Stage Stores Earnings 2019-11-02

SSI 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

Comparables ($MM TTM)
Ticker	M Cap	Assets	Liab	Rev	G Profit	Net Inc	EBITDA	EV	G Margin	EV/EBITDA	ROA
VNCE	175	325	257	288	140	1	15	227	49%	15.5	0%
ASNA	152	3,239	2,730	6,317	3,566	-270	182	1,415	56%	7.8	-8%
DXLG	70	424	361	474	208	-12	14	80	44%	5.6	-3%
FRAN	54	368	305	408	151	-28	-4	32	37%	-8.3	-8%
SMRT	40	775	732	1,243	337	-10	20	169	27%	8.3	-1%
SSI	24	1,122	942	1,603	348	-111	-37	322	22%	-8.6	-10%
DEST	18	265	244	363	188	-14	6	42	52%	7.4	-5%
CBK	13	209	197	342	101	-32	-22	11	29%	-0.5	-15%
RTW
DBI

Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 November 2, 2019



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

For the transition period from ______ to ______

Commission File Number 1-14035

Stage Stores, Inc.

(Exact name of registrant as specified in its charter)



Nevada		91-1826900
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

2425 West Loop South		77027
Houston,	Texas	(Zip Code)
(Address of principal executive offices)

(800) 579-2302

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($0.01 par value)	SSI	New York Stock Exchange

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. (Check one):



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 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 4, 2019, there were 28,911,336 shares of the registrant’s common stock outstanding.



TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
			Page No.
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets
		November 2, 2019, February 2, 2019 and November 3, 2018	4
	Condensed Consolidated Statements of Operations and Comprehensive Loss
		Three and Nine Months Ended November 2, 2019 and November 3, 2018	5
	Condensed Consolidated Statements of Cash Flows
		Nine Months Ended November 2, 2019 and November 3, 2018	6
	Condensed Consolidated Statements of Stockholders’ Equity
		Three and Nine Months Ended November 2, 2019 and November 3, 2018	7
	Notes to Condensed Consolidated Financial Statements (Unaudited)		9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		27
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		36
Item 4.	Controls and Procedures		36

PART II OTHER INFORMATION

Item 1.	Legal Proceedings		36
Item 1A.	Risk Factors		37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		38
Item 3.	Defaults Upon Senior Securities		39
Item 4.	Mine Safety Disclosures		39
Item 5.	Other Information		39
Item 6.	Exhibits		39

SIGNATURES			40

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Stage Stores, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except par value)

(Unaudited)




	November 2, 2019			February 2, 2019			November 3, 2018
ASSETS
Cash and cash equivalents	$	26,268		$	15,830		$	25,825
Merchandise inventories, net	581,495			424,555			602,283
Prepaid expenses and other current assets	43,754			52,518			47,181
Total current assets	651,517			492,903			675,289

Property, equipment and leasehold improvements, net of accumulated depreciation of $778,376, $733,366 and $736,014, respectively	181,716			224,803			229,942
Operating lease assets	319,036			—			—
Intangible assets	1,900			2,225			17,135
Other non-current assets, net	19,544			24,230			23,152
Total assets	$	1,173,713		$	744,161		$	945,518

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	176,304		$	106,825		$	190,070
Current portion of debt obligations	5,000			4,812			3,555
Current portion of operating lease liabilities	75,709			—			—
Accrued expenses and other current liabilities	86,767			65,715			80,320
Total current liabilities	343,780			177,352			273,945

Long-term debt obligations	360,123			250,294			345,840
Long-term operating lease liabilities	275,604			—			—
Other long-term liabilities	30,703			61,990			62,809
Total liabilities	1,010,210			489,636			682,594

Commitments and contingencies

Common stock, par value $0.01, 100,000 shares authorized, 34,076, 33,469 and 33,458 shares issued, respectively	341			335			335
Additional paid-in capital	426,606			423,535			422,539
Treasury stock, at cost, 5,175 shares, respectively	(44,444		)	(43,579		)	(43,527		)
Accumulated other comprehensive loss	(6,566		)	(5,857		)	(5,731		)
Accumulated deficit	(212,434		)	(119,909		)	(110,692		)
Total stockholders' equity	163,503			254,525			262,924
Total liabilities and stockholders' equity	$	1,173,713		$	744,161		$	945,518

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

Table of Contents

Stage Stores, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except per share data)

(Unaudited)



	Three Months Ended						Nine Months Ended
	November 2, 2019			November 3, 2018			November 2, 2019			November 3, 2018
Net sales	$	399,302		$	347,100		$	1,094,888		$	1,060,623
Credit income	15,678			13,324			42,774			43,143
Total revenues	414,980			360,424			1,137,662			1,103,766
Cost of sales and related buying, occupancy and distribution expenses	315,494			278,665			888,297			847,213
Selling, general and administrative expenses	111,180			109,774			324,066			327,965
Interest expense	4,070			3,350			12,187			8,253
Loss before income tax	(15,764		)	(31,365		)	(86,888		)	(79,665		)
Income tax expense (benefit)	150			(12		)	450			288
Net loss	$	(15,914	)	$	(31,353	)	$	(87,338	)	$	(79,953	)

Other comprehensive income (loss):
Amortization of employee benefit related costs, net of tax of $0, respectively	$	186		$	85		$	558		$	439
Pension settlement charges, net of tax of $0, respectively	270			411			270			411
Employee benefit related adjustment, net of tax of $0, respectively	(1,537		)	(1,404		)	(1,537		)	(1,404		)
Total other comprehensive loss	(1,081		)	(908		)	(709		)	(554		)
Comprehensive loss	$	(16,995	)	$	(32,261	)	$	(88,047	)	$	(80,507	)

Net loss per share:
Basic	$	(0.55	)	$	(1.11	)	$	(3.04	)	$	(2.85	)
Diluted	$	(0.55	)	$	(1.11	)	$	(3.04	)	$	(2.85	)

Weighted average shares outstanding:
Basic	28,886			28,261			28,706			28,059
Diluted	28,886			28,261			28,706			28,059

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

Table of Contents

Stage Stores, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)



	Nine Months Ended
	November 2, 2019			November 3, 2018
Cash flows from operating activities:
Net loss	$	(87,338	)	$	(79,953	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of long-lived assets	45,144			44,135
Impairment of long-lived assets	11,295			1,070
Gain on retirements of property, equipment and leasehold improvements	(302		)	(505		)
Non-cash operating lease expense	52,617			—
Stock-based compensation expense	2,276			3,854
Dividends charged to compensation expense	21			—
Amortization of debt issuance costs	512			248
Deferred compensation obligation	865			229
Amortization of employee benefit related costs and pension settlement charges	828			850
Construction allowances from landlords	4,833			757
Other changes in operating assets and liabilities:
Increase in merchandise inventories	(156,940		)	(163,906		)
Decrease in other assets	15,111			4,910
Decrease in operating lease liabilities	(56,234		)	—
Increase in accounts payable and other liabilities	90,402			51,394
Net cash used in operating activities	(76,910		)	(136,917		)

Cash flows from investing activities:
Additions to property, equipment and leasehold improvements	(25,145		)	(21,793		)
Proceeds from insurance and disposal of assets	2,887			2,349
Net cash used in investing activities	(22,258		)	(19,444		)

Cash flows from financing activities:
Proceeds from revolving credit facility borrowings	419,397			481,384
Payments of revolving credit facility borrowings	(305,818		)	(338,100		)
Proceeds from long-term debt obligation	—			25,000
Payments of long-term debt obligations	(3,008		)	(2,224		)
Payments of debt issuance costs	(36		)	(358		)
Payments for stock related compensation	(929		)	(424		)
Cash dividends paid	—			(4,342		)
Net cash provided by financing activities	109,606			160,936
Net increase in cash and cash equivalents	10,438			4,575

Cash and cash equivalents:
Beginning of period	15,830			21,250
End of period	$	26,268		$	25,825

Supplemental disclosures including non-cash investing and financing activities:
Interest paid	$	11,652		$	8,097
Income taxes paid (refunded)	$	417		$	(11	)
Unpaid liabilities for capital expenditures	$	3,255		$	3,624

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

Table of Contents

Stage Stores, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except per share amounts)

(Unaudited)



	Common Stock			Additional Paid-in Capital			Treasury Stock					Accumulated Other Comprehensive Loss			Accumulated Deficit
	Shares	Amount		Additional Paid-in Capital			Shares		Amount			Accumulated Other Comprehensive Loss			Accumulated Deficit			Total
Balance at August 3, 2019	34,052	$	341	$	425,033		(5,175	)	$	(43,546	)	$	(5,485	)	$	(196,520	)	$	179,823
Net loss	—	—		—			—		—			—			(15,914		)	(15,914		)
Other comprehensive loss	—	—		—			—		—			(1,081		)	—			(1,081		)
Deferred compensation	—	—		898			—		(898		)	—			—			—
Issuance of equity awards, net	24	—		—			—		—			—			—			—
Tax withholdings paid for net settlement of stock awards	—	—		(16		)	—		—			—			—			(16		)
Stock-based compensation expense	—	—		691			—		—			—			—			691
Balance at November 2, 2019	34,076	$	341	$	426,606		(5,175	)	$	(44,444	)	$	(6,566	)	$	(212,434	)	$	163,503


	Common Stock			Additional Paid-in Capital			Treasury Stock					Accumulated Other Comprehensive Loss			Accumulated Deficit
	Shares	Amount		Additional Paid-in Capital			Shares		Amount			Accumulated Other Comprehensive Loss			Accumulated Deficit			Total
Balance at August 4, 2018	33,418	$	334	$	421,621		(5,175	)	$	(43,388	)	$	(4,823	)	$	(77,909	)	$	295,835
Net loss	—	—		—			—		—			—			(31,353		)	(31,353		)
Other comprehensive loss	—	—		—			—		—			(908		)	—			(908		)
Dividends on common stock, $0.05 per share	—	—		—			—		—			—			(1,430		)	(1,430		)
Deferred compensation	—	—		139			—		(139		)	—			—			—
Issuance of equity awards, net	40	1		(1		)	—		—			—			—			—
Tax withholdings paid for net settlement of stock awards	—	—		(25		)	—		—			—			—			(25		)
Stock-based compensation expense	—	—		805			—		—			—			—			805
Balance at November 3, 2018	33,458	$	335	$	422,539		(5,175	)	$	(43,527	)	$	(5,731	)	$	(110,692	)	$	262,924

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

Table of Contents

Stage Stores, Inc.

Condensed Consolidated Statements of Stockholders’ Equity - continued

(in thousands, except per share amounts)

(Unaudited)



	Common Stock			Additional Paid-in Capital			Treasury Stock					Accumulated Other Comprehensive Loss			Accumulated Deficit
	Shares	Amount		Additional Paid-in Capital			Shares		Amount			Accumulated Other Comprehensive Loss			Accumulated Deficit			Total
Balance at February 2, 2019	33,469	$	335	$	423,535		(5,175	)	$	(43,579	)	$	(5,857	)	$	(119,909	)	$	254,525
Cumulative-effect adjustment ^(a)	—	—		—			—		—			—			(5,208		)	(5,208		)
Net loss	—	—		—			—		—			—			(87,338		)	(87,338		)
Other comprehensive loss	—	—		—			—		—			(709		)	—			(709		)
Deferred compensation	—	—		865			—		(865		)	—			—			—
Issuance of equity awards, net	607	6		(6		)	—		—			—			—			—
Tax withholdings paid for net settlement of stock awards	—	—		(64		)	—		—			—			—			(64		)
Stock-based compensation expense	—	—		2,276			—		—			—			—			2,276
Dividends on forfeited stock awards charged to compensation expense	—	—		—			—		—			—			21			21
Balance at November 2, 2019	34,076	$	341	$	426,606		(5,175	)	$	(44,444	)	$	(6,566	)	$	(212,434	)	$	163,503

^(a) Related to the adoption of the new lease accounting standard. See Note 1 for further disclosures regarding the adoption impact.

	Common Stock			Additional Paid-in Capital			Treasury Stock					Accumulated Other Comprehensive Loss			Accumulated Deficit
	Shares	Amount		Additional Paid-in Capital			Shares		Amount			Accumulated Other Comprehensive Loss			Accumulated Deficit			Total
Balance at February 3, 2018	32,806	$	328	$	418,658		(5,175	)	$	(43,298	)	$	(5,177	)	$	(26,397	)	$	344,114
Net loss	—	—		—			—		—			—			(79,953		)	(79,953		)
Other comprehensive loss	—	—		—			—		—			(554		)	—			(554		)
Dividends on common stock, $0.15 per share	—	—		—			—		—			—			(4,342		)	(4,342		)
Deferred compensation	—	—		229			—		(229		)	—			—			—
Issuance of equity awards, net	652	7		(7		)	—		—			—			—			—
Tax withholdings paid for net settlement of stock awards	—	—		(195		)	—		—			—			—			(195		)
Stock-based compensation expense	—	—		3,854			—		—			—			—			3,854
Balance at November 3, 2018	33,458	$	335	$	422,539		(5,175	)	$	(43,527	)	$	(5,731	)	$	(110,692	)	$	262,924

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

Table of Contents

Stage Stores, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

NOTE 1 - BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements of Stage Stores, Inc. and its subsidiary (“we,” “us” or “our”) have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. Those adjustments that are, in the opinion of management, necessary for a fair presentation of the results of the interim periods have been made. Results of operations for such interim periods are not necessarily indicative of the results of operations for a full year due to seasonality and other factors. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto filed with our Annual Report on Form 10-K for the year ended February 2, 2019 (“Form 10-K”).

We are a retailer of trend-right, moderately priced, name-brand apparel, accessories, cosmetics, footwear and home goods. As of November 2, 2019, we operated in 42 states through 617 BEALLS, GOODY’S, PALAIS ROYAL, PEEBLES and STAGE department stores and 158 GORDMANS off-price stores, as well as an e-commerce website (www.stage.com). Our department stores are predominantly located in small towns and rural communities. Our off-price stores are predominantly located in smaller and mid-sized markets in the Midwest. In September 2019, we announced our plan to convert substantially all of our department stores to off-price beginning in February 2020. By the end of the third quarter of fiscal year 2020, we expect to be operating approximately 700 predominantly small-market, Gordmans stores, offering off-price values and broad assortments of name-brand merchandise in a fun, scarcity driven, treasure hunt experience.

References to a particular year are to our fiscal year, which is the 52- or 53-week period ending on the Saturday closest to January 31st of the following calendar year. For example, a reference to “2019” is a reference to the fiscal year ending February 1, 2020, and “2018” is a reference to the fiscal year ended February 2, 2019. Fiscal years 2019 and 2018 are comprised of 52 weeks. References to the “three months ended November 2, 2019” and “three months ended November 3, 2018” are for the respective 13-week fiscal quarters. References to quarters relate to our fiscal quarters. References to the “nine months ended November 2, 2019” and “nine months ended November 3, 2018” are for the respective 39-week fiscal periods.

Recently Adopted Accounting Pronouncements. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates (“ASU”) 2016-02, Leases (Topic 842), and subsequently issued related ASUs, which were incorporated into Topic 842. Under the new standard, lessees are required to recognize a right-of-use asset and a lease liability, measured on a discounted basis, at the later of the lease commencement date and the date of adoption. The guidance also requires qualitative and quantitative disclosures about the amount, timing and uncertainty of cash flows arising from leases. We adopted the new standard on February 3, 2019, the first day of fiscal 2019.

Transition elections:


•	We elected to apply the effective date transition method as of the February 3, 2019 adoption date. Comparative periods prior to the adoption of the new standard have not been restated and are reported under the legacy guidance in Accounting Standards Codification (“ASC”) Topic 840, Leases.


•	We elected the package of practical expedients in the transition guidance, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs.


•	We elected not to use the practical expedient of using hindsight to determine the lease term and in assessing impairment of the right-of-use assets.

Table of Contents

Accounting policy elections:


•	We elected the short-term lease exemption for leases that have a lease term of twelve months or less. For leases that qualify for the short-term exemption, we will not recognize a right-of-use asset or liability and will recognize those lease expenses on a straight-line basis over the lease term.


•	We elected to not separate lease and non-lease components for all of our current lease classes.

The adoption of the standard resulted in the recognition of operating lease assets and liabilities of $344.2 million and $375.8 million, respectively, as of February 3, 2019. Included in the measurement of the operating lease assets and liabilities is the reclassification of balances historically recorded as deferred rent and deferred rent tenant allowances. We also recognized a cumulative effect charge of $5.2 million, net of tax, to the opening accumulated deficit balance. This adjustment reflects $5.8 million in depreciation of leasehold improvements associated with conforming the asset useful life to the remaining lease life as of the transition date. It also reflects $0.6 million associated with the derecognition of lease obligations that had been classified as finance obligations under the former failed sale-leaseback guidance applied to build-to-suit arrangements. Under the new standard, these leases are classified as operating leases. The adoption of the standard did not have a material impact on our results of operations or cash flows. In addition, our bank covenants under our Credit Facility were not affected by the adoption of the standard. See Note 6 for further disclosures regarding leases.

Recent Accounting Pronouncements Not Yet Adopted. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The new standard will be effective for us in the first quarter of fiscal 2020, with early adoption permitted. The provisions of ASU 2018-13 applicable to us should be applied prospectively. We expect ASU 2018-13 to impact our disclosures by eliminating the disclosure of valuation processes for Level 3 fair value measurements, and adding disclosure of quantitative information, such as the range and weighted average, of significant unobservable inputs used to develop Level 3 fair value measurements.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force), which aligns the requirements for capitalizing implementation costs in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires disclosure of the nature of hosting arrangements that are service contracts. The new standard will be effective for us in the first quarter of fiscal 2020, with early adoption permitted. Upon adoption, we plan to apply the provisions of ASU 2018-15 prospectively. We expect the adoption to result in the recognition of prepaid expenses or other non-current assets that will be expensed over the contract term, whereas prior to adoption, these costs are recognized as long-lived assets and depreciated over the assets’ useful life. We do not expect the adoption to have a material impact on our financial condition, results of operations or cash flows.

Table of Contents

NOTE 2 - FAIR VALUE MEASUREMENTS

We recognize or disclose the fair value of our financial and non-financial assets and liabilities on a recurring and non-recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, we assume the highest and best use of the asset by market participants in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability.

We applied the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:



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

Level 2 –	Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 –	Inputs that are both unobservable and significant to the overall fair value measurement reflect our estimates of assumptions that market participants would use in pricing the asset or liability.

Table of Contents

Financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):



	November 2, 2019
	Balance		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other assets:
Securities held in grantor trust for deferred compensation plans ^(a)(b)	$	15,058	$	15,058	$	—	$	—


	February 2, 2019
	Balance		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other assets:
Securities held in grantor trust for deferred compensation plans ^(a)(b)	$	19,536	$	19,536	$	—	$	—


	November 3, 2018
	Balance		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other assets:
Securities held in grantor trust for deferred compensation plans ^(a)(b)	$	18,969	$	18,969	$	—	$	—

^(a) The liability for the amount due to participants corresponding in value to the securities held in the grantor trust is recorded in other long-term liabilities.

^(b) Using the market approach, the fair values of these securities represent quoted market prices multiplied by the quantities held. Net gains and losses related to the changes in fair value in the assets and liabilities under the various deferred compensation plans are recorded in selling, general and administrative expenses and were nil for the year-to-date November 2, 2019 and November 3, 2018, and for the fiscal year ended February 2, 2019.

Table of Contents

Non-financial assets measured at fair value on a nonrecurring basis were as follows (in thousands):



	November 2, 2019
	Balance		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Store property, equipment and leasehold improvements ^(a)	$	928	$	—	$	—	$	928
Operating lease assets ^(a)	5,419		—		—		5,419
Total assets	$	6,347	$	—	$	—	$	6,347


	February 2, 2019
	Balance		Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Store property, equipment and leasehold improvements ^(a)	$	1,583

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$0.00	29	$24

10-Q	2019-12-12	Quarter: 2019-11-02
10-Q	2019-09-12	Quarter: 2019-08-03
10-Q	2019-06-13	Quarter: 2019-05-04
10-K	2019-04-05	Annual: 2019-02-02
10-Q	2018-12-12	Quarter: 2018-11-03
10-Q	2018-09-13	Quarter: 2018-08-04
10-Q	2018-06-14	Quarter: 2018-05-05
10-K	2018-04-10	Annual: 2018-02-03
10-Q	2017-12-07	Quarter: 2017-10-28
10-Q	2017-09-07	Quarter: 2017-07-29
10-Q	2017-06-08	Quarter: 2017-04-29
10-K	2017-04-04	Annual: 2017-01-28
10-Q	2016-12-08	Quarter: 2016-10-29
10-Q	2016-09-08	Quarter: 2016-07-30
10-Q	2016-06-06	Quarter: 2016-04-30
10-K	2016-03-30	Annual: 2016-01-30
10-Q	2015-12-10	Quarter: 2015-10-31
10-Q	2015-09-10	Quarter: 2015-08-01
10-Q	2015-06-11	Quarter: 2015-05-02
10-K	2015-04-01	Annual: 2015-01-31
10-Q	2014-12-11	Quarter: 2014-11-01
10-Q	2014-09-11	Quarter: 2014-08-02
10-Q	2014-06-10	Quarter: 2014-05-03
10-K	2014-04-02	Annual: 2014-02-01
10-Q	2013-09-12	Quarter: 2013-08-03
10-Q	2013-06-13	Quarter: 2013-05-04
10-K	2013-04-03	Annual: 2013-02-02
10-Q	2012-12-06	Quarter: 2012-10-27
10-Q	2012-09-06	Quarter: 2012-07-28
10-Q	2012-06-07	Quarter: 2012-04-28
10-K	2012-03-28	Annual: 2012-01-28
10-Q	2011-12-07	Quarter: 2011-10-29
10-Q	2011-09-07	Quarter: 2011-07-30
10-Q	2011-06-09	Quarter: 2011-04-30
10-K	2011-03-30	Annual: 2011-01-29
10-Q	2010-12-09	Quarter: 2010-10-30
10-Q	2010-09-08	Quarter: 2010-07-31
10-Q	2010-06-09	Quarter: 2010-05-01
10-K	2010-03-30	Annual: 2010-01-30

8-K	2020-01-13	Regulation FD, Exhibits
8-K	2020-01-13	Other Events, Exhibits
8-K	2019-11-21	Earnings, Exhibits
8-K	2019-11-21	Regulation FD, Exhibits
8-K	2019-11-07	Other Events, Exhibits
8-K	2019-10-03	Other Events, Exhibits
8-K	2019-09-25	Regulation FD, Exhibits
8-K	2019-09-17	Other Events, Exhibits
8-K	2019-08-22	Earnings, Exhibits
8-K	2019-08-08	Other Events, Exhibits
8-K	2019-07-29	Officers
8-K	2019-07-23	Other Events, Exhibits
8-K	2019-06-24	Officers
8-K	2019-06-20	Regulation FD, Exhibits
8-K	2019-05-31	Officers, Shareholder Vote
8-K	2019-05-23	Earnings, Exhibits
8-K	2019-05-09	Other Events, Exhibits
8-K	2019-04-04	Other Events, Exhibits
8-K	2019-03-28	Other Events, Exhibits
8-K	2019-03-07	Earnings, Exhibits
8-K	2019-02-21	Other Events, Exhibits
8-K	2019-02-04	Enter Agreement, Officers, Other Events, Exhibits
8-K	2019-01-28	Regulation FD, Exhibits
8-K	2019-01-14	Other Events, Exhibits
8-K	2019-01-11	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2019-01-02
8-K	2018-11-20	Earnings, Other Events, Exhibits
8-K	2018-11-08	Other Events, Exhibits
8-K	2018-09-04	Officers, Exhibits
8-K	2018-08-23	Earnings, Other Events, Exhibits
8-K	2018-08-09	Other Events, Exhibits
8-K	2018-08-08	Officers, Exhibits
8-K	2018-08-08	Officers
8-K	2018-08-03	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2018-06-07	Shareholder Vote
8-K	2018-06-06	Other Events, Exhibits
8-K	2018-05-10	Other Events, Exhibits
8-K	2018-03-19	Officers, Exhibits
8-K	2018-03-08	Earnings, Exhibits
8-K	2018-02-27	Other Events, Exhibits
8-K	2018-02-22	Other Events, Exhibits
8-K	2018-02-03
8-K	2018-01-08	Other Events, Exhibits
8-K	2018-01-02	Other Events, Exhibits

EX-31.1	ex311q32019.htm
EX-31.2	ex312q32019.htm
EX-32	ex32q32019.htm