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v3.24.1

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Feb. 02, 2024
Accounting Policies [Abstract] |
Schedule of Allowance for Credit Losses | Changes in the balance of the allowance for credit losses are as follows:
(in thousands) |  | Fiscal 2023 |  |  | Fiscal 2022 |
Beginning balance |  | $ | 728 |  |  | $ | 625 |
Provision |  |  | 89 |  |  |  | 295 |
Write-offs |  |  | (167 | ) |  |  | (192 | )
Ending balance |  | $ | 650 |  |  | $ | 728 |
Summary of Property and Equipment, Net | As of the balance sheet dates, Property and equipment, net consisted of the following:
(in thousands) |  | Asset Lives (years) |  | February 2, 2024 |  |  | January 27, 2023 |
Land |  | — |  | $ | 3,450 |  |  | $ | 3,440 |
Buildings and improvements |  | 15-30 |  |  | 101,232 |  |  |  | 99,545 |
Furniture, fixtures and equipment |  | 3-10 |  |  | 66,373 |  |  |  | 59,992 |
Computer hardware and software |  | 3-10 |  |  | 261,764 |  |  |  | 232,799 |
Leasehold improvements |  | 3-7 |  |  | 12,673 |  |  |  | 12,761 |
Construction in progress |  |  |  |  | 17,706 |  |  |  | 27,235 |
Gross property and equipment |  |  |  |  | 463,198 |  |  |  | 435,772 |
Less: Accumulated depreciation |  |  |  |  | (345,165 | ) |  |  | (308,134 | )
Total property and equipment, net |  |  |  | $ | 118,033 |  |  | $ | 127,638 |
Deferred Revenue Disclosure | The following table summarizes the deferred revenue associated with payments received in advance of the transfer of control to the customer reported in Accrued expenses and other current liabilities in the Consolidated Balance Sheets and amounts recognized through Net revenue for each period presented. The majority of deferred revenue as of February 2, 2024 is expected to be recognized in Net revenue in First Quarter 2024, as products are delivered to customers.
(in thousands) |  | Fiscal 2023 |  |  | Fiscal 2022 |
Deferred revenue beginning of period |  | $ | 7,484 |  |  | $ | 8,560 |
Deferred revenue recognized in period |  |  | (7,270 | ) |  |  | (8,346 | )
Revenue deferred in period |  |  | 4,100 |  |  |  | 7,270 |
Deferred revenue end of period |  | $ | 4,314 |  |  | $ | 7,484 |
Gift Card Reconciliation | The following table provides the reconciliation of the contract liability related to gift cards:
(in thousands) |  | Fiscal 2023 |  |  | Fiscal 2022 |
Balance as of beginning of period |  | $ | 33,029 |  |  | $ | 33,070 |
Gift cards sold |  |  | 66,392 |  |  |  | 65,877 |
Gift cards redeemed |  |  | (60,374 | ) |  |  | (64,637 | )
Gift card breakage |  |  | (3,443 | ) |  |  | (1,281 | )
Balance as of end of period |  | $ | 35,604 |  |  | $ | 33,029 |
Schedule of Other Comprehensive Income (Loss) | Other comprehensive income (loss) encompasses all changes in equity other than those arising from transactions with stockholders and is comprised solely of foreign currency translation adjustments. Our foreign subsidiaries use their foreign currency as their functional currency. Functional currency assets and liabilities are translated into U.S. Dollars using exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates during the period. Resulting translation gains and losses are reported in other comprehensive income (loss), until the substantial liquidation of a subsidiary, at which time accumulated transactions gains or losses are reclassified into net income. During Fiscal 2023, the Company recognized a net gain of $0.4 million of cumulative foreign currency translation adjustments related to the substantial liquidation of Lands’ End Japan. See Note 8, Lands’ End Japan Closure.
|  | Fiscal 2023 |  |  | Fiscal 2022 |  |  | Fiscal 2021 |
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,525, $3,361, and $2,987, respectively) |  | $ | (17,022 | ) |  | $ | (12,642 | ) |  | $ | (11,221 | )
Other comprehensive (loss) income |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments (net of tax of $(348), $1,164, and $374, respectively) |  |  | 1,307 |  |  |  | (4,380 | ) |  |  | (1,421 | )
Reclassification of foreign currency translation gain to income (net of tax of $94, $0, and $0, respectively) |  |  | (354 | ) |  |  | — |  |  |  | — |
Ending balance: Accumulated other comprehensive loss (net of tax of $4,271, $4,525, and $3,361, respectively) |  | $ | (16,069 | ) |  | $ | (17,022 | ) |  | $ | (12,642 | )
Schedule of Components of Basic and Diluted EPS | The following table summarizes the components of basic and diluted EPS:
(in thousands) |  | Fiscal 2023 |  |  | Fiscal 2022 |  |  | Fiscal 2021 |
Net (loss) income |  | $ | (130,684 | ) |  | $ | (12,530 | ) |  | $ | 33,369 |
Basic weighted average shares outstanding |  |  | 31,970 |  |  |  | 33,108 |  |  |  | 32,929 |
Dilutive impact of stock awards |  |  | — |  |  |  | — |  |  |  | 752 |
Diluted weighted average shares outstanding |  | $ | 31,970 |  |  | $ | 33,108 |  |  | $ | 33,681 |
(Loss) earnings per share |  |  |  |  |  |  |  |  |
Basic |  | $ | (4.09 | ) |  | $ | (0.38 | ) |  | $ | 1.01 |
Diluted |  | $ | (4.09 | ) |  | $ | (0.38 | ) |  | $ | 0.99 |
Anti-dilutive shares excluded from diluted earnings (loss) per common share calculation |  |  | 1,021 |  |  |  | 1,186 |  |  |  | 93 |

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