Financial Analysis

"10. Commitments and Contingencies On February 20, 2026, the U.S. Supreme Court ruled that certain tariffs imposed by the current administration under the International Emergency Economic Powers Act were unlawful. Following this ruling, the U.S. Court of International Trade directed U.S. Customs and Border Protection (""CBP"") to establish a process for the submission and review of refund claims related to affected tariffs. In April 2026, CBP launched an online portal through which companies may submit refund requests. During the first quarter of fiscal 2026, the Company submitted a claim seeking a refund of approximately $ 4.0 million related to tariffs previously paid. The claim is subject to review and validation by CBP, and the approval, timing, and amount of any potential refund and recovery remain uncertain. The Company expects to recognize any recovery when receipt is considered realizable. Tariffs subject to the refund claim were previously recorded as a component of cost of goods sold or capitalized into inventory, as applicable. Upon recognition of any approved refund, the portion attributable to inventory previously sold will be recognized as a reduction of cost of goods sold, with any remaining amount recognized as a reduction of inventory. The scope, duration, and rates of existing and proposed tariff measures, as well as the potential for modifications, suspensions, or retaliatory trade actions, remain uncertain. These actions could impact the Companys operation …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"3. Debt Credit Agreement with Citizens Bank, N.A. The Company has a revolving credit agreement with Citizens Bank, N.A., which was most recently amended in the third quarter of fiscal 2025 (as amended, the ""Credit Facility""). The Credit Facility, which expires August 13, 2030 , provides a revolving commitment of $ 100.0 million. The Credit Facility includes a sublimit of $ 20.0 million for commercial and standby letters of credit and a sublimit of up to $ 10.0 million for swing line loans. The Companys ability to borrow under the Credit Facility is determined using an availability formula based on eligible assets . Borrowings under the Credit Facility bear interest at either a Base Rate (as defined in the Credit Facility) or Daily Simple Secured Overnight Financing Rate (SOFR) rate, at the Company's option. Base Rate loans will bear interest at a rate equal to (i) the greater of: (a) the Prime Rate (as defined in the Credit Facility), (b) the Federal Funds (as defined in the Credit Facility) effective rate plus 0.50 % per annum and (c) the Daily Simple SOFR rate plus 1.00 % per annum (provided the Base Rate shall never be less than the Floor (as defined in the Credit Facility)), plus (ii) a varying percentage, based on the Companys average excess availability, of either 0.25 % or 0.50 % (the Applicab le Margin). Daily Simple SOFR loans will bear interest at a rate equal to (i) the Daily Simple SOFR rate plus an adjustment of 0.10 % (provided the Daily Simple SOFR rate shal …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

As noted above under Segment Information in Note 1, Basis of Presentation , the Companys business consists of one reportable segment. Substantially all of the Companys revenue is generated from its stores and direct businesses. Accordingly, the Company has determined that the following sales channels depict the nature, amount, timing, and uncertainty of how revenue and cash flows are affected by economic factors: For the Three Months Ended (in thousands) May 2, 2026 May 3, 2025 Store sales $ 74,669 72.3 % $ 76,471 72.5 % Direct sales 28,666 27.7 % 29,062 27.5 % Total sales $ 103,335 $ 105,533 …

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6. Stock-Based Compensation The Company has one active stock-based compensation plan: the Second Amended and Restated 2016 Incentive Compensation Plan (the 2016 Plan). A grant of a stock option award or stock appreciation right will reduce the outstanding reserve on a one-for-one basis, meaning one share for every share granted. A grant of a full-value award, including, but not lim ited to, restricted stock, restricted stock units and deferred stock, will reduce the outstanding reserve by a fixed ratio of 1.9 shares for every share granted. At May 2, 2026 , 21,270,538 shares were authorized under the 2016 Plan, of which 3,700,396 shares remained available for grant. The 2016 Plan is administered by the Compensation Committee. The Compensation Committee is authorized to make all determinations with respect to amounts and conditions covering awards. Options are not granted at a price less than fair value on the date of the grant. Except with respect to 5 % of the shares available for awards under the 2016 Plan, no award will become exercisable unless such award has been outstanding for a minimum period of one year from its date of grant. The following tables summarize the share activity and stock option activity for the first three months of fiscal 2026: RSUs (1) Deferred Shares (2) Performance Share Units (3) Fully-Vested Shares (4) Total Number of Shares Weighted- Average Grant-Date Fair Value Shares Outstanding non-vested shares at beginning of year 1,245,002 589,357 573,000 …

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9 . Fair Value Measurement At May 2, 2026 and January 31, 2026, the Company held U.S. treasury bills, which were classified as held-to-maturity and carried at amortized cost. Fair Value (in thousands) Carrying value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At May 2, 2026: Short-term investments 5,078 5,078 At January 31, 2026: Cash and cash equivalents: 11,052 11,056 Short-term investments 5,029 5,039 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

8. Income Taxes The Company's income tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter, the Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision. The Companys deferred tax assets primarily relate to federal and state net operating loss carryforwards. Realization of these assets depends on the generation of future taxable income. During the fourth quarter of fiscal 2025, the Company recorded a full valuation reserve against its net deferred assets. While the Company believed that profitability would return over the long term, the Company was forecasting operating losses in the near term. At May 2, 2026, management continues to conclude that the negative evidence outweighs available positive evidence regarding realizability of its deferred tax assets and that the full valuation allowance should remain against its net deferred tax assets. For the first quarter of fiscal 2026, the Comp anys effective tax rate was ( 1.1 )% as compared to an effective tax rate of 39.7 % , for the first quarter of fiscal 2025. Because of the full valuation allowance against the net deferred tax assets, the effective tax rate for the first quarter of fiscal 2026 primarily reflects a provision for state margin tax, based on gross receipts less certain deductions. The effective tax rate for the first three months of fiscal 2025 reflected the i …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

4. Leases The Company leases all of its store locations and its corporate headquarters, which also includes its distribution center, under operating leases. The store leases typically have initial terms of 5 years to 10 years , with options that usually permit renewal for additional five-year periods. In the second quarter of fiscal 2025, the Company extended the term of its corporate lease from February 1, 2026 to January 31, 2033 , with the opportunity to extend for three additional consecutive periods of five years . In connection with the lease amendment to extend the term of the lease, the landlord provided the Company with an improvement allowance in an amount up to $ 4.7 million, which has been included as an offset to the ROU assets and will be amortized as a reduction to rent expense over the lease term. The Company also leases certain equipment and other assets under operating leases, typically with initial terms of 3 to 5 years . The Company is generally obligated for the cost of property taxes, insurance and common area maintenance fees relating to its leases, which are considered variable lease costs and are expensed as incurred. ASC 842 requires the assessment of any lease modification to determine if the modification should be treated as a separate lease and if not, modification accounting would be applied. Lease modification accounting requires the recalculation of the ROU asset, lease liability and lease expense over the respective lease term. As of May 2, 20 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting Pronouncements - Not Yet Adopted In October 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-06, Disclosure Improvements: Codification Amendment in Response to the SEC s Disclosure Update and Simplification Initiative ( ASU-2023-06) . ASU-2023-06 incorporates several disclosure and presentation requirements currently residing in SEC Regulations S-X and S-K. The amendments will be applied prospectively and will be effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. The ASU is not expected to have a material impact on the Companys Consolidated Financial Statements or related disclosures because the Company is currently subject to the reporting requirements of Regulations S-X and S-K. In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40 ) (""ASU 2024-03""), which will require disclosure, in the notes to financial statements, of specified information about certain costs and expenses, including disclosure of amounts for (a) purchases of inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization, included in each relevant expense caption. I n January 2025, the FASB issued ASU 2025-01 , Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying …

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2. Revenue Recognition The Company operates as a retailer of big + tall mens clothing, which includes stores and direct. Revenue is recognized by the operating segment that initiates a customers order. Store sales are defined as sales that originate and are fulfilled directly at the store level. Direct sales are defined as sales that originate online, including those initiated online at the store level, on its website or on third-party marketplaces. Generally, all revenues are recognized when control of the promised goods is transferred to customers, in an amount that reflects the consideration in exchange for those goods. Sales tax collected from customers and remitted to taxing authorities is excluded from revenue and is included as part of accrued expenses on the Consolidated Balance Sheets. Unredeemed Gift Cards, Gift Certificates, and Credit Vouchers. Upon issuance of a gift card, gift certificate, or credit voucher, a liability is established for its cash value. The liability is relieved and net sales are recorded upon redemption by the customer. Based o n historical redemption patterns, the Company can reasonably estimate the amount of gift cards, gift certificates, and credit vouchers for which redemption is remote, which is referred to as breakage. Breakage is recognized over two years in proportion to historical redemption trends and is recorded as sales in the Consolidated Statements of Operations. The gift card liability, net of breakage, was $ 2.3 million and $ 3 …

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"11. Segment Disclosures The Company sells clothing, footwear and accessories to big + tall men through its stores and direct business, which includes its website, mobile app and certain marketplaces. The Company has identified its stores and its direct business as two separate operating segments. Resources are allocated and performance is assessed by our President and Chief Executive Officer , whom we have determined to be our Chief Operating Decision Maker (the ""CODM""). The CODM evaluates the performance of the Company's operating segments and allocates resources based on sales performance, merchandise margins and 4-wall contribution, a non-GAAP measure. The accounting policies are the same as those described in Note A, Summary of Significant Accounting Policies included in the Company's consolidated financial statements for the year ended January 31, 2026. The Company defines 4-wall contribution, which the CODM considers the performance measure for segment profitability, as segment revenues less cost of goods sold, occupancy costs and selling expenses. We aggregate our two operating segments because they are economically similar. Both segments sell the same merchandise, at the same pricing, and share the same customer base, production, advertising spend and distribution. Our distribution channels are available to our customers regardless of how they initiate their transaction. Through our mobile app or website, a customer can initiate a purchase online and that purchase …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing