3 unchanged sentences
(In thousands, except share data)
+Added: August 3, 2024
February 3, 2024
−Removed: April 29, 2023
+Added: July 29, 2023
Current Assets:
31 unchanged sentences
(In thousands, except per share data)
−Removed: April 29, 2023
+Added: August 3, 2024
+Added: July 29, 2023
+Added: August 3, 2024
+Added: July 29, 2023
Cost of sales (including buying, distribution
13 unchanged sentences
(In thousands, except per share data)
+Added: Balance at May 4, 2024
+Added: Dividends declared ($ 0.135 per share)
+Added: Employee stock purchase plan purchases
+Added: Stock-based compensation awards
+Added: Stock-based compensation expense
+Added: Balance at August 3, 2024
+Added: Balance at April 29, 2023
+Added: Dividends declared ($ 0.10 per share)
+Added: Employee stock purchase plan purchases
+Added: Stock-based compensation awards
+Added: Stock-based compensation expense
+Added: Balance at July 29, 2023
+Added: Twenty-six Weeks Ended
+Added: (In thousands, except per share data)
Balance at February 3, 2024
5 unchanged sentences
Stock-based compensation expense
−Removed: Balance at May 4, 2024
+Added: Balance at August 3, 2024
Balance at January 28, 2023
5 unchanged sentences
Stock-based compensation expense
−Removed: Balance at April 29, 2023
+Added: Balance at July 29, 2023
See notes to Condensed Consolidated Financial Statements.
2 unchanged sentences
(In thousands)
−Removed: April 29, 2023
+Added: August 3, 2024
+Added: July 29, 2023
Cash Flows From Operating Activities
27 unchanged sentences
Cash paid during period for interest
−Removed: Cash (received)/paid during period for income taxes
+Added: Cash paid during period for income taxes
Capital expenditures incurred but not yet paid
20 unchanged sentences
Note 2 - Acquisition of Rogan Shoes
−Removed: On February 13, 2024, we acquired all of the stock of Rogan Shoes, Incorporated, a privately-held 53-year-old work and family footwear company incorporated in Wisconsin (“Rogan’s”) for a preliminary purchase price of $ 44.6 million, net of $ 2.2 million of cash acquired.
−Removed: The preliminary purchase price was funded entirely with cash on hand and is subject to customary adjustments, and additional consideration of up to $ 5.0 million may be paid by the Company subject to the achievement of three-year performance targets.
+Added: On February 13, 2024, we acquired all of the stock of Rogan Shoes, Incorporated, a privately-held 53-year-old work and family footwear company incorporated in Wisconsin (“Rogan’s”) for an adjusted preliminary purchase pric e of $ 44.8 million , net of $ 2.2 million of cash acquired, of which $ 44.4 million has been paid to date from cash on hand.
+Added: The adjusted preliminary purchase price is subject to customary adjustments.
+Added: Additional consideration of up to $ 5.0 million may be paid by the Company subject to the achievement of three-year performance targets.
At the time of the acquisition, Rogan’s operated 28 store locations in Wisconsin, Minnesota and Illinois.
2 unchanged sentences
Rogan’s results were included in our consolidated financial statements since the acquisition date.
−Removed: Net Sales from our newly acquired Rogan’s operations totaled $ 19.6 million from February 13, 2024 through May 4, 2024.
−Removed: For the thirteen weeks ended May 4, 2024, acquisition-related costs of $ 321,000 were expensed as incurred and were included in Selling, General and Administrative Expenses.
+Added: Net Sales from our newly acquired Rogan’s operations totaled $ 22.0 million in the thirteen weeks ended August 3, 2024 and $ 41.6 million from February 13, 2024 through August 3, 2024.
+Added: For the thirteen and twenty-six weeks ended August 3, 2024, acquisition-related costs of $ 97,000 and $ 418,000 , respectively, were expensed as incurred and were included in Selling, General and Administrative Exp enses.
The following table summarizes the preliminary purchase price and the allocation of the preliminary purchase price to the fair value of the assets acquired and liabilities assumed.
33 unchanged sentences
Thirteen Weeks Ended
−Removed: April 29, 2023
+Added: August 3, 2024
+Added: July 29, 2023
(In thousands, except per share data)
6 unchanged sentences
shares and diluted net income per share
+Added: Twenty-six Weeks Ended
+Added: August 3, 2024
+Added: July 29, 2023
+Added: (In thousands, except per share data)
+Added: Basic Net Income per Share:
+Added: Net income available for basic common shares
+Added: and basic net income per share
+Added: Diluted Net Income per Share:
+Added: Conversion of stock-based compensation
+Added: Net income available for diluted common
+Added: shares and diluted net income per share
The computation of Basic Net Income per Share is based on the weighted average number of common shares outstanding during the period.
The computation of Diluted Net Income per Share is based on the weighted average number of shares outstanding plus the dilutive incremental shares that would be outstanding assuming the vesting of stock-based compensation arrangements involving restricted stock, restricted stock units and performance stock units.
−Removed: No unvested stock-based awards that will be settled in shares were excluded from the computation of Diluted Net Income per Share for the thirteen weeks ended May 4, 2024.
−Removed: During the thirteen weeks ended April 29, 2023 , approximately 1,000 unvested stock-based awards that will be settled in shares were excluded from the computation of Diluted Net Income per Share because the impact would have been anti-dilutive.
+Added: No u nvested stock-based awards that will be settled in shares were excluded from the computation of Diluted Net Income per Share for the thirteen and twenty-six weeks ended August 3, 2024.
+Added: During the thirteen and twenty-six weeks ended July 29, 2023 , approximately 134,000 and 1,000 , respectively, of unvested stock-based awards that will be settled in shares were excluded from the computation of Diluted Net Income per Share because the impact would have been anti-dilutive.
Note 4 - Recently Issued Accounting Pronouncements
16 unchanged sentences
Financial Instruments
−Removed: The following table presents financial instruments that are measured at fair value on a recurring basis at May 4, 2024, February 3, 2024 and April 29, 2023:
+Added: The following table presents financial instruments that are measured at fair value on a recurring basis at August 3, 2024, February 3, 2024 and July 29, 2023:
Fair Value Measurements
(In thousands)
−Removed: As of May 4, 2024
+Added: As of August 3, 2024
Cash equivalents - money market mutual funds
5 unchanged sentences
deferred compensation
−Removed: As of April 29, 2023
+Added: As of July 29, 2023
Cash equivalents - money market mutual funds
3 unchanged sentences
These Marketable Securities are designed to mitigate volatility in our Consolidated Statements of Income associated with our non-qualified deferred compensation plan.
−Removed: As of May 4, 2024, these Marketable Securities were principally invested in equity-based mutual funds, consistent with the allocation in our deferred compensation plan.
+Added: As of August 3, 2024, these Marketable Securities were principally invested in equity-based mutual funds, consistent with the allocation in our deferred compensation plan.
To the extent there is a variation in invested funds compared to the total non-qualified deferred compensation plan liability, such fund variance is managed through a stable value mutual fund.
4 unchanged sentences
(In thousands)
+Added: August 3, 2024
February 3, 2024
−Removed: April 29, 2023
+Added: July 29, 2023
Deferred compensation plan current liabilities
3 unchanged sentences
(In thousands)
−Removed: April 29, 2023
+Added: August 3, 2024
+Added: July 29, 2023
+Added: August 3, 2024
+Added: July 29, 2023
Deferred compensation liabilities
Employer contributions, net
−Removed: Investment earnings (losses)
+Added: Investment earnings
Marketable Securities
−Removed: Mark-to-market (gains) losses (1)
+Added: Mark-to-market gains (1)
Net deferred compensation expense
−Removed: (1) Included in the mark-to-market activity, we recognized unrealized gains of $ 292,000 and $ 299,000 related to equity securities still held at May 4, 2024 and April 29, 2023, respectively.
+Added: (1) Included in the mark-to-market activity related to equity securities still held at quarter-end, we recognized unrealized gains of $ 258,000 and $ 761,000 for the thirteen weeks ended August 3, 2024 and July 29, 2023, respectively, and $ 550,000 and $ 1.1 million for the twenty-six weeks ended August 3, 2024 and July 29, 2023, respectively.
The fair values of Cash and Cash Equivalents, Accounts Receivable, Accounts Payable and Accrued and Other Liabilities approximate their carrying values because of their short-term nature.
6 unchanged sentences
If the Operating Lease Right-of-Use Asset is impaired, we would amortize the remaining right-of-use asset on a straight-line basis over the remaining lease term.
−Removed: No impairment charges were recorded during the thirteen weeks ended May 4, 2024 or the thirteen weeks ended April 29, 2023.
+Added: No impairment charges were recorded during the twenty-six weeks ended August 3, 2024 or the twenty-six weeks ended July 29, 2023 .
Note 6 - Stock-Based Compensation
2 unchanged sentences
Pursuant to the amendment and restatement, the number of shares of our common stock that are available for issuance under the Amended 2017 Plan was increased by 1.8 million additional shares, the term of the plan was extended by an additional ten years from the date of shareholder approval, and certain other design changes were made to the plan.
−Removed: As of May 4, 2024, there were 1,721,139 shares available for issuance under the Amended 2017 Plan, assuming that all outstanding performance stock units where the performance condition has not been satisfied vest at the maximum level of performance.
+Added: As of August 3, 2024, there were 1,698,379 sh ares available for issuance under the Amended 2017 Plan, assuming that all outstanding performance stock units where the performance condition has not been satisfied vest at the maximum level of performance.
Stock-based compensation includes share-settled awards issued pursuant to the Amended 2017 Plan in the form of restricted stock units, performance stock units, and restricted and other stock awards.
Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our Employee Stock Purchase Plan and for cash-settled stock appreciation rights.
−Removed: For the thirteen weeks ended May 4, 2024 and April 29, 2023, stock-based compensation expense was comprised of the following:
+Added: For the thirteen and twenty-six weeks ended August 3, 2024 and July 29, 2023, stock-based compensation expense was comprised of the following:
(In thousands)
−Removed: April 29, 2023
+Added: August 3, 2024
+Added: July 29, 2023
+Added: August 3, 2024
+Added: July 29, 2023
Share-settled equity awards
3 unchanged sentences
Income tax effect at statutory rates
−Removed: Additional income tax benefit on vesting of share-settled awards
−Removed: As of May 4, 2024 , approximately $ 13.5 million of unrecognized compensation expense remained related to our share-settled equity awards.
+Added: Additional income tax expense (benefit) on vesting of share-settled awards
+Added: As of August 3, 2024 , approximately $ 11.3 million of unrecognized compensation expense remained related to our share-settled equity awards.
The cost is expected to be recognized over a weighted average period of approximately 1.6 years.
4 unchanged sentences
Outstanding at February 3, 2024
−Removed: Outstanding at May 4, 2024
−Removed: The total fair value at grant date of restricted stock units and performance stock units that vested during the thirteen weeks ended May 4, 2024 and April 29, 2023 was $ 1.4 million and $ 4.8 million, respectively.
−Removed: The weighted-average grant date fair value of restricted stock units and performance stock units granted during the thirteen weeks ended April 29, 2023 was $ 24.98 .
+Added: Outstanding at August 3, 2024
+Added: The total fair value at grant date of restricted stock units and performance stock units that vested during the twenty-six weeks ended August 3, 2024 and July 29, 2023 was $ 1.4 million and $ 4.8 million, respectively.
+Added: The weighted-average grant date fair value of restricted stock units and performance stock units granted during the twenty-six weeks ended July 29, 2023 was $ 24.98 .
There were 159,954 shares that were not earned because the performance condition for performance stock units granted in Fiscal 2023 was not satisfied.
+Added: The following table summarizes transactions for our restricted stock and other stock awards:
+Added: Average Grant
+Added: Date Fair Value
+Added: Outstanding at February 3, 2024
+Added: Outstanding at August 3, 2024
+Added: No restricted stock or other stock awards vested during the twenty-six weeks ended August 3, 2024 or July 29, 2023.
+Added: The weighted average grant date fair value of restricted stock awards granted during the twenty-six weeks ended July 29, 2023 was $ 21.90 .
Note 7 – Revenue
Disaggregation of Net Sales by Product Category
−Removed: Net Sales and percentage of Net Sales, disaggregated by product category, for the thirteen weeks ended May 4, 2024 and April 29, 2023 were as follows:
+Added: Net Sales and percentage of Net Sales, disaggregated by product category, for the thirteen and twenty-six weeks ended August 3, 2024 and July 29, 2023 were as follows:
(In thousands)
Thirteen Weeks
−Removed: Ended May 4, 2024
+Added: Ended August 3, 2024
Thirteen Weeks
−Removed: Ended April 29, 2023
+Added: Ended July 29, 2023
Non-Athletics:
+Added: (In thousands)
+Added: Twenty-six Weeks
+Added: Ended August 3, 2024
+Added: Twenty-six Weeks
+Added: Ended July 29, 2023
+Added: Non-Athletics:
Accounting Policy and Performance Obligations
23 unchanged sentences
We recognize the related revenue when control has been transferred to the customer (i.e., when the product is picked up by the customer or shipped to the customer).
−Removed: Unearned revenue related to Shoes 2U was not material to our consolidated financial statements at May 4, 2024, February 3, 2024 or April 29, 2023.
+Added: Unearned revenue related to Shoes 2U was not material to our consolidated financial statements at August 3, 2024, February 3, 2024 or July 29, 2023.
Returns and Refunds
2 unchanged sentences
The estimated cost of Merchandise Inventories is recorded as a reduction to Cost of Sales and an increase in Merchandise Inventories.
−Removed: Approximately $ 962,000 of refund liabilities and $ 618,000 of right of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities and Merchandise Inventories, respectively, as of May 4, 2024 and February 3, 2024.
−Removed: Approximately $ 866,000 of refund liabilities and $ 503,000 of rig ht of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities and Merchandise Inventories, respectively, at April 29, 2023.
+Added: Approximately $ 962,000 of refund liabilities and $ 618,000 of right of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities and Merchandise Inventories, respectively, as of August 3, 2024 and February 3, 2024.
+Added: Approximately $ 866,000 of refund liabilities and $ 503,000 of rig ht of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities and Merchandise Inventories, respectively, at July 29, 2023.
Contract Liabilities
2 unchanged sentences
We do not record breakage revenue when escheat liability to relevant jurisdictions exists.
−Removed: At May 4, 2024, February 3, 2024 and April 29, 2023 , approximately $ 2.7 million, $ 2.4 million and $ 2.0 m illion of contract liabilities associated with unredeemed gift cards were recorded in Accrued and Other Liabilities, respectively.
+Added: At August 3, 2024, February 3, 2024 and July 29, 2023 , approximately $ 2.6 million, $ 2.4 million and $ 2.0 m illion of contract liabilities associated with unredeemed gift cards were recorded in Accrued and Other Liabilities, respectively.
We expect the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions within two years.
6 unchanged sentences
We then recognize revenue based on an estimate of when customers redeem rewards, which incorporates an estimate of points expected to expire using historical rates.
−Removed: During the thirteen weeks ended May 4, 2024 and April 29, 2023 , approximately $ 761,000 and $ 1.3 million, respectively, of loyalty rewards were recognized in Net Sales.
−Removed: At May 4, 2024, February 3, 2024 and April 29, 2023 , approximately $ 501,000 , $ 481,000 and $ 884,000 , respectively, of contract liabilities associated with loyalty rewards were recorded in Accrued and Other Liabilities.
+Added: During the thirteen and twenty-six weeks ended August 3, 2024 , approximately $ 790,000 and $ 1.6 million, respectively, of loyalty rewards were recognized in Net Sales.
+Added: During the thirteen and twenty-six weeks ended July 29, 2023 , approximately $ 1.4 million and $ 2.7 million, respectively, of loyalty rewards were recognized in Net Sales.
+Added: At August 3, 2024, February 3, 2024 and July 29, 2023 , approximately $ 574,000 , $ 481,000 and $ 950,000 , respectively, of contract liabilities associated with loyalty rewards were recorded in Accrued and Other Liabilities.
We expect the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions in less than one year.
5 unchanged sentences
The finance lease assets and related current liabilities and noncurrent liabilities were recorded in Other Noncurrent Assets, Accrued and Other Liabilities and Other long-term liabilities, respectively.
−Removed: Leases with terms of twelve months or less are immaterial and are expensed as incurred, and we did not have any leases with related parties as of May 4, 2024.
−Removed: Lease costs, including other related occupancy costs, reported in our Condensed Consolidated Statements of Income were as follows for the thirteen weeks ended May 4, 2024 and April 29, 2023:
+Added: Leases with terms of twelve months or less are immaterial and are expensed as incurred, and we did not have any leases with related parties as of August 3, 2024.
+Added: Lease costs, including other related occupancy costs, reported in our Condensed Consolidated Statements of Income were as follows for the thirteen and twenty-six weeks ended August 3, 2024 and July 29, 2023:
(In thousands)
−Removed: April 29, 2023
+Added: August 3, 2024
+Added: July 29, 2023
+Added: August 3, 2024
+Added: July 29, 2023
Operating lease cost
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.