0001558370-21-004258 | 10-K | XBRL Viewer

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jan. 30, 2021	Apr. 05, 2021	Aug. 01, 2020
Document and Entity Information
Document Type	10-K
Document Period End Date	Jan. 30, 2021
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-51315
Entity Registrant Name	CITI TRENDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2150697
Entity Address, Address Line One	104 Coleman Boulevard
Entity Address, City or Town	Savannah
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	31408
City Area Code	912
Local Phone Number	236-1561
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	CTRN
Security Exchange Name	NASDAQ
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
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 169,044,315
Entity Common Stock, Shares Outstanding		9,418,042
Current Fiscal Year End Date	--01-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001318484
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Current assets:
Cash and cash equivalents	$ 123,177	$ 19,923
Short-term investment securities		27,562
Inventory	103,845	138,258
Prepaid and other current assets	17,420	14,278
Income tax receivable		1,186
Total current assets	244,442	201,207
Property and equipment, net of accumulated depreciation	63,514	64,985
Operating lease right of use assets	179,673	169,854
Long-term investment securities		15,675
Deferred income taxes	6,195	6,669
Other assets	769	755
Total assets	494,593	459,145
Current liabilities:
Accounts payable	84,832	79,596
Operating lease liabilities	46,983	42,944
Accrued expenses	16,592	14,755
Accrued compensation	29,315	13,013
Income tax payable	4,623
Layaway deposits	500	554
Total current liabilities	182,845	150,862
Noncurrent operating lease liabilities	145,828	135,316
Other long-term liabilities	2,286	1,923
Total liabilities	330,959	288,101
Stockholders' equity:
Common stock, $0.01 par value. Authorized 32,000,000 shares; 15,981,394 shares issued as of January 30, 2021 and 15,907,666 shares issued as of February 1, 2020; 9,876,901 shares outstanding as of January 30, 2021 and 10,834,134 shares outstanding as of February 1, 2020	158	157
Paid in capital	95,484	93,180
Retained earnings	209,918	186,772
Treasury stock, at cost; 6,104,493 shares held as of January 30, 2021 and 5,073,532 shares held as of February 1, 2020	(141,926)	(109,065)
Total stockholders' equity	163,634	171,044
Commitments and contingencies (note 7)
Total liabilities and stockholders' equity	$ 494,593	$ 459,145

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 30, 2021	Feb. 01, 2020
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	15,981,394	15,907,666
Common stock, shares outstanding	9,876,901	10,834,134
Treasury stock, shares	6,104,493	5,073,532

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Consolidated Statements of Operations
Net sales	$ 783,294	$ 781,925	$ 769,553
Revenue, Product and Service [Extensible List]	Net sales	Net sales	Net sales
Cost of sales (exclusive of depreciation shown separately below)	$ (471,618)	$ (484,740)	$ (476,326)
Selling, general and administrative expenses	(260,198)	(259,629)	(247,938)
Depreciation	(19,259)	(18,535)	(18,886)
Asset impairment	(286)	(472)	(1,274)
Income (loss) from operations	31,933	18,549	25,129
Interest income	238	1,577	1,353
Interest expense	(776)	(158)	(154)
Income (loss) before income taxes	31,395	19,968	26,328
Income tax (expense) benefit	(7,417)	(3,465)	(4,954)
Net income (loss)	$ 23,978	$ 16,503	$ 21,374
Basic net income per common share	$ 2.33	$ 1.41	$ 1.64
Diluted net income per common share	$ 2.32	$ 1.41	$ 1.64
Weighted average number of shares outstanding
Basic	10,282,718	11,673,887	13,030,063
Diluted	10,325,239	11,699,000	13,069,694

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Operating activities:
Net income	$ 23,978	$ 16,503	$ 21,374
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	19,259	18,535	18,886
Non-cash operating lease costs	48,242	45,463
Asset impairment	286	472	1,274
Loss on disposal of property and equipment	39	23	471
Deferred income taxes	474	(130)	(762)
Insurance proceeds related to operating activities	1,042	1,012	475
Non-cash stock-based compensation expense	2,912	2,121	2,238
Changes in assets and liabilities:
Inventory	33,564	1,216	(2,330)
Prepaid and other current assets	(7,718)	(1,588)	(2,135)
Other assets	(14)	(10)	(25)
Accounts payable	5,083	5,560	(2,844)
Accrued expenses and other long-term liabilities	(38,346)	(45,282)	(418)
Accrued compensation	16,302	267	(4,267)
Income tax payable/receivable	5,809	(1,581)	(1,521)
Layaway deposits	(54)	28	(6)
Net cash provided by operating activities	110,858	42,609	30,410
Investing activities:
Sales/redemptions of investment securities	43,759	59,836	41,600
Purchases of investment securities	(522)	(43,840)	(43,882)
Purchases of property and equipment	(16,956)	(24,175)	(13,256)
Insurance proceeds related to investing activities	416	573	195
Net cash provided by (used in) investing activities	26,697	(7,606)	(15,343)
Financing activities:
Borrowings under revolving credit facility	43,700
Repayments of revolving credit facility	(43,700)
Cash used to settle withholding taxes on the vesting of nonvested restricted stock	(608)	(733)	(1,048)
Dividends paid to stockholders	(832)	(3,765)	(4,207)
Repurchases of common stock	(32,861)	(28,445)	(40,400)
Net cash used in financing activities	(34,301)	(32,943)	(45,655)
Net increase (decrease) in cash and cash equivalents	103,254	2,060	(30,588)
Cash and cash equivalents:
Beginning of year	19,923	17,863	48,451
End of year	123,177	19,923	17,863
Supplemental disclosures of cash flow information:
Cash paid for interest	731	127	127
Cash payments of income taxes	1,134	4,477	7,237
Supplemental disclosures of non-cash investing activities:
Accrual for purchases of property and equipment	$ 1,392	$ 4,000	$ 2,017

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Paid in Capital	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Treasury Stock	Cumulative Effect, Period of Adoption, Adjustment	Total
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	$ 1						1
Vesting of nonvested shares (in shares)	10,663
Issuance of nonvested shares (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				21,374			21,374
Balances at Feb. 02, 2019	$ 157	91,794	$ (2,060)	176,094	$ (80,620)	$ (2,060)	187,425
Balances (in shares) at Feb. 02, 2019	15,827,713				3,669,476
Increase (Decrease) in Stockholders' Equity
Vesting of nonvested shares	$ 1						1
Vesting of nonvested shares (in shares)	18,851
Issuance of nonvested shares (in shares)	122,816
Forfeiture of nonvested shares (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				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
Vesting of nonvested shares	$ 1						$ 1
Issuance of nonvested shares (in shares)	127,880
Forfeiture of nonvested shares (in shares)	(15,218)
Stock-based compensation expense		2,912					2,912
Net share settlement of nonvested shares and restricted stock units		(608)					(608)
Net share settlement of nonvested shares and restricted stock units (in shares)	(38,934)
Repurchase of common stock					$ (32,861)		(32,861)
Repurchase of common stock (in shares)					1,030,961
Dividends paid to stockholders				(832)			(832)
Net income				23,978			23,978
Balances at Jan. 30, 2021	$ 158	$ 95,484		$ 209,918	$ (141,926)		$ 163,634
Balances (in shares) at Jan. 30, 2021	15,981,394				6,104,493		15,981,394

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares						12 Months Ended
	Mar. 17, 2020	Dec. 24, 2019	Sep. 17, 2019	Jun. 18, 2019	Mar. 19, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Consolidated Statements of Stockholders' Equity
Dividends paid to stockholders	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08

Organization and Business

12 Months Ended

Jan. 30, 2021

Organization and Business

Organization and Business

1.Organization and Business

Citi Trends, Inc. and its subsidiary (the “Company”) is a growing specialty value retailer of apparel, accessories and home trends primarily for African American and Latinx families. As of January 30, 2021, the Company operated 585 stores in urban, suburban and rural markets in 33 states.

In March 2020, the World Health Organization declared the spread of the coronavirus (“COVID-19”) a global pandemic. As a result, the Company temporarily closed all of its retail store locations and distribution centers effective March 20, 2020. At the end of April 2020, the Company started to reopen stores in select states in accordance with government guidelines. As of July 18, 2020, the Company safely reopened all of its stores. The Company took numerous actions beginning in the first quarter of fiscal 2020 in light of the uncertainties resulting from the pandemic, including: (i) the drawdown of $43.7 million in principal amount under the revolving credit facility on March 20, 2020, which was fully repaid on September 11, 2020; (ii) an amendment to the revolving credit facility to extend the term to August 2021; (iii) temporary furloughs of substantially all store and distribution center personnel and a significant portion of the corporate staff, with employee benefits for eligible employees continued through the temporary furloughs; (iv) temporary tiered salary reductions for management level corporate employees and a reduction to the cash portion of non-employee director fees; (v) extensions of payment terms with vendors and suppliers; (vi) the suspension of share repurchases; (vii) negotiations of rent concessions with landlords, some of which are ongoing; and (viii) a substantial reduction in operating expenses, store occupancy costs, capital expenditures and other costs.

The COVID-19 pandemic has resulted in a period of disruption, including the temporary closure of stores and limited store operating hours, reduced customer traffic and consumer spending, and delays in the manufacturing and shipping of products. During this period, the Company continues to prioritize the health of its associates, customers and communities it serves.

The impacts of the pandemic have had, and may continue to have, an adverse impact on the Company’s financial condition, results of operations and liquidity. The Company expects continued uncertainty in its business and the global economy due to the duration and intensity of the COVID-19 pandemic, the duration and extent of economic stimulus, timing and effectiveness of vaccines, and volatility in employment trends and consumer confidence.

Summary of Significant Accounting Policies

12 Months Ended

Jan. 30, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2.Summary of Significant Accounting Policies

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

The Company’s fiscal year ends on the Saturday closest to January 31 of each year. The years ended January 30, 2021, February 1, 2020 and February 2, 2019 are referred to as fiscal 2020, fiscal 2019 and fiscal 2018, respectively, in the accompanying consolidated financial statements. Fiscal 2020, 2019 and 2018 are all comprised of 52 weeks.

Use of Estimates

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.

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.

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 and other assumptions for shrinkage activity.

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.

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 $0.3 million, $0.5 million and $1.3 million in fiscal 2020, 2019 and 2018, respectively.

Insurance Liabilities

The Company is largely self-insured for workers’ compensation costs, general liability claims 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.

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 6 for additional information on the Company’s stock-based compensation plans.

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 January 30, 2021 and February 1, 2020. The corresponding asset for the recoverable cost of expected refunds is included in “Prepaid and other current assets” and totaled $0.1 million as of both January 30, 2021 and February 1, 2020.

Disaggregation of Revenue

In the following table, the Company’s revenue is disaggregated by “Citi” or major category. The following table provides the percentage of net sales for each Citi within the merchandise assortment:


	Fiscal Year
Citis	2020		2019		2018
Ladies	26	%	26	%	27	%
Kids	23	%	23	%	24	%
Mens	18	%	16	%	17	%
Accessories & Beauty	16	%	17	%	15	%
Home & Lifestyle	9	%	7	%	7	%
Footwear	8	%	11	%	10	%

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 2020, 2019 and 2018 were $20.3 million, $20.8 million and $17.6 million, respectively.

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:


	Fiscal Year
	2020	2019	2018
Weighted average number of common shares outstanding	10,282,718	11,673,887	13,030,063
Incremental shares from assumed vesting of nonvested restricted stock	42,521	25,113	39,631
Average number of common shares and common stock equivalents outstanding	10,325,239	11,699,000	13,069,694

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 2020, 2019 and 2018, respectively, there were 131,000, 128,000 and 124,000 shares of nonvested restricted stock excluded from the calculation of diluted earnings per share because of antidilution.

Advertising

The Company expenses advertising as incurred. Advertising expense for fiscal 2020, 2019 and 2018 was $1.6 million, $1.8 million and $1.7 million, respectively.

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.

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.

Business Operating Segment

The Company is a specialty value 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.

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (ASC).

The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company’s consolidated financial statements.

Recently Adopted

In February 2016, the 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 as of February 3, 2019 and is reflected as an adjustment to retained earnings at the transition date.

Property and Equipment, net

12 Months Ended

Jan. 30, 2021

Property and Equipment, net

Property and Equipment, net

3.Property and Equipment, net

Property and equipment, net, consists of the following (in thousands):


	January 30,		February 1,
	2021		2020
Land	$	479	$	479
Buildings		31,642		31,158
Leasehold improvements		108,818		103,919
Furniture, fixtures and equipment		148,332		142,953
Computer equipment		42,414		40,096
Construction in progress		10,909		8,950
		342,594		327,555
Accumulated depreciation		(279,080)		(262,570)
	$	63,514	$	64,985

Revolving Credit Facility

12 Months Ended

Jan. 30, 2021

Revolving Credit Facility

Revolving Credit Facility

4.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. The facility was amended again on May 12, 2020, extending the maturity date to August 18, 2021.

The 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 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.

Borrowings under the facility 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.

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. On September 11, 2020, the Company repaid the full amount outstanding under the credit facility. Such borrowings accrued interest ranging from 1.625% to 3.5%.

Income Taxes

12 Months Ended

Jan. 30, 2021

Income Taxes

Income Taxes

5.Income Taxes

Income tax expense consists of the following (in thousands):


	Fiscal Year
	2020		2019		2018
Current:
Federal	$	(5,538)	$	(2,650)	$	(4,326)
State		(1,405)		(945)		(1,390)
Total current		(6,943)		(3,595)		(5,716)
Deferred:
Federal		(588)		104		619
State		114		26		143
Total deferred		(474)		130		762
Total income tax expense	$	(7,417)	$	(3,465)	$	(4,954)

Income tax expense computed using the federal statutory rate is reconciled to the reported income tax expense as follows (in thousands):


	Fiscal Year
	2020		2019		2018
Statutory rate applied to income before income taxes	$	(6,593)	$	(4,193)	$	(5,529)
State income taxes, net of federal benefit		(1,777)		(791)		(1,250)
State tax credits		168		308		276
State tax credits - valuation allowance (net of federal benefit)		—		(99)		10
Tax exempt interest		—		34		16
General business credits		878		1,456		1,409
(Deficit) Excess tax benefits from stock-based compensation		(58)		(83)		140
Other		(35)		(97)		(26)
Income tax expense	$	(7,417)	$	(3,465)	$	(4,954)

Deferred tax assets and deferred tax liabilities consist of the following (in thousands):


	January 30,		February 1,
	2021		2020
Deferred tax assets:
Inventory capitalization	$	1,628	$	2,176
Vacation liability		754		705
Operating lease liabilities		49,763		46,595
State tax credits		3,033		3,038
Stock compensation		1,598		796
Deferral of FICA tax		416		—
Legal expense reserve		128		128
Insurance liabilities		646		541
Other		532		659
Subtotal deferred tax assets		58,498		54,638
Less: State tax credits valuation allowance - net		(1,714)		(1,714)
Total deferred tax assets		56,784		52,924

Deferred tax liabilities:
Right of use asset		(47,672)		(45,095)
Book and tax depreciation differences		(2,040)		(373)
Prepaid expenses		(877)		(787)
Total deferred tax liabilities		(50,589)		(46,255)
Net deferred tax asset	$	6,195	$	6,669

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 2015. 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 January 30, 2021, 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 January 30, 2021, the valuation allowance, net of federal tax benefit, totaled $1.7 million.

The effective income tax rate for fiscal 2020, 2019 and 2018 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 each of fiscal 2020, 2019 and 2018.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Stockholders' Equity

12 Months Ended

Jan. 30, 2021

Stockholders' Equity

Stockholders' Equity

6.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. Under this program in the fourth quarter of fiscal 2019, the Company repurchased 841,243 shares of its common stock in the open market at an aggregate cost of $18.8 million. During February of fiscal 2020, the Company repurchased 260,254 shares of its common stock at an aggregate cost of $6.3 million.

In March 2020, the Company’s board of directors approved a $30.0 million stock repurchase program. Due to the uncertainty stemming from the COVID-19 pandemic, on March 23, 2020, the Company temporarily suspended any repurchases. On September 14, 2020, the Company announced the reinstatement of this program. On December 22, 2020, the Company announced that its board of directors approved an additional $30.0 million stock repurchase program. Under these programs in fiscal 2020, the Company repurchased 770,707 shares of its common stock at an aggregate cost of $26.6 million.

Dividends

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

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 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 $2.7 million in future compensation expense from the grants of time-based restricted stock over the requisite service period of up to three years.

In March 2019, the Company granted 51,490 RSUs to 19 employees. The RSUs have 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 increase by 20% if the Company achieves EBITDA of $69.0 million for the same period. In the event that actual performance is below threshold, no award will be made. In addition, the award will be forfeited upon the termination of employment by the recipient prior to January 29, 2022. During 2020, the Company recorded $397,000 of expense related to these RSU grants.

In March 2020, the Company granted 103,767 RSUs to 18 employees. The RSUs have performance vesting criteria based upon the Company achieving certain thresholds of adjusted earnings before interest and taxes (“EBIT”) for the fiscal year ending February 4, 2023. The number of units earned and vested may range from 50% (at threshold performance) to no more than 200% of the target award. In the event that actual performance is below threshold, no award will be made. In addition, the award will be forfeited upon the termination of employment by the recipient prior to February 4, 2023. During 2020, the Company recorded $863,000 of expense related to these RSU grants.

During fiscal 2020, 2019 and 2018, compensation expense arising from nonvested restricted stock grants and RSUs totaled $2.9 million, $2.1 million and $2.2 million, respectively.

The following table summarizes activity related to time-based nonvested restricted stock grants during fiscal 2020:


	Nonvested	Weighted Average
	Restricted	Grant Date
	Shares	Fair Value
Outstanding as of February 1, 2020	171,979	$	21.06
Granted	127,880		20.15
Vested	(109,564)		20.31
Forfeited	(15,218)		19.26
Outstanding as of January 30, 2021	175,077	$	21.02

In March 2018, the Company granted 8,400 RSUs to one employee for which vesting was based upon the Company’s stock achieving certain thresholds. On the date of grant, the Company expensed $137,000 based upon the estimated fair market value. One threshold for vesting was achieved in 2018. No thresholds were achieved in 2019 and the grant expired on January 31, 2020 when the recipient left the Company.

In March 2018, the Company granted 8,401 RSUs to one employee for which vesting was based upon achieving certain thresholds of adjusted EBITDA. During 2018, the Company expensed $78,000 based upon the estimated fair market value. No thresholds were achieved in 2018 or 2019 and the grant expired January 31, 2020 when the recipient left the Company.

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 $58,000, $83,000 and ($140,000) in fiscal 2020, 2019 and 2018, respectively.

Commitments and Contingencies

12 Months Ended

Jan. 30, 2021

Commitments and Contingencies

Commitments and Contingencies

7.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

Jan. 30, 2021

Leases

Leases

8.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 cost consists of the following (in thousands):


	Fiscal Year
	2020		2019
Operating lease cost	$	50,446	$	51,213
Variable lease cost		8,159		5,791
Short term lease cost		1,459		1,061
Total lease cost	$	60,064	$	58,065

In response to the impact of the COVID-19 pandemic on the Company’s operations, the Company suspended certain lease payments under its existing lease agreements. During the suspension of payments, the Company continued to recognize expenses and liabilities for lease obligations and corresponding right-of-use assets on the balance sheet in accordance with the applicable accounting guidance. The Company is engaging in ongoing discussions with certain landlords regarding the potential restructuring of lease payments and rent concessions. In fiscal 2020, the Company negotiated contractual rent concessions on certain leases in the form of early renewals, rent deferrals and rent abatements. The Company elected to account for qualifying COVID-19 related rent concessions as if they were part of the enforceable rights and obligations under the existing lease agreements, as permitted by the updated guidance provided by the FASB in April 2020. As a result of this election, the Company recognized rent abatement credits of approximately $1.0 million in fiscal 2020.

Future minimum lease payments as of January 30, 2021 are as follows (in thousands):


Fiscal Year	Lease Costs
2021	$	51,435
2022		45,537
2023		37,714
2024		29,308
2025		18,978
Thereafter		26,717
Total future minimum lease payments		209,689
Less: imputed interest		(16,878)	(1)
Total present value of lease liabilities	$	192,811	(2)

(1)

Calculated using the discount rate for each lease.

(2)

Includes short-term and long-term operating leases.

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 are as follows (in thousands, except for weighted average amounts):


	Fiscal Year
	2020		2019
Cash paid for operating leases	$	47,075	$	49,704
Right of use assets obtained in exchange for new operating lease liabilities	$	60,144	$	82,954

Weighted average remaining lease term (years) - operating leases		5.12		5.13
Weighted average discount rate - operating leases		3.11%		3.49%

Valuation and Qualifying Accounts

12 Months Ended

Jan. 30, 2021

Valuation and Qualifying Accounts

Valuation and Qualifying Accounts

9.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 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
Additions charged to costs and expenses		6,393		—
Deductions		(4,115)		—
Balance as of January 30, 2021	$	5,232	$	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.

Unaudited Quarterly Results of Operations

12 Months Ended

Jan. 30, 2021

Unaudited Quarterly Results of Operations

Unaudited Quarterly Results of Operations

10.Unaudited Quarterly Results of Operations


				Fiscal 2020								Fiscal 2019
	Fourth		Third		Second		First		Fourth		Third		Second		First
	Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter

						(in thousands, except per share amounts)
Statement of Operations Data:
Net sales	$	251,919	$	199,100	$	216,151	$	116,124	$	211,013	$	183,050	$	182,830	$	205,032

Cost of sales (exclusive of depreciation shown separately below)		(144,274)		(115,827)		(127,147)		(84,370)		(127,311)		(114,579)		(114,612)		(128,238)
Selling, general and administrative expenses		(79,269)		(69,230)		(57,623)		(54,076)		(67,654)		(65,539)		(62,989)		(63,447)
Depreciation		(4,677)		(4,703)		(4,933)		(4,946)		(4,794)		(4,520)		(4,607)		(4,614)
Asset impairment		—		—		—		(286)		—		—		(472)		—
Income (loss) from operations		23,699		9,340		26,448		(27,554)		11,254		(1,588)		150		8,733
Interest, net		(40)		(189)		(363)		54		322		382		374		341

Income (loss) before income taxes		23,659		9,151		26,085		(27,500)		11,576		(1,206)		524		9,074
Income tax (expense) benefit		(5,621)		(2,186)		(6,218)		6,608		(2,154)		122		(147)		(1,286)
Net income (loss)	$	18,038	$	6,965	$	19,867	$	(20,892)	$	9,422	$	(1,084)	$	377	$	7,788

Net income (loss) per common share: (1)
Basic	$	1.83	$	0.67	$	1.90	$	(2.00)	$	0.84	$	(0.09)	$	0.03	$	0.65
Diluted	$	1.81	$	0.67	$	1.90	$	(2.00)	$	0.84	$	(0.09)	$	0.03	$	0.65
Weighted average shares used to compute net income (loss) per common share:
Basic		9,872		10,365		10,451		10,443		11,202		11,636		11,882		11,976
Diluted		9,969		10,401		10,458		10,443		11,271		11,636		11,882		12,006

(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.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 30, 2021

Summary of Significant Accounting Policies

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

Use of Estimates

Cash and Cash Equivalents/Concentration of Credit Risk

Inventory

Property and Equipment, net

Impairment of Long-Lived Assets

Insurance Liabilities

Stock-Based Compensation

Revenue Recognition

Sales Returns

Sales Returns

Disaggregation of Revenue

Disaggregation of Revenue


	Fiscal Year
Citis	2020		2019		2018
Ladies	26	%	26	%	27	%
Kids	23	%	23	%	24	%
Mens	18	%	16	%	17	%
Accessories & Beauty	16	%	17	%	15	%
Home & Lifestyle	9	%	7	%	7	%
Footwear	8	%	11	%	10	%

Cost of Sales

Earnings per Share


	Fiscal Year
	2020	2019	2018
Weighted average number of common shares outstanding	10,282,718	11,673,887	13,030,063
Incremental shares from assumed vesting of nonvested restricted stock	42,521	25,113	39,631
Average number of common shares and common stock equivalents outstanding	10,325,239	11,699,000	13,069,694

Advertising

The Company expenses advertising as incurred. Advertising expense for fiscal 2020, 2019 and 2018 was $1.6 million, $1.8 million and $1.7 million, respectively.

Operating Leases

Income Taxes

Business Operating Segment

Recent Accounting Pronouncements

Recently Adopted

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 30, 2021

Summary of Significant Accounting Policies

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


	Fiscal Year
Citis	2020		2019		2018
Ladies	26	%	26	%	27	%
Kids	23	%	23	%	24	%
Mens	18	%	16	%	17	%
Accessories & Beauty	16	%	17	%	15	%
Home & Lifestyle	9	%	7	%	7	%
Footwear	8	%	11	%	10	%

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


	Fiscal Year
	2020	2019	2018
Weighted average number of common shares outstanding	10,282,718	11,673,887	13,030,063
Incremental shares from assumed vesting of nonvested restricted stock	42,521	25,113	39,631
Average number of common shares and common stock equivalents outstanding	10,325,239	11,699,000	13,069,694

Property and Equipment, net (Tables)

12 Months Ended

Jan. 30, 2021

Property and Equipment, net

Schedule of the components of property and equipment

Property and equipment, net, consists of the following (in thousands):


	January 30,		February 1,
	2021		2020
Land	$	479	$	479
Buildings		31,642		31,158
Leasehold improvements		108,818		103,919
Furniture, fixtures and equipment		148,332		142,953
Computer equipment		42,414		40,096
Construction in progress		10,909		8,950
		342,594		327,555
Accumulated depreciation		(279,080)		(262,570)
	$	63,514	$	64,985

Income Taxes (Tables)

12 Months Ended

Jan. 30, 2021

Income Taxes

Schedule of income tax (benefit) expense

Income tax expense consists of the following (in thousands):


	Fiscal Year
	2020		2019		2018
Current:
Federal	$	(5,538)	$	(2,650)	$	(4,326)
State		(1,405)		(945)		(1,390)
Total current		(6,943)		(3,595)		(5,716)
Deferred:
Federal		(588)		104		619
State		114		26		143
Total deferred		(474)		130		762
Total income tax expense	$	(7,417)	$	(3,465)	$	(4,954)

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 (in thousands):


	Fiscal Year
	2020		2019		2018
Statutory rate applied to income before income taxes	$	(6,593)	$	(4,193)	$	(5,529)
State income taxes, net of federal benefit		(1,777)		(791)		(1,250)
State tax credits		168		308		276
State tax credits - valuation allowance (net of federal benefit)		—		(99)		10
Tax exempt interest		—		34		16
General business credits		878		1,456		1,409
(Deficit) Excess tax benefits from stock-based compensation		(58)		(83)		140
Other		(35)		(97)		(26)
Income tax expense	$	(7,417)	$	(3,465)	$	(4,954)

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

Deferred tax assets and deferred tax liabilities consist of the following (in thousands):


	January 30,		February 1,
	2021		2020
Deferred tax assets:
Inventory capitalization	$	1,628	$	2,176
Vacation liability		754		705
Operating lease liabilities		49,763		46,595
State tax credits		3,033		3,038
Stock compensation		1,598		796
Deferral of FICA tax		416		—
Legal expense reserve		128		128
Insurance liabilities		646		541
Other		532		659
Subtotal deferred tax assets		58,498		54,638
Less: State tax credits valuation allowance - net		(1,714)		(1,714)
Total deferred tax assets		56,784		52,924

Deferred tax liabilities:
Right of use asset		(47,672)		(45,095)
Book and tax depreciation differences		(2,040)		(373)
Prepaid expenses		(877)		(787)
Total deferred tax liabilities		(50,589)		(46,255)
Net deferred tax asset	$	6,195	$	6,669

Stockholders' Equity (Tables)

12 Months Ended

Jan. 30, 2021

Stockholders' Equity

Schedule of activity related to nonvested restricted stock grants


	Nonvested	Weighted Average
	Restricted	Grant Date
	Shares	Fair Value
Outstanding as of February 1, 2020	171,979	$	21.06
Granted	127,880		20.15
Vested	(109,564)		20.31
Forfeited	(15,218)		19.26
Outstanding as of January 30, 2021	175,077	$	21.02

Leases (Tables)

12 Months Ended

Jan. 30, 2021

Leases

Schedule of lease expense


	Fiscal Year
	2020		2019
Operating lease cost	$	50,446	$	51,213
Variable lease cost		8,159		5,791
Short term lease cost		1,459		1,061
Total lease cost	$	60,064	$	58,065

Schedule of future minimum rent payments under operating leases

Future minimum lease payments as of January 30, 2021 are as follows (in thousands):


Fiscal Year	Lease Costs
2021	$	51,435
2022		45,537
2023		37,714
2024		29,308
2025		18,978
Thereafter		26,717
Total future minimum lease payments		209,689
Less: imputed interest		(16,878)	(1)
Total present value of lease liabilities	$	192,811	(2)

(1)

Calculated using the discount rate for each lease.

(2)

Includes short-term and long-term operating leases.

Schedule of supplemental cash flow and other information

Supplemental cash flow and other information related to operating leases are as follows (in thousands, except for weighted average amounts):


	Fiscal Year
	2020		2019
Cash paid for operating leases	$	47,075	$	49,704
Right of use assets obtained in exchange for new operating lease liabilities	$	60,144	$	82,954

Weighted average remaining lease term (years) - operating leases		5.12		5.13
Weighted average discount rate - operating leases		3.11%		3.49%

Valuation and Qualifying Accounts (Tables)

12 Months Ended

Jan. 30, 2021

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 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
Additions charged to costs and expenses		6,393		—
Deductions		(4,115)		—
Balance as of January 30, 2021	$	5,232	$	1,714

Unaudited Quarterly Results of Operations (Tables)

12 Months Ended

Jan. 30, 2021

Unaudited Quarterly Results of Operations

Schedule of unaudited quarterly results of operations


				Fiscal 2020								Fiscal 2019
	Fourth		Third		Second		First		Fourth		Third		Second		First
	Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter

						(in thousands, except per share amounts)
Statement of Operations Data:
Net sales	$	251,919	$	199,100	$	216,151	$	116,124	$	211,013	$	183,050	$	182,830	$	205,032

Cost of sales (exclusive of depreciation shown separately below)		(144,274)		(115,827)		(127,147)		(84,370)		(127,311)		(114,579)		(114,612)		(128,238)
Selling, general and administrative expenses		(79,269)		(69,230)		(57,623)		(54,076)		(67,654)		(65,539)		(62,989)		(63,447)
Depreciation		(4,677)		(4,703)		(4,933)		(4,946)		(4,794)		(4,520)		(4,607)		(4,614)
Asset impairment		—		—		—		(286)		—		—		(472)		—
Income (loss) from operations		23,699		9,340		26,448		(27,554)		11,254		(1,588)		150		8,733
Interest, net		(40)		(189)		(363)		54		322		382		374		341

Income (loss) before income taxes		23,659		9,151		26,085		(27,500)		11,576		(1,206)		524		9,074
Income tax (expense) benefit		(5,621)		(2,186)		(6,218)		6,608		(2,154)		122		(147)		(1,286)
Net income (loss)	$	18,038	$	6,965	$	19,867	$	(20,892)	$	9,422	$	(1,084)	$	377	$	7,788

Net income (loss) per common share: (1)
Basic	$	1.83	$	0.67	$	1.90	$	(2.00)	$	0.84	$	(0.09)	$	0.03	$	0.65
Diluted	$	1.81	$	0.67	$	1.90	$	(2.00)	$	0.84	$	(0.09)	$	0.03	$	0.65
Weighted average shares used to compute net income (loss) per common share:
Basic		9,872		10,365		10,451		10,443		11,202		11,636		11,882		11,976
Diluted		9,969		10,401		10,458		10,443		11,271		11,636		11,882		12,006

(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.

Organization and Business (Details) $ in Millions	Sep. 11, 2020 USD ($)	Jan. 30, 2021 state store
Number of stores operated \| store		585
Number of states in which company operates \| state		33
Line of Credit
Debt repaid \| $	$ 43.7

Summary of Significant Accounting Policies - PPE and Insurance Liabilities (Details) - USD ($)	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Fiscal Year
Length of fiscal year	364 days	364 days	364 days
Impairment of long lived assets
Non-cash impairment expense related to leasehold improvements and fixtures and equipment	$ 300,000	$ 500,000	$ 1,300,000
Insurance Liabilities
Self-insured retention or deductible amount per claim for workers' compensation	250,000
Self-insured retention or deductible amount per claim for employee medical	$ 100,000
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
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
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	0.1
Distribution center costs	$ 20.3	$ 20.8	$ 17.6
Ladies
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	26.00%	26.00%	27.00%
Kids
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	23.00%	23.00%	24.00%
Mens
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	18.00%	16.00%	17.00%
Accessories & Beauty
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	16.00%	17.00%	15.00%
Home & Lifestyle
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	9.00%	7.00%	7.00%
Footwear
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	8.00%	11.00%	10.00%

Summary of Significant Accounting Policies - EPS, Advertising and Leases (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Reconciliation of average number of common shares outstanding used to calculate basic and diluted earnings per share
Weighted average number of common shares outstanding	9,872	10,365	10,451	10,443	11,202	11,636	11,882	11,976	10,282,718	11,673,887	13,030,063
Incremental shares from assumed vesting of nonvested restricted stock									42,521	25,113	39,631
Weighted average number of common shares and common stock equivalents outstanding	9,969	10,401	10,458	10,443	11,271	11,636	11,882	12,006	10,325,239	11,699,000	13,069,694
Advertising
Advertising expense									$ 1.6	$ 1.8	$ 1.7
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)									131,000	128,000	124,000

Summary of Significant Accounting Policies - Segments and Concentration Risk (Details)	12 Months Ended
	Jan. 30, 2021 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	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Transition package of practical expedients	true
Hind sight practical expedient	false
Lease liability		$ 192,811
Right-of-use ("ROU") asset		179,673	$ 169,854
Adoption of lease accounting standard		$ 163,634	$ 171,044	$ 187,425	$ 209,468
Accounting Standards Update 2016-02
Lease liability	$ 133,600
Right-of-use ("ROU") asset	141,000
Cumulative Effect, Period of Adoption, Adjustment
Adoption of lease accounting standard	$ 2,100			$ (2,060)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Property and Equipment, net (Details) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Property and Equipment, net
Property and equipment, gross	$ 342,594	$ 327,555
Accumulated depreciation	(279,080)	(262,570)
Property and Equipment, net	63,514	64,985
Land
Property and Equipment, net
Property and equipment, gross	479	479
Buildings
Property and Equipment, net
Property and equipment, gross	31,642	31,158
Leasehold improvements
Property and Equipment, net
Property and equipment, gross	108,818	103,919
Furniture, fixtures and equipment
Property and Equipment, net
Property and equipment, gross	148,332	142,953
Computer equipment
Property and Equipment, net
Property and equipment, gross	42,414	40,096
Construction in progress
Property and Equipment, net
Property and equipment, gross	$ 10,909	$ 8,950

Revolving Credit Facility (Details) $ in Thousands				12 Months Ended
Revolving Credit Facility (Details) $ in Thousands	May 12, 2020 USD ($) item	Mar. 20, 2020 USD ($)	Oct. 27, 2011 USD ($)	Jan. 30, 2021 USD ($)	Sep. 11, 2020
Revolving Line of Credit
Borrowings under revolving credit facility				$ 43,700
Line of Credit
Revolving Line of Credit
Term of credit facility			5 years
Maximum borrowing capacity	$ 50,000		$ 50,000
Borrowings under revolving credit facility		$ 43,700
Borrowing capacity, accordion feature	25,000
Maximum borrowing capacity including accordion expansion	$ 75,000
Number of covenants \| item	1
Unused commitment fee (as a percent)	0.25%
Line of Credit \| Minimum
Revolving Line of Credit
Accrued interest (as a percent)					1.625%
Line of Credit \| Maximum
Revolving Line of Credit
Accrued interest (as a percent)					3.50%
Line of Credit \| LIBOR \| Minimum
Revolving Line of Credit
Margin added to variable rate (as a percent)	2.25%
Line of Credit \| LIBOR \| Maximum
Revolving Line of Credit
Margin added to variable rate (as a percent)	2.50%
Line of Credit \| Base Rate \| Minimum
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.25%
Line of Credit \| Base Rate \| Maximum
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.50%
Line of Credit \| Federal Fund Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.50%
Line of Credit \| LIBOR, One Month
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.00%

Income Taxes - Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Current:
Federal									$ 5,538	$ 2,650	$ 4,326
State									1,405	945	1,390
Total current									6,943	3,595	5,716
Deferred:
Federal									(588)	104	619
State									114	26	143
Total deferred									(474)	130	762
Income tax expense	$ (5,621)	$ (2,186)	$ (6,218)	$ 6,608	$ (2,154)	$ 122	$ (147)	$ (1,286)	$ (7,417)	$ (3,465)	$ (4,954)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Reconciliation of Federal Statutory Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
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									$ (6,593)	$ (4,193)	$ (5,529)
State income taxes, net of federal benefit									(1,777)	(791)	(1,250)
State tax credits									168	308	276
State tax credits - valuation allowance (net of federal benefit)										(99)	10
Tax exempt interest										34	16
General business credits									878	1,456	1,409
(Deficit) Excess tax benefits from stock based compensation									(58)	(83)	140
Other									(35)	(97)	(26)
Income tax expense	$ (5,621)	$ (2,186)	$ (6,218)	$ 6,608	$ (2,154)	$ 122	$ (147)	$ (1,286)	$ (7,417)	$ (3,465)	$ (4,954)

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Deferred tax assets:
Inventory capitalization	$ 1,628	$ 2,176
Vacation liability	754	705
Operating lease liabilities	49,763	46,595
State tax credits	3,033	3,038
Stock compensation	1,598	796
Deferral of FICA tax	416
Legal expense reserve	128	128
Insurance liabilities	646	541
Other	532	659
Subtotal deferred tax assets	58,498	54,638
Less: State tax credits valuation allowance - net	(1,714)	(1,714)
Total deferred tax assets	56,784	52,924
Deferred tax liabilities:
Right of use asset	(47,672)	(45,095)
Book and tax depreciation differences	(2,040)	(373)
Prepaid expenses	(877)	(787)
Total deferred tax liabilities	(50,589)	(46,255)
Net deferred tax asset	$ 6,195	$ 6,669

Income Taxes - Income Tax (Benefit) Expense Components (Details) $ in Thousands	12 Months Ended			36 Months Ended
	Jan. 30, 2021 USD ($) item	Feb. 01, 2020 USD ($)	Feb. 02, 2019 USD ($)	Jan. 30, 2021 USD ($)
Income Taxes
Benefits not recognized due to uncertainty	$ 0			$ 0
Number of states in which ability to utilize tax credits is no longer more likely than not \| item	1
Valuation allowance, net	$ 1,714	$ 1,714		$ 1,714
Credits carry back period	1 year	1 year	1 year
Credits carry forward period				20 years
Income tax benefit related to federal and state tax credits	$ 1,700	$ 1,700	$ 1,700

Stockholders' Equity - Stock Repurchase Program and Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 17, 2020	Dec. 24, 2019	Sep. 17, 2019	Jun. 18, 2019	Mar. 19, 2019	Feb. 29, 2020	Feb. 01, 2020	Nov. 02, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019	Dec. 22, 2020	Mar. 31, 2020	Nov. 30, 2019	Nov. 30, 2018
Stockholders' Equity
Stock Repurchased During Period, Value									$ 32,861	$ 28,445	$ 40,400
Dividends paid to stockholders	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08				$ 0.08	$ 0.08	$ 0.08
Stock Repurchase Program
Stockholders' Equity
Stock Repurchase Program, Authorized Amount												$ 30,000	$ 30,000	$ 25,000	$ 25,000
Stock Repurchased During Period, Shares						260,254	841,243	562,813	770,707		768,558
Stock Repurchased During Period, Value						$ 6,300	$ 18,800	$ 9,600	$ 26,600		$ 15,400

Stockholders' Equity - Time-Based Nonvested Restricted Stock Granted to Employees (Details)	1 Months Ended		12 Months Ended
	Mar. 31, 2020 USD ($) shares	Mar. 31, 2019 USD ($) employee shares	Jan. 30, 2021 USD ($) shares	Feb. 01, 2020 USD ($)	Feb. 02, 2019 USD ($)
Restricted Stock
Stockholders' Equity
Future compensation expense to be recognized			$ 2,700,000
Period for recognition of future compensation expense over the requisite service period			3 years
Granted (in shares) \| shares			127,880
Compensation expense			$ 2,900,000	$ 2,100,000	$ 2,200,000
Restricted Stock \| Employee
Stockholders' Equity
Vesting period			3 years
Restricted Stock \| Director
Stockholders' Equity
Vesting period			1 year
March 2019 EBITDA RSU \| Employee
Stockholders' Equity
Granted (in shares) \| shares		51,490
Number of employees \| employee		19
Performance vesting criteria of adjusted EBITDA		$ 63,000,000.0
Percentage of additional units vested upon achieving additional threshold earnings		20.00%
Additional performance vesting criteria of adjusted EBITDA		$ 69,000,000.0
Compensation expense			$ 397,000
March 2020 EBIT RSU \| Employee
Stockholders' Equity
Granted (in shares) \| shares	103,767
Compensation expense	$ 863,000
March 2020 EBIT RSU \| Employee \| Minimum
Stockholders' Equity
Percentage of additional units vested upon achieving additional threshold earnings	5000.00%
March 2020 EBIT RSU \| Employee \| Maximum
Stockholders' Equity
Percentage of additional units vested upon achieving additional threshold earnings	20000.00%

Stockholders Equity - Activity for Time-Based Nonvested Restricted Stock Grants (Details) - Restricted Stock	12 Months Ended
	Jan. 30, 2021 $ / shares shares
Nonvested Restricted Shares
Outstanding at the beginning of the period (in shares) \| shares	171,979
Granted (in shares) \| shares	127,880
Vested (in shares) \| shares	(109,564)
Forfeited (in shares) \| shares	(15,218)
Outstanding at the end of the period (in shares) \| shares	175,077
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 21.06
Granted (in dollars per share) \| $ / shares	20.15
Vested (in dollars per share) \| $ / shares	20.31
Forfeited (in dollars per share) \| $ / shares	19.26
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 21.02

Stockholders' Equity - Restricted Stock Units (Details)	1 Months Ended			3 Months Ended								12 Months Ended
Stockholders' Equity - Restricted Stock Units (Details)	Mar. 31, 2020 USD ($) employee shares	Mar. 31, 2019 shares	Mar. 31, 2018 USD ($) item shares	Jan. 30, 2021 USD ($)	Oct. 31, 2020 USD ($)	Aug. 01, 2020 USD ($)	May 02, 2020 USD ($)	Feb. 01, 2020 USD ($)	Nov. 02, 2019 USD ($)	Aug. 03, 2019 USD ($)	May 04, 2019 USD ($)	Jan. 30, 2021 USD ($) item shares	Feb. 01, 2020 USD ($) item	Feb. 02, 2019 USD ($) item
Stockholders' Equity
Income tax expense (benefits)				$ 5,621,000	$ 2,186,000	$ 6,218,000	$ (6,608,000)	$ 2,154,000	$ (122,000)	$ 147,000	$ 1,286,000	$ 7,417,000	$ 3,465,000	$ 4,954,000
Restricted Stock
Stockholders' Equity
Granted (in shares) \| shares												127,880
Compensation expense												$ 2,900,000	2,100,000	2,200,000
Income tax expense (benefits)												$ 58,000	$ 83,000	$ (140,000)
March 2018 RSU
Stockholders' Equity
Granted (in shares) \| shares			8,400
Compensation expense			$ 137,000
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
Compensation expense														$ 78,000
Number of thresholds achieved \| item												0	0
Employee \| March 2019 EBITDA RSU
Stockholders' Equity
Granted (in shares) \| shares		51,490
Compensation expense												$ 397,000
Employee \| March 2020 EBIT RSU
Stockholders' Equity
Granted (in shares) \| shares	103,767
Number of employees to whom awards are granted \| employee	18
Compensation expense	$ 863,000

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Leases
Lease term	5 years
Operating lease cost	$ 50,446	$ 51,213
Variable lease cost	8,159	5,791
Short term lease cost	1,459	1,061
Total lease cost	$ 60,064	$ 58,065
Minimum
Leases
Extension term	1 year
Maximum
Leases
Extension term	5 years

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Jan. 30, 2021 USD ($)
Future minimum lease payments under operating leases
2021	$ 51,435
2022	45,537
2023	37,714
2024	29,308
2024	18,978
Thereafter	26,717
Total future minimum lease payments	209,689
Less: imputed interest	(16,878)
Total present value of lease liabilities	$ 192,811

Leases - Cash flow and other information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020
Supplemental cash flow and other information related to operating leases
Rent abatements due to the number of leases renegotiated in response to the negative financial impacts of COVID-19	$ 1,000
Cash paid for operating leases	47,075	$ 49,704
Right of use assets obtained in exchange for new operating lease liabilities	$ 60,144	$ 82,954
Weighted average remaining lease term - operating leases	5 years 1 month 13 days	5 years 1 month 17 days
Weighted average discount rate - operating leases (as a percent)	3.11%	3.49%

Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Allowance for Inventory Shrinkage
Changes in the allowance for inventory shrinkage
Balance at the beginning of the period	$ 2,954	$ 9,759	$ 3,504
Additions charged to costs and expenses	6,393		9,643
Impact of tax reform			(10,033)
Deductions	(4,115)	(9,919)	3,114
Balance at the end of the period	5,232	2,954	9,759
Allowance for Deferred Tax Assets
Changes in the allowance for inventory shrinkage
Balance at the beginning of the period	1,714	99	1,624
Impact of tax reform			(9)
Deductions			1,615
Balance at the end of the period	$ 1,714	$ 1,714	$ 99

Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Statement of Income Data:
Net sales	$ 251,919	$ 199,100	$ 216,151	$ 116,124	$ 211,013	$ 183,050	$ 182,830	$ 205,032	$ 783,294	$ 781,925	$ 769,553
Cost of sales (exclusive of depreciation shown separately below)	(144,274)	(115,827)	(127,147)	(84,370)	(127,311)	(114,579)	(114,612)	(128,238)	(471,618)	(484,740)	(476,326)
Selling, general and administrative expenses	(79,269)	(69,230)	(57,623)	(54,076)	(67,654)	(65,539)	(62,989)	(63,447)	(260,198)	(259,629)	(247,938)
Depreciation	(4,677)	(4,703)	(4,933)	(4,946)	(4,794)	(4,520)	(4,607)	(4,614)	(19,259)	(18,535)	(18,886)
Asset impairment				(286)			(472)		(286)	(472)	(1,274)
Income (loss) from operations	23,699	9,340	26,448	(27,554)	11,254	(1,588)	150	8,733	31,933	18,549	25,129
Interest, net	(40)	(189)	(363)	54	322	382	374	341
Income (loss) before income taxes	23,659	9,151	26,085	(27,500)	11,576	(1,206)	524	9,074	31,395	19,968	26,328
Income tax (expense) benefit	(5,621)	(2,186)	(6,218)	6,608	(2,154)	122	(147)	(1,286)	(7,417)	(3,465)	(4,954)
Net income (loss)	$ 18,038	$ 6,965	$ 19,867	$ (20,892)	$ 9,422	$ (1,084)	$ 377	$ 7,788	$ 23,978	$ 16,503	$ 21,374
Net income (loss) per common share: (1)
Basic (in dollars per share)	$ 1.83	$ 0.67	$ 1.90	$ (2.00)	$ 0.84	$ (0.09)	$ 0.03	$ 0.65	$ 2.33	$ 1.41	$ 1.64
Diluted (in dollars per share)	$ 1.81	$ 0.67	$ 1.90	$ (2.00)	$ 0.84	$ (0.09)	$ 0.03	$ 0.65	$ 2.32	$ 1.41	$ 1.64
Weighted average shares used to compute net income (loss) per common share:
Basic	9,872	10,365	10,451	10,443	11,202	11,636	11,882	11,976	10,282,718	11,673,887	13,030,063
Diluted	9,969	10,401	10,458	10,443	11,271	11,636	11,882	12,006	10,325,239	11,699,000	13,069,694