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Stockholders' Equity
 3 Months Ended
May 02, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

NOTE 7. STOCKHOLDERS’ EQUITY

 

Share Repurchase Program

 

On March 15, 2024, the Company announced that its Board of Directors authorized the Company to repurchase up to $25.0 million of the Company’s common stock through March 31, 2026 (the “2024 Share Repurchase Program”). Under the 2024 Share

Repurchase Program, the Company may repurchase its common stock through open market purchases, in privately negotiated transactions, or by other means in accordance with federal securities laws, including Rule 10b-18 of the Exchange Act. The amount and timing of purchases will be determined by the Company’s management depending upon market conditions and other factors and may be made pursuant to a Rule 10b5-1 trading plan. The 2024 Share Repurchase Program may be suspended or discontinued at any time. As of May 2, 2025, additional purchases of up to $10.6 million could be made under the 2024 Share Repurchase Program. All repurchases are subject to compliance with the Term Loan Facility which imposes a per fiscal year limitation on share repurchases.

The following table summarizes the Company’s share repurchases for the 13 weeks ended May 2, 2025 and May 3, 2024:

 

 

 

13 Weeks Ended

 

(Shares and $ in thousands except average per share cost)

 

May 2, 2025

 

 

May 3, 2024

 

Number of shares repurchased

 

 

291

 

 

 

85

 

Total cost

 

$

2,771

 

 

$

1,013

 

Average per share cost (1)

 

$

9.54

 

 

$

11.88

 

 

(1)
Average price paid per share excludes broker commissions and excise taxes.

 

The Company retired all shares that were repurchased through the 2024 Share Repurchase Program during the 13 weeks ended May 2, 2025 and May 3, 2024. In accordance with FASB ASC 505—Equity, the par value of the shares retired was charged against Common stock and the remaining purchase price, including any broker commissions and excise taxes paid, was either (i) allocated between Additional paid-in capital and Retained earnings, or (ii) charged directly against Additional paid-in capital. To the extent the shares are repurchased at a price less than that of initial issuance, or to the extent the Company does not have sufficient reserves in Retained earnings at the time of repurchase, the excess of the purchase price over par value is accounted for entirely as a deduction from Additional paid-in capital.