10-Q 1 spwh-20221029.htm 10-Q 10-Q
0.0830.330.083Q30.0830.330.330001132105http://fasb.org/us-gaap/2022#AccountingStandardsUpdate202004Member0.33false0.083--01-280001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-01-302022-10-290001132105us-gaap:TreasuryStockCommonMember2022-01-302022-10-290001132105us-gaap:RestrictedStockMembersrt:DirectorMember2021-08-012021-10-300001132105spwh:CampingMember2021-01-312021-10-300001132105us-gaap:AdditionalPaidInCapitalMember2021-01-312021-10-300001132105us-gaap:PerformanceSharesMember2022-10-290001132105us-gaap:FederalFundsEffectiveSwapRateMemberspwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMember2022-01-302022-10-290001132105spwh:LoyaltyRewardProgramMember2022-10-290001132105us-gaap:PerformanceSharesMember2021-01-300001132105spwh:CampingMember2022-01-302022-10-290001132105us-gaap:AdditionalPaidInCapitalMember2021-10-300001132105spwh:HuntingAndShootingMember2021-01-312021-10-300001132105us-gaap:AdditionalPaidInCapitalMember2022-01-290001132105us-gaap:EmployeeStockMember2022-10-290001132105spwh:EmployeesMemberus-gaap:PerformanceSharesMember2022-07-312022-10-290001132105us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-312021-10-300001132105us-gaap:LeaseholdImprovementsMember2022-10-2900011321052022-01-302022-10-290001132105spwh:CampingMember2021-08-012021-10-300001132105us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-01-290001132105spwh:FootwearMember2022-01-302022-10-290001132105us-gaap:ConstructionInProgressMember2022-10-290001132105spwh:GiftCardMember2022-01-290001132105us-gaap:CommonStockMember2022-07-312022-10-290001132105us-gaap:RestrictedStockUnitsRSUMember2021-01-300001132105us-gaap:RetainedEarningsMember2021-01-312021-10-300001132105spwh:FishingMember2021-01-312021-10-300001132105us-gaap:EmployeeStockMember2022-07-312022-10-290001132105spwh:ClothingMember2022-07-312022-10-290001132105spwh:FootwearMember2021-01-312021-10-300001132105us-gaap:CommonStockMember2022-01-302022-10-290001132105spwh:FishingMember2022-01-302022-10-290001132105us-gaap:RestrictedStockUnitsRSUMember2022-01-302022-10-290001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMemberus-gaap:InterestRateFloorMember2022-10-290001132105us-gaap:PerformanceSharesMember2021-10-300001132105us-gaap:CommonStockMember2022-07-3000011321052022-03-240001132105us-gaap:AdditionalPaidInCapitalMember2021-07-310001132105us-gaap:EmployeeStockMemberspwh:TwoThousandNineteenPerformanceIncentivePlanMember2022-10-290001132105spwh:ClothingMember2021-08-012021-10-300001132105us-gaap:PerformanceSharesMember2021-01-312021-10-300001132105us-gaap:AdditionalPaidInCapitalMember2022-07-300001132105spwh:EmployeesMemberus-gaap:PerformanceSharesMember2022-01-302022-10-290001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMember2022-07-312022-10-290001132105us-gaap:RestrictedStockUnitsRSUMember2022-10-2900011321052022-05-272022-05-270001132105us-gaap:RestrictedStockMemberspwh:EmployeesAndDirectorsMember2022-01-302022-10-290001132105us-gaap:CommonStockMember2022-01-290001132105us-gaap:LeaseholdImprovementsMember2022-01-290001132105us-gaap:RestrictedStockMemberspwh:EmployeesMember2021-01-312021-10-300001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:BaseRateMember2022-01-302022-10-290001132105spwh:HuntingAndShootingMember2021-08-012021-10-300001132105us-gaap:RestrictedStockMemberspwh:EmployeesMember2022-01-302022-10-2900011321052022-10-290001132105spwh:FishingMember2021-08-012021-10-300001132105us-gaap:TreasuryStockCommonMember2022-07-312022-10-290001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMember2021-08-012021-10-300001132105us-gaap:RetainedEarningsMember2021-10-300001132105us-gaap:FurnitureAndFixturesMember2022-01-290001132105us-gaap:AdditionalPaidInCapitalMember2022-01-302022-10-290001132105spwh:ClothingMember2022-01-302022-10-290001132105us-gaap:SubsequentEventMember2022-12-080001132105us-gaap:PerformanceSharesMember2022-01-302022-10-290001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMember2022-10-290001132105spwh:FootwearMember2022-07-312022-10-2900011321052021-07-310001132105us-gaap:RestrictedStockMembersrt:DirectorMember2022-07-312022-10-290001132105us-gaap:CommonStockMember2021-10-3000011321052021-01-300001132105us-gaap:RetainedEarningsMember2021-08-012021-10-300001132105us-gaap:PerformanceSharesMember2022-01-290001132105spwh:OpticsElectronicsAccessoriesAndOtherMember2022-01-302022-10-290001132105us-gaap:TreasuryStockCommonMember2022-07-300001132105spwh:ClothingMember2021-01-312021-10-300001132105us-gaap:AdditionalPaidInCapitalMember2022-07-312022-10-290001132105spwh:FootwearMember2021-08-012021-10-300001132105us-gaap:AdditionalPaidInCapitalMember2021-01-300001132105us-gaap:RetainedEarningsMember2022-10-290001132105us-gaap:CommonStockMember2021-01-3000011321052021-08-012021-10-300001132105spwh:HuntingAndShootingMember2022-07-312022-10-290001132105us-gaap:RestrictedStockUnitsRSUMember2022-01-2900011321052022-07-312022-10-290001132105us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-302022-10-290001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMembersrt:MaximumMember2022-01-302022-10-290001132105spwh:LoyaltyRewardProgramMember2022-01-290001132105us-gaap:RetainedEarningsMember2022-07-312022-10-290001132105us-gaap:RestrictedStockUnitsRSUMember2021-01-312021-10-300001132105us-gaap:AdditionalPaidInCapitalMember2022-10-290001132105spwh:OpticsElectronicsAccessoriesAndOtherMember2021-08-012021-10-300001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMember2021-01-312021-10-300001132105us-gaap:CommonStockMember2021-01-312021-10-300001132105us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-312022-10-290001132105us-gaap:CommonStockMember2021-07-3100011321052021-01-312021-10-300001132105us-gaap:ConstructionInProgressMember2022-01-290001132105us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-08-012021-10-300001132105spwh:GiftCardMember2022-10-290001132105spwh:WellsFargoStandByLettersOfCreditMember2022-10-290001132105spwh:OpticsElectronicsAccessoriesAndOtherMember2022-07-312022-10-290001132105us-gaap:RestrictedStockMemberspwh:EmployeesAndDirectorsMember2022-07-312022-10-290001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMember2022-05-270001132105spwh:CampingMember2022-07-312022-10-2900011321052021-10-300001132105spwh:FishingMember2022-07-312022-10-290001132105us-gaap:RetainedEarningsMember2021-01-3000011321052022-12-080001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMembersrt:MinimumMember2022-01-302022-10-290001132105us-gaap:RetainedEarningsMember2022-01-290001132105us-gaap:RestrictedStockUnitsRSUMember2021-10-300001132105us-gaap:RestrictedStockMembersrt:DirectorMember2021-01-312021-10-300001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMember2022-01-302022-10-2900011321052022-01-290001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMembersrt:MaximumMemberus-gaap:BaseRateMember2022-01-302022-10-290001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-01-302022-10-290001132105us-gaap:CommonStockMember2022-10-290001132105us-gaap:AdditionalPaidInCapitalMember2021-08-012021-10-3000011321052022-07-300001132105us-gaap:RestrictedStockMemberspwh:EmployeesMember2021-08-012021-10-300001132105us-gaap:RetainedEarningsMember2022-07-300001132105us-gaap:FurnitureAndFixturesMember2022-10-290001132105us-gaap:CommonStockMember2021-08-012021-10-300001132105spwh:HuntingAndShootingMember2022-01-302022-10-290001132105spwh:OpticsElectronicsAccessoriesAndOtherMember2021-01-312021-10-300001132105us-gaap:EmployeeStockMember2016-01-300001132105us-gaap:RestrictedStockMemberspwh:EmployeesAndDirectorsMember2021-08-012021-10-3000011321052022-01-302022-07-300001132105us-gaap:RestrictedStockMemberspwh:EmployeesAndDirectorsMember2021-01-312021-10-300001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMember2022-01-290001132105us-gaap:RestrictedStockMemberspwh:EmployeesMember2022-07-312022-10-290001132105us-gaap:RetainedEarningsMember2021-07-310001132105us-gaap:RestrictedStockMembersrt:DirectorMember2022-01-302022-10-290001132105spwh:WellsFargoSeniorSecuredRevolvingCreditFacilityMembersrt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-01-302022-10-290001132105us-gaap:RetainedEarningsMember2022-01-302022-10-290001132105spwh:EmployeesMemberus-gaap:PerformanceSharesMember2021-08-012021-10-300001132105srt:MaximumMember2022-10-29spwh:Segmentxbrli:pureiso4217:USDxbrli:sharesxbrli:sharesspwh:Storespwh:Stateiso4217:USD

Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 29, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-36401

 

SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

39-1975614

(State or other jurisdiction
of incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

1475 West 9000 South, Suite A, West Jordan, Utah

 

84088

(Address of principal executive offices)

 

(Zip code)

 

Registrant’s telephone number, including area code: (801) 566-6681

 

 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $.01 par value

SPWH

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act:

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

As of December 8, 2022, the registrant had 37,697,436 shares of common stock, $0.01 par value per share, outstanding.

 

 


Table of Contents

SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

 

TABLE OF CONTENTS

 

 

 

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

 

 

Item 1.

Financial Statements (unaudited):

4

 

 

 

 

Condensed Consolidated Balance Sheets

4

 

 

 

 

Condensed Consolidated Statements of Operations

5

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows

8

 

 

 

 

Notes to Condensed Consolidated Financial Statements

9

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

30

 

 

 

Item 4.

Controls and Procedures

30

 

 

 

PART II. OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

32

 

 

 

Item 1A.

Risk Factors

32

 

 

 

Item 6.

Exhibits

35

 

 

 

 

Signatures

36

 

 

 

 

We operate on a fiscal calendar that, in a given fiscal year, consists of the 52- or 53-week period ending on the Saturday closest to January 31st. Our third fiscal quarters ended October 29, 2022 and October 30, 2021 both consisted of 13 weeks and are referred to herein as the third quarter of fiscal year 2022 and the third quarter of fiscal year 2021 respectively. Fiscal year 2022 contains 52 weeks of operations and will end on January 28, 2023. Fiscal year 2021 contained 52 weeks of operations and ended on January 29, 2022.

 


Table of Contents

References throughout this document to “Sportsman’s Warehouse,” “we,” “us,” and “our” refer to Sportsman’s Warehouse Holdings, Inc. and its subsidiaries, and references to “Holdings” refer to Sportsman’s Warehouse Holdings, Inc. excluding its subsidiaries.

 

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q (this “10-Q”) contains statements that constitute forward-looking statements as that term is defined by the Private Securities Litigation Reform Act of 1995. These statements concern our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition, which are subject to risks and uncertainties. All statements other than statements of historical fact included in this 10-Q are forward-looking statements. These statements may include words such as “aim,” “anticipate,” “assume,” “believe,” “can have,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “likely,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “should,” “target,” “will,” “would” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events or trends. For example, all statements we make relating to our plans and objectives for future operations, growth or initiatives and strategies are forward-looking statements.

 

These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. We derive many of our forward-looking statements from our own operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that predicting the impact of known factors is very difficult, and we cannot anticipate all factors that could affect our actual results.

 

All of our forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from our expectations. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to:

 

current and future government regulations, in particular regulations relating to the sale of firearms and ammunition, which may impact the supply and demand for our products and our ability to conduct our business;
our retail-based business model which is impacted by general economic and market conditions and economic, market and financial uncertainties that may cause a decline in consumer spending;
our concentration of stores in the Western United States which makes us susceptible to adverse conditions in this region, and could affect our sales and cause our operating results to suffer;
the highly fragmented and competitive industry in which we operate and the potential for increased competition;
changes in consumer demands, including regional preferences, which we may not be able to identify and respond to in a timely manner;
our entrance into new markets or operations in existing markets, which may not be successful; and
the impact of COVID-19 pandemic on our operations.

 

The above is not a complete list of factors or events that could cause actual results to differ from our expectations, and we cannot predict all of them. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements disclosed under “Part I. Item 1A. Risk Factors,” appearing in our Annual Report on Form 10-K for the fiscal year ended January 29, 2022 and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this 10-Q, as such disclosures may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission, including subsequent Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and public communications. You should evaluate all forward-looking statements made in this 10-Q and otherwise in the context of these risks and uncertainties.

 

2


Table of Contents

Potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on any forward-looking statements we make. These forward-looking statements speak only as of the date of this 10-Q and are not guarantees of future performance or developments and involve known and unknown risks, uncertainties and other factors that are in many cases beyond our control. Except as required by law, we undertake no obligation to update or revise any forward-looking statements publicly, whether as a result of new information, future developments or otherwise.

 

 

3


Table of Contents

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

SPORTSMAN’S WAREHOUSE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Amounts in Thousands, Except Per Share Data

(unaudited)

 

 

 

October 29,

 

 

January 29,

 

 

 

2022

 

 

2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,560

 

 

$

57,018

 

Accounts receivable, net

 

 

1,685

 

 

 

1,937

 

Merchandise inventories

 

 

485,156

 

 

 

386,560

 

Prepaid expenses and other

 

 

19,182

 

 

 

21,955

 

Total current assets

 

 

508,583

 

 

 

467,470

 

Operating lease right of use asset

 

 

267,842

 

 

 

243,047

 

Property and equipment, net

 

 

147,031

 

 

 

128,304

 

Goodwill

 

 

1,496

 

 

 

1,496

 

Definite lived intangibles, net

 

 

404

 

 

 

264

 

Total assets

 

$

925,356

 

 

$

840,581

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

130,119

 

 

$

58,916

 

Accrued expenses

 

 

93,054

 

 

 

109,012

 

Income taxes payable

 

 

4,984

 

 

 

9,500

 

Operating lease liability, current

 

 

43,440

 

 

 

40,924

 

Revolving line of credit

 

 

105,064

 

 

 

66,054

 

Total current liabilities

 

 

376,661

 

 

 

284,406

 

Long-term liabilities:

 

 

 

 

 

 

Deferred income taxes

 

 

4,294

 

 

 

5,779

 

Operating lease liability, noncurrent

 

 

261,095

 

 

 

236,227

 

Total long-term liabilities

 

 

265,389

 

 

 

242,006

 

Total liabilities

 

 

642,050

 

 

 

526,412

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock, $.01 par value; 20,000 shares authorized; 0 shares issued and outstanding

 

 

 

 

 

 

Common stock, $.01 par value; 100,000 shares authorized; 37,697 and 43,880 shares issued and outstanding, respectively

 

 

377

 

 

 

439

 

Additional paid-in capital

 

 

79,169

 

 

 

90,851

 

Accumulated earnings

 

 

203,760

 

 

 

222,879

 

Total stockholders' equity

 

 

283,306

 

 

 

314,169

 

Total liabilities and stockholders' equity

 

$

925,356

 

 

$

840,581

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


Table of Contents

SPORTSMAN'S WAREHOUSE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Amounts in Thousands Except Per Share Data

(unaudited)

 

 

 

Thirteen Weeks Ended

 

 

Thirty-Nine Weeks Ended

 

 

 

October 29,

 

 

October 30,

 

 

October 29,

 

 

October 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net sales

 

$

359,720

 

 

$

401,014

 

 

$

1,020,246

 

 

$

1,089,784

 

Cost of goods sold

 

 

238,898

 

 

 

271,392

 

 

 

682,794

 

 

 

736,061

 

Gross profit

 

 

120,822

 

 

 

129,622

 

 

 

337,452

 

 

 

353,723

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

 

102,322

 

 

 

99,974

 

 

 

295,430

 

 

 

286,263

 

Income from operations

 

 

18,500

 

 

 

29,648

 

 

 

42,022

 

 

 

67,460

 

Interest expense

 

 

1,187

 

 

 

413

 

 

 

2,521

 

 

 

905

 

Income before income taxes

 

 

17,313

 

 

 

29,235

 

 

 

39,501

 

 

 

66,555

 

Income tax expense

 

 

4,436

 

 

 

7,372

 

 

 

10,012

 

 

 

16,519

 

Net income

 

$

12,877

 

 

$

21,863

 

 

$

29,489

 

 

$

50,036

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.34

 

 

$

0.50

 

 

$

0.71

 

 

$

1.14

 

Diluted

 

$

0.33

 

 

$

0.49

 

 

$

0.71

 

 

$

1.13

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

38,414

 

 

 

43,878

 

 

 

41,438

 

 

 

43,809

 

Diluted

 

 

38,681

 

 

 

44,582

 

 

 

41,672

 

 

 

44,471

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


Table of Contents

SPORTSMAN'S WAREHOUSE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Amounts in Thousands

(unaudited)

 

For the Thirteen Weeks Ended October 29, 2022 and October 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated

 

 

Total

 

 

 

 

 

 

 

 

 

Restricted nonvoting

 

 

 

 

 

 

 

 

paid-in-

 

 

(deficit)

 

 

stockholders'

 

 

 

Common Stock

 

 

Common Stock

 

 

Treasury Stock

 

 

capital

 

 

earnings

 

 

equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Amount

 

 

Amount

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at July 31, 2021

 

 

43,831

 

 

$

438

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

89,587

 

 

$

142,582

 

 

$

232,607

 

Payment of withholdings on restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(88

)

 

 

 

 

 

(88

)

Stock based compensation

 

 

48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

194

 

 

 

 

 

 

194

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,863

 

 

 

21,863

 

Balance at October 30, 2021

 

 

43,879

 

 

$

438

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

89,693

 

 

$

164,445

 

 

$

254,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at July 30, 2022

 

 

44,215

 

 

$

442

 

 

 

 

 

$

 

 

 

5,348

 

 

$

(52,057

)

 

$

91,976

 

 

$

239,491

 

 

$

279,852

 

Repurchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,193

 

 

 

(10,354

)

 

 

 

 

 

 

 

 

(10,354

)

Retirement of treasury stock

 

 

(6,541

)

 

 

(65

)

 

 

 

 

 

 

 

 

(6,541

)

 

 

62,411

 

 

 

(13,738

)

 

 

(48,608

)

 

 

 

Vesting of restricted stock units

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment of withholdings on
restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(146

)

 

 

 

 

 

(146

)

Stock based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,077

 

 

 

 

 

 

1,077

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,877

 

 

 

12,877

 

Balance at October 29, 2022

 

 

37,697

 

 

$

377

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

79,169

 

 

$

203,760

 

 

$

283,306

 

 

6


Table of Contents

 

For the Thirty-Nine Weeks Ended October 29, 2022 and October 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated

 

 

Total

 

 

 

 

 

 

 

 

 

Restricted nonvoting

 

 

 

 

 

 

 

 

paid-in-

 

 

(deficit)

 

 

stockholders

 

 

 

Common Stock

 

 

common stock

 

 

Treasury Stock

 

 

capital

 

 

earnings

 

 

equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Amount

 

 

Amount

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 30, 2021

 

 

43,623

 

 

$

436

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

89,815

 

 

$

114,409

 

 

$

204,660

 

Vesting of restricted stock units

 

 

256

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

Payment of withholdings on
restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,356

)

 

 

 

 

 

(2,356

)

Stock based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,236

 

 

 

 

 

 

2,236

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,036

 

 

 

50,036

 

Balance at October 30, 2021

 

 

43,879

 

 

$

438

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

89,693

 

 

$

164,445

 

 

$

254,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 29, 2022

 

 

43,880

 

 

$

439

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

90,851

 

 

$

222,879

 

 

$

314,169

 

Repurchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,541

 

 

 

(62,411

)

 

 

 

 

 

 

 

 

(62,411

)

Retirement of treasury stock

 

 

(6,541

)

 

 

(65

)

 

 

 

 

 

 

 

 

(6,541

)

 

 

62,411

 

 

 

(13,738

)

 

 

(48,608

)

 

 

 

Vesting of restricted stock units

 

 

294

 

 

 

2