0000950170-24-101685 | 10-Q | XBRL Viewer

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Stock-Based Compensation - Additional Information (Details) - USD ($)			6 Months Ended
	Aug. 11, 2023	Aug. 04, 2016	Aug. 03, 2024	Jul. 29, 2023	Aug. 08, 2024	Feb. 03, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted			0
Stock compensation expense			$ 1,780,000	$ 815,000
Non Employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of common stock issued			19,214
Fair value of common stock issued			$ 69,992
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fully-vested shares			129,112
PSUs \| Mr. Kanter
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volume-weighted closing price of the Company's common stock, number of days	30 days
Shares granted	573,000
Vesting description	The award consists of nine tranches, with the first tranche vesting if and when the 30-day volume-weighted closing price of the Company's common stock is equal to or greater than $6.50 per share. Each subsequent tranche will vest upon achievement of the 30-day volume-weighted closing price of the Company's common stock in $0.25 increments with the ninth tranche vesting when such price is equal to or greater than $8.50 per share. The PSUs are subject to a one-year minimum vesting period, and any unvested PSUs will expire on August 11, 2026.
Time Vested Stock Options, RSU and PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock compensation cost			$ 3,000,000
Unrecognized stock compensation cost weighted average recognition period			32 months
2016 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reduction in outstanding reserve for share granted		1.00%
Reduction in outstanding reserve for share granted, full-value award		1.90%
Shares authorised			15,120,538
Shares available for grant			1,425,262
Stock option outstanding			2,985,916			3,180,739
Percent of shares available for awards		5.00%
Share-based compensation description			Except with respect to 5% of the shares available for awards under the 2016 Plan, no award will become exercisable unless such award has been outstanding for a minimum period of one year from its date of grant.
Options granted				1,317
Shares granted			425,142
Fully-vested shares			151,346
2016 Plan \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant					6,150,000
2016 Plan \| RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			383,007
Fully-vested shares			129,112
2016 Plan \| Fully-vested shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			22,234
Fully-vested shares			22,234
2016 Plan \| Deferred stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted			19,901

Leases (Tables)

6 Months Ended

Aug. 03, 2024

Leases [Abstract]

Summary of Components of Net Lease Cost

The following table is a summary of the Company’s components of net lease cost for the three and six months ended August 3, 2024 and July 29, 2023:


	For the three months ended				For the six months ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
(in thousands)
Operating lease cost	$	12,222	$	11,374	$	23,699	$	22,041
Variable lease costs(1)		3,151		3,293		6,544		6,458
Total lease costs	$	15,373	$	14,667	$	30,243	$	28,499

(1)

Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to leases.

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow and balance sheet information related to leases as of and for the first six months ended August 3, 2024 and July 29, 2023 was as follows:



(dollars in thousands)	For the Six Months Ended
Cash paid for amounts included in the measurement of lease liabilities:	August 3, 2024			July 29, 2023
Operating cash flows for operating leases (1)	$	25,750		$	24,513
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	43,087		$	23,533

	As of
	August 3, 2024			July 29, 2023
Weighted average remaining lease term	5.4 yrs.			4.4 yrs.
Weighted average discount rate		6.38	%		6.41	%

(1)

The cash paid for the first six months of fiscal 2024 and fiscal 2023 included prepaid rent of $4.3 million and $3.7 million, respectively.

Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of August 3, 2024:


(in thousands)
2024 (remaining)	$	19,434
2025		50,191
2026		38,544
2027		31,806
2028		24,067
Thereafter		46,230
Total minimum lease payments	$	210,272
Less: amount of lease payments representing interest		33,638
Present value of future minimum lease payments	$	176,634
Less: current obligations under leases		35,155
Long-term lease obligations	$	141,479

Stock-Based Compensation

6 Months Ended

Aug. 03, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

6. Stock-Based Compensation

The Company has one active stock-based compensation plan: the 2016 Incentive Compensation Plan (as amended, the “2016 Plan”). A grant of a stock option award or stock appreciation right will reduce the outstanding reserve on a one-for-one basis, meaning one share for every share granted. A grant of a full-value award, including, but not limited to, restricted stock, restricted stock units and deferred stock, will reduce the outstanding reserve by a fixed ratio of 1.9 shares for every share granted. At August 3, 2024, 15,120,538 shares were authorized under the 2016 Plan, of which 1,425,262 shares remained available for grant. Subsequent to the end of the second quarter of fiscal 2024, at the Company's Annual Meeting of Stockholders, which was held on August 8, 2024, the shareholders approved an increase of 6,150,000 shares authorized for future grant under the 2016 Plan.

The 2016 Plan is administered by the Compensation Committee. The Compensation Committee is authorized to make all determinations with respect to amounts and conditions covering awards. Options are not granted at a price less than fair value on the date of the grant. Except with respect to 5% of the shares available for awards under the 2016 Plan, no award will become exercisable unless such award has been outstanding for a minimum period of one year from its date of grant.

The following tables summarize the share activity and stock option activity for the first six months of fiscal 2024:


	RSUs (1)			Deferred shares (2)		Performance Share Units (3)		Fully-Vested Shares (4)			Total number of shares			Weighted- average grant-date fair value
Shares
Outstanding non-vested shares at beginning of year		536,285			435,568		573,000		—			1,544,853		$	3.53
Shares granted		383,007			19,901		—		22,234			425,142		$	3.56
Shares vested and/or issued		(129,112	)		—		—		(22,234	)		(151,346	)	$	4.55
Shares expired		—			—		—		—			—		$	—
Shares forfeited		—			—		—		—			—		$	—
Outstanding non-vested shares at end of quarter		790,180			455,469		573,000		—			1,818,649		$	3.45

(1)

During the first six months of fiscal 2024, the Company granted time-based RSUs under its 2024-2026 LTIP. See Note 5, Long-Term Incentive Plans. As a result of net share settlements, of the 129,112 RSUs that vested, 115,292 shares of common stock were issued.

(2)

The 19,901 shares of deferred stock, with a fair value of $72,495 represent director compensation in lieu of cash, in accordance with the director's irrevocable election. The shares of deferred stock will be issued upon the director's separation from service.

(3)

On August 11, 2023, the Company granted 573,000 performance share units ("PSUs") in connection with the extension of Mr. Kanter's employment agreement. The award consists of nine tranches, with the first tranche vesting if and when the 30-day volume-weighted closing price of the Company's common stock is equal to or greater than $6.50 per share. Each subsequent tranche will vest upon achievement of the 30-day volume-weighted closing price of the Company's common stock in $0.25 increments with the ninth tranche vesting when such price is equal to or greater than $8.50 per share. The PSUs are subject to a one-year minimum vesting period, and any unvested PSUs will expire on August 11, 2026. The $2.4 million fair value is being expensed over the respective derived service periods of each tranche which range from 12 to 13 months. The respective fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model based on: a weighted historical volatility of 57.8%, a term of 3 years, stock price on the date of grant of $4.98 per share, a risk-free rate of 4.6% and a cost of equity of 11.0%.

(4)

Represented compensation, with a fair value of $80,993, to certain directors, who are required to receive shares, in lieu of cash, in order to satisfy their minimum equity ownership under the Non-Employee Director Compensation Plan. Voluntary shares received, in lieu of cash, are reported below under Non-Employee Director Compensation Plan.


	Number of shares			Weighted- average exercise price per option		Weighted- average remaining contractual term		Aggregate intrinsic value (000's)
Stock Options
Outstanding options at beginning of year		3,180,739		$	0.75		—	$	10,962
Options granted		—			—		—		—
Options exercised		(139,667	)	$	0.57		—		409
Options expired		(53,441	)	$	5.29		—		—
Options forfeited		(1,715	)	$	0.75		—		5
Outstanding options at end of quarter		2,985,916		$	0.67	6.1 years		$	8,124
Options exercisable at end of quarter		2,745,724		$	0.66	6.0 years		$	7,491

For the first six months of fiscal 2024, the Company granted 383,007 restricted stock units, 19,901 shares of deferred stock and 22,234 fully-vested shares. For the first six months of fiscal 2023, the Company granted stock options to purchase an aggregate of 1,317 shares of common stock, 547,294 restricted stock units and 11,924 fully-vested shares.

Non-Employee Director Compensation Plan

The Company granted 19,214 shares of common stock, with a fair value of approximately $69,992, to certain of its non-employee directors as compensation in lieu of cash in the first six months of fiscal 2024. These shares are in addition to any shares that may be granted under the 2016 Plan related to the requirement to receive equity if a director has not yet satisfied his or her minimum equity ownership requirement under the Non-Employee Director Compensation Plan.

Stock Compensation Expense

The Company recognized total stock-based compensation expense of $1.8 million and $0.8 million for the first six months of fiscal 2024 and fiscal 2023, respectively. The total compensation cost related to time-vested stock options, RSU awards, and PSU awards not yet recognized as of August 3, 2024 was approximately $3.0 million, net of estimated forfeitures, which will be expensed over a weighted average remaining life of 32 months.

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Aug. 03, 2024
2016 Plan
Number of shares
Outstanding options at beginning of year	3,180,739
Options exercised	(139,667)
Options expired	(53,441)
Options forfeited	(1,715)
Outstanding options at end of quarter	2,985,916
Options exercisable at end of quarter	2,745,724
2006 Plan
Weighted-average exercise price per option
Outstanding options at beginning of year	$ 0.75
Options exercised	0.57
Options expired and canceled	5.29
Options forfeited	0.75
Outstanding options at end of quarter	0.67
Options exercisable at end of quarter	$ 0.66
Weighted-average remaining contractual term
Outstanding options	6 years 1 month 6 days
Options exercisable at end of quarter	6 years
Aggregate Intrinsic Value
Outstanding options at beginning of year	$ 10,962
Options exercised	409
Options forfeited	5
Outstanding options at end of quarter	8,124
Options exercisable at end of quarter	$ 7,491

Debt

6 Months Ended

Aug. 03, 2024

Debt Disclosure [Abstract]

Debt

3. Debt

Credit Agreement with Citizens Bank, N.A.

The Company has a credit facility with Citizens Bank, N.A, which provides for a $125.0 million secured, asset-based credit facility with a maturity date of October 28, 2026 (the "Credit Facility"). The maximum committed borrowing of $125.0 million includes a sublimit of $20.0 million for commercial and standby letters of credit and a sublimit of up to $15.0 million for swing line loans. The Company’s ability to borrow under the Credit Facility is determined using an availability formula based on eligible assets.

Borrowings under the Credit Facility bear interest at either a Base Rate loan or Daily Simple SOFR rate, at the Company's option. Base Rate loans will bear interest at a rate equal to (i) the greater of: (a) the Prime Rate, (b) the Federal Funds effective rate plus 0.50% per annum and (c) the Daily Simple SOFR rate plus 1.00% per annum (provided the Base Rate shall never be less than the Floor (as defined in the Credit Facility)), plus (ii) a varying percentage, based on the Company’s average excess availability, of either 0.25% or 0.50% (the “Applicable Margin”). Daily Simple SOFR loans will bear interest at a rate equal to (i) the Daily Simple SOFR rate plus an adjustment of 0.10% (provided the Daily Simple SOFR rate shall never be less than the Floor), plus (ii) the Applicable Margin. Any swingline loan will continue to bear interest at a rate equal to the Base Rate plus the Applicable Margin. The Company is subject to an unused line fee of 0.25%.

The Company’s obligations under the Credit Facility are secured by a lien on substantially all of its assets. If the Company’s availability under the Credit Facility at any time is less than the greater of (i) 10% of the Revolving Loan Cap (the lesser of the aggregate revolving commitments or the borrowing base) and (ii) $7.5 million, then the Company is required to maintain a minimum consolidated fixed charge coverage ratio of 1.0:1.0 until such time as availability has exceeded the greater of (1) 10% of the Revolving Loan Cap and (2) $7.5 million for 30 consecutive days.

At August 3, 2024, the Company had no borrowings outstanding under the Credit Facility and unused availability was $69.9 million. The Company had no borrowings during the first six months of fiscal 2024, resulting in an average unused excess availability of approximately $73.4 million. Outstanding standby letters of credit were $4.2 million and outstanding documentary letters were $0.9 million at August 3, 2024. At August 3, 2024, the Company’s prime-based interest rate was 8.75%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,383	$ 11,633	$ 6,176	$ 18,600
Other comprehensive income before taxes:
Retirement plans	0	65	0	131
Recognized loss on termination of retirement plans	0	4,174	0	4,174
Other comprehensive income before taxes	0	4,239	0	4,305
Tax effect related to items of other comprehensive income	0	(1,111)	0	(1,128)
Other comprehensive income (loss), net of tax	0	3,128	0	3,177
Comprehensive income	$ 2,383	$ 14,761	$ 6,176	$ 21,777

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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+ Details

Stock-Based Compensation - Summary of Share Activity and Stock Option Activity (Details)	6 Months Ended
	Aug. 03, 2024 $ / shares shares
RSUs
Total number of shares
Shares vested and/or issued	(129,112)
2016 Plan
Total number of shares
Outstanding non-vested shares at beginning of year	1,544,853
Shares granted	425,142
Shares vested and/or issued	(151,346)
Outstanding non-vested shares at end of quarter	1,818,649
Weighted-average Grant-Date Fair value
Outstanding non-vested shares at beginning of year \| $ / shares	$ 3.53
Shares granted \| $ / shares	3.56
Shares vested and/or issued \| $ / shares	4.55
Outstanding non-vested shares at end of quarter \| $ / shares	$ 3.45
2016 Plan \| RSUs
Total number of shares
Outstanding non-vested shares at beginning of year	536,285
Shares granted	383,007
Shares vested and/or issued	(129,112)
Outstanding non-vested shares at end of quarter	790,180
2016 Plan \| Deferred stock
Total number of shares
Outstanding non-vested shares at beginning of year	435,568
Shares granted	19,901
Outstanding non-vested shares at end of quarter	455,469
2016 Plan \| Performance Share Units
Total number of shares
Outstanding non-vested shares at beginning of year	573,000
Outstanding non-vested shares at end of quarter	573,000
2016 Plan \| Fully-vested shares
Total number of shares
Shares granted	22,234
Shares vested and/or issued	(22,234)

Stock Repurchase Program

6 Months Ended

Aug. 03, 2024

Stock Repurchase Program [Abstract]

Stock Repurchase Program

10. Stock Repurchase Program

On March 14, 2023, the Company's Board of Directors (“Board”) approved a stock repurchase program, effective March 16, 2023, which was subsequently amended in November 2023. Under the amended program, the Company was authorized to repurchase up to $25.0 million of its common stock, including excise tax, through open market and privately negotiated transactions.

During the first quarter of fiscal 2024, the Company repurchased 52,802 shares at a total cost, including fees, of $211,182, completing its stock repurchase program.

The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain share repurchases made after December 31, 2022. Beginning in fiscal year 2023, the applicable excise tax is being charged to additional paid-in capital in the Company's Consolidated Balance Sheet as part of the cost basis of the shares repurchased, with the corresponding liability for the excise tax payable recorded in accrued expenses and other current liabilities until paid. This liability is partially offset by a 1% credit permitted

under the rules for the fair value of shares issued by the Company. At August 3, 2024, the Company had accrued $0.2 million for the payment of excise taxes.

Income Taxes

6 Months Ended

Aug. 03, 2024

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The Company's tax provision for income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter, the Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision.

For the first six months of fiscal 2024 and 2023, the Company’s effective tax rate was 32.3% and 26.5%, respectively. The increase in the effective tax rate was primarily due to permanent book to tax differences combined with a lower pretax income as compared to the first six months of fiscal 2023.

- Definition

The entire disclosure for income tax.

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+ Details

Leases - Supplemental Cash Flow Information Related to Leases (Parenthetical) (Details) - USD ($) $ in Millions	Aug. 03, 2024	Jul. 29, 2023
Leases [Abstract]
Prepaid rent	$ 4.3	$ 3.7

Equity and Earnings per Share - Potential Common Stock Equivalents Excluded from Computation of Diluted Earning Per Share (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive shares	36	100	36	100
Range of exercise prices of such options, minimum	$ 4.48	$ 4.48	$ 4.48	$ 4.48
Range of exercise prices of such options, maximum	$ 6.59	$ 6.59	$ 6.59	$ 6.59
Restricted Stock Units and Deferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive shares	350	179	363	24

Basis of Presentation - Other Comprehensive Income (Loss) and Reclassifications from AOCI (Parenthetical) (Details) - USD ($)

3 Months Ended

6 Months Ended

Aug. 03, 2024

Jul. 29, 2023

Aug. 03, 2024

Jul. 29, 2023

Accumulated Other Comprehensive Income (Loss) [Line Items]

Income tax expense (benefit)

$ 1,292,000

$ 4,163,000

$ 2,950,000

$ 6,693,000

Retirement Plans

Accumulated Other Comprehensive Income (Loss) [Line Items]

Recognition of loss on retirement plan termination, net of taxes

^[1]

3,080,000

Expenses recognized

^[2]

(25,000)

(68,000)

Retirement Plans | Selling, General and Administrative Expense

Accumulated Other Comprehensive Income (Loss) [Line Items]

Expenses recognized before tax

34,000

92,000

Expenses recognized

25,000

$ 68,000

Retirement Plans | Pro Rated Portion

Accumulated Other Comprehensive Income (Loss) [Line Items]

Recognition of loss on retirement plan termination, before taxes

4,200,000

Recognition of loss on retirement plan termination, net of taxes

$ 3,100,000

[1]

In connection with the Company's decision to terminate its pension plan, during the second quarter of fiscal 2023 the Company completed a partial settlement and accordingly recognized a pro-rated portion of AOCI in the amount of $4.2 million, or $3.1 million net of taxes.

[2]

Includes the amortization of the unrecognized loss on retirement plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for the three and six months ended July 29, 2023. The Company recognized expense of $34,000, or $25,000 net of taxes, for the three months ended July 29, 2023 and expense of $92,000, or $68,000 net of taxes, for the six months ended July 29, 2023.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

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

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+ Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

Stock Repurchase Program - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	May 04, 2024	Aug. 03, 2024	Mar. 16, 2023
Equity, Class of Treasury Stock [Line Items]
Accrued payment of excise taxes		$ 200,000
Number of shares repurchased	52,802
Percent of excise tax on repurchase of shares		1.00%
Percentage of credit permitted to offset liability		1.00%
Aggregate cost of repurchased shares	$ 211,182
Common Stock \| Maximum
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, repurchase amount			$ 25,000,000

Leases - Summary of Components of Net Lease Cost (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Aug. 03, 2024

Jul. 29, 2023

Aug. 03, 2024

Jul. 29, 2023

Leases [Abstract]

Operating lease cost

$ 12,222

$ 11,374

$ 23,699

$ 22,041

Variable lease costs

^[1]

3,151

3,293

6,544

6,458

Total lease costs

$ 15,373

$ 14,667

$ 30,243

$ 28,499

[1]	Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to leases.

Basis of Presentation

6 Months Ended

Aug. 03, 2024

Accounting Policies [Abstract]

Basis of Presentation

1. Basis of Presentation

In the opinion of management of Destination XL Group, Inc., a Delaware corporation (collectively with its subsidiaries, referred to as the “Company”), the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary for a fair presentation of the interim financial statements. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with the notes to the Company’s audited Consolidated Financial Statements for the fiscal year ended February 3, 2024 included in the Company’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 21, 2024.

The information set forth in these statements may be subject to normal year-end adjustments. The information reflects all adjustments that, in the opinion of management, are necessary to present fairly the Company’s results of operations, financial position and cash flows for the periods indicated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and 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. The Company’s business historically has been seasonal in nature, and the results of the interim periods presented are not necessarily indicative of the results to be expected for the full year.

The Company’s fiscal year is a 52- or 53- week period ending on the Saturday closest to January 31. Fiscal 2024 is a 52-week period ending on February 1, 2025 and fiscal 2023 was a 53-week period ending on February 3, 2024.

Segment Information

The Company has two principal operating segments: its stores and its direct business. The Company considers its stores and direct operating segments to be similar in terms of economic characteristics, production processes and operations, and has therefore aggregated them into one reportable segment, retail segment, consistent with its omni-channel business approach.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash in banks and short-term investments, which have a maturity of ninety days or less when acquired. Included in cash equivalents are credit card and debit card receivables from banks, which generally settle within two to four business days.

Short-Term Investments

Short-term investments consist of those investments that have a maturity date, when acquired, that is greater than three months and twelve months or less. These investments are classified as held-to-maturity and are carried at amortized cost, which approximates fair value due to the short period between purchase and maturity.

Concentration of Credit Risk

Cash and cash equivalents include amounts due from third party financial institutions, which from time to time, may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company is potentially exposed to a concentration of credit risk when cash and cash equivalent deposits in these financial institutions are in excess of FDIC limits. The Company considers the credit risk associated with these financial instruments to be minimal as cash and cash equivalents are held by financial institutions with high credit ratings and it has not historically sustained any credit losses associated with its cash and cash equivalents balances. In addition, the Company's cash and cash equivalents include money market accounts with Citizens Bank, N.A. and investments in U.S. government-backed securities held with Fidelity Investments.

Fair Value of Financial Instruments

ASC Topic 825, Financial Instruments, requires disclosure of the fair value of certain financial instruments. ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements.

The valuation techniques utilized are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities.

The Company utilizes observable market inputs (quoted market prices) when measuring fair value whenever possible.

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short maturity of these instruments. See Note 9 - Fair Value Measurement for information regarding the fair value of certain financial assets.

Accumulated Other Comprehensive Income (Loss) - (“AOCI”)

In the fourth quarter of fiscal 2023, the Company terminated its frozen retirement plans, which was the only AOCI activity. As a result, there was no remaining AOCI as of February 3, 2024.

For the first three and six months of fiscal 2023, other comprehensive income and reclassifications from AOCI was as follows:



in thousands	For the three months ended July 29, 2023			For the six months ended July 29, 2023
Balance at beginning of fiscal year	$	(4,879	)	$	(4,928	)

Other comprehensive income before reclassifications, net of taxes		23			29

Recognition of loss on retirement plan termination, net of taxes (1)		3,080			3,080

Amounts reclassified from accumulated other comprehensive income, net of taxes (2)		25			68

Other comprehensive income for the period		3,128			3,177

Balance at end of quarter	$	(1,751	)	$	(1,751	)

(1)

(2)

Stock-based Compensation

All share-based payments, including grants of employee stock options and restricted stock, are recognized as an expense in the Consolidated Statements of Operations based on their fair values and vesting periods. The fair value of stock options is determined using the Black-Scholes valuation model and requires the input of subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (the “expected term”), the estimated volatility of the Company’s common stock price over the expected term and the number of options that will ultimately not complete their vesting requirements (“forfeitures”). The Company reviews its valuation assumptions at each grant date and, as a result, is likely to change its valuation assumptions used to value employee stock-based awards granted in future periods. The values derived from using the Black-Scholes model are recognized as an expense over the vesting period, net of estimated forfeitures. The estimation of stock-based awards

that will ultimately vest requires judgment. Actual results and future changes in estimates may differ from the Company’s current estimates.

There were no grants of stock options in the first six months of fiscal 2024. For the first six months of fiscal 2023, the fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model based on the assumptions in the table below as it relates to stock options granted.


	July 29, 2023
Expected volatility	86.3% - 92.1%
Risk-free interest rate	3.71%-4.42%
Expected term	2.5 yrs.
Dividend rate		—
Weighted average fair value of options granted	$	3.24

Impairment of Long-Lived Assets

The Company reviews its long-lived assets for events or changes in circumstances that might indicate the carrying amount of the assets may not be recoverable. The Company’s judgment regarding the identification of impairment indicators is based on operational performance at the store level. Factors considered by the Company that could result in an impairment triggering event include significant changes in the use of assets, a current period operating or cash flow loss, underperformance of a store relative to historical or expected operating results, and an accumulation of costs significantly in excess of the amount originally expected for the construction of the long-lived store assets. The Company assesses the recoverability of the assets by determining whether the carrying value of such assets over their respective remaining lives can be recovered through projected undiscounted future cash flows. The model for undiscounted future cash flows includes assumptions, at the individual store level, with respect to expectations for future sales and gross margin rates as well as an estimate for occupancy costs used to estimate the fair value of the respective store’s operating lease right-of-use asset. The amount of impairment, if any, is measured based on projected discounted future cash flows using a discount rate reflecting the Company’s average cost of funds.

There were no impairments or non-cash gains recognized in the first six months of fiscal 2024 and fiscal 2023.

Advertising Costs

The Company expenses in-store advertising costs as incurred. Creative production costs, if any, are expensed in the period in which the advertising is first aired, and media costs are expensed as incurred. Direct response advertising costs, if any, are expensed in the period in which the mailing occurs. Advertising expense, which is included in selling, general and administrative expenses, was $11.0 million and $7.1 million for second quarter of fiscal 2024 and fiscal 2023, respectively, and was $18.3 million and $14.0 million for the first six months of fiscal 2024 and fiscal 2023, respectively.

Leases

The Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use (“ROU”) assets and lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments, initial direct costs. Lease incentives are included in the value of the ROU assets. As the interest rate implicit in the Company’s leases is not readily determinable, the Company utilizes its incremental borrowing rate, based on information available at the lease measurement date, to determine the present value of future payments. The Company elected the lessee non-lease component separation practical expedient, which permits the Company to not separate non-lease components from the lease components to which they relate. The Company also made an accounting policy election that the recognition requirement of ASC 842 will not be applied to certain, if any, non-store leases, with a term of 12 months or less, recognizing those lease payments on a straight-line basis over the lease term. At August 3, 2024, the Company had no short-term leases.

The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For store leases with an initial term of 5 years, the Company evaluates each lease independently and, when the Company considers it reasonably certain that it will exercise an option to extend, the associated payment of that option will be included in the measurement of the ROU asset and lease liability. Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20-year term. At the end of the initial term, the Company will have the opportunity to extend this lease for six additional successive periods of five years.

For store leases, the Company accounts for lease components and non-lease components as a single lease component. Certain store leases may require additional payments based on sales volume, as well as reimbursement for real estate taxes, common area maintenance

and insurance, and are expensed as incurred as variable lease costs. Other store leases contain one periodic fixed lease payment that includes real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the ROU assets and lease liabilities. Tenant allowances are included as an offset to the ROU asset and amortized as reductions to rent expense over the associated lease term.

See Note 4, "Leases" for additional information.

Recently Issued Accounting Pronouncements - Not Yet Adopted

In July 2023, the FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement - Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock, which amends or supersedes various SEC paragraphs within the Accounting Standards Codification to conform to past SEC announcements and guidance issued by the SEC. The ASU does not provide any new guidance, and as such, there is no transition effective date. ASU 2023-03 is not expected to have a material impact on the Company's Consolidated Financial Statements.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. ASU-2023-06 incorporates several disclosure and presentation requirements currently residing in the SEC Regulations S-X and S-K. The amendments will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. The ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements or related disclosures because the Company is currently subjected to the reporting requirements of Regulations S-X and S-K.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), which requires all public entities to provide enhanced disclosures about significant segment expenses. The amendments in this ASU are to be applied retrospectively and are effective for our annual financial statements starting in fiscal 2024 and interim periods starting in fiscal 2025, with early adoption permitted. We are currently evaluating the impact of this accounting standard on our financial statements or related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), which enhances transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid and to improve the effectiveness of income tax disclosures. This ASU will be effective in fiscal 2025, and allows for adoption on a prospective basis, with a retrospective option. Early adoption is permitted. We are currently evaluating the impact of adopting this accounting standard on our financial statements or related disclosures.

There were no other new accounting pronouncements, issued or effective during the first six months of fiscal 2024, which had or are expected to have a significant impact on the Company’s Consolidated Financial Statements.

Fair Value Measurement (Tables)

6 Months Ended

Aug. 03, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measured at Recurring Basis

At August 3, 2024 and February 3, 2024, the Company held U.S. treasury bills which were classified as held-to maturity and carried at amortized cost.


			Fair Value
(in thousands)	Carrying value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At August 3, 2024:
Cash equivalents:		4,031		4,032		—		—
Short-term investments		41,732		41,757		—		—

At February 3, 2024:
Cash equivalents		6,047		6,052		—		—
Short-term investments		32,459		32,479		—		—

Revenue Recognition - Additional Information (Details) $ in Millions	6 Months Ended
	Aug. 03, 2024 USD ($) Segment	Feb. 03, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Gift card liability, net of breakage	$ 2.1	$ 3.2
Loyalty accrual, net of breakage	$ 1.1	$ 1.7
Number of reportable segments \| Segment	1

Income Taxes - Additional Information (Details)	6 Months Ended
Income Taxes - Additional Information (Details)	Aug. 03, 2024	Jul. 29, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	32.30%	26.50%

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands

6 Months Ended

Aug. 03, 2024

Jul. 29, 2023

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows for operating leases

^[1]

$ 25,750

$ 24,513

Non-cash operating activities:

Right-of-use assets obtained in exchange for operating lease liabilities

$ 43,087

$ 23,533

Weighted average remaining lease term

5 years 4 months 24 days

4 years 4 months 24 days

Weighted average discount rate

6.38%

6.41%

[1]	The cash paid for the first six months of fiscal 2024 and fiscal 2023 included prepaid rent of $4.3 million and $3.7 million, respectively.

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
Current assets:
Cash and cash equivalents	$ 21,475	$ 27,590
Short-term investments	41,732	32,459
Accounts receivable	898	3,920
Inventories	78,612	80,968
Prepaid expenses and other current assets	8,977	8,308
Total current assets	151,694	153,245
Non-current assets:
Property and equipment, net of accumulated depreciation and amortization	47,791	43,238
Operating lease right-of-use assets	163,246	138,118
Deferred income taxes, net of valuation allowance	19,403	21,533
Intangible assets	1,150	1,150
Other assets	484	457
Total assets	383,768	357,741
Current liabilities:
Accounts payable	22,576	17,353
Accrued expenses and other current liabilities	25,505	35,302
Operating leases, current	35,155	37,221
Total current liabilities	83,236	89,876
Long-term liabilities:
Operating leases, non-current	141,479	117,316
Other long-term liabilities	2,099	1,596
Total long-term liabilities	143,578	118,912
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued
Common stock, $0.01 par value, 125,000,000 shares authorized, 79,329,785 and 79,033,378 shares issued at August 3, 2024 and February 3, 2024, respectively	793	790
Additional paid-in capital	327,235	325,202
Treasury stock at cost, 21,094,463 shares at August 3, 2024 and 21,041,661 shares at February 3, 2024	(130,348)	(130,137)
Accumulated deficit	(40,726)	(46,902)
Total stockholders' equity	156,954	148,953
Total liabilities and stockholders' equity	$ 383,768	$ 357,741

Leases - Additional Information (Details) $ in Millions	6 Months Ended
Leases - Additional Information (Details) $ in Millions	Aug. 03, 2024 USD ($) RenewalOption Lease
Lessee Lease Description [Line Items]
Operating lease renewal option beginning year	2026
Leases, expected to commence period	2024
Store
Lessee Lease Description [Line Items]
Operating lease option to extend	5 years
Number of leases not yet commenced \| Lease	3
Operating lease team, not yet commenced	10 years
Aggregated estimated future lease payments \| $	$ 6.2
Store \| Minimum
Lessee Lease Description [Line Items]
Operating lease initial term	5 years
Operating lease option to extend	5 years
Store \| Maximum
Lessee Lease Description [Line Items]
Operating lease initial term	10 years
Operating lease option to extend	5 years
Corporate Headquarter
Lessee Lease Description [Line Items]
Operating lease initial term	20 years
Operating lease option to extend	5 years
Number of renewal options \| RenewalOption	6
Equipment and Other Assets \| Minimum
Lessee Lease Description [Line Items]
Operating lease initial term	3 years
Equipment and Other Assets \| Maximum
Lessee Lease Description [Line Items]
Operating lease initial term	5 years

Basis of Presentation - Other Comprehensive Income (Loss) and Reclassifications from AOCI (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Aug. 03, 2024

Jul. 29, 2023

Apr. 29, 2023

Aug. 03, 2024

Jul. 29, 2023

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning Balance

$ 153,550

$ 145,672

$ 137,228

$ 148,953

$ 137,228

Other comprehensive income (loss), net of tax

3,128

3,177

Ending Balance

$ 156,954

150,100

145,672

$ 156,954

150,100

Retirement Plans

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning Balance

(4,879)

(4,928)

Other comprehensive income before reclassifications, net of taxes

Recognition of loss on retirement plan termination, net of taxes

^[1]

3,080

Amounts reclassified from accumulated other comprehensive income, net of taxes

^[2]

Other comprehensive income (loss), net of tax

3,128

3,177

Ending Balance

$ (1,751)

$ (4,879)

$ (1,751)

[1]

[2]

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Long-Term Incentive Plans - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Apr. 29, 2023	Aug. 03, 2024	Mar. 06, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Incentive plan performance targets covering period		3 years
Vesting terms		The performance period for each LTIP is three years. Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to an additional service requirement through August 31, 2025, August 31, 2026 and August 31, 2027, respectively. The time-based awards under the 2022-2024 LTIP, the 2023-2025 LTIP, and the 2024-2026 LTIP vest in four equal installments through April 1, 2026, April 1, 2027 and April 1, 2028, respectively.
Restricted stock units (RSUs) granted for achievement of performance-based compensation, reclassified from liability to equity	$ 1,146
2021-2023 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Incentive plan performance targets covering period		3 years
Time Based Vesting Schedule
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		50.00%
Time Based Vesting Schedule \| 2022-2024 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expected compensation cost of long term incentive plans		$ 4,800
Total amortization period		48 months
Time Based Vesting Schedule \| 2023-2025 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expected compensation cost of long term incentive plans		$ 5,100
Total amortization period		47 months
Time Based Vesting Schedule \| 2024-2026 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expected compensation cost of long term incentive plans		$ 5,300
Total amortization period		49 months
Performance Based Vesting Schedule
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		50.00%
Performance Based Vesting Schedule \| 2021-2023 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total award approved for grant			$ 3,000
Performance Based Vesting Schedule \| 2022-2024 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Incentive accrual during period		$ 1,600
Performance Based Vesting Schedule \| 2023-2025 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Incentive accrual during period		200
Performance Based Vesting Schedule \| 2024-2026 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Incentive accrual during period		$ 200
RSUs \| 2022-2024 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		50.00%
RSUs \| 2023-2025 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		50.00%
RSUs \| 2024-2026 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		50.00%
Cash \| 2022-2024 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		50.00%
Cash \| 2023-2025 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		50.00%
Cash \| 2024-2026 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		50.00%

Stock-Based Compensation - Summary of Share Activity and Stock Option Activity (Parenthetical) (Details) - USD ($)		3 Months Ended		6 Months Ended
	Aug. 11, 2023	May 04, 2024	Apr. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted				0
Expected term					2 years 6 months
Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted during the period, fair value		$ 1,000	$ 3,000
Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted during the period, fair value				$ 80,993
2024-2026 LTIP \| Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares sold				115,292
2016 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares vested				151,346
Shares granted				425,142
Options granted					1,317
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares vested				129,112
Restricted stock units \| 2016 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares vested				129,112
Shares granted				383,007
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted during the period, fair value	$ 2,400,000
Stock price on date of grant	$ 4.98
Weighted historical volatility rate	57.80%
Expected term	3 years
Risk-free rate	4.60%
Share based compensation fair value assumptions cost of equity	11.00%
Performance Stock Units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Derived service period	12 months
Performance Stock Units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Derived service period	13 months
Performance Stock Units \| Mr. Kanter
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted	573,000
Vesting description	The award consists of nine tranches, with the first tranche vesting if and when the 30-day volume-weighted closing price of the Company's common stock is equal to or greater than $6.50 per share. Each subsequent tranche will vest upon achievement of the 30-day volume-weighted closing price of the Company's common stock in $0.25 increments with the ninth tranche vesting when such price is equal to or greater than $8.50 per share. The PSUs are subject to a one-year minimum vesting period, and any unvested PSUs will expire on August 11, 2026.
Volume-weighted closing price of the Company's common stock, number of days	30 days
Performance Stock Units \| Mr. Kanter \| Minimum \| First Tranche
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Closing price	$ 6.5
Performance Stock Units \| Mr. Kanter \| Minimum \| Ninth Tranche Vesting
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Closing price	$ 8.5
Deferred stock \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted during the period, fair value				$ 72,495
Deferred stock \| 2016 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted				19,901

Basis of Presentation - Valuation Assumptions for Stock Options (Details)	6 Months Ended
	Jul. 29, 2023 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	86.30%
Expected volatility, maximum	92.10%
Risk-free interest rate, minimum	3.71%
Risk-free interest rate, maximum	4.42%
Expected term	2 years 6 months
Weighted average fair value of options granted	$ 3.24

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation (Policies)

6 Months Ended

Aug. 03, 2024

Accounting Policies [Abstract]

Segment Information

Cash and Cash Equivalents

Short-Term Investments

Concentration of Credit Risk

Fair Value of Financial Instruments

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities.

The Company utilizes observable market inputs (quoted market prices) when measuring fair value whenever possible.

Accumulated Other Comprehensive Income (Loss) - ("AOCI")

Accumulated Other Comprehensive Income (Loss) - (“AOCI”)

In the fourth quarter of fiscal 2023, the Company terminated its frozen retirement plans, which was the only AOCI activity. As a result, there was no remaining AOCI as of February 3, 2024.

For the first three and six months of fiscal 2023, other comprehensive income and reclassifications from AOCI was as follows:



in thousands	For the three months ended July 29, 2023			For the six months ended July 29, 2023
Balance at beginning of fiscal year	$	(4,879	)	$	(4,928	)

Other comprehensive income before reclassifications, net of taxes		23			29

Recognition of loss on retirement plan termination, net of taxes (1)		3,080			3,080

Amounts reclassified from accumulated other comprehensive income, net of taxes (2)		25			68

Other comprehensive income for the period		3,128			3,177

Balance at end of quarter	$	(1,751	)	$	(1,751	)

(1)

(2)

Stock-based Compensation

that will ultimately vest requires judgment. Actual results and future changes in estimates may differ from the Company’s current estimates.


	July 29, 2023
Expected volatility	86.3% - 92.1%
Risk-free interest rate	3.71%-4.42%
Expected term	2.5 yrs.
Dividend rate		—
Weighted average fair value of options granted	$	3.24

Impairment of Long-Lived Assets

There were no impairments or non-cash gains recognized in the first six months of fiscal 2024 and fiscal 2023.

Advertising Costs

Leases

See Note 4, "Leases" for additional information.

Recently Issued Accounting Pronouncements - Not Yet Adopted

Fair Value Measurement

6 Months Ended

Aug. 03, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

9. Fair Value Measurement

At August 3, 2024 and February 3, 2024, the Company held U.S. treasury bills which were classified as held-to maturity and carried at amortized cost.


			Fair Value
(in thousands)	Carrying value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At August 3, 2024:
Cash equivalents:		4,031		4,032		—		—
Short-term investments		41,732		41,757		—		—

At February 3, 2024:
Cash equivalents		6,047		6,052		—		—
Short-term investments		32,459		32,479		—		—

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Equity and Earnings per Share

6 Months Ended

Aug. 03, 2024

Earnings Per Share [Abstract]

Equity and Earnings per Share

7. Equity and Earnings per Share

The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share:


	For the three months ended				For the six months ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
(in thousands)
Common stock outstanding:
Basic weighted average common shares outstanding		58,233		61,977		58,135		62,334
Common stock equivalents – stock options, restricted stock units and deferred stock		2,884		3,472		2,900		3,495
Diluted weighted average common shares outstanding		61,117		65,449		61,035		65,829

The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each period, because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or because the unearned compensation associated with stock options or restricted stock units had an anti-dilutive effect.


	For the three months ended				For the six months ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
(in thousands, except exercise prices)
Stock options		36		100		36		100
Restricted stock units and deferred stock		350		179		363		24
Range of exercise prices of such options	$4.48-$6.59		$4.48 - $6.59		$4.48 - $6.59		$4.48 - $6.59

The above options, which were outstanding at August 3, 2024, expire from November 10, 2024 to March 20, 2033.

Excluded from the computation of basic and diluted earnings per share were 573,000 shares for the first three and six months of fiscal 2024. These performance-based awards will be included in the computation of basic and diluted earnings per share if, and when, the respective performance targets are achieved. In addition, 455,469 shares and 435,568 shares of deferred stock at August 3, 2024 and July 29, 2023, respectively, were excluded from the computation of basic earnings per share. Shares of deferred stock are not considered issued and outstanding until the vesting date of the deferral period.

Debt - Additional Information (Details)		6 Months Ended
Debt - Additional Information (Details)	Oct. 28, 2021 USD ($) d	Aug. 03, 2024 USD ($)	Jul. 29, 2023 USD ($)
Debt Instrument [Line Items]
Interest and fees paid		$ 182,000	$ 159,000
Revolver Facility
Debt Instrument [Line Items]
Line of credit facility, amount outstanding		$ 0
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 125,000,000
Debt instrument, interest rate terms		Borrowings under the Credit Facility bear interest at either a Base Rate loan or Daily Simple SOFR rate, at the Company's option. Base Rate loans will bear interest at a rate equal to (i) the greater of: (a) the Prime Rate, (b) the Federal Funds effective rate plus 0.50% per annum and (c) the Daily Simple SOFR rate plus 1.00% per annum (provided the Base Rate shall never be less than the Floor (as defined in the Credit Facility)), plus (ii) a varying percentage, based on the Company’s average excess availability, of either 0.25% or 0.50% (the “Applicable Margin”). Daily Simple SOFR loans will bear interest at a rate equal to (i) the Daily Simple SOFR rate plus an adjustment of 0.10% (provided the Daily Simple SOFR rate shall never be less than the Floor), plus (ii) the Applicable Margin. Any swingline loan will continue to bear interest at a rate equal to the Base Rate plus the Applicable Margin. The Company is subject to an unused line fee of 0.25%.
Debt instrument, covenant description		(i) 10% of the Revolving Loan Cap (the lesser of the aggregate revolving commitments or the borrowing base) and (ii) $7.5 million, then the Company is required to maintain a minimum consolidated fixed charge coverage ratio of 1.0:1.0 until such time as availability has exceeded the greater of (1) 10% of the Revolving Loan Cap and (2) $7.5 million for 30 consecutive days.
Minimum loan cap percentage	10.00%
Line of credit facility	$ 7,500,000
Minimum consolidated fixed charge coverage ratio	1
Number of consecutive days \| d	30
Line of credit facility, maturity date	Oct. 28, 2026
Line of credit facility, remaining borrowing capacity		$ 69,900,000
Line of credit facility, average unused excess availability		$ 73,400,000
Unused line fee	0.25%
Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Line of credit facility, basis spread on variable rate	0.50%
Credit Facility \| SOFR-based Borrowings
Debt Instrument [Line Items]
Line of credit facility, basis spread on variable rate	1.00%
Credit Facility \| Prime-based Borrowings
Debt Instrument [Line Items]
Line of credit facility interest rate		8.75%
Credit Facility \| Minimum \| SOFR-based Borrowings
Debt Instrument [Line Items]
Line of credit facility, basis spread on variable rate	0.25%
Credit Facility \| Maximum \| SOFR-based Borrowings
Debt Instrument [Line Items]
Line of credit facility, basis spread on variable rate	0.50%
Credit Facility \| Commercial And Standby Letter Of Credits
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000,000
Credit Facility \| Swing Line Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 15,000,000
Credit Facility \| SOFR loans \| SOFR-based Borrowings
Debt Instrument [Line Items]
Line of credit facility, basis spread on variable rate	0.10%
Credit Facility \| Standby Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount		$ 4,200,000
Credit Facility \| Documentary Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount		$ 900,000

Basis of Presentation (Tables)

6 Months Ended

Aug. 03, 2024

Accounting Policies [Abstract]

Other Comprehensive Income (Loss) and Reclassifications from AOCI

For the first three and six months of fiscal 2023, other comprehensive income and reclassifications from AOCI was as follows:



in thousands	For the three months ended July 29, 2023			For the six months ended July 29, 2023
Balance at beginning of fiscal year	$	(4,879	)	$	(4,928	)

Other comprehensive income before reclassifications, net of taxes		23			29

Recognition of loss on retirement plan termination, net of taxes (1)		3,080			3,080

Amounts reclassified from accumulated other comprehensive income, net of taxes (2)		25			68

Other comprehensive income for the period		3,128			3,177

Balance at end of quarter	$	(1,751	)	$	(1,751	)

(1)

(2)

Valuation Assumptions for Stock Options

For the first six months of fiscal 2023, the fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model based on the assumptions in the table below as it relates to stock options granted.


	July 29, 2023
Expected volatility	86.3% - 92.1%
Risk-free interest rate	3.71%-4.42%
Expected term	2.5 yrs.
Dividend rate		—
Weighted average fair value of options granted	$	3.24

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Disaggregation Of Revenue [Line Items]
Total sales	$ 124,820	$ 140,043	$ 240,309	$ 265,485
Retail Segment \| Store Sales
Disaggregation Of Revenue [Line Items]
Total sales	$ 87,845	$ 97,445	$ 168,693	$ 184,742
Retail Segment \| Store Sales \| Sales Revenue Net \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Total sales, percentage	70.40%	69.60%	70.20%	69.60%
Retail Segment \| Direct Sales
Disaggregation Of Revenue [Line Items]
Total sales	$ 36,975	$ 42,598	$ 71,616	$ 80,743
Retail Segment \| Direct Sales \| Sales Revenue Net \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Total sales, percentage	29.60%	30.40%	29.80%	30.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (i)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Termination of Noncontributory Pension Plan

6 Months Ended

Aug. 03, 2024

Retirement Benefits [Abstract]

Termination of Noncontributory Pension Plan

11. Termination of Noncontributory Pension Plan

In connection with the acquisition of Casual Male Corp. in May 2002, the Company assumed the assets and liabilities of the Casual Male Noncontributory Pension Plan “Casual Male Corp. Retirement Plan,” which was previously known as the J. Baker, Inc. Qualified Plan (the “Pension Plan”). Casual Male Corp. froze all future benefits under this plan on May 1, 1997.

In the second quarter of fiscal 2023, the Board of Directors approved the termination of the Pension Plan, and on July 1, 2023, the Company completed a partial settlement through the purchase of nonparticipating annuities. In connection with the partial settlement, in the second quarter of fiscal 2023, the Company recognized a charge of $4.2 million, representing a pro-rata portion of the unrealized loss in "Accumulated Other Comprehensive Loss" on the Consolidated Balance Sheet. The Company settled the remaining obligation and terminated the Pension Plan in the fourth quarter of fiscal 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
Cash flows from operating activities:
Net income	$ 6,176	$ 18,600
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred debt issuance costs	38	38
Loss on retirement plan terminations	0	4,174
Gain from the sale of equipment	(9)	(129)
Depreciation and amortization	6,663	6,945
Deferred taxes, net of valuation allowance	2,130	7,489
Stock compensation expense	1,780	815
Board of directors' stock compensation	224	220
Changes in operating assets and liabilities:
Accounts receivable	2,887	836
Inventories	2,356	5,472
Prepaid expenses and other current assets	(669)	460
Other assets	(65)	(40)
Accounts payable	5,223	(6,649)
Operating leases, net	(3,031)	(3,181)
Accrued expenses and other liabilities	(7,731)	(8,811)
Net cash provided by operating activities	15,972	26,239
Cash flows from investing activities:
Additions to property and equipment, net	(12,779)	(4,665)
Proceeds from sale of equipment	9	129
Purchase of short-term investments	(34,011)	(43,536)
Maturity of short-term investments	24,873	0
Net cash used for investing activities	(21,908)	(48,072)
Cash flows from financing activities:
Repurchase of common stock	(211)	(10,814)
Tax withholdings paid related to net share settlements	(48)	(446)
Proceeds from the exercise of stock options	80	265
Net cash used for financing activities	(179)	(10,995)
Net decrease in cash and cash equivalents	(6,115)	(32,828)
Cash and cash equivalents:
Beginning of period	27,590	52,074
End of period	21,475	19,246
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for income taxes	811	237
Cash paid during the period for interest	182	159
Non-cash activity during the period:
Capital expenditures incurred but not yet paid	$ 776	$ 505

Termination of Noncontributory Pension Plan - Additional Information (Details) $ in Millions	3 Months Ended
	Jul. 29, 2023 USD ($)
Casual Male Corp. Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Charge recognized, pro-rata portion of the unrealized loss in AOCI	$ 4.2

Basis of Presentation - Additional Information (Details)	3 Months Ended		6 Months Ended
	Aug. 03, 2024 USD ($) RenewalOption	Jul. 29, 2023 USD ($)	Aug. 03, 2024 USD ($) RenewalOption Segment shares	Jul. 29, 2023 USD ($)	Feb. 03, 2024 USD ($)
Accounting Policies [Line Items]
Number of reportable segments \| Segment			1
Number of operating segments \| Segment			2
Accumulated other comprehensive income (loss)					$ 0
Options granted \| shares			0
Impairments or non-cash gains recognized			$ 0	$ 0
Short term leases	$ 0
Operating lease, option to extend			Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20-year term
Selling, General and Administrative Expense
Accounting Policies [Line Items]
Advertising expense	$ 11,000,000	$ 7,100,000	$ 18,300,000	$ 14,000,000
Corporate Headquarter
Accounting Policies [Line Items]
Operating lease renewal term	5 years		5 years
Operating lease initial term	20 years		20 years
Number of renewal options \| RenewalOption	6		6
Store
Accounting Policies [Line Items]
Operating lease, option to extend			The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For store leases with an initial term of 5 years, the Company evaluates each lease independently and, when the Company considers it reasonably certain that it will exercise an option to extend, the associated payment of that option will be included in the measurement of the ROU asset and lease liability.
Operating lease renewal term	5 years		5 years
Minimum
Accounting Policies [Line Items]
Credit card and debit card receivables from banks settlement period			2 days
Minimum \| Store
Accounting Policies [Line Items]
Operating lease renewal term	5 years		5 years
Operating lease initial term	5 years		5 years
Maximum
Accounting Policies [Line Items]
Credit card and debit card receivables from banks settlement period			4 days
Maximum \| Store
Accounting Policies [Line Items]
Operating lease renewal term	5 years		5 years
Operating lease initial term	10 years		10 years

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning Balance at Jan. 28, 2023	$ 137,228	$ 782	$ 321,516	$ (105,386)	$ (74,756)	$ (4,928)
Beginning Balance (in shares) at Jan. 28, 2023		78,230		(15,625)
Board of directors' compensation	108		108
Board of directors' compensation (in shares)		15
Stock compensation expense	404		404
Restricted stock units (RSUs) granted for achievement of performance-based compensation, reclassified from liability to equity	1,146		1,146
Issuance of common stock, upon RSUs release		$ 3	(3)
Issuance of common stock, upon RSUs release (in shares)		251
Shares withheld for taxes related to net share settlement	(446)	$ (1)	(445)
Shares withheld for taxes related to net share settlement (in shares)		(81)
Exercise of stock options	216	$ 1	215
Exercise of stock options (in shares)		81
Other comprehensive income, net of taxes	49					49
Net income	6,967				6,967
Ending Balance at Apr. 29, 2023	145,672	$ 785	322,941	$ (105,386)	(67,789)	(4,879)
Ending Balance (in shares) at Apr. 29, 2023		78,496		(15,625)
Beginning Balance at Jan. 28, 2023	137,228	$ 782	321,516	$ (105,386)	(74,756)	(4,928)
Beginning Balance (in shares) at Jan. 28, 2023		78,230		(15,625)
Other comprehensive income, net of taxes	3,177
Net income	18,600
Ending Balance at Jul. 29, 2023	150,100	$ 786	323,512	$ (116,291)	(56,156)	(1,751)
Ending Balance (in shares) at Jul. 29, 2023		78,606		(17,874)
Beginning Balance at Apr. 29, 2023	145,672	$ 785	322,941	$ (105,386)	(67,789)	(4,879)
Beginning Balance (in shares) at Apr. 29, 2023		78,496		(15,625)
Board of directors' compensation	112		112
Board of directors' compensation (in shares)		25
Stock compensation expense	411		411
Exercise of stock options	49	$ 1	48
Exercise of stock options (in shares)		85
Repurchase of common stock	(10,905)			$ (10,905)
Repurchase of common stock (in shares)				(2,249)
Other comprehensive income, net of taxes	3,128					3,128
Net income	11,633				11,633
Ending Balance at Jul. 29, 2023	150,100	$ 786	323,512	$ (116,291)	(56,156)	$ (1,751)
Ending Balance (in shares) at Jul. 29, 2023		78,606		(17,874)
Beginning Balance at Feb. 03, 2024	148,953	$ 790	325,202	$ (130,137)	(46,902)
Beginning Balance (in shares) at Feb. 03, 2024		79,033		(21,041)
Board of directors' compensation	112	$ 1	111
Board of directors' compensation (in shares)		18
Stock compensation expense	875		875
Issuance of common stock, upon RSUs release		$ 1	(1)
Issuance of common stock, upon RSUs release (in shares)		129
Shares withheld for taxes related to net share settlement	(48)		(48)
Shares withheld for taxes related to net share settlement (in shares)		(14)
Exercise of stock options	76	$ 1	75
Exercise of stock options (in shares)		132
Repurchase of common stock	(211)			$ (211)
Repurchase of common stock (in shares)				(53)
Net income	3,793				3,793
Ending Balance at May. 04, 2024	153,550	$ 793	326,214	$ (130,348)	(43,109)
Ending Balance (in shares) at May. 04, 2024		79,298		(21,094)
Beginning Balance at Feb. 03, 2024	148,953	$ 790	325,202	$ (130,137)	(46,902)
Beginning Balance (in shares) at Feb. 03, 2024		79,033		(21,041)
Other comprehensive income, net of taxes	0
Net income	6,176
Ending Balance at Aug. 03, 2024	156,954	$ 793	327,235	$ (130,348)	(40,726)
Ending Balance (in shares) at Aug. 03, 2024		79,329		(21,094)
Beginning Balance at May. 04, 2024	153,550	$ 793	326,214	$ (130,348)	(43,109)
Beginning Balance (in shares) at May. 04, 2024		79,298		(21,094)
Board of directors' compensation	112		112
Board of directors' compensation (in shares)		23
Stock compensation expense	905		905
Exercise of stock options	4		4
Exercise of stock options (in shares)		8
Other comprehensive income, net of taxes	0
Net income	2,383				2,383
Ending Balance at Aug. 03, 2024	$ 156,954	$ 793	$ 327,235	$ (130,348)	$ (40,726)
Ending Balance (in shares) at Aug. 03, 2024		79,329		(21,094)

Fair Value Measurement - Fair Value Measured at Recurring Basis (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, fair value	$ 41,732	$ 32,459
Recurring \| Carrying Value \| U.S. Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	4,031	6,047
Short-term investments, fair value	41,732	32,459
Level 1 \| Recurring \| Fair Value \| U.S. Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	4,032	6,052
Short-term investments, fair value	$ 41,757	$ 32,479

Revenue Recognition - Additional Information (Details1)	Aug. 03, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-05-05
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Cycle of earning and redeeming loyalty points period	1 year

Equity and Earnings per Share (Tables)

6 Months Ended

Aug. 03, 2024

Earnings Per Share [Abstract]

Reconciliation of Number of Shares Outstanding for Basic and Diluted Earnings Per Share

The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share:


	For the three months ended				For the six months ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
(in thousands)
Common stock outstanding:
Basic weighted average common shares outstanding		58,233		61,977		58,135		62,334
Common stock equivalents – stock options, restricted stock units and deferred stock		2,884		3,472		2,900		3,495
Diluted weighted average common shares outstanding		61,117		65,449		61,035		65,829

Potential Common Stock Equivalents Excluded from Computation of Diluted Earnings Per Share


	For the three months ended				For the six months ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
(in thousands, except exercise prices)
Stock options		36		100		36		100
Restricted stock units and deferred stock		350		179		363		24
Range of exercise prices of such options	$4.48-$6.59		$4.48 - $6.59		$4.48 - $6.59		$4.48 - $6.59

Leases

6 Months Ended

Aug. 03, 2024

Leases [Abstract]

Leases

4. Leases

The Company leases all of its store locations and its corporate headquarters, which also includes its distribution center, under operating leases. The store leases typically have initial terms of 5 years to 10 years, with options that usually permit renewal for additional five-year periods. The initial term of the lease for the corporate headquarters is for 20 years, with the opportunity to extend for six additional consecutive periods of five years, beginning in fiscal 2026. The Company also leases certain equipment and other assets under operating leases, typically with initial terms of 3 to 5 years. The Company is generally obligated for the cost of property taxes, insurance and common area maintenance fees relating to its leases, which are considered variable lease costs and are expensed as incurred.

ASC 842 requires the assessment of any lease modification to determine if the modification should be treated as a separate lease and if not, modification accounting would be applied. Lease modification accounting requires the recalculation of the ROU asset, lease liability and lease expense over the respective lease term. As of August 3, 2024, the Company’s operating leases liabilities represent the present value of the remaining future minimum lease payments updated based on concessions and lease modifications.

Lease costs related to store locations are included in cost of goods sold including occupancy costs on the Consolidated Statements of Operations, and expenses and lease costs related to the corporate headquarters and equipment leases are included in selling, general and administrative expenses on the Consolidated Statements of Operations.

The following table is a summary of the Company’s components of net lease cost for the three and six months ended August 3, 2024 and July 29, 2023:


	For the three months ended				For the six months ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
(in thousands)
Operating lease cost	$	12,222	$	11,374	$	23,699	$	22,041
Variable lease costs(1)		3,151		3,293		6,544		6,458
Total lease costs	$	15,373	$	14,667	$	30,243	$	28,499

(1)

Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to leases.

Supplemental cash flow and balance sheet information related to leases as of and for the first six months ended August 3, 2024 and July 29, 2023 was as follows:



(dollars in thousands)	For the Six Months Ended
Cash paid for amounts included in the measurement of lease liabilities:	August 3, 2024			July 29, 2023
Operating cash flows for operating leases (1)	$	25,750		$	24,513
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	43,087		$	23,533

	As of
	August 3, 2024			July 29, 2023
Weighted average remaining lease term	5.4 yrs.			4.4 yrs.
Weighted average discount rate		6.38	%		6.41	%

(1)

The cash paid for the first six months of fiscal 2024 and fiscal 2023 included prepaid rent of $4.3 million and $3.7 million, respectively.


(in thousands)
2024 (remaining)	$	19,434
2025		50,191
2026		38,544
2027		31,806
2028		24,067
Thereafter		46,230
Total minimum lease payments	$	210,272
Less: amount of lease payments representing interest		33,638
Present value of future minimum lease payments	$	176,634
Less: current obligations under leases		35,155
Long-term lease obligations	$	141,479

As of August 3, 2024, the Company had entered into three ten-year store leases that have not yet commenced with aggregated estimated future lease payments of approximately $6.2 million, which are not included in the above table. The leases are expected to commence during the second half of fiscal 2024.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 03, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Long-Term Incentive Plans

6 Months Ended

Aug. 03, 2024

Share-Based Payment Arrangement [Abstract]

Long-Term Incentive Plans

5. Long-Term Incentive Plans

The following is a summary of the Company’s Long-Term Incentive Plan (“LTIP”). All equity awards granted under long-term incentive plans are issued from the Company’s stockholder-approved 2016 Plan. See Note 6, Stock-Based Compensation.

The LTIPs are granted annually and each LTIP covers a three-year performance period. Each participant in the LTIP participates based on that participant’s “Target Cash Value” which is defined as the participant’s annual base salary (on the participant’s effective date) multiplied by his or her LTIP percentage. Under each LTIP, 50% of each participant’s Target Cash Value is subject to time-based vesting and 50% is subject to performance-based vesting. Awards for any achievement of performance targets are not granted until the

performance targets are achieved and then are subject to additional vesting through August 31 following the end of the applicable performance period.

2021-2023 LTIP

The performance targets for the Company’s 2021-2023 LTIP were approved by the Compensation Committee of the Board of Directors (the "Compensation Committee”) on March 8, 2021, and covered a three-year period performance period, which ended on February 3, 2024. The time-vested portion of the 2021-2023 LTIP vests in four annual installments, with the remaining installment vesting on April 1, 2025.

On March 29, 2024, the Compensation Committee approved a grant of awards, effective April 1, 2024, equal to $3.0 million for the achievement of the performance target for the 2021-2023 LTIP. In an effort to preserve share availability under the 2016 Plan, all awards, which are subject to further vesting through August 31, 2024, were granted in cash.

Active LTIPs

At August 3, 2024, the Company had three active LTIPs: the 2022-2024 LTIP, the 2023-2025 LTIP and the 2024-2026 LTIP. The time-based awards under each LTIP were granted in a combination of 50% RSUs and 50% cash.

Performance targets for the 2022-2024 LTIP, the 2023-2025 LTIP and the 2024-2026 LITP were established and approved by the Compensation Committee on April 9, 2022, May 1, 2023 and April 1, 2024, respectively. The performance period for each LTIP is three years. Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to an additional service requirement through August 31, 2025, August 31, 2026 and August 31, 2027, respectively. The time-based awards under the 2022-2024 LTIP, the 2023-2025 LTIP, and the 2024-2026 LTIP vest in four equal installments through April 1, 2026, April 1, 2027 and April 1, 2028, respectively. Assuming that the Company achieves the performance targets at target levels and all time-based awards vest, the compensation expense associated with the 2022-2024 LTIP, 2023-2025 LTIP and 2024-2026 LTIP is estimated to be approximately $4.8 million, $5.1 million and $5.3 million, respectively. Approximately half of the compensation expense for each LTIP relates to the time-based awards, which are being expensed straight-line over 48 months, 47 months and 49 months, respectively.

At August 3, 2024, the Company had accrued $1.6 million under the 2022-2024 LTIP, $0.2 million under the 2023-2025 LTIP and $0.2 million under the 2024-2026 LTIP for the performance awards.

Leases - Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
Leases [Abstract]
2024 (remaining)	$ 19,434
2025	50,191
2026	38,544
2027	31,806
2028	24,067
Thereafter	46,230
Total minimum lease payments	210,272
Less: amount of lease payments representing interest	33,638
Present value of future minimum lease payments	176,634
Less: current obligations under leases	35,155	$ 37,221
Long-term lease obligations	$ 141,479	$ 117,316

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Aug. 03, 2024	May 04, 2024	Jul. 29, 2023	Apr. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,383	$ 3,793	$ 11,633	$ 6,967	$ 6,176	$ 18,600

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stock-Based Compensation (Tables)

6 Months Ended

Aug. 03, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Activity

The following tables summarize the share activity and stock option activity for the first six months of fiscal 2024:


	RSUs (1)			Deferred shares (2)		Performance Share Units (3)		Fully-Vested Shares (4)			Total number of shares			Weighted- average grant-date fair value
Shares
Outstanding non-vested shares at beginning of year		536,285			435,568		573,000		—			1,544,853		$	3.53
Shares granted		383,007			19,901		—		22,234			425,142		$	3.56
Shares vested and/or issued		(129,112	)		—		—		(22,234	)		(151,346	)	$	4.55
Shares expired		—			—		—		—			—		$	—
Shares forfeited		—			—		—		—			—		$	—
Outstanding non-vested shares at end of quarter		790,180			455,469		573,000		—			1,818,649		$	3.45

(1)

(2)

(3)

(4)

Stock Option Activity


	Number of shares			Weighted- average exercise price per option		Weighted- average remaining contractual term		Aggregate intrinsic value (000's)
Stock Options
Outstanding options at beginning of year		3,180,739		$	0.75		—	$	10,962
Options granted		—			—		—		—
Options exercised		(139,667	)	$	0.57		—		409
Options expired		(53,441	)	$	5.29		—		—
Options forfeited		(1,715	)	$	0.75		—		5
Outstanding options at end of quarter		2,985,916		$	0.67	6.1 years		$	8,124
Options exercisable at end of quarter		2,745,724		$	0.66	6.0 years		$	7,491

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Income Statement [Abstract]
Sales	$ 124,820	$ 140,043	$ 240,309	$ 265,485
Cost of goods sold including occupancy costs	64,649	69,664	124,456	134,190
Gross profit	60,171	70,379	115,853	131,295
Expenses:
Selling, general and administrative	53,662	47,446	101,185	95,727
Depreciation and amortization	3,385	3,468	6,663	6,945
Total expenses	57,047	50,914	107,848	102,672
Operating income	3,124	19,465	8,005	28,623
Loss on termination of retirement plans		(4,174)	0	(4,174)
Interest income (expense), net	551	505	1,121	844
Income before provision (benefit) for income taxes	3,675	15,796	9,126	25,293
Provision (benefit) for income taxes	1,292	4,163	2,950	6,693
Net income	$ 2,383	$ 11,633	$ 6,176	$ 18,600
Net income per share - basic	$ 0.04	$ 0.19	$ 0.11	$ 0.3
Net income per share - diluted	$ 0.04	$ 0.18	$ 0.1	$ 0.28
Weighted-average number of common shares outstanding:
Basic	58,233	61,977	58,135	62,334
Diluted	61,117	65,449	61,035	65,829

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Aug. 03, 2024	Aug. 20, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 03, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	DXLG
Entity Registrant Name	DESTINATION XL GROUP, INC.
Entity Central Index Key	0000813298
Current Fiscal Year End Date	--02-01
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,257,724
Entity File Number	01-34219
Entity Tax Identification Number	04-2623104
Entity Address, Address Line One	555 Turnpike Street
Entity Address, City or Town	Canton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02021
City Area Code	781
Local Phone Number	828-9300
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE

Revenue Recognition

6 Months Ended

Aug. 03, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

2. Revenue Recognition

The Company operates as a retailer of big and tall men’s clothing, which includes stores and direct. Revenue is recognized by the operating segment that initiates a customer’s order. Store sales are defined as sales that originate and are fulfilled directly at the store level. Direct sales are defined as sales that originate online, including those initiated online at the store level, on its website or on third-party marketplaces. Generally, all revenues are recognized when control of the promised goods is transferred to customers, in an amount that reflects the consideration in exchange for those goods. Sales tax collected from customers and remitted to taxing authorities is excluded from revenue and is included as part of accrued expenses on the Consolidated Balance Sheets.

Unredeemed Gift Cards, Gift Certificates, and Credit Vouchers. Upon issuance of a gift card, gift certificate, or credit voucher, a liability is established for its cash value. The liability is relieved and net sales are recorded upon redemption by the customer. Based on historical redemption patterns, the Company can reasonably estimate the amount of gift cards, gift certificates, and credit vouchers for which redemption is remote, which is referred to as “breakage.” Breakage is recognized over two years in proportion to historical redemption trends and is recorded as sales in the Consolidated Statements of Operations. The gift card liability, net of breakage, was $2.1 million and $3.2 million at August 3, 2024 and February 3, 2024, respectively.

Unredeemed Loyalty Coupons. The Company offers a free loyalty program to its customers for which points accumulate based on the purchase of merchandise. Under ASC 606, Revenue from Contracts with Customers, these loyalty points provide the customer with a material right and a distinct performance obligation with revenue deferred and recognized when the points are expected to be redeemed or expire. The cycle of earning and redeeming loyalty points is generally under one year in duration. The loyalty accrual, net of breakage, was $1.1 million and $1.7 million at August 3, 2024 and February 3, 2024, respectively.

Shipping. Shipping and handling costs are accounted for as fulfillment costs and are included in cost of sales for all periods presented. Amounts related to shipping and handling that are billed to customers are recorded in sales, and the related costs are recorded in cost of goods sold, including occupancy costs, in the Consolidated Statements of Operations.

Disaggregation of Revenue

As noted above under Segment Information in Note 1, the Company’s business consists of one reportable segment, its retail segment. Substantially all of the Company’s revenue is generated from its stores and direct businesses. Accordingly, the Company has determined that the following sales channels depict the nature, amount, timing, and uncertainty of how revenue and cash flows are affected by economic factors:


	For the Three Months Ended						For the Six Months Ended
(in thousands)	August 3, 2024			July 29, 2023			August 3, 2024				July 29, 2023
Store sales	$	87,845	70.4%	$	97,445	69.6%	$	168,693	70.2	%	$	184,742	69.6	%
Direct sales		36,975	29.6%		42,598	30.4%		71,616	29.8	%		80,743	30.4	%
Total sales	$	124,820		$	140,043		$	240,309			$	265,485

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Aug. 03, 2024	Feb. 03, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	79,329,785	79,033,378
Treasury stock, shares	21,094,463	21,041,661

Equity and Earnings per Share - Reconciliation of Number of Shares Outstanding for Basic and Diluted Earning Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Common stock outstanding:
Basic weighted average common shares outstanding	58,233	61,977	58,135	62,334
Common stock equivalents - stock options, restricted stock units and deferred stock	2,884	3,472	2,900	3,495
Diluted weighted average common shares outstanding	61,117	65,449	61,035	65,829

Equity and Earnings per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Deferred Stock
Earnings Per Share [Line Items]
Shares excluded from computation of basic and diluted earnings per share			455,469	435,568
Stock Options
Earnings Per Share [Line Items]
Shares excluded from computation of basic and diluted earnings per share	36,000	100,000	36,000	100,000
Stock Options \| Minimum
Earnings Per Share [Line Items]
Share-based compensation arrangement, expiration date			Nov. 10, 2024
Stock Options \| Maximum
Earnings Per Share [Line Items]
Share-based compensation arrangement, expiration date			Mar. 20, 2033
Performance Stock Units
Earnings Per Share [Line Items]
Shares excluded from computation of basic and diluted earnings per share	573,000		573,000

Revenue Recognition (Tables)

6 Months Ended

Aug. 03, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	For the Three Months Ended						For the Six Months Ended
(in thousands)	August 3, 2024			July 29, 2023			August 3, 2024				July 29, 2023
Store sales	$	87,845	70.4%	$	97,445	69.6%	$	168,693	70.2	%	$	184,742	69.6	%
Direct sales		36,975	29.6%		42,598	30.4%		71,616	29.8	%		80,743	30.4	%
Total sales	$	124,820		$	140,043		$	240,309			$	265,485