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The gift card liability is included in accrued liabilities and other in the consolidated balance sheets. The following table includes activity related to gift cards (in thousands):
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13 Weeks Ended |
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39 Weeks Ended |
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October 31, |
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November 2, |
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October 31, |
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November 2, |
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2020 |
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2019 |
|
2020 |
|
2019 |
Balance at beginning of period |
|
$ |
60,123 |
|
$ |
55,764 |
|
$ |
64,130 |
|
$ |
61,071 |
Issuance of gift cards |
|
|
12,784 |
|
|
11,878 |
|
|
31,095 |
|
|
36,343 |
Revenue recognized (1) |
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|
(12,980) |
|
|
(12,300) |
|
|
(35,199) |
|
|
(41,715) |
Gift card breakage |
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|
(621) |
|
|
(724) |
|
|
(720) |
|
|
(1,081) |
Balance at end of period |
|
$ |
59,306 |
|
$ |
54,618 |
|
$ |
59,306 |
|
$ |
54,618 |
| (1) |
Revenue recognized from the beginning liability during the third quarters of fiscal 2020 and fiscal 2019 totaled $6.5 million and $6.9 million, respectively. Revenue recognized from the beginning liability during the first nine months of fiscal 2020 and fiscal 2019 totaled $16.3 million and $19.4 million, respectively.
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