View Filing Data

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Feb. 01, 2020	Mar. 31, 2020	Aug. 03, 2019
Document and Entity Information
Entity Registrant Name	Citi Trends Inc
Document Type	10-K
Document Period End Date	Feb. 01, 2020
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 166,153,095
Entity Common Stock, Shares Outstanding		10,841,564
Current Fiscal Year End Date	--02-01
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001318484
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019
Current assets:
Cash and cash equivalents	$ 19,923	$ 17,863
Short-term investment securities	27,562	50,350
Inventory	138,258	139,841
Prepaid and other current assets	14,278	17,544
Income tax receivable	1,186
Total current assets	201,207	225,598
Property and equipment, net of accumulated depreciation	64,985	56,224
Operating lease right of use assets	169,854
Long-term investment securities	15,675	8,883
Deferred tax asset	6,669	6,539
Other assets	755	745
Total assets	459,145	297,989
Current liabilities:
Accounts payable	79,596	73,391
Operating lease liabilities	42,944
Accrued expenses	14,755	15,311
Accrued compensation	13,013	12,746
Income tax payable		395
Layaway deposits	554	526
Total current liabilities	150,862	102,369
Noncurrent operating lease liabilities	135,316
Other long-term liabilities	1,923	8,195
Total liabilities	288,101	110,564
Stockholders’ equity:
Common stock, $0.01 par value. Authorized 32,000,000 shares; 15,907,666 shares issued as of February 1, 2020 and 15,827,713 shares issued as of February 2, 2019; 10,834,134 shares outstanding as of February 1, 2020 and 12,158,237 shares outstanding as of February 2, 2019	157	157
Paid in capital	93,180	91,794
Retained earnings	186,772	176,094
Treasury stock, at cost; 5,073,532 shares held as of February 1, 2020 and 3,669,476 shares held as of February 2, 2019	(109,065)	(80,620)
Total stockholders’ equity	171,044	187,425
Commitments and contingencies (note 9)
Total liabilities and stockholders’ equity	$ 459,145	$ 297,989

Consolidated Balance Sheets (Parenthetical) - $ / shares	Feb. 01, 2020	Feb. 02, 2019
Condensed Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	32,000,000	32,000,000
Common stock, shares issued	15,907,666	15,827,713
Common stock, shares outstanding	10,834,134	12,158,237
Treasury stock, shares	5,073,532	3,669,476

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Consolidated Statements of Operations
Net sales	$ 781,925	$ 769,553	$ 755,241
Cost of sales (exclusive of depreciation shown separately below)	(484,740)	(476,326)	(466,022)
Selling, general and administrative expenses	(259,629)	(247,938)	(247,062)
Depreciation	(18,535)	(18,886)	(18,883)
Asset impairment	(472)	(1,274)	(507)
Income from operations	18,549	25,129	22,767
Interest income	1,577	1,353	883
Interest expense	(158)	(154)	(150)
Income before income taxes	19,968	26,328	23,500
Income tax expense	(3,465)	(4,954)	(8,926)
Net income	$ 16,503	$ 21,374	$ 14,574
Basic net income per common share	$ 1.41	$ 1.64	$ 1.04
Diluted net income per common share	$ 1.41	$ 1.64	$ 1.03
Weighted average number of shares outstanding
Basic	11,673,887	13,030,063	14,058,008
Diluted	11,699,000	13,069,694	14,115,895

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Operating activities:
Net income	$ 16,503	$ 21,374	$ 14,574
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	18,535	18,886	18,883
Non-cash operating lease costs	45,463
Asset impairment	472	1,274	507
Loss on disposal of property and equipment	23	471	130
Deferred income taxes	(130)	(762)	2,729
Insurance proceeds related to operating activities	1,012	475	1,349
Non-cash stock-based compensation expense	2,121	2,238	1,632
Changes in assets and liabilities:
Inventory	1,216	(2,330)	(3,948)
Prepaid and other current assets	(1,588)	(2,135)	(2,398)
Other assets	(10)	(25)	5
Accounts payable	5,560	(2,844)	230
Accrued expenses and other long-term liabilities	(45,282)	(418)	(3,093)
Accrued compensation	267	(4,267)	8,092
Income tax payable/receivable	(1,581)	(1,521)	3,551
Layaway deposits	28	(6)	61
Net cash provided by operating activities	42,609	30,410	42,304
Investing activities:
Sales/redemptions of investment securities	59,836	41,600	45,420
Purchases of investment securities	(43,840)	(43,882)	(37,654)
Purchases of property and equipment	(24,175)	(13,256)	(20,986)
Insurance proceeds related to investing activities	573	195	443
Net cash used in investing activities	(7,606)	(15,343)	(12,777)
Financing activities:
Cash used to settle withholding taxes on the vesting of nonvested restricted stock	(733)	(1,048)	(1,062)
Dividends paid to stockholders	(3,765)	(4,207)	(4,232)
Repurchase of common stock	(28,445)	(40,400)	(25,035)
Net cash used in financing activities	(32,943)	(45,655)	(30,329)
Net increase (decrease) in cash and cash equivalents	2,060	(30,588)	(802)
Cash and cash equivalents:
Beginning of year	17,863	48,451	49,253
End of year	19,923	17,863	48,451
Supplemental disclosures of cash flow information:
Cash paid for interest	127	127	127
Cash payments of income taxes	4,477	7,237	2,646
Supplemental disclosures of non-cash investing activities:
Accrual for purchases of property and equipment	$ 4,000	$ 2,017	$ 1,474

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Paid in Capital	Retained Earnings	Treasury Stock	Total
Balances at Jan. 28, 2017	$ 155	$ 90,036	$ 148,585	$ (15,185)	$ 223,591
Balances (in shares) at Jan. 28, 2017	15,732,339			833,188
Increase (Decrease) in Stockholders' Equity
Vesting of nonvested shares and restricted stock units	$ 2				2
Vesting of nonvested restricted stock units (in shares)	12,982
Issuance of nonvested shares to employees and directors under incentive plan (in shares)	118,676
Forfeiture of nonvested shares by employees and directors (in shares)	(31,303)
Stock-based compensation expense		1,632			1,632
Net share settlement of nonvested shares and restricted stock units	$ (1)	(1,063)			(1,064)
Net share settlement of nonvested shares and restricted stock units (in shares)	(54,748)
Repurchase of common stock				$ (25,035)	(25,035)
Repurchase of common stock (in shares)				1,200,982
Dividends paid to stockholders			(4,232)		(4,232)
Net income (loss)			14,574		14,574
Balances at Feb. 03, 2018	$ 156	90,605	158,927	$ (40,220)	209,468
Balances (in shares) at Feb. 03, 2018	15,777,946			2,034,170
Increase (Decrease) in Stockholders' Equity
Vesting of nonvested shares and restricted stock units	$ 1				1
Vesting of nonvested restricted stock units (in shares)	10,663
Issuance of nonvested shares to employees and directors under incentive plan (in shares)	80,045
Stock-based compensation expense		2,238			2,238
Net share settlement of nonvested shares and restricted stock units		(1,049)			(1,049)
Net share settlement of nonvested shares and restricted stock units (in shares)	(40,941)
Repurchase of common stock				$ (40,400)	(40,400)
Repurchase of common stock (in shares)				1,635,306
Dividends paid to stockholders			(4,207)		(4,207)
Net income (loss)			21,374		21,374
Balances at Feb. 02, 2019	$ 157	91,794	176,094	$ (80,620)	$ 187,425
Balances (in shares) at Feb. 02, 2019	15,827,713			3,669,476	15,827,713
Increase (Decrease) in Stockholders' Equity
Vesting of nonvested shares and restricted stock units	$ 1				$ 1
Vesting of nonvested restricted stock units (in shares)	18,851
Issuance of nonvested shares to employees and directors under incentive plan (in shares)	122,816
Forfeiture of nonvested shares by employees and directors (in shares)	(24,359)
Stock-based compensation expense		2,121			2,121
Net share settlement of nonvested shares and restricted stock units	$ (1)	(735)			(736)
Net share settlement of nonvested shares and restricted stock units (in shares)	(37,355)
Repurchase of common stock				$ (28,445)	(28,445)
Repurchase of common stock (in shares)				1,404,056
Dividends paid to stockholders			(3,765)		(3,765)
Net income (loss)			16,503		16,503
Balances at Feb. 01, 2020	$ 157	$ 93,180	186,772	$ (109,065)	$ 171,044
Balances (in shares) at Feb. 01, 2020	15,907,666			5,073,532	15,907,666
Increase (Decrease) in Stockholders' Equity
Adoption of lease accounting standard (See Note 10)			$ (2,060)		$ (2,060)

Organization and Business	12 Months Ended
Organization and Business	Feb. 01, 2020
Organization and Business
Organization and Business	(1) Organization and Business Citi Trends, Inc. and its subsidiary (the “Company”) operate as a value-priced retailer of fashion apparel, accessories and home goods for the entire family. As of February 1, 2020, the Company operated 571 stores in 33 states.

Summary of Significant Accounting Policies

12 Months Ended

Feb. 01, 2020

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

(a) Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation.

(b) Fiscal Year

The Company’s fiscal year ends on the Saturday closest to January 31 of each year. The years ended February 1, 2020, February 2, 2019 and February 3, 2018 are referred to as fiscal 2019, fiscal 2018 and fiscal 2017, respectively, in the accompanying consolidated financial statements. Fiscal years 2019 and 2018 are each comprised of 52 weeks, while fiscal 2017 is comprised of 53 weeks.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and use assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates made by management include those used in the valuation of inventory, property and equipment, self-insurance liabilities, leases and income taxes. Management periodically evaluates estimates used in the preparation of the consolidated financial statements for continued reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based on such periodic evaluations.

(d) Cash and Cash Equivalents/Concentration of Credit Risk

For purposes of the consolidated balance sheets and consolidated statements of cash flows, the Company considers all highly liquid investments with maturities at date of purchase of three months or less to be cash equivalents. Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents. The Company places its cash and cash equivalents in what it believes to be high credit quality banks and institutional money market funds. The Company maintains cash accounts that exceed federally insured limits.

(e) Inventory

Inventory is stated at the lower of cost (first-in, first-out basis) or net realizable value as determined by the retail inventory method for store inventory and the average cost method for distribution center inventory. Under the retail inventory method, the cost of inventory is determined by calculating a cost-to-retail ratio and applying it to the retail value of inventory. Merchandise markdowns are reflected in the inventory valuation when the retail price of an item is lowered in the stores. Inventory is recorded net of an allowance for shrinkage based on the most recent physical inventory counts.

(f) Property and Equipment, net

Property and equipment, net are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the lesser of the estimated useful lives (primarily three to five years for computer equipment and furniture, fixtures and equipment, five years for leasehold improvements, seven years for major purchased software systems, and fifteen to twenty years for buildings and building improvements) of the related assets or the relevant lease term.

(g) Impairment of Long-Lived Assets

If facts and circumstances indicate that a long-lived asset may be impaired, the carrying value is reviewed. If this review indicates that the carrying value of the asset will not be recovered as determined based on projected undiscounted cash flows related to the asset over its remaining life, the carrying value of the asset is reduced to its estimated fair value. Non-cash impairment expense related primarily to leasehold improvements and fixtures and equipment at underperforming stores totaled $0.5 million, $1.3 million and $0.5 million in fiscal 2019, 2018 and 2017, respectively.

(h) Insurance Liabilities

The Company is largely self-insured for workers’ compensation costs and employee medical claims. The Company’s self-insured retention or deductible, as applicable, for each claim involving workers’ compensation and employee medical is limited to $250,000 and $100,000, respectively. Self-insurance liabilities are based on the total estimated costs of claims filed and estimates of claims incurred but not reported, less amounts paid against such claims. Current and historical claims data, together with information from actuarial studies, are used in developing the estimates. The insurance liabilities that are recorded are primarily influenced by the frequency and severity of claims and the Company’s growth. If the underlying facts and circumstances related to the claims change, then the Company may be required to record more or less expense which could be material in relation to results of operations.

(i) Stock-Based Compensation

The Company recognizes compensation expense associated with all nonvested restricted stock and restricted stock units based on an estimate of the grant-date fair value of each equity award. Grants of time-based and earnings target-based nonvested restricted stock are valued based on the closing stock price on the grant date, while grants of stock price performance-based restricted stock units are valued at an estimate of fair market value using a lattice model. See Note 8 for additional information on the Company’s stock-based compensation plans.

(j) Revenue Recognition

The Company’s primary source of revenue is derived from the sale of clothing and accessories to its customers with the Company’s performance obligations satisfied at the point of sale when the customer pays for their purchase and receives the merchandise. Sales taxes collected by the Company from customers are excluded from revenue. Revenue from layaway sales is recognized at the point in time when the merchandise is paid for and control of the goods is transferred to the customer, thereby satisfying the Company’s performance obligation. The Company defers revenue from the sale of gift cards and recognizes the associated revenue upon the redemption of the cards by customers to purchase merchandise. Breakage on gift cards is minimal as the cards are generally subject to escheat regulations of the state in which the gift card subsidiary is located.

Sales Returns

The Company allows customers to return merchandise for up to thirty days after the date of sale. Expected refunds to customers are recorded based on estimated margin using historical return information. The refund liability for merchandise returns is included in the line item “Accrued expenses” on the consolidated balance sheet and totaled $0.3 million as of both February 1, 2020 and February 2, 2019. The corresponding asset for the recoverable cost of expected refunds is included in “Prepaid and other current assets” and totaled $0.1 million and $0.2 million as of February 1, 2020 and February 2, 2019 respectively.

Disaggregation of Revenue

The Company’s retail operations represent a single operating segment based on the way the Company manages its business.

In the following table, the Company’s revenue is disaggregated by major product line. The percentage of net sales related to each classification of its merchandise assortment for fiscal 2019, 2018 and 2017 was as follows:


	Percentage of Net Sales
	2019		2018		2017
Accessories	32	%	32	%	32	%
Children’s	23	%	23	%	23	%
Ladies’	22	%	22	%	23	%
Men’s	16	%	17	%	17	%
Home	7	%	6	%	5	%

(k) Cost of Sales

Cost of sales includes the cost of inventory sold during the period and transportation costs, including inbound freight related to inventory sold and freight from the distribution centers to the stores, net of discounts and allowances. Distribution center costs, store occupancy expenses and advertising expenses are not considered components of cost of sales and are included as part of selling, general and administrative expenses. Depreciation is also not considered a component of cost of sales and is included as a separate line item in the consolidated statements of operations. Distribution center costs (exclusive of depreciation) for fiscal 2019, 2018 and 2017 were $20.8 million, $17.6 million and $17.4 million, respectively.

(l) Earnings per Share

Basic earnings per common share amounts are calculated using the weighted average number of common shares outstanding for the period. Diluted earnings per common share amounts are calculated using the weighted average number of common shares outstanding plus the additional dilution for all potentially dilutive securities, such as nonvested restricted stock. During loss periods, diluted loss per share amounts are based on the weighted average number of common shares outstanding because the inclusion of common stock equivalents would be antidilutive.

The following table provides a reconciliation of the number of average common shares outstanding used to calculate basic earnings per share to the number of common shares and common stock equivalents outstanding used in calculating diluted earnings per share for fiscal 2019, 2018 and 2017:


	2019	2018	2017
Weighted average number of common shares outstanding	11,673,887	13,030,063	14,058,008
Incremental shares from assumed vesting of nonvested restricted stock	25,113	39,631	57,887
Average number of common shares and common stock equivalents outstanding	11,699,000	13,069,694	14,115,895

The dilutive effect of stock-based compensation arrangements is accounted for using the treasury stock method. The Company includes as assumed proceeds the amount of compensation costs attributed to future services and not yet recognized. For fiscal 2019, 2018 and 2017, respectively, there were 128,000, 124,000 and 125,000 shares of nonvested restricted stock, respectively, excluded from the calculation of diluted earnings per share because of antidilution.

(m) Advertising

The Company expenses advertising as incurred. Advertising expense for fiscal 2019, 2018 and 2017 was $1.8 million, $1.7 million and $2.0 million, respectively.

(n) Operating Leases

The Company leases all of its retail store locations and certain office space and equipment. All leases are classified as operating leases. The Company records right-of-use assets and lease liabilities based on the present value of future minimum lease payments over the lease term. In determining the present value of lease payments, the Company uses an incremental borrowing rate that approximates the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term. The Company’s lessors do not provide an implicit rate, nor is one readily available, therefore the incremental borrowing rate is determined based on a buildup approach which utilizes rates and terms from the Company’s existing borrowing facility with adjustments to bridge for impacts to the rate due to differences in collateral, terms and payments. The Company records operating lease cost over the estimated term of the lease, which includes options to extend lease terms that are reasonably certain of being exercised, starting when possession of the property is taken from the landlord. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. In addition, certain leases provide for contingent rents that are not measurable at inception. These contingent rents are primarily based on a percentage of net 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 can be reasonably estimated. If an operating lease asset is impaired, the remaining operating lease asset will be amortized on a straight-line basis over the remaining lease term.

(o) Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

(p) Business Reporting Segments

The Company is a value-priced retailer of fashion apparel, accessories and home goods for the entire family. The retail operations represent a single operating segment based on the way the Company manages its business. Operating decisions and resource allocation decisions are made at the Company level in order to maintain a consistent retail store presentation. The Company’s retail stores sell similar products, use similar processes to sell those products, and sell their products to similar classes of customers. All sales and assets are located within the United States.

(q) Recent Accounting Pronouncements

Recently Adopted

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842), as amended. The new standard established a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The Company adopted ASU 2016-02 on February 3, 2019 using the optional transition method, which allows for the prospective application of the standard. In addition, the Company elected the package of practical expedients for transition, which permitted it to not reassess prior conclusions regarding lease classification, identification or initial direct costs. Further, the Company elected a short-term lease exception policy which permitted it to not apply the recognition requirements of the new standard to short-term leases (leases with terms of 12 months or less). The Company also elected an accounting policy to account for lease and non-lease components as a single component for certain classes of assets. The Company did not elect an optional hindsight practical expedient. Operating lease ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term. The present value of lease payments was determined using the Company’s incremental borrowing rate. Our lessors do not provide an implicit rate, nor is one readily available, therefore we determined an incremental borrowing rate based on a buildup approach which utilizes rates and terms from the Company’s existing borrowing facility with adjustments to bridge for impacts to the rate due to differences in collateral, terms and payments. Adoption of the new standard resulted in the recording of operating lease right-of-use assets and operating lease liabilities of approximately $133.6 million and $141.0 million, respectively, as of February 3, 2019. The difference between the lease assets and lease liabilities was primarily due to reclassification of lease incentives, as well as impairment of operating lease right-of-use assets for stores previously impaired as of the effective date. Lease impairment, net of the related deferred taxes, totaled approximately $2.1 million and is reflected as an adjustment to retained earnings at the transition date.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, to clarify the principles of recognizing revenue and create common revenue recognition guidance between U.S. GAAP and International Financial Reporting Standards. The Company adopted ASU 2014-09 on February 4, 2018 using the modified retrospective approach. The Company’s primary source of revenue is derived from the sale of clothing and accessories to its customers with the Company’s performance obligations satisfied immediately when the customer pays for their purchase and receives the merchandise. As such, adoption of the new standard did not have a material impact on the Company’s consolidated balance sheet, results of operations or cash flows. Additionally, the adoption of the ASU did not result in significant changes to the Company’s business processes, controls or systems.

Property and Equipment, net

12 Months Ended

Feb. 01, 2020

Property and Equipment, net

Property and Equipment, net

(3) Property and Equipment, net

The components of property and equipment as of February 1, 2020 and February 2, 2019 are as follows (in thousands):


	February 1,		February 2,
	2020		2019
Land	$	479	$	479
Buildings		31,158		30,779
Leasehold improvements		103,919		97,825
Furniture, fixtures and equipment		142,953		132,067
Computer equipment		40,096		38,039
Construction in progress		8,950		2,993
		327,555		302,182
Accumulated depreciation		(262,570)		(245,958)
	$	64,985	$	56,224

Fair Value Measurements

12 Months Ended

Feb. 01, 2020

Fair Value Measurements

Fair Value Measurements

(4) Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market at the measurement date. Fair value is established according to a hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.

Level 3: Unobservable inputs are used when little or no market data is available. Level 3 inputs are given the lowest priority in the fair value hierarchy.

As of February 1, 2020, the Company’s investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair Market
	Cost		Gains		Losses		Value
Short-term:
Obligations of the U.S. Treasury and U.S. government agencies (Level 1)	$	17,277	$	8	$	(2)	$	17,283
Bank certificates of deposit (Level 2)		10,285		—		—		10,285
	$	27,562	$	8	$	(2)	$	27,568
Long-term:
Obligations of the U.S. Treasury and U.S. government agencies (Level 1)	$	1,908	$	—	$	(1)	$	1,907
Bank certificates of deposit (Level 2)		13,767		—		—		13,767
	$	15,675	$	—	$	(1)	$	15,674

The amortized cost and fair market value of investment securities as of February 1, 2020 by contractual maturity are as follows (in thousands):


			Fair
	Amortized		Market
	Cost		Value
Mature in one year or less	$	27,562	$	27,568
Mature after one year through five years		15,675		15,674
	$	43,237	$	43,242

As of February 2, 2019, the Company’s investment securities were classified as held-to-maturity and consisted of the following (in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair Market
	Cost		Gains		Losses		Value
Short-term:
Obligations of the U.S. Treasury and U.S. government agencies (Level 1)	$	38,706	$	4	$	(37)	$	38,673
Obligations of states and municipalities (Level 2)		95		—		—		95
Bank certificates of deposit (Level 2)		11,549		—		—		11,549
	$	50,350	$	4	$	(37)	$	50,317
Long-term:
Obligations of the U.S. Treasury (Level 1)	$	4,956	$	—	$	(16)	$	4,940
Bank certificates of deposit (Level 2)		3,927		—		—		3,927
	$	8,883	$	—	$	(16)	$	8,867

The amortized cost and fair market value of investment securities as of February 2, 2019 by contractual maturity were as follows (in thousands):


			Fair
	Amortized		Market
	Cost		Value
Mature in one year or less	$	50,350	$	50,317
Mature after one year through five years		8,883		8,867
	$	59,233	$	59,184

There were no changes among the levels in the two fiscal years ended February 1, 2020.

Fair market values of Level 2 investments are determined by management with the assistance of a third party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Revolving Line of Credit	12 Months Ended
Revolving Line of Credit	Feb. 01, 2020
Revolving Line of Credit
Revolving Line of Credit	(5) Revolving Line of Credit On October 27, 2011, the Company entered into a five-year, $50 million credit facility with Bank of America. The facility was amended on August 18, 2015, extending the maturity date to August 18, 2020. On March 20, 2020, in response to the COVID-19 pandemic, the Company borrowed $43.7 million on the credit facility to enhance its liquidity position. Such borrowings accrued interest ranging from 1.625% to 3.5%. On May 12, 2020, the Company entered into a Second Amendment to Credit Agreement and Waiver (the “Second Amendment”) with Bank of America and the Company’s wholly-owned subsidiary, Citi Trends Marketing Solutions, Inc., as guarantor (the “Second Amendment”) to amend the credit facility (as amended, the “Revolving Credit Facility”) as described below. The Revolving Credit Facility provides a $50 million credit commitment and a $25 million uncommitted “accordion” feature that under certain circumstances could allow the Company to increase the size of the facility to $75 million. The Revolving Credit Facility is secured by the Company’s inventory, accounts receivable and related assets, but not its real estate, fixtures and equipment, and it contains one financial covenant, a fixed charge coverage ratio, which is applicable and tested only in certain circumstances. The facility has an unused commitment fee of 0.25% and permits the payment of cash dividends subject to certain limitations, including a requirement that there were no borrowings outstanding in the 30 days prior to the dividend payment and no borrowings are expected in the 30 days subsequent to the payment. The Second Amendment amends the Revolving Credit Facility to, among other things, extend the maturity date (which had been set to expire August 18, 2020) to August 18, 2021, increase the pricing for the loans and modify certain covenant and reporting terms. Following the effective date of the Second Amendment, borrowings under the Revolving Credit Facility will bear interest (a) for Eurodollar Loans, at a rate equal to LIBOR plus either 2.25% or 2.5%, or (b) for Base Rate Loans, at a rate equal to the highest of (i) the prime rate, (ii) the Federal Funds Rate plus 0.5%, or (iii) LIBOR for a period of one month plus 1.0%, plus, in each case either 1.25% or 1.5%, based in any such case on the average daily availability for borrowings under the facility.

Income Taxes

12 Months Ended

Feb. 01, 2020

Income Taxes

Income Taxes

(6) Income Taxes

Income tax expense for fiscal 2019, 2018 and 2017 consists of the following (in thousands):


	2019		2018		2017
Current:
Federal	$	(2,650)	$	(4,326)	$	(5,249)
State		(945)		(1,390)		(948)
Total current		(3,595)		(5,716)		(6,197)
Deferred:
Federal		104		619		(3,078)
State		26		143		349
Total deferred		130		762		(2,729)
Total income tax expense	$	(3,465)	$	(4,954)	$	(8,926)

Income tax expense computed using the federal statutory rate is reconciled to the reported income tax expense as follows for fiscal 2019, 2018 and 2017 (in thousands):


	2019		2018		2017
Statutory rate applied to income before income taxes	$	(4,193)	$	(5,529)	$	(7,924)
Revaluation of net deferred tax assets due to the Tax Cuts and Jobs Act		—		—		(1,925)
State income taxes, net of federal benefit		(791)		(1,250)		(549)
State tax credits		308		276		252
State tax credits - valuation allowance (net of federal benefit)		(99)		10		(79)
Tax exempt interest		34		16		24
General business credits		1,456		1,409		1,273
(Deficit) Excess tax benefits from stock based compensation		(83)		140		70
Other		(97)		(26)		(68)
Income tax expense	$	(3,465)	$	(4,954)	$	(8,926)

The components of deferred tax assets and deferred tax liabilities as of February 1, 2020 and February 2, 2019 are as follows (in thousands):


	February 1,		February 2,
	2020		2019
Deferred tax assets:
Deferred rent amortization	$	—	$	652
Inventory capitalization		2,176		1,953
Book and tax depreciation differences		—		853
Vacation liability		705		653
Operating lease liabilities		46,595		—
State tax credits		3,038		2,863
Stock compensation		796		843
Legal expense reserve		128		178
Insurance liabilities		541		319
Other		659		412
Subtotal deferred tax assets		54,638		8,726
Less: State tax credits valuation allowance - net		(1,714)		(1,615)
Total deferred tax assets		52,924		7,111

Deferred tax liabilities:
Right of use asset		(45,095)		—
Book and tax depreciation differences		(373)		—
Prepaid expenses		(787)		(572)
Total deferred tax liabilities		(46,255)		(572)
Net deferred tax asset	$	6,669	$	6,539

The Company files income tax returns in U.S. federal and state jurisdictions where it does business and is subject to examinations by the Internal Revenue Service (“IRS”) and other taxing authorities. With a few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years prior to fiscal 2014. The Company reviews and assesses uncertain tax positions, if any, with recognition and measurement of tax benefit based on a “more-likely-than-not” standard with respect to the ultimate outcome, regardless of whether this assessment is favorable or unfavorable. As of February 1, 2020, there were no benefits taken on the Company’s income tax returns that do not qualify for financial statement recognition. If a tax position does not meet the minimum statutory threshold to avoid payment of penalties and interest, a company is required to recognize an expense for the amount of the interest and penalty in the period in which the company claims or expects to claim the position on its tax return. For financial statement purposes, companies are allowed to elect whether to classify such charges as either income tax expense or another expense classification. Should such expense be incurred in the future, the Company will classify such interest as a component of interest expense and penalties as a component of income tax expense.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible and income tax credits may be utilized, management believes it is more likely than not that the Company will realize the benefits of these deductible differences with the exception of certain tax credits available in one state. Beginning in 2011, the Company concluded that its ability to utilize a portion of such state’s tax credits was no longer more likely than not. Such recognition resulted in the establishment of a valuation allowance which necessitated a charge to income tax expense and a reduction in deferred tax assets. Subsequent to 2011, the Company has continued to earn such state credits and has further adjusted the related valuation allowance. At February 1, 2020, the valuation allowance, net of federal tax benefit, totaled $2.1 million.

The effective income tax rate for fiscal 2019, 2018 and 2017 included the recognition of benefits arising from various federal and state tax credits. Under current IRS and state income tax regulations, these credits may be carried back for one year or carried forward for periods up to 20 years. The income tax benefit included $1.7 million related to such credits in fiscal 2019, $1.7 million related to such credits in fiscal 2018 and $1.3 million related to such credits in fiscal 2017.

On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act tax reform legislation. The legislation was effective January 1, 2018 and made significant changes to U.S. tax law including a reduction in the corporate income tax rate, changes to net operating loss carryforwards and carrybacks, and a repeal of the corporate alternative minimum tax. The legislation reduced the federal statutory tax rate from 35% to 21% and required corporations with fiscal years spanning periods before and after the effective date to use a blended federal tax rate for fiscal years which include January 1, 2018. As a result of the provision requiring a blended rate, the Company’s federal statutory rate was reduced from 35% to 33.7% with a commensurate reduction in income tax expense of $0.3 million for fiscal 2017. In addition, the Company was required to revalue its deferred tax assets and liabilities to reflect the reduced federal income tax rate expected to be in effect at the time of future reversals. Such revaluation resulted in the reduction of net deferred tax assets and a charge to income tax expense in the fourth quarter of 2017 of $1.9 million. The other provisions of the Tax Cuts and Jobs Act did not have a material impact on the fiscal 2017 consolidated financial statements. In 2018 and 2019, the Company’s effective income tax rate was significantly lower than previous years due to the reduction in the federal statutory tax rate.

Other Long-Term Liabilities

12 Months Ended

Feb. 01, 2020

Other Long-Term Liabilities

Other Long-Term Liabilities

(7) Other Long-Term Liabilities

The components of other long-term liabilities as of February 1, 2020 and February 2, 2019 are as follows (in thousands):


	February 1,		February 2,
	2020		2019
Deferred rent (1)	$	—	$	2,344
Tenant improvement allowances (1)		—		4,037
Other		1,923		1,814
	$	1,923	$	8,195

(1) Commencing February 3, 2019, deferred rent and tenant improvement allowances are included as part of the Company’s operating lease right of use assets (see Note 10 regarding the Company’s adoption of the lease accounting standard).

Stockholders' Equity

12 Months Ended

Feb. 01, 2020

Stockholders' Equity

Stockholders' Equity

(8) Stockholders’ Equity

Repurchases of common stock

In November 2018, the Company’s board of directors approved a program that authorized the repurchase of up to $25.0 million in shares of the Company’s common stock. Under this program in fiscal 2018, the Company repurchased 768,558 shares of its common stock in the open market at an aggregate cost of $15.4 million. During the first three quarters of fiscal 2019, the Company repurchased 562,813 shares of its common stock in the open market at an aggregate cost of $9.6 million.

In November 2019, the Company’s board of directors approved a new program that authorized the purchase of up to $25.0 million in shares of the Company’s common stock. During the thirteen weeks ended February 1, 2020, the Company repurchased 841,243 shares of its common stock in the open market at an aggregate cost of $18.8 million. At February 1, 2020, $6.2 million of shares remained available for purchase under this program.

Dividends

In fiscal 2019, the Company paid four quarterly dividends of $0.08 per common share on March 19, 2019, June 18, 2019, September 17, 2019 and December 24, 2019. On February 18, 2020, the Company’s board of directors declared a dividend of $0.08 per common share, which was paid on March 17, 2020 to stockholders of record as of March 3, 2020. Any determination to declare and pay cash dividends for future quarters will be made by the Company’s board of directors. The Company announced on April 28, 2020, the suspension of future cash dividends.

Stock-Based Compensation

On April 6, 2012, the Company adopted the Citi Trends, Inc. 2012 Incentive Plan (the “2012 Plan”), which became effective upon approval by the Company’s stockholders on May 23, 2012. The 2012 Plan is a successor plan to the 2005 Citi Trends, Inc. Long-Term Incentive Plan (the “2005 Plan”), which became effective upon the consummation of the Company’s initial public offering in May 2005.

The 2005 Plan provided for the grant of incentive and nonqualified options, nonvested restricted stock and other forms of stock-based compensation to key employees and directors. The 2012 Plan provides for the grant of incentive and nonqualified options, nonvested restricted stock and other forms of stock-based and cash-based compensation to key employees and directors.

Shares of time-based nonvested restricted stock granted to employees vest in equal installments over three years from the date of grant. Shares issued to directors vest one year from the date of grant. The Company records compensation expense for grants of time-based nonvested restricted stock on a straight line basis over the requisite service period of the stock recipients which is equal to the vesting period of the stock. Total compensation cost for such stock is calculated based on the closing market price on the date of grant multiplied by the number of shares granted. The Company expects to recognize $1.8 million in future compensation expense from the grants of time-based restricted stock over the requisite service period of up to three years. Compensation costs for grants of stock price performance-based restricted stock units (“RSUs”) are recorded in full on the date of grant using a lattice model to estimate fair market value. In March 2019, the Company granted 51,490 RSUs to 19 employees. The RSUs had performance vesting criteria which were based upon the Company achieving adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $63.0 million for the Company’s fiscal year ending January 29, 2022. The number of units earned and vested will be increased by 20% if the Company’s EBITDA for the same period equals or exceeds $69.0 million. The award will be forfeited upon the termination of employment by the recipient prior to January 29, 2022. During 2019, no expense was attributable to the grants.

During fiscal 2019, 2018 and 2017, compensation expense arising from nonvested restricted stock grants and performance-based RSUs totaled $2.1 million, $2.2 million and $1.6 million, respectively.

A summary of activity related to time-based nonvested restricted stock grants during fiscal 2019 is as follows:


	Nonvested	Weighted Average
	Restricted	Grant Date
	Shares	Fair Value
Outstanding as of February 2, 2019	163,220	$	24.09
Granted	122,816		18.60
Vested	(89,698)		23.11
Forfeited	(24,359)		21.42
Outstanding as of February 1, 2020	171,979	$	21.06

In March 2018, the Company granted 8,400 RSUs to one employee. The RSUs had performance vesting criteria which were based upon the closing price of the Company’s stock achieving certain thresholds. The shares vest one-third upon achieving an average closing stock price for a 20 consecutive day period of $30.44; $35.01; and $40.26, respectively. The awards expire three years from the date of grant or upon the termination of employment of the recipient. On the date of grant, the Company expensed $137,000 which was the estimated fair market value. One of these thresholds was achieved in 2018. No vesting targets were achieved in 2019 and the grant expired January 31, 2020, the date the recipient left the Company.

In March 2018, the Company granted 8,401 RSUs to one employee. The RSUs had performance vesting criteria which were based upon the Company achieving certain thresholds of adjusted EBITDA. The shares vest one-third upon achieving trailing 12-month adjusted EBITDA levels of $51.4 million, $59.1 million, and $67.9 million, respectively. The awards expire three years from the date of grant or upon the termination of employment of the recipient. During 2018, the Company expensed $78,000 which was the estimated fair market value. None of these thresholds were achieved in 2018 or in 2019 and the grant expired January 31, 2020, the date the recipient left the Company. No expense was incurred in 2019 related to this grant.

In March 2017, the Company granted 23,551 RSUs to two employees. The RSUs had performance vesting criteria which were based upon the closing price of the Company’s stock achieving certain thresholds. The shares vest one-fourth upon achieving a closing stock price for a 20 consecutive day period of $19.10; $21.70; $24.30; and $26.90, respectively. The awards expire three years from the date of grant or upon the termination of employment of the recipient. On the date of grant, the Company expensed $306,000 which was the estimated fair market value. One of the two employees resigned after the date of grant and forfeited his shares prior to vesting. For one recipient, three of these thresholds were achieved in 2017 and the final threshold was achieved in 2018.

Income tax benefits or deficiencies arising from the fair market value of restricted stock shares at vesting versus the cumulative compensation cost of such shares are recorded as a component of income tax expense in the Company’s consolidated statement of operations. Such income tax expense (benefits) totaled $83,000, ($140,000) and (70,000) in fiscal 2019, 2018 and 2017, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Feb. 01, 2020
Commitments and Contingencies
Commitments and Contingencies	(9) Commitments and Contingencies The Company from time to time is involved in various legal proceedings incidental to the conduct of its business, including claims by customers, employees or former employees. Once it becomes probable that the Company will incur costs in connection with a legal proceeding and such costs can be reasonably estimated, it establishes appropriate reserves. While legal proceedings are subject to uncertainties and the outcome of any such matter is not predictable, the Company is not aware of any legal proceedings pending or threatened against it that it expects to have a material adverse effect on its financial condition, results of operations or liquidity.

Leases

12 Months Ended

Feb. 01, 2020

Leases

Leases

(10) Leases

The Company leases its retail store locations and certain office space and equipment. The Company analyzes all leases at inception to determine if a right-of-use asset and lease liability should be recognized. Leases with an initial term of 12 months or less and leases with mutual termination clauses are not included on the consolidated balance sheet. The lease liability is measured at the present value of future lease payments as of the lease commencement date, or as of the date of adoption of ASU 2016-02 for leases existing at the adoption date. Leases for store locations are typically for a term of five years with options to extend for one or more five-year periods.

Total lease cost is comprised of operating lease costs, short-term lease costs and variable lease costs, which include rent paid as a percentage of sales, common area maintenance, real estate taxes and insurance for the Company’s real estate leases. Lease expense for the fiscal year ended February 1, 2020 is as follows (in thousands):



	2019
Operating lease cost	$	51,213
Variable lease cost		5,791
Short term lease cost		1,061
Total lease cost	$	58,065

Future minimum lease payments as of February 1, 2020 are as follows (in thousands):


Fiscal Year	Lease Costs
2020	$	48,182
2021		43,766
2022		32,822
2023		25,276
2024		17,541
Thereafter		27,502
Total future minimum lease payments		195,089
Less: imputed interest		(16,829)	(1)
Total present value of lease liabilities	$	178,260	(2)

(1)

Calculated using the discount rate for each lease.

(2)

Includes short-term and long-term operating leases.

Adoption of the lease accounting standard (Topic 842) using the effective transition method requires the Company to provide relevant disclosures in accordance with ASC Topic 840, Leases for all prior periods presented. Future minimum lease payments as of February 2, 2019 were as follows (in thousands):


Fiscal Year	Lease Costs
2019	$	47,289
2020		39,294
2021		28,228
2022		16,880
2023		9,440
Thereafter		7,836
Total future minimum lease payments	$	148,967

Certain operating leases provide for fixed monthly rents, while others provide for contingent rents computed as a percentage of net sales and others provide for a combination of both fixed monthly rents and contingent rents computed as a percentage of net sales.

Supplemental cash flow and other information related to operating leases for the fiscal year ended February 1, 2020 is as follows (in thousands, except for weighted average amounts):



	2019
Cash paid for operating leases	$	49,704
Right of use assets obtained in exchange for new operating lease liabilities	$	82,954

Weighted average remaining lease term (years) - operating leases		5.13
Weighted average discount rate - operating leases		3.49%

Valuation and Qualifying Accounts

12 Months Ended

Feb. 01, 2020

Valuation and Qualifying Accounts

Valuation and Qualifying Accounts

(11) Valuation and Qualifying Accounts

The following table summarizes the allowances for inventory shrinkage and deferred tax assets (in thousands):


	Allowance for		Allowance for
	Inventory		Deferred Tax
	Shrinkage		Assets
Balance as of January 28, 2017	$	3,099	$	1,272
Additions charged to costs and expenses		11,103		79
Impact of tax reform		—		273
Deductions		(10,698)		—
Balance as of February 3, 2018		3,504		1,624
Additions charged to costs and expenses		9,643		—
Deductions		(10,033)		(9)
Balance as of February 2, 2019		3,114		1,615
Additions charged to costs and expenses		9,759		99
Deductions		(9,919)		—
Balance as of February 1, 2020	$	2,954	$	1,714

For the allowance for inventory shrinkage, additions charged to costs and expenses are the result of estimated inventory shrinkage, while deductions represent actual inventory shrinkage incurred from physical inventories taken during the fiscal year.

For the deferred tax asset valuation allowance, additions charged to costs and expenses represent the establishment of a valuation allowance when management determines that its ability to utilize certain tax credits included in deferred tax assets is no longer more likely than not. In fiscal 2017, the Company revalued its deferred tax assets and liabilities to reflect the reduced federal income tax rate expected to be in effect at the time of future reversals including the future utilization of tax credits. Such reduction was the result of the Tax Cuts and Jobs Act tax reform legislation enacted in December 2017 which reduced the federal statutory rate from 35% to 21%. The revaluation necessitated an increase in the valuation allowance related to the future realization of state income tax credits due to the reduction of the associated federal income tax benefit.

Unaudited Quarterly Results of Operations

12 Months Ended

Feb. 01, 2020

Unaudited Quarterly Results of Operations

Unaudited Quarterly Results of Operations

(12) Unaudited Quarterly Results of Operations


	Quarter Ended
	Feb. 1		Nov. 2		Aug. 3		May 4		Feb. 2		Nov. 3		Aug. 4		May 5
	2020		2019		2019		2019		2019		2018		2018		2018
	(in thousands, except per share and share amounts)
Statement of Operations Data:
Net sales	$	211,013	$	183,050	$	182,830	$	205,032	$	201,158	$	175,364	$	181,999	$	211,032

Cost of sales (exclusive of depreciation shown separately below)		(127,311)		(114,579)		(114,612)		(128,238)		(126,095)		(110,420)		(110,398)		(129,413)
Selling, general and administrative expenses		(67,654)		(65,539)		(62,989)		(63,447)		(61,459)		(61,189)		(62,285)		(63,005)
Depreciation		(4,794)		(4,520)		(4,607)		(4,614)		(4,636)		(4,600)		(4,676)		(4,974)
Asset impairment		—		—		(472)		—		(152)		(180)		(942)		—
Income (loss) from operations		11,254		(1,588)		150		8,733		8,816		(1,025)		3,698		13,640
Interest, net		322		382		374		341		334		282		325		258

Income (loss) before income taxes		11,576		(1,206)		524		9,074		9,150		(743)		4,023		13,898
Income tax (expense) benefit		(2,154)		122		(147)		(1,286)		(1,802)		237		(788)		(2,601)
Net income (loss)	$	9,422	$	(1,084)	$	377	$	7,788	$	7,348	$	(506)	$	3,235	$	11,297

Net income (loss) per common share: (1)
Basic	$	0.84	$	(0.09)	$	0.03	$	0.65	$	0.59	$	(0.04)	$	0.24	$	0.83
Diluted	$	0.84	$	(0.09)	$	0.03	$	0.65	$	0.59	$	(0.04)	$	0.24	$	0.83
Weighted average shares used to compute net income (loss) per common share:
Basic		11,201,804		11,635,707		11,881,896		11,976,142		12,447,209		12,780,472		13,314,470		13,578,100
Diluted		11,270,762		11,635,707		11,881,896		12,006,306		12,470,560		12,780,472		13,351,321		13,631,266

(1)

Net income (loss) per share is computed independently for each period presented. As a result, the total of net income (loss) per share for the four quarters may not equal the annual amount.

Subsequent Events	12 Months Ended
Subsequent Events	Feb. 01, 2020
Subsequent Events
Subsequent Events	(13)Subsequent Events On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a pandemic and recommended containment and mitigation measures. In response, federal, state and local governments and private entities have implemented travel restrictions, restrictions on public gatherings, stay at home orders and quarantining of people exposed to the virus. The Company temporarily closed all of its store locations and distribution centers effective March 20, 2020. Other measures taken to mitigate the operating and financial impact of the pandemic include (i) furloughing substantially all store and distribution center personnel and a significant portion of the corporate staff; (ii) implementing temporary tiered salary reductions for management level corporate employees and reducing the cash portion of non-employee director fees; (iii) extending payment terms with vendors and suppliers; (iv) abating payments of rent as appropriate; (v) executing substantial reductions in operating expenses, store occupancy costs, capital expenditures and other costs, including through reduced inventory purchases and eliminating the 401(k) plan match; and (vi) suspending repurchases of shares and payment of dividends. In March 2020, the Company drew down $43.7 million on its revolving credit facility as a proactive measure taken by the Company to increase its cash position and preserve financial flexibility in light of current uncertainties resulting from COVID-19. The interest rate for such borrowings accrued interest ranging from 1.625% to 3.5%. The proceeds from such borrowing may in the future be used for working capital, general corporate purposes or other purposes permitted by the credit facility. On May 12, 2020, the Company entered into a Second Amendment to Credit Agreement and Waiver (the “Second Amendment”), with Bank of America and the Company’s wholly-owned subsidiary, Citi Trends Marketing Solutions, Inc., as guarantor (the “Second Amendment”) to amend the credit facility (as amended, the “Revolving Credit Facility”) to, among other things, extend the maturity date (which had been set to expire August 18, 2020) to August 18, 2021, increase the pricing for the loans by 1.0% (which rate varies depending on availability under the Revolving Credit Facility), waive certain events of default that occurred on May 1, 2020 related to delivery of our audited financials and the related compliance certificate, and modify certain covenant and reporting terms. Following the effective date of the Second Amendment, borrowings under the Revolving Credit Facility will bear interest (a) for Eurodollar Loans, at a rate equal to LIBOR plus either 2.25% or 2.5%, or (b) for Base Rate Loans, at a rate equal to the highest of (i) the prime rate, (ii) the Federal Funds Rate plus 0.5%, or (iii) LIBOR for a period of one month plus 1.0%, plus, in each case either 1.25% or 1.5%, based in any such case on the average daily availability for borrowings under the facility. The Company continues to monitor developments, including government requirements and recommendations at the federal, state and local level to evaluate when it will reopen its stores, offices and facilities. On April 28, 2020, the Company announced that it has started to reopen stores in some markets in accordance with state and local guidelines. Given the unprecedented uncertainty of this situation and the unknown impact on consumer demand, the Company cannot reasonably estimate the full impact of this pandemic on its business. However, the Company expects the impact from the pandemic and the related economic disruption will have a material adverse effect on its financial condition, results of operations and liquidity in fiscal 2020.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Feb. 01, 2020

Summary of Significant Accounting Policies

Principles of Consolidation

(a) Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation.

Fiscal Year

(b) Fiscal Year

Use of Estimates

Cash and Cash Equivalents/Concentration of Credit Risk

(d) Cash and Cash Equivalents/Concentration of Credit Risk

Inventory

(e) Inventory

Property and Equipment, net

(f) Property and Equipment, net

Impairment of Long-Lived Assets

(g) Impairment of Long-Lived Assets

Insurance Liabilities

(h) Insurance Liabilities

Stock-Based Compensation

(i) Stock-Based Compensation

Revenue Recognition

(j) Revenue Recognition

Sales Returns

Disaggregation of Revenue

The Company’s retail operations represent a single operating segment based on the way the Company manages its business.


	Percentage of Net Sales
	2019		2018		2017
Accessories	32	%	32	%	32	%
Children’s	23	%	23	%	23	%
Ladies’	22	%	22	%	23	%
Men’s	16	%	17	%	17	%
Home	7	%	6	%	5	%

Cost of Sales

(k) Cost of Sales

Earnings per Share

(l) Earnings per Share


	2019	2018	2017
Weighted average number of common shares outstanding	11,673,887	13,030,063	14,058,008
Incremental shares from assumed vesting of nonvested restricted stock	25,113	39,631	57,887
Average number of common shares and common stock equivalents outstanding	11,699,000	13,069,694	14,115,895

Advertising

(m) Advertising

The Company expenses advertising as incurred. Advertising expense for fiscal 2019, 2018 and 2017 was $1.8 million, $1.7 million and $2.0 million, respectively.

Operating Leases

(n) Operating Leases

Income Taxes

(o) Income Taxes

Business Reporting Segments

(p) Business Reporting Segments

Recent Accounting Pronouncements

(q) Recent Accounting Pronouncements

Recently Adopted

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 01, 2020

Summary of Significant Accounting Policies

Schedule of revenue from contracts with customers disaggregated by major product line


	Percentage of Net Sales
	2019		2018		2017
Accessories	32	%	32	%	32	%
Children’s	23	%	23	%	23	%
Ladies’	22	%	22	%	23	%
Men’s	16	%	17	%	17	%
Home	7	%	6	%	5	%

Schedule of reconciliation of the number of average common shares outstanding used to calculate basic and diluted earnings per share


	2019	2018	2017
Weighted average number of common shares outstanding	11,673,887	13,030,063	14,058,008
Incremental shares from assumed vesting of nonvested restricted stock	25,113	39,631	57,887
Average number of common shares and common stock equivalents outstanding	11,699,000	13,069,694	14,115,895

Property and Equipment, net (Tables)

12 Months Ended

Feb. 01, 2020

Property and Equipment, net

Schedule of the components of property and equipment

The components of property and equipment as of February 1, 2020 and February 2, 2019 are as follows (in thousands):


	February 1,		February 2,
	2020		2019
Land	$	479	$	479
Buildings		31,158		30,779
Leasehold improvements		103,919		97,825
Furniture, fixtures and equipment		142,953		132,067
Computer equipment		40,096		38,039
Construction in progress		8,950		2,993
		327,555		302,182
Accumulated depreciation		(262,570)		(245,958)
	$	64,985	$	56,224

Fair Value Measurement (Tables)

12 Months Ended

Feb. 01, 2020

Fair Value Measurements

Schedule of investment securities classified as held-to-maturity


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair Market
	Cost		Gains		Losses		Value
Short-term:
Obligations of the U.S. Treasury and U.S. government agencies (Level 1)	$	17,277	$	8	$	(2)	$	17,283
Bank certificates of deposit (Level 2)		10,285		—		—		10,285
	$	27,562	$	8	$	(2)	$	27,568
Long-term:
Obligations of the U.S. Treasury and U.S. government agencies (Level 1)	$	1,908	$	—	$	(1)	$	1,907
Bank certificates of deposit (Level 2)		13,767		—		—		13,767
	$	15,675	$	—	$	(1)	$	15,674

As of February 2, 2019, the Company’s investment securities were classified as held-to-maturity and consisted of the following (in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair Market
	Cost		Gains		Losses		Value
Short-term:
Obligations of the U.S. Treasury and U.S. government agencies (Level 1)	$	38,706	$	4	$	(37)	$	38,673
Obligations of states and municipalities (Level 2)		95		—		—		95
Bank certificates of deposit (Level 2)		11,549		—		—		11,549
	$	50,350	$	4	$	(37)	$	50,317
Long-term:
Obligations of the U.S. Treasury (Level 1)	$	4,956	$	—	$	(16)	$	4,940
Bank certificates of deposit (Level 2)		3,927		—		—		3,927
	$	8,883	$	—	$	(16)	$	8,867

Schedule of amortized cost and fair market value of investment securities by contractual maturity

The amortized cost and fair market value of investment securities as of February 1, 2020 by contractual maturity are as follows (in thousands):


			Fair
	Amortized		Market
	Cost		Value
Mature in one year or less	$	27,562	$	27,568
Mature after one year through five years		15,675		15,674
	$	43,237	$	43,242

The amortized cost and fair market value of investment securities as of February 2, 2019 by contractual maturity were as follows (in thousands):


			Fair
	Amortized		Market
	Cost		Value
Mature in one year or less	$	50,350	$	50,317
Mature after one year through five years		8,883		8,867
	$	59,233	$	59,184

Income Taxes (Tables)

12 Months Ended

Feb. 01, 2020

Income Taxes

Schedule of income tax (benefit) expense

Income tax expense for fiscal 2019, 2018 and 2017 consists of the following (in thousands):


	2019		2018		2017
Current:
Federal	$	(2,650)	$	(4,326)	$	(5,249)
State		(945)		(1,390)		(948)
Total current		(3,595)		(5,716)		(6,197)
Deferred:
Federal		104		619		(3,078)
State		26		143		349
Total deferred		130		762		(2,729)
Total income tax expense	$	(3,465)	$	(4,954)	$	(8,926)

Schedule of the reconciliation of income tax (benefit) expense computed using the federal statutory rate to the reported income tax (benefit) expense

Income tax expense computed using the federal statutory rate is reconciled to the reported income tax expense as follows for fiscal 2019, 2018 and 2017 (in thousands):


	2019		2018		2017
Statutory rate applied to income before income taxes	$	(4,193)	$	(5,529)	$	(7,924)
Revaluation of net deferred tax assets due to the Tax Cuts and Jobs Act		—		—		(1,925)
State income taxes, net of federal benefit		(791)		(1,250)		(549)
State tax credits		308		276		252
State tax credits - valuation allowance (net of federal benefit)		(99)		10		(79)
Tax exempt interest		34		16		24
General business credits		1,456		1,409		1,273
(Deficit) Excess tax benefits from stock based compensation		(83)		140		70
Other		(97)		(26)		(68)
Income tax expense	$	(3,465)	$	(4,954)	$	(8,926)

Schedule of the components of deferred tax assets and deferred tax liabilities

The components of deferred tax assets and deferred tax liabilities as of February 1, 2020 and February 2, 2019 are as follows (in thousands):


	February 1,		February 2,
	2020		2019
Deferred tax assets:
Deferred rent amortization	$	—	$	652
Inventory capitalization		2,176		1,953
Book and tax depreciation differences		—		853
Vacation liability		705		653
Operating lease liabilities		46,595		—
State tax credits		3,038		2,863
Stock compensation		796		843
Legal expense reserve		128		178
Insurance liabilities		541		319
Other		659		412
Subtotal deferred tax assets		54,638		8,726
Less: State tax credits valuation allowance - net		(1,714)		(1,615)
Total deferred tax assets		52,924		7,111

Deferred tax liabilities:
Right of use asset		(45,095)		—
Book and tax depreciation differences		(373)		—
Prepaid expenses		(787)		(572)
Total deferred tax liabilities		(46,255)		(572)
Net deferred tax asset	$	6,669	$	6,539

Other Long-Term Liabilities (Tables)

12 Months Ended

Feb. 01, 2020

Other Long-Term Liabilities

Schedule of components of other long-term liabilities


	February 1,		February 2,
	2020		2019
Deferred rent (1)	$	—	$	2,344
Tenant improvement allowances (1)		—		4,037
Other		1,923		1,814
	$	1,923	$	8,195

Stockholders' Equity (Tables)

12 Months Ended

Feb. 01, 2020

Stockholders' Equity

Schedule of activity related to nonvested restricted stock grants


	Nonvested	Weighted Average
	Restricted	Grant Date
	Shares	Fair Value
Outstanding as of February 2, 2019	163,220	$	24.09
Granted	122,816		18.60
Vested	(89,698)		23.11
Forfeited	(24,359)		21.42
Outstanding as of February 1, 2020	171,979	$	21.06

Leases (Tables)

12 Months Ended

Feb. 01, 2020

Leases

Schedule of lease expense



	2019
Operating lease cost	$	51,213
Variable lease cost		5,791
Short term lease cost		1,061
Total lease cost	$	58,065

Schedule of future minimum rent payments under operating leases

Future minimum lease payments as of February 1, 2020 are as follows (in thousands):


Fiscal Year	Lease Costs
2020	$	48,182
2021		43,766
2022		32,822
2023		25,276
2024		17,541
Thereafter		27,502
Total future minimum lease payments		195,089
Less: imputed interest		(16,829)	(1)
Total present value of lease liabilities	$	178,260	(2)

(1)

Calculated using the discount rate for each lease.

(2)

Includes short-term and long-term operating leases.

Operating lease maturity ASC840


Fiscal Year	Lease Costs
2019	$	47,289
2020		39,294
2021		28,228
2022		16,880
2023		9,440
Thereafter		7,836
Total future minimum lease payments	$	148,967

Schedule of supplemental cash flow and other information

Supplemental cash flow and other information related to operating leases for the fiscal year ended February 1, 2020 is as follows (in thousands, except for weighted average amounts):



	2019
Cash paid for operating leases	$	49,704
Right of use assets obtained in exchange for new operating lease liabilities	$	82,954

Weighted average remaining lease term (years) - operating leases		5.13
Weighted average discount rate - operating leases		3.49%

Valuation and Qualifying Accounts (Tables)

12 Months Ended

Feb. 01, 2020

Valuation and Qualifying Accounts

Summary of the allowance for inventory shrinkage

The following table summarizes the allowances for inventory shrinkage and deferred tax assets (in thousands):


	Allowance for		Allowance for
	Inventory		Deferred Tax
	Shrinkage		Assets
Balance as of January 28, 2017	$	3,099	$	1,272
Additions charged to costs and expenses		11,103		79
Impact of tax reform		—		273
Deductions		(10,698)		—
Balance as of February 3, 2018		3,504		1,624
Additions charged to costs and expenses		9,643		—
Deductions		(10,033)		(9)
Balance as of February 2, 2019		3,114		1,615
Additions charged to costs and expenses		9,759		99
Deductions		(9,919)		—
Balance as of February 1, 2020	$	2,954	$	1,714

Unaudited Quarterly Results of Operations (Tables)

12 Months Ended

Feb. 01, 2020

Unaudited Quarterly Results of Operations

Schedule of unaudited quarterly results of operations


	Quarter Ended
	Feb. 1		Nov. 2		Aug. 3		May 4		Feb. 2		Nov. 3		Aug. 4		May 5
	2020		2019		2019		2019		2019		2018		2018		2018
	(in thousands, except per share and share amounts)
Statement of Operations Data:
Net sales	$	211,013	$	183,050	$	182,830	$	205,032	$	201,158	$	175,364	$	181,999	$	211,032

Cost of sales (exclusive of depreciation shown separately below)		(127,311)		(114,579)		(114,612)		(128,238)		(126,095)		(110,420)		(110,398)		(129,413)
Selling, general and administrative expenses		(67,654)		(65,539)		(62,989)		(63,447)		(61,459)		(61,189)		(62,285)		(63,005)
Depreciation		(4,794)		(4,520)		(4,607)		(4,614)		(4,636)		(4,600)		(4,676)		(4,974)
Asset impairment		—		—		(472)		—		(152)		(180)		(942)		—
Income (loss) from operations		11,254		(1,588)		150		8,733		8,816		(1,025)		3,698		13,640
Interest, net		322		382		374		341		334		282		325		258

Income (loss) before income taxes		11,576		(1,206)		524		9,074		9,150		(743)		4,023		13,898
Income tax (expense) benefit		(2,154)		122		(147)		(1,286)		(1,802)		237		(788)		(2,601)
Net income (loss)	$	9,422	$	(1,084)	$	377	$	7,788	$	7,348	$	(506)	$	3,235	$	11,297

Net income (loss) per common share: (1)
Basic	$	0.84	$	(0.09)	$	0.03	$	0.65	$	0.59	$	(0.04)	$	0.24	$	0.83
Diluted	$	0.84	$	(0.09)	$	0.03	$	0.65	$	0.59	$	(0.04)	$	0.24	$	0.83
Weighted average shares used to compute net income (loss) per common share:
Basic		11,201,804		11,635,707		11,881,896		11,976,142		12,447,209		12,780,472		13,314,470		13,578,100
Diluted		11,270,762		11,635,707		11,881,896		12,006,306		12,470,560		12,780,472		13,351,321		13,631,266

Net income (loss) per share is computed independently for each period presented. As a result, the total of net income (loss) per share for the four quarters may not equal the annual amount.

Organization and Business (Details)	Feb. 01, 2020 store state
Organization and Business
Number of stores operated \| store	571
Number of states in which company operates \| state	33

Summary of Significant Accounting Policies - PPE and Insurance Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Fiscal Year
Length of fiscal year	364 days	364 days	371 days
Impairment of long lived assets
Non-cash impairment expense related to leasehold improvements and fixtures and equipment	$ 500	$ 1,300	$ 500
Insurance Liabilities
Self-insured retention or deductible amount per claim for workers' compensation	250
Self-insured retention or deductible amount per claim for employee medical	$ 100
Furniture, fixtures and equipment \| Minimum
Property and Equipment, net
Estimated useful lives	3 years
Furniture, fixtures and equipment \| Maximum
Property and Equipment, net
Estimated useful lives	5 years
Leasehold improvements
Property and Equipment, net
Estimated useful lives	5 years
Software
Property and Equipment, net
Estimated useful lives	7 years
Building and Building Improvements \| Minimum
Property and Equipment, net
Estimated useful lives	15 years
Building and Building Improvements \| Maximum
Property and Equipment, net
Estimated useful lives	20 years

Summary of Significant Accounting Policies - Returns and Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Revenue, initial application period, cumulative effect transition
Period of time company allows customers to return merchandise	30 days
Estimated refund liability	$ 0.3	$ 0.3
Carrying value of return asset	0.1	0.2
Distribution center costs	$ 20.8	$ 17.6	$ 17.4
Accessories
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	32.00%	32.00%
Accessories \| Calculated under revenue guidance in effect before topic 606
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)			32.00%
Children's
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	23.00%	23.00%
Children's \| Calculated under revenue guidance in effect before topic 606
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)			23.00%
Ladies'
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	22.00%	22.00%
Ladies' \| Calculated under revenue guidance in effect before topic 606
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)			23.00%
Men's
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	16.00%	17.00%
Men's \| Calculated under revenue guidance in effect before topic 606
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)			17.00%
Home
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	7.00%	6.00%
Home \| Calculated under revenue guidance in effect before topic 606
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)			5.00%

Summary of Significant Accounting Policies - EPS, Advertising and Leases (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Reconciliation of average number of common shares outstanding used to calculate basic and diluted earnings per share
Weighted average number of common shares outstanding	11,201,804	11,635,707	11,881,896	11,976,142	12,447,209	12,780,472	13,314,470	13,578,100	11,673,887	13,030,063	14,058,008
Incremental shares from assumed vesting of nonvested restricted stock									25,113	39,631	57,887
Weighted average number of common shares and common stock equivalents outstanding	11,270,762	11,635,707	11,881,896	12,006,306	12,470,560	12,780,472	13,351,321	13,631,266	11,699,000	13,069,694	14,115,895
Advertising
Advertising expense									$ 1.8	$ 1.7	$ 2.0
Restricted Stock
Reconciliation of average number of common shares outstanding used to calculate basic and diluted earnings per share
Securities excluded from calculation of diluted earnings per share (in shares)									128,000	124,000	125,000

Summary of Significant Accounting Policies - Segments and Concentration Risk (Details)	12 Months Ended
	Feb. 01, 2020 segment
Summary of Significant Accounting Policies
Number of Operating Segments	1

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Feb. 03, 2019	Feb. 01, 2020
Transition package of practical expedients	true
Hind sight practical expedient	false
Lease liability		$ 178,260
Right-of-use (“ROU”) asset		169,854
Adoption of lease accounting standard (See Note 10)		$ (2,060)
Accounting Standards Update 2016-02
Lease liability	$ 133,600
Right-of-use (“ROU”) asset	141,000
Adoption of lease accounting standard (See Note 10)	$ 2,100

Property and Equipment, net (Details) - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019
Property and Equipment, net
Property and equipment, gross	$ 327,555	$ 302,182
Accumulated depreciation	(262,570)	(245,958)
Property and Equipment, net	64,985	56,224
Land
Property and Equipment, net
Property and equipment, gross	479	479
Buildings
Property and Equipment, net
Property and equipment, gross	31,158	30,779
Leasehold improvements
Property and Equipment, net
Property and equipment, gross	103,919	97,825
Furniture, fixtures and equipment
Property and Equipment, net
Property and equipment, gross	142,953	132,067
Computer equipment
Property and Equipment, net
Property and equipment, gross	40,096	38,039
Construction in progress
Property and Equipment, net
Property and equipment, gross	$ 8,950	$ 2,993

Fair Value Measurement - Securities Carried at Amortized Cost Plus Accrued Interest (Details) - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019
Investment securities classified as held to maturity
Amortized Cost	$ 43,237	$ 59,233
Fair Market Value	43,242	59,184
Short-term Investments
Investment securities classified as held to maturity
Amortized Cost	27,562	50,350
Gross Unrealized Gains	8	4
Gross Unrealized Losses	(2)	(37)
Fair Market Value	27,568	50,317
Short-term Investments \| Obligations of the U.S. Treasury and U.S. government agencies \| Fair Value, Inputs, Level 1
Investment securities classified as held to maturity
Amortized Cost	17,277	38,706
Gross Unrealized Gains	8	4
Gross Unrealized Losses	(2)	(37)
Fair Market Value	17,283	38,673
Short-term Investments \| Obligations of states and municipalities \| Fair Value, Inputs, Level 2
Investment securities classified as held to maturity
Amortized Cost		95
Fair Market Value		95
Short-term Investments \| Bank certificates of deposit \| Fair Value, Inputs, Level 2
Investment securities classified as held to maturity
Amortized Cost	10,285	11,549
Fair Market Value	10,285	11,549
Long Term Investments
Investment securities classified as held to maturity
Amortized Cost	15,675	8,883
Gross Unrealized Losses	(1)	(16)
Fair Market Value	15,674	8,867
Long Term Investments \| Obligations of the U.S. Treasury and U.S. government agencies \| Fair Value, Inputs, Level 1
Investment securities classified as held to maturity
Amortized Cost	1,908	4,956
Gross Unrealized Losses	(1)	(16)
Fair Market Value	1,907	4,940
Long Term Investments \| Bank certificates of deposit \| Fair Value, Inputs, Level 2
Investment securities classified as held to maturity
Amortized Cost	13,767	3,927
Fair Market Value	$ 13,767	$ 3,927

Fair Value Measurement - Amortized Cost and Fair Market Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019
Amortized Cost
Mature in one year or less	$ 27,562	$ 50,350
Mature after one year through five years	15,675	8,883
Total	43,237	59,233
Fair Market Value
Mature in one year or less	27,568	50,317
Mature after one year through five years	15,674	8,867
Fair Market Value	$ 43,242	$ 59,184

Revolving Line of Credit (Details) - Line of Credit $ in Millions				1 Months Ended
	May 12, 2020 USD ($) item	Mar. 20, 2020 USD ($)	Oct. 27, 2011 USD ($)	Mar. 31, 2020 USD ($)
Revolving Line of Credit
Term of credit facility			5 years
Maximum borrowing capacity			$ 50.0
Subsequent Event
Revolving Line of Credit
Maximum borrowing capacity	$ 50.0
Borrowings under credit facilities		$ 43.7		$ 43.7
Borrowing capacity, accordion feature	25.0
Maximum borrowing capacity including accordion expansion	$ 75.0
Number of covenants \| item	1
Unused commitment fee (as a percent)	0.25%
Amount of outstanding borrowings prior to cash dividend payment within specified period, per covenant	$ 0.0
Period prior to cash dividend payment when no borrowings may be outstanding, per covenant	30 days
Amount of expected borrowings subsequent to cash dividend payment within specified period, per covenant	$ 0.0
Period subsequent to cash dividend payment when no borrowings may be expected, per covenant	30 days
Subsequent Event \| Minimum
Revolving Line of Credit
Effective interest rate (as a percent)		1.625%		1.625%
Subsequent Event \| Maximum
Revolving Line of Credit
Effective interest rate (as a percent)		3.50%		3.50%
LIBOR \| Subsequent Event \| Minimum
Revolving Line of Credit
Margin added to variable rate (as a percent)	2.25%
LIBOR \| Subsequent Event \| Maximum
Revolving Line of Credit
Margin added to variable rate (as a percent)	2.50%
Federal Fund Rate \| Subsequent Event
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.50%
LIBOR, One Month \| Subsequent Event
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.00%
Base Rate \| Subsequent Event \| Minimum
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.25%
Base Rate \| Subsequent Event \| Maximum
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.50%

Income Taxes - Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Current:
Federal									$ 2,650	$ 4,326	$ 5,249
State									945	1,390	948
Total current									3,595	5,716	6,197
Deferred:
Federal									104	619	(3,078)
State									26	143	349
Total deferred									130	762	(2,729)
Income tax expense	$ (2,154)	$ 122	$ (147)	$ (1,286)	$ (1,802)	$ 237	$ (788)	$ (2,601)	$ (3,465)	$ (4,954)	$ (8,926)

Income Taxes - Reconciliation of Federal Statutory Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 03, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Reconciliation of income tax (benefit) expense computed using the federal statutory rate to the reported income tax (benefit) expense
Statutory rate applied to income before income taxes										$ (4,193)	$ (5,529)	$ (7,924)
Revaluation of net deferred tax assets due to the Tax Cuts and Jobs Act									$ 1,900			1,925
State income taxes, net of federal benefit										(791)	(1,250)	(549)
State tax credits										308	276	252
State tax credits - valuation allowance (net of federal benefit)										(99)	10	(79)
Tax exempt interest										34	16	24
General business credits										1,456	1,409	1,273
(Deficit) Excess tax benefits from stock based compensation										(83)	140	70
Other										(97)	(26)	(68)
Income tax expense	$ (2,154)	$ 122	$ (147)	$ (1,286)	$ (1,802)	$ 237	$ (788)	$ (2,601)		$ (3,465)	$ (4,954)	$ (8,926)

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019
Deferred tax assets:
Deferred rent amortization		$ 652
Inventory capitalization	$ 2,176	1,953
Book and tax depreciation differences		853
Vacation liability	705	653
Operating lease liabilities	46,595
State tax credits	3,038	2,863
Stock compensation	796	843
Legal expense reserve	128	178
Insurance liabilities	541	319
Other	659	412
Subtotal deferred tax assets	54,638	8,726
Less: State tax credits valuation allowance - net	(1,714)	(1,615)
Total deferred tax assets	52,924	7,111
Deferred tax liabilities:
Right of use asset	(45,095)
Book and tax depreciation differences	(373)
Prepaid expenses	(787)	(572)
Total deferred tax liabilities	(46,255)	(572)
Net deferred tax asset	$ 6,669	$ 6,539

Income Taxes - Income Tax (Benefit) Expense Components (Details) $ in Thousands	1 Months Ended	3 Months Ended	11 Months Ended	12 Months Ended
	Feb. 03, 2018	Feb. 03, 2018 USD ($)	Dec. 31, 2017	Feb. 01, 2020 USD ($) item	Feb. 02, 2019 USD ($)	Feb. 03, 2018 USD ($)
Income Taxes
Benefits not recognized due to uncertainty				$ 0
Number of states in which ability to utilize tax credits is no longer more likely than not \| item				1
Credits carry back period				1 year
Credits carry forward period				20 years
Income tax benefit related to federal and state tax credits				$ 1,700	$ 1,700	$ 1,300
Federal statutory tax rate	21.00%		35.00%	21.00%	21.00%	33.70%
Tax Cuts and Jobs Act, Incomplete Accounting, Provisional Income Tax Expense (Benefit)					$ 300
Tax Cuts and Jobs Act, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Expense (Benefit), Total		$ 1,900				$ 1,925

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019
Other Long-Term Liabilities
Deferred rent		$ 2,344
Tenant improvement allowances		4,037
Other	$ 1,923	1,814
Other long-term liabilities total	$ 1,923	$ 8,195

Stockholders' Equity - Stock Repurchase and Dividends (Details) $ / shares in Units, $ in Thousands						3 Months Ended	9 Months Ended	12 Months Ended
	Feb. 18, 2020 $ / shares	Dec. 24, 2019 $ / shares	Sep. 17, 2019 $ / shares	Jun. 18, 2019 $ / shares	Mar. 19, 2019 $ / shares	Feb. 01, 2020 USD ($) item shares	Nov. 02, 2019 USD ($) shares	Feb. 01, 2020 USD ($) item	Feb. 02, 2019 USD ($) shares	Feb. 03, 2018 USD ($)	Nov. 30, 2019 USD ($)	Nov. 30, 2018 USD ($)
Stockholders' Equity
Stock Repurchased During Period, Value								$ 28,445	$ 40,400	$ 25,035
Number of quarters dividends paid \| item						4		4
Cash dividend paid per share \| $ / shares		$ 0.08	$ 0.08	$ 0.08	$ 0.08
Cash dividends declared per share \| $ / shares	$ 0.08
Stock Repurchase Program
Stockholders' Equity
Stock Repurchase Program, Authorized Amount											$ 25,000	$ 25,000
Stock Repurchased During Period, Shares \| shares						841,243	562,813		768,558
Stock Repurchased During Period, Value						$ 18,800	$ 9,600		$ 15,400
Remaining value of shares available for repurchase						$ 6,200		$ 6,200

Stockholders' Equity - Time-Based Nonvested Restricted Stock Granted to Employees (Details) - Restricted Stock $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2019 USD ($) employee shares	Feb. 01, 2020 USD ($) shares	Feb. 02, 2019 USD ($)	Feb. 03, 2018 USD ($)
Stockholders' Equity
Future compensation expense to be recognized		$ 1.8
Period for recognition of future compensation expense over the requisite service period		3 years
Granted (in shares) \| shares		122,816
Compensation expense		$ 2.1	$ 2.2	$ 1.6
Employee
Stockholders' Equity
Vesting period		3 years
Granted (in shares) \| shares	51,490
Number of employees \| employee	19
Performance vesting criteria of adjusted EBITDA	$ 63.0
Percentage of additional units vested upon achieving additional threshold earnings	20.00%
Additional performance vesting criteria of adjusted EBITDA	$ 69.0
Compensation expense		$ 0.0
Director
Stockholders' Equity
Vesting period		1 year

Stockholders Equity - Activity for Time-Based Nonvested Restricted Stock Grants (Details) - Restricted Stock	12 Months Ended
	Feb. 01, 2020 $ / shares shares
Nonvested Restricted Shares
Outstanding at the beginning of the period (in shares) \| shares	163,220
Granted (in shares) \| shares	122,816
Vested (in shares) \| shares	(89,698)
Forfeited (in shares) \| shares	(24,359)
Outstanding at the end of the period (in shares) \| shares	171,979
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 24.09
Granted (in dollars per share) \| $ / shares	18.60
Vested (in dollars per share) \| $ / shares	23.11
Forfeited (in dollars per share) \| $ / shares	21.42
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 21.06

Stockholders' Equity - Restricted Stock Units (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended								12 Months Ended
	Mar. 31, 2018 USD ($) item $ / shares shares	Mar. 31, 2017 USD ($) item $ / shares shares	Feb. 01, 2020 USD ($)	Nov. 02, 2019 USD ($)	Aug. 03, 2019 USD ($)	May 04, 2019 USD ($)	Feb. 02, 2019 USD ($)	Nov. 03, 2018 USD ($)	Aug. 04, 2018 USD ($)	May 05, 2018 USD ($)	Feb. 01, 2020 USD ($) item shares	Feb. 02, 2019 USD ($) item	Feb. 03, 2018 USD ($) item
Stockholders' Equity
Income tax expense (benefits)			$ 2,154	$ (122)	$ 147	$ 1,286	$ 1,802	$ (237)	$ 788	$ 2,601	$ 3,465	$ 4,954	$ 8,926
Restricted Stock
Stockholders' Equity
Granted (in shares) \| shares											122,816
Compensation expense											$ 2,100	2,200	1,600
Income tax expense (benefits)											83	$ (140)	$ (70)
March 2018 RSU
Stockholders' Equity
Granted (in shares) \| shares	8,400
Percentage of vesting upon achieving specific performance	33.00%
Number of consecutive period for which closing stock price should be achieved to vest shares	20 days
First target price for vesting of shares (in dollars per share) \| $ / shares	$ 30.44
Second target price for vesting of shares (in dollars per share) \| $ / shares	35.01
Third target price for vesting of shares (in dollars per share) \| $ / shares	$ 40.26
Expiration period	3 years
Compensation expense	$ 137
Number of thresholds achieved \| item												1
Number of employees to whom awards are granted who subsequently resigned \| item	1
March 2018 EBITDA RSU
Stockholders' Equity
Granted (in shares) \| shares	8,401
Number of employees to whom awards are granted \| item	1
Percentage of vesting upon achieving specific performance	33.00%
Expiration period	3 years
Compensation expense											$ 0	$ 78
Number of thresholds achieved \| item											0	0
Trailing month EBITDA should be achieved to vest shares under the share based compensation plan	12 months
First adjusted EBITDA level for vesting of shares under the share based compensation plan	$ 51,400
Second adjusted EBITDA level for vesting of shares under the share based compensation plan	59,100
Third adjusted EBITDA level for vesting of shares under the share based compensation plan	$ 67,900
March 2017 RSU
Stockholders' Equity
Granted (in shares) \| shares		23,551
Number of employees to whom awards are granted \| item		2
Percentage of vesting upon achieving specific performance		25.00%
Number of consecutive period for which closing stock price should be achieved to vest shares		20 days
First target price for vesting of shares (in dollars per share) \| $ / shares		$ 19.10
Second target price for vesting of shares (in dollars per share) \| $ / shares		21.70
Third target price for vesting of shares (in dollars per share) \| $ / shares		24.30
Fourth target price for vesting of shares (in dollars per share) \| $ / shares		$ 26.90
Expiration period		3 years
Compensation expense		$ 306
Number of thresholds achieved \| item													3
Number of employees to whom awards are granted who subsequently resigned \| item		1

Leases - Lease Cost (Details) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) $ in Thousands	Feb. 01, 2020 USD ($)
Leases
Lease term	5 years
Operating lease cost	$ 51,213
Variable lease cost	5,791
Short term lease cost	1,061
Total lease cost	$ 58,065
Minimum
Leases
Extension term	1 year
Maximum
Leases
Extension term	5 years

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019
Future minimum lease payments under operating leases
2020	$ 48,182
2021	43,766
2022	32,822
2023	25,276
2024	17,541
Thereafter	27,502
Total future minimum lease payments	195,089
Less: imputed interest	(16,829)
Total present value of lease liabilities	$ 178,260
Future minimum lease payments under operating leases ASC840
2019		$ 47,289
2020		39,294
2021		28,228
2022		16,880
2023		9,440
Thereafter		7,836
Total future minimum lease payments ASC840		$ 148,967

Leases - Cash flow and other information (Details) $ in Thousands	12 Months Ended
	Feb. 01, 2020 USD ($)
Supplemental cash flow and other information related to operating leases
Cash paid for operating leases	$ 49,704
Right of use assets obtained in exchange for new operating lease liabilities	$ 82,954
Weighted average remaining lease term - operating leases	5 years 1 month 17 days
Weighted average discount rate - operating leases (as a percent)	3.49%

Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 03, 2018	Dec. 31, 2017	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Changes in the allowance for inventory shrinkage
Federal statutory tax rate	21.00%	35.00%	21.00%	21.00%	33.70%
Allowance for Inventory Shrinkage
Changes in the allowance for inventory shrinkage
Balance at the beginning of the period		$ 3,099	$ 3,114	$ 3,504	$ 3,099
Additions charged to costs and expenses			9,759	9,643	11,103
Deductions			(9,919)	(10,033)	(10,698)
Balance at the end of the period	$ 3,504		2,954	3,114	3,504
Allowance for Deferred Tax Assets
Changes in the allowance for inventory shrinkage
Balance at the beginning of the period		$ 1,272	1,615	1,624	1,272
Additions charged to costs and expenses			99		79
Impact of tax reform					273
Deductions				(9)
Balance at the end of the period	$ 1,624		$ 1,714	$ 1,615	$ 1,624

Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Statement of Income Data:
Net sales	$ 211,013	$ 183,050	$ 182,830	$ 205,032	$ 201,158	$ 175,364	$ 181,999	$ 211,032	$ 781,925	$ 769,553	$ 755,241
Cost of sales (exclusive of depreciation shown separately below)	(127,311)	(114,579)	(114,612)	(128,238)	(126,095)	(110,420)	(110,398)	(129,413)	(484,740)	(476,326)	(466,022)
Selling, general and administrative expenses	(67,654)	(65,539)	(62,989)	(63,447)	(61,459)	(61,189)	(62,285)	(63,005)	(259,629)	(247,938)	(247,062)
Depreciation	(4,794)	(4,520)	(4,607)	(4,614)	(4,636)	(4,600)	(4,676)	(4,974)	(18,535)	(18,886)	(18,883)
Asset impairment			(472)		(152)	(180)	(942)		(472)	(1,274)	(507)
Income from operations	11,254	(1,588)	150	8,733	8,816	(1,025)	3,698	13,640	18,549	25,129	22,767
Interest, net	322	382	374	341	334	282	325	258
Income before income taxes	11,576	(1,206)	524	9,074	9,150	(743)	4,023	13,898	19,968	26,328	23,500
Income tax expense	(2,154)	122	(147)	(1,286)	(1,802)	237	(788)	(2,601)	(3,465)	(4,954)	(8,926)
Net income	$ 9,422	$ (1,084)	$ 377	$ 7,788	$ 7,348	$ (506)	$ 3,235	$ 11,297	$ 16,503	$ 21,374	$ 14,574
Net income (loss) per common share: (1)
Basic (in dollars per share)	$ 0.84	$ (0.09)	$ 0.03	$ 0.65	$ 0.59	$ (0.04)	$ 0.24	$ 0.83	$ 1.41	$ 1.64	$ 1.04
Diluted (in dollars per share)	$ 0.84	$ (0.09)	$ 0.03	$ 0.65	$ 0.59	$ (0.04)	$ 0.24	$ 0.83	$ 1.41	$ 1.64	$ 1.03
Weighted average shares used to compute net income (loss) per common share:
Basic	11,201,804	11,635,707	11,881,896	11,976,142	12,447,209	12,780,472	13,314,470	13,578,100	11,673,887	13,030,063	14,058,008
Diluted	11,270,762	11,635,707	11,881,896	12,006,306	12,470,560	12,780,472	13,351,321	13,631,266	11,699,000	13,069,694	14,115,895

Subsequent Events (Details) - Subsequent Event - Line of Credit - USD ($) $ in Millions			1 Months Ended
	May 12, 2020	Mar. 20, 2020	Mar. 31, 2020
Subsequent Events
Borrowings under credit facilities		$ 43.7	$ 43.7
Increase pricing for loans (as a percent)	1.00%
Minimum
Subsequent Events
Effective interest rate (as a percent)		1.625%	1.625%
Maximum
Subsequent Events
Effective interest rate (as a percent)		3.50%	3.50%
LIBOR \| Minimum
Subsequent Events
Margin added to variable rate (as a percent)	2.25%
LIBOR \| Maximum
Subsequent Events
Margin added to variable rate (as a percent)	2.50%
Federal Fund Rate
Subsequent Events
Margin added to variable rate (as a percent)	0.50%
LIBOR, One Month
Subsequent Events
Margin added to variable rate (as a percent)	1.00%
Base Rate \| Minimum
Subsequent Events
Margin added to variable rate (as a percent)	1.25%
Base Rate \| Maximum
Subsequent Events
Margin added to variable rate (as a percent)	1.50%