Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Tables)

v3.19.2
Revenue Recognition (Tables)
6 Months Ended
Aug. 03, 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

For the Six Months Ended

    

August 3, 2019

    

August 4, 2018

    

August 3, 2019

    

August 4, 2018

 

Net sales:

    

    

    

    

Men's tailored clothing product

$

332,476

$

356,504

$

675,431

$

712,241

Men's non-tailored clothing product

 

228,761

 

229,105

 

457,743

 

464,711

Women's clothing product

16,964

17,447

36,178

37,029

Other (1)

 

2,699

 

2,732

 

6,327

 

5,451

Total retail clothing product

 

580,900

 

605,788

 

1,175,679

 

1,219,432

Rental services

 

120,329

 

125,095

 

214,069

 

225,322

Alteration services

 

34,916

 

37,031

 

71,059

 

75,452

Retail dry cleaning services (2)

 

 

 

 

2,551

Total alteration and other services

 

34,916

 

37,031

 

71,059

 

78,003

Total retail sales

736,145

767,914

1,460,807

1,522,757

Corporate apparel clothing product

 

53,343

 

55,516

 

110,068

 

118,637

Total net sales

$

789,488

$

823,430

$

1,570,875

$

1,641,394

(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)

    

August 3, 2019

Contract liabilities

$

122,828

$

20,442

$

143,270

Balance at

Increase

Balance at

    

February 3, 2018

    

(Decrease)

    

August 4, 2018

As Adjusted

Contract liabilities

$

141,552

$

21,858

$

163,410

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)