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Revenue Contracts With Customers (Policies) | 6 Months Ended
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Aug. 03, 2019
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | (2) Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 clarifies the principles for recognizing revenue from contracts with customers. The Company adopted the standard during the thirteen weeks ended May 5, 2018 using the modified retrospective method by recognizing the cumulative effect as an adjustment to retained earnings. Revenue Transactions Revenue from store operations is recognized at the point of sale when control of the product is transferred to the customer at such time. Internet sales, through the Company's fivebelow.com e-commerce website, are recognized when the consumer receives the product as control transfers upon delivery. Returns subsequent to the period end are immaterial; accordingly, no reserve has been recorded. Gift card sales to customers are initially recorded as liabilities and recognized as sales upon redemption for merchandise or as breakage revenue in proportion to the pattern of redemption of the gift cards by the customer in net sales. The transaction price for the Company’s sales is based on the item’s stated price. To the extent that the Company charges customers for shipping and handling on e-commerce sales, the Company records such amounts in net sales. Shipping and handling costs, which include fulfillment and shipping costs related to the Company's e-commerce operations, are included in costs of goods sold. The Company has chosen the pronouncement's policy election which allows it to exclude all sales taxes from net sales in the accompanying consolidated statements of operations. Disaggregation of Revenue The following table provides information about disaggregated revenue by groups of products: leisure, fashion and home, and party and snack (in thousands):
| Thirteen Weeks Ended |  | Thirteen Weeks Ended
| August 3, 2019 |  | August 4, 2018
| Amount |  | Percentage of Net Sales |  | Amount |  | Percentage of Net Sales
Leisure | $ | 220,703 |  |  | 52.9 | % |  | $ | 187,279 |  |  | 53.9 | %
Fashion and home | 122,105 |  |  | 29.3 | % |  | 100,255 |  |  | 28.8 | %
Party and snack | 74,592 |  |  | 17.8 | % |  | 60,200 |  |  | 17.3 | %
Total | $ | 417,400 |  |  | 100.0 | % |  | $ | 347,734 |  |  | 100.0 | %
| Twenty-Six Weeks Ended |  | Twenty-Six Weeks Ended
| August 3, 2019 |  | August 4, 2018
| Amount |  | Percentage of Net Sales |  | Amount |  | Percentage of Net Sales
Leisure | $ | 399,023 |  |  | 51.0 | % |  | $ | 332,011 |  |  | 51.5 | %
Fashion and home | 231,953 |  |  | 29.7 | % |  | 191,838 |  |  | 29.8 | %
Party and snack | 151,186 |  |  | 19.3 | % |  | 120,207 |  |  | 18.7 | %
Total | $ | 782,162 |  |  | 100.0 | % |  | $ | 644,056 |  |  | 100.0 | %
Financial Statement Impact of Adopting ASU 2014-09 All of the Company's revenue is recognized from contracts with customers and, therefore, is subject to ASU 2014-09. The Company adopted ASU 2014-09 using a modified retrospective approach during the thirteen weeks ended May 5, 2018 and recognized the cumulative effect as an adjustment by increasing retained earnings by $0.5 million and income taxes payable by $0.1 million, and reducing accrued expenses by $0.7 million and deferred tax asset by $0.1 million. The cumulative adjustment was related to the recognition of gift card breakage.

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- Definition Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18726-107790 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18823-107790 + Details
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