Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Tables)

v3.19.2
Revenue Recognition (Tables)
3 Months Ended
May 04, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]  
Schedule of disaggregation of revenue

The following table depicts the disaggregation of revenue by major source (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

 

    

May 4, 2019

    

May 5, 2018

 

Net sales:

 

 

    

 

 

    

 

Men's tailored clothing product

 

$

342,955

 

$

355,737

 

Men's non-tailored clothing product

 

 

228,982

 

 

235,606

 

Women's clothing product

 

 

19,214

 

 

19,582

 

Other (1)

 

 

3,628

 

 

2,719

 

Total retail clothing product

 

 

594,779

 

 

613,644

 

Rental services

 

 

93,740

 

 

100,227

 

Alteration services

 

 

36,143

 

 

38,421

 

Retail dry cleaning services (2)

 

 

 —

 

 

2,551

 

Total alteration and other services

 

 

36,143

 

 

40,972

 

Total retail sales

 

 

724,662

 

 

754,843

 

Corporate apparel clothing product

 

 

56,725

 

 

63,121

 

Total net sales

 

$

781,387

 

$

817,964

 


(1)

Other consists of franchise and licensing revenues and gift card breakage.  Franchise revenues are generally recognized at a point in time while licensing revenues consist primarily of minimum guaranteed royalty amounts recognized over an elapsed time period.

(2)

On March 3, 2018, we completed the divestiture of our MW Cleaners business.  Please see Note 2 for additional information.

 

Schedule of opening and closing balance of contract liabilities

The following table summarizes the opening and closing balances of our contract liabilities (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at

 

Increase

 

Balance at

 

 

    

February 2, 2019

    

(Decrease)

    

May 4, 2019

 

Contract liabilities

 

$

122,828

 

$

43,074

 

$

165,902

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at

 

Increase

 

Balance at

 

 

    

February 3, 2018

    

(Decrease)

    

May 5, 2018

 

 

 

As Adjusted

 

 

 

 

 

 

 

Contract liabilities

 

$

141,552

 

$

46,791

 

$

188,343

 

 

Cumulative adjustment upon ASC 606 adoption (see Note 5)  
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]  
Schedule of cumulative effect of changes in adoption of ASU 606

The following table depicts the cumulative effect of the changes made to our February 3, 2018 balance sheet for the adoption of ASC 606 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported

 

 

 

Adjusted

 

 

 

Balance at

 

Impact of

 

Balance at

 

 

 

February 3,

 

Adoption of

 

February 3,

 

 

    

2018

    

ASC 606

    

2018

 

Assets:

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

$

79,783

 

$

(303)

 

$

 79,480

 

Inventories

 

 

851,931

 

 

(17,837)

 

 

834,094

 

Other current assets

 

 

78,252

 

 

2,753

 

 

81,005

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

Accrued expenses and other current liabilities

 

 

285,537

 

 

32,378

 

 

317,915

 

Deferred taxes, net and other liabilities

 

 

164,191

 

 

(11,941)

 

 

152,250

 

Equity:

 

 

 

 

 

 

 

 

 

 

Accumulated deficit

 

 

(479,166)

 

 

(35,824)

 

 

(514,990)