been written down, would be realized in the future, such value would be increased. Adjustment would be made to increase net income in the period such determination was made. As of July 30, 2016 and January 30, 2016, the Company’s deferred tax asset related to capital loss carryforwards is net of a $0.5 million valuation allowance recorded to reduce the value of the Company’s capital loss carryforward to its expected realizable amount prior to expiration. |
4. | Operating Leases. The Company leases retail stores under operating leases. Most lease agreements contain tenant improvement allowances, rent holidays, rent escalation clauses, and/or contingent rent provisions. For purposes of recognizing lease incentives and minimum rental expense on a straight-line basis over the terms of the leases, the Company uses the date of initial possession to begin amortization, which is generally when the Company enters the space and begins to make improvements in preparation of intended use. For tenant improvement allowances and rent holidays, the Company records a deferred rent liability on the condensed consolidated balance sheets and amortizes the deferred rent over the terms of the leases as reductions to rent expense on the condensed consolidated statements of income. |
5. | Investments. Investments classified as short-term investments include securities with a maturity of greater than three months and less than one year. Available-for-sale securities are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity (net of the effect of income taxes), using the specific identification method, until they are sold. |
• | Pricing was provided by the custodian or third party broker for ARS; |
• | Sales of similar securities; |
• | Quoted prices for similar securities in active markets; |
• | Quoted prices for similar assets in markets that are not active - including markets where there are few transactions for the asset, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; |
• | Pricing was provided by a third-party valuation consultant (using Level 3 inputs). |
• | Durations until redemption ranging from 7.2 to 8.5 years, with a weighted average of 7.8 years. |
• | Discount rates ranging from 3.67% to 3.67%, with a weighted average of 3.67%. |
Payments Due by Period | |||||||||||||||||||
Contractual obligations (dollar amounts in thousands): | Total | Less than 1 year | 1-3 years | 4-5 years | After 5 years | ||||||||||||||
Purchase obligations | $ | 10,101 | $ | 7,817 | $ | 2,073 | $ | 211 | $ | — | |||||||||
Deferred compensation | 14,186 | — | — | — | 14,186 | ||||||||||||||
Operating leases | 363,140 | 67,277 | 117,884 | 85,593 | 92,386 | ||||||||||||||
Total contractual obligations | $ | 387,427 | $ | 75,094 | $ | 119,957 | $ | 85,804 | $ | 106,572 |
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Maximum Number of Shares that May Yet Be Purchased Under Publicly Announced Plans | |||||
May 1, 2016 to May 28, 2016 | - | - | - | 440,207 | ||||
May 29, 2016 to Jul. 2, 2016 | - | - | - | 440,207 | ||||
Jul. 3, 2016 to Jul. 30, 2016 | - | - | - | 440,207 | ||||
- | - | - |
a. | Exhibits 31.1 and 31.2 certifications, as well as Exhibits 32.1 and 32.2 Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
b. | Exhibit 101 includes the following materials from The Buckle, Inc.’s Quarterly Report on Form 10-Q for the quarter ended July 30, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Income; (iii) Condensed Consolidated Statements of Comprehensive Income; (iv) Condensed Consolidated Statements of Stockholders’ Equity; (v) Condensed Consolidated Statements of Cash Flows; and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and in detail. |
THE BUCKLE, INC. | |||
Date: | September 8, 2016 | By: | /s/ DENNIS H. NELSON |
DENNIS H. NELSON, | |||
President and CEO | |||
(principal executive officer) | |||
Date: | September 8, 2016 | By: | /s/ KAREN B. RHOADS |
KAREN B. RHOADS, | |||
Senior Vice President of Finance and CFO | |||
(principal accounting officer) |
1. | I have reviewed this report of The Buckle, Inc. on Form 10-Q for the quarterly period ended July 30, 2016; |
2. | Based on my knowledge, this quarterly 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: |
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: |
Date: September 8, 2016 | By: | /s/ DENNIS H. NELSON |
DENNIS H. NELSON, | ||
President and CEO | ||
(principal executive officer) |
1. | I have reviewed this report of The Buckle, Inc. on Form 10-Q for the quarterly period ended July 30, 2016; |
2. | Based on my knowledge, this quarterly 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: |
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: |
Date: September 8, 2016 | By: | /s/ KAREN B. RHOADS |
KAREN B. RHOADS, | ||
Senior Vice President of Finance and CFO | ||
(principal accounting officer) |
(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. |
By: | /s/ DENNIS H. NELSON |
DENNIS H. NELSON, | |
President and CEO | |
(principal executive officer) | |
September 8, 2016 |
(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. |
By: | /s/ KAREN B. RHOADS |
KAREN B. RHOADS, | |
Senior Vice President of Finance and CFO | |
(principal accounting officer) | |
September 8, 2016 |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jul. 30, 2016 |
Sep. 02, 2016 |
|
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BKE | |
Entity Registrant Name | BUCKLE INC | |
Entity Central Index Key | 0000885245 | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 48,623,080 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares |
Jul. 30, 2016 |
Jan. 30, 2016 |
---|---|---|
Common stock, authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (shares) | 48,623,080 | 48,428,110 |
Common stock, shares outstanding (shares) | 48,623,080 | 48,428,110 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2016 |
Aug. 01, 2015 |
Jul. 30, 2016 |
Aug. 01, 2015 |
|
SALES, Net of returns and allowances | $ 212,157 | $ 236,053 | $ 455,700 | $ 507,398 |
COST OF SALES (Including buying, distribution, and occupancy costs) | 132,275 | 141,458 | 281,089 | 299,206 |
Gross profit | 79,882 | 94,595 | 174,611 | 208,192 |
OPERATING EXPENSES: | ||||
Selling | 46,065 | 46,358 | 93,628 | 95,512 |
General and administrative | 9,735 | 11,060 | 20,471 | 22,698 |
Total selling, general and administrative expenses | 55,800 | 57,418 | 114,099 | 118,210 |
INCOME FROM OPERATIONS | 24,082 | 37,177 | 60,512 | 89,982 |
OTHER INCOME, Net | 595 | 272 | 1,003 | 1,008 |
INCOME BEFORE INCOME TAXES | 24,677 | 37,449 | 61,515 | 90,990 |
PROVISION FOR INCOME TAXES | 9,205 | 13,968 | 22,946 | 33,939 |
NET INCOME | $ 15,472 | $ 23,481 | $ 38,569 | $ 57,051 |
EARNINGS PER SHARE: | ||||
Basic (dollars per share) | $ 0.32 | $ 0.49 | $ 0.80 | $ 1.19 |
Diluted (dollars per share) | $ 0.32 | $ 0.49 | $ 0.80 | $ 1.18 |
Basic weighted average shares | 48,107 | 48,074 | 48,107 | 48,074 |
Diluted weighted average shares | 48,227 | 48,202 | 48,215 | 48,195 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2016 |
Aug. 01, 2015 |
Jul. 30, 2016 |
Aug. 01, 2015 |
|
NET INCOME | $ 15,472 | $ 23,481 | $ 38,569 | $ 57,051 |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | ||||
Change in unrealized loss on investments, net of tax of $68, $3, $72, and $3, respectively | 117 | 4 | 125 | 4 |
Reclassification adjustment for losses included in net income, net of tax of $0, $0, $17, and $0, respectively | 0 | 0 | 28 | 0 |
Other comprehensive income | 117 | 4 | 153 | 4 |
COMPREHENSIVE INCOME | $ 15,589 | $ 23,485 | $ 38,722 | $ 57,055 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2016 |
Aug. 01, 2015 |
Jul. 30, 2016 |
Aug. 01, 2015 |
|
Change in unrealized loss on investments, tax | $ 68 | $ 3 | $ 72 | $ 3 |
Reclassification adjustment for losses included in net income, tax | $ 0 | $ 0 | $ 17 | $ 0 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares |
6 Months Ended | |
---|---|---|
Jul. 30, 2016 |
Aug. 01, 2015 |
|
Dividends paid on common stock, per share | $ 0.50 | $ 0.46 |
Management Representation |
6 Months Ended |
---|---|
Jul. 30, 2016 | |
Accounting Policies [Abstract] | |
Management Representation | Management Representation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the results of operations for the interim periods have been included. All such adjustments are of a normal recurring nature. Because of the seasonal nature of the business, results for interim periods are not necessarily indicative of a full year's operations. The accounting policies followed by the Company and additional footnotes are reflected in the consolidated financial statements for the fiscal year ended January 30, 2016, included in The Buckle, Inc.'s 2015 Form 10-K. The condensed consolidated balance sheet as of January 30, 2016 is derived from audited financial statements. The Company follows generally accepted accounting principles (“GAAP”) established by the Financial Accounting Standards Board (“FASB”). References to GAAP in these notes are to the FASB Accounting Standards Codification (“ASC”). |
Description of the Business |
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Description of the Business | Description of the Business The Company is a retailer of medium to better priced casual apparel, footwear, and accessories for fashion conscious young men and women. The Company operates its business as one reportable segment. The Company had 470 stores located in 44 states throughout the United States as of July 30, 2016 and 464 stores in 44 states as of August 1, 2015. During the twenty-six week period ended July 30, 2016, the Company opened 3 new stores, substantially remodeled 12 stores, and closed 1 store; which includes 3 new stores, 6 substantial remodels, and 1 closed store during the second quarter. During the twenty-six week period ended August 1, 2015, the Company opened 4 new stores and substantially remodeled 11 stores; which includes 1 new store and 6 substantial remodels during the second quarter. The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares.
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Investments |
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Schedule of Investments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The following is a summary of investments as of July 30, 2016:
The following is a summary of investments as of January 30, 2016:
The auction-rate securities were invested as follows as of July 30, 2016:
As of July 30, 2016, the Company’s auction-rate securities portfolio was 100% AA/Aa-rated. The amortized cost and fair value of debt securities by contractual maturity as of July 30, 2016 is as follows:
As of July 30, 2016 and January 30, 2016, $3,167 and $7,450 of available-for-sale securities and $10,727 and $13,527 of held-to-maturity securities are classified in long-term investments. Trading securities are held in a Rabbi Trust, intended to fund the Company’s deferred compensation plan, and are classified in long-term investments. The Company’s investments in auction-rate securities (“ARS”) are classified as available-for-sale and reported at fair market value. As of July 30, 2016, the reported investment amount is net of $283 of temporary impairment to account for the impairment of certain securities from their stated par value. The $283 temporary impairment is reported, net of tax, as an “accumulated other comprehensive loss” of $178 in stockholders’ equity as of July 30, 2016. For the investments considered temporarily impaired, all of which have been in loss positions for over a year, the Company believes that these ARS can be successfully redeemed or liquidated in the future at par value plus accrued interest. The Company believes it has the ability and maintains its intent to hold these investments until such recovery of market value occurs; therefore, the Company believes the current lack of liquidity has created the temporary impairment in valuation and has classified the investments in long-term investments. As of July 30, 2016, the Company had $3,450 invested in ARS, at par value, which was reported at its estimated fair value of $3,167. As of January 30, 2016, the Company had $7,975 invested in ARS, at par value, which was reported at its estimated fair value of $7,450. ARS have a long-term stated maturity, but are reset through a “dutch auction” process that occurs every 7 to 49 days, depending on the terms of the individual security. Until February 2008, the ARS market was highly liquid. During February 2008, however, a significant number of auctions related to these securities failed, meaning that there was not enough demand to sell the entire issue at auction. The failed auctions have limited the current liquidity of certain of the Company’s investments in ARS. The Company does not, however, anticipate that further auction failures will have a material impact on the Company’s ability to fund its business. During the first two quarters of fiscal 2016, the Company was able to successfully liquidate ARS with a par value of $4,525. The Company reviews all investments for other-than-temporary impairment ("OTTI") at least quarterly or as indicators of impairment exist. Indicators of impairment include the duration and severity of decline in market value. In addition, the Company considers qualitative factors including, but not limited to, the financial condition of the investee, the credit rating of the investee, and the current and expected market and industry conditions in which the investee operates. As of both July 30, 2016 and January 30, 2016, all of the Company’s investments in ARS were classified in long-term investments. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:
As of July 30, 2016 and January 30, 2016, the Company held certain assets that are required to be measured at fair value on a recurring basis including available-for-sale and trading securities. The Company’s available-for-sale securities include its investments in ARS, as further described in Note 4. The failed auctions, beginning in February 2008, related to certain of the Company’s investments in ARS have limited the availability of quoted market prices. The Company has determined the fair value of its ARS using Level 1 inputs for known or anticipated subsequent redemptions at par value, Level 2 using observable inputs, and Level 3 using unobservable inputs where the following criteria were considered in estimating fair value:
In addition, the Company considers other factors including, but not limited to, the financial condition of the investee, the credit rating, insurance, guarantees, collateral, cash flows, and the current and expected market and industry conditions in which the investee operates. Management believes it has used information that was reasonably obtainable in order to complete its valuation process and determine if the Company’s investments in ARS had incurred any temporary and/or other-than-temporary impairment as of July 30, 2016 and January 30, 2016. Future fluctuations in fair value of ARS that the Company judges to be temporary, including any recoveries of previous write-downs, would be recorded as an adjustment to “accumulated other comprehensive loss.” The value and liquidity of ARS held by the Company may be affected by continued auction-rate failures, the credit quality of each security, the amount and timing of interest payments, the amount and timing of future principal payments, and the probability of full repayment of the principal. Additional indicators of impairment include the duration and severity of the decline in market value. The interest rates on these investments will be determined by the terms of each individual ARS. The risks associated with the ARS held by the Company include those stated above as well as the current economic environment, downgrading of credit ratings on investments held, and the volatility of the entities backing each of the issues. The Company’s financial assets measured at fair value on a recurring basis are as follows:
Securities included in Level 1 represent securities which have a known or anticipated upcoming redemption as of the reporting date and those that have publicly traded quoted prices. ARS included in Level 2 represent securities which have not experienced a successful auction subsequent to the end of fiscal 2007. The fair market value for these securities was determined by applying a discount to par value based on auction prices for similar securities and by utilizing a discounted cash flow model, using market-based inputs, to determine fair value. The Company used a discounted cash flow model to value its Level 3 investments, using estimates regarding recovery periods, yield, and liquidity. The assumptions used are subjective based upon management’s judgment and views on current market conditions, and resulted in $266 of the Company’s recorded temporary impairment as of July 30, 2016. The use of different assumptions would result in a different valuation and related temporary impairment charge. Changes in the fair value of the Company’s financial assets measured at fair value on a recurring basis are as follows:
There were no transfers of securities between Levels 1, 2, or 3 during the twenty-six week periods ended July 30, 2016 or August 1, 2015. The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period in which the transfer occurred. The carrying value of cash equivalents approximates fair value due to the low level of risk these assets present and their relatively liquid nature, particularly given their short maturities. The Company also holds certain financial instruments that are not carried at fair value on the condensed consolidated balance sheets, including held-to-maturity securities. Held-to-maturity securities consist primarily of state and municipal bonds. The fair values of these debt securities are based on quoted market prices and yields for the same or similar securities, which the Company determined to be Level 2 inputs. As of July 30, 2016, the fair value of held-to-maturity securities was $49,410 compared to the carrying amount of $49,339. As of January 30, 2016, the fair value of held-to-maturity securities was $50,123 compared to the carrying amount of $49,992. The carrying values of receivables, accounts payable, accrued expenses, and other current liabilities approximates fair value because of their short-term nature. From time to time, the Company measures 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 when circumstances indicate impairment may exist due to the questionable recoverability of the carrying values of long-lived assets. If expected 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 the carrying value and the estimated fair value of the store's assets. The fair value of the store's assets is estimated utilizing an income-based approach based on the expected cash flows over the remaining life of the store's lease. The amount of impairment related to long-lived assets was immaterial as of both July 30, 2016 and January 30, 2016, respectively. |
Supplemental Cash Flow Information |
6 Months Ended |
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Jul. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The Company had non-cash investing activities during the twenty-six week periods ended July 30, 2016 and August 1, 2015 of ($1,009) and ($92), respectively. The non-cash investing activity relates to the change in the balance of unpaid purchases of property, plant, and equipment included in accounts payable as of the end of the period. The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $2,125 and $1,116 as of July 30, 2016 and January 30, 2016, respectively. Amounts reported as unpaid purchases are recorded as cash outflows from investing activities for purchases of property, plant, and equipment in the condensed consolidated statement of cash flows in the period they are paid. Additional cash flow information for the Company includes cash paid for income taxes during the twenty-six week periods ended July 30, 2016 and August 1, 2015 of $43,951 and $59,750, respectively. |
Stock-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The Company has several stock option plans which allow for granting of stock options to employees, executives, and directors. The Company has not granted any stock options since fiscal 2008 and there are currently no stock options outstanding. The Company also has a restricted stock plan that allows for the granting of non-vested shares of common stock to employees and executives and a restricted stock plan that allows for the granting of non-vested shares of common stock to non-employee directors. As of July 30, 2016, 856,006 shares were available for grant under the Company’s various restricted stock plans, of which 781,382 shares were available for grant to executive officers. Compensation expense was recognized during fiscal 2016 and fiscal 2015 for equity-based grants, based on the grant date fair value of the awards. The fair value of grants of non-vested common stock awards is the stock price on the date of grant. Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows:
Non-vested shares of common stock granted during the twenty-six week periods ended July 30, 2016 and August 1, 2015 were granted pursuant to the Company’s 2005 Restricted Stock Plan and the Company’s 2008 Director Restricted Stock Plan. Shares granted under the 2005 Plan are typically "performance based" and vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. Certain shares granted under the 2005 Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets. Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three anniversaries of the date of grant. A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the twenty-six week period ended July 30, 2016 is as follows:
As of July 30, 2016, there was $10,289 of unrecognized compensation expense related to grants of non-vested shares. It is expected that this expense will be recognized over a weighted average period of approximately 2.0 years. The total fair value of shares vested during the twenty-six week periods ended July 30, 2016 and August 1, 2015 was $1,262 and $1,823, respectively. During the twenty-six week period ended July 30, 2016, 130,400 shares (representing one-half of the "performance based" shares granted during fiscal 2015 under the 2005 Restricted Stock Plan) were forfeited because the Company did not achieve all of the performance targets established for the fiscal 2015 grants. |
Recently Issued Accounting Pronouncements |
6 Months Ended |
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Jul. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB approved a one-year deferral of the effective date of the new revenue recognition standard. The new standard will become effective for the Company beginning with the first quarter of fiscal 2018 and can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. Under this ASU, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. The Company does not expect that the adoption of this ASU will have a material effect on its consolidated results of operations and financial position. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This ASU replaces the existing guidance in ASC 840, Leases. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and requires retrospective application. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This standard is intended to simplify several aspects of the accounting for share-based payment award transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, and classifications in the statement of cash flows. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016 and early adoption is permitted. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. |
Recently Issued Accounting Pronouncements (Policies) |
6 Months Ended |
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Jul. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB approved a one-year deferral of the effective date of the new revenue recognition standard. The new standard will become effective for the Company beginning with the first quarter of fiscal 2018 and can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. Under this ASU, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. The Company does not expect that the adoption of this ASU will have a material effect on its consolidated results of operations and financial position. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This ASU replaces the existing guidance in ASC 840, Leases. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and requires retrospective application. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This standard is intended to simplify several aspects of the accounting for share-based payment award transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, and classifications in the statement of cash flows. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016 and early adoption is permitted. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. |
Description of the Business (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Information | The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares.
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Investments (Tables) |
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Jul. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investments, cost and fair value | The following is a summary of investments as of July 30, 2016:
The following is a summary of investments as of January 30, 2016:
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Schedule of auction rate securities | The auction-rate securities were invested as follows as of July 30, 2016:
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Schedule of amortized cost and fair value of debt securities by contractual maturity | The amortized cost and fair value of debt securities by contractual maturity as of July 30, 2016 is as follows:
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets measured at fair value on a recurring basis | The Company’s financial assets measured at fair value on a recurring basis are as follows:
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Financial assets measured at fair value on a recurring basis, unobservable input reconciliation | Changes in the fair value of the Company’s financial assets measured at fair value on a recurring basis are as follows:
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows:
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Summary of stock-based compensation activity related to grants of non-vested shares of common stock | A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the twenty-six week period ended July 30, 2016 is as follows:
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Description of the Business (Narrative) (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2016
store
state
|
Aug. 01, 2015
store
state
|
Jul. 30, 2016
store
state
segment
|
Aug. 01, 2015
store
state
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Number of reportable segments (segment) | segment | 1 | |||
Number of stores (store) | 470 | 464 | 470 | 464 |
Number of states in which stores are located (state) | state | 44 | 44 | 44 | 44 |
New stores opened during the period (store) | 3 | 1 | 3 | 4 |
Stores substantially remodeled during the period (store) | 6 | 6 | 12 | 11 |
Stores closed during the period (store) | 1 | 1 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2016 |
Aug. 01, 2015 |
Jul. 30, 2016 |
Aug. 01, 2015 |
|
Income | ||||
Basic EPS, Income | $ 15,472 | $ 23,481 | $ 38,569 | $ 57,051 |
Effect of dilutive non-vested shares, Income | 0 | 0 | 0 | 0 |
Diluted EPS, Income | $ 15,472 | $ 23,481 | $ 38,569 | $ 57,051 |
Weighted Average Shares | ||||
Basic EPS, Weighted Average Shares (shares) | 48,107 | 48,074 | 48,107 | 48,074 |
Effect of dilutive non-vested shares, Weighted Average Shares (shares) | 120 | 128 | 108 | 121 |
Diluted EPS, Weighted Average Shares (shares) | 48,227 | 48,202 | 48,215 | 48,195 |
Per Share Amount | ||||
Basic EPS, Per Share Amount (dollars per share) | $ 0.32 | $ 0.49 | $ 0.80 | $ 1.19 |
Effect of dilutive non-vested shares, Per Share Amount (dollars per share) | 0.00 | 0.00 | 0.00 | (0.01) |
Diluted EPS, Per Share Amount (dollars per share) | $ 0.32 | $ 0.49 | $ 0.80 | $ 1.18 |
Investments (Par Value) (Details) - Auction-rate securities [Member] - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jul. 30, 2016 |
Jan. 30, 2016 |
|
Investment Holdings [Line Items] | ||
Available-for-sale securities, par value | $ 3,450 | $ 7,975 |
Municipal revenue bonds [Member] | ||
Investment Holdings [Line Items] | ||
Underlying Collateral | 100% insured by AAA/AA/A-rated bond insurers | |
Available-for-sale securities, par value | $ 3,400 | |
Percentage of bond insured by AAA/AA/A-rated bond insurers (percent) | 100.00% | |
Municipal bond funds [Member] | ||
Investment Holdings [Line Items] | ||
Underlying Collateral | Fixed income instruments within issuers' money market funds | |
Available-for-sale securities, par value | $ 50 |
Investments (Held-To-Maturity Securities) (Details) - State and municipal bonds [Member] - USD ($) $ in Thousands |
Jul. 30, 2016 |
Jan. 30, 2016 |
---|---|---|
Contractual maturities of held-to-maturity securities, at amortized cost: | ||
Less than 1 year, Amortized Cost | $ 38,612 | |
1 - 5 years, Amortized Cost | 10,727 | |
Held-to-Maturity Securities, Amortized Cost | 49,339 | |
Contractual maturities of held-to-maturity securities, at fair values: | ||
Less than 1 year, Fair Value | 38,672 | |
1 - 5 years, Fair Value | 10,738 | |
Held-to-Maturity Securities, Estimated Fair Value | $ 49,410 | $ 50,123 |
Fair Value Measurements (Fair Value Inputs) (Details) - Significant Unobservable Inputs (Level 3) [Member] - Auction-rate securities [Member] - Fair Value Measurements, Recurring [Member] |
6 Months Ended |
---|---|
Jul. 30, 2016 | |
Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Durations until redemption (years) | 7 years 2 months 12 days |
Discount rates (percent) | 3.67% |
Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Durations until redemption (years) | 8 years 6 months |
Discount rates (percent) | 3.67% |
Weighted Average [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Durations until redemption (years) | 7 years 9 months 18 days |
Discount rates (percent) | 3.67% |
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands |
Jul. 30, 2016 |
Jan. 30, 2016 |
---|---|---|
Auction-rate securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Temporary impairment | $ 283 | $ 525 |
Auction-rate securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Temporary impairment | 266 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, fair value | 49,410 | 50,123 |
Held-to-maturity securities, carrying value | $ 49,339 | $ 49,992 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jul. 30, 2016 |
Aug. 01, 2015 |
Jan. 30, 2016 |
|
Supplemental Cash Flow Elements [Abstract] | |||
Non-cash investing activities - change in unpaid purchases of property, plant and equipment | $ (1,009) | $ (92) | |
Current liability for unpaid purchases of property, plant and equipment | 2,125 | $ 1,116 | |
Cash paid for income taxes | $ 43,951 | $ 59,750 |
Stock-Based Compensation (Compensation Expenses) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2016 |
Aug. 01, 2015 |
Jul. 30, 2016 |
Aug. 01, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before tax | $ 1,792 | $ 2,175 | $ 3,673 | $ 4,510 |
Stock-based compensation expense, after tax | $ 1,129 | $ 1,370 | $ 2,314 | $ 2,841 |
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