☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
3, 2020.
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
on which registered:
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
PAGE | ||||||
Item 1. | 1 | |||||
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Item 2. | 15 | |||||
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Item 3. | 21 | |||||
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Item 4. | 21 | |||||
PART II. OTHER INFORMATION | ||||||
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Item 1. | 22 | |||||
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Item 1A. | 22 | |||||
Item 2. | 24 | |||||
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Item 3. | 24 | |||||
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Item | 24 | |||||
Item 5. | 24 | |||||
Item 6. | 25 |
Thirteen Weeks Ended | ||||||||
In thousands, except per share amounts | May 5, 2019 | April 29, 2018 | ||||||
Net revenues | $ | 1,241,132 | $ | 1,203,000 | ||||
Cost of goods sold | 796,801 | 770,836 | ||||||
Gross profit | 444,331 | 432,164 | ||||||
Selling, general and administrative expenses | 370,199 | 365,614 | ||||||
Operating income | 74,132 | 66,550 | ||||||
Interest (income) expense, net | 2,253 | 1,201 | ||||||
Earnings before income taxes | 71,879 | 65,349 | ||||||
Income taxes | 19,223 | 20,181 | ||||||
Net earnings | $ | 52,656 | $ | 45,168 | ||||
Basic earnings per share | $ | 0.67 | $ | 0.54 | ||||
Diluted earnings per share | $ | 0.66 | $ | 0.54 | ||||
Shares used in calculation of earnings per share: | ||||||||
Basic | 78,683 | 83,392 | ||||||
Diluted | 79,867 | 84,174 |
Thirteen Weeks Ended | ||||||||
In thousands, except per share amounts | May 3, 2020 | May 5, 2019 | ||||||
Net revenues | $ | 1,235,203 | $ | 1,241,132 | ||||
Cost of goods sold | 820,943 | 796,801 | ||||||
Gross profit | 414,260 | 444,331 | ||||||
Selling, general and administrative expenses | 365,615 | 370,199 | ||||||
Operating income | 48,645 | 74,132 | ||||||
Interest expense, net | 2,159 | 2,253 | ||||||
Earnings before income taxes | 46,486 | 71,879 | ||||||
Income taxes | 11,063 | 19,223 | ||||||
Net earnings | $ | 35,423 | $ | 52,656 | ||||
Basic earnings per share | $ | 0.46 | $ | 0.67 | ||||
Diluted earnings per share | $ | 0.45 | $ | 0.66 | ||||
Shares used in calculation of earnings per share: | ||||||||
Basic | 77,262 | 78,683 | ||||||
Diluted | 78,399 | 79,867 |
Thirteen Weeks Ended | ||||||||
In thousands | May 5, 2019 | April 29, 2018 | ||||||
Net earnings | $ | 52,656 | $ | 45,168 | ||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustments | (3,009 | ) | (1,145 | ) | ||||
Change in fair value of derivative financial instruments, net of tax of $74 and $68 | 204 | 1,123 | ||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax (tax benefit) of $24 and $(3) | (67 | ) | 49 | |||||
Comprehensive income | $ | 49,784 | $ | 45,195 |
Thirteen Weeks Ended | ||||||||
In thousands | May 3, 2020 | May 5, 2019 | ||||||
Net earnings | $ | 35,423 | $ | 52,656 | ||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustments | (5,276 | ) | (3,009 | ) | ||||
Change in fair value of derivative financial instruments, net of tax of $196 and $74 | 549 | 204 | ||||||
Reclassification adjustment for realized (gain) on derivative financial instruments, net of tax of $13 and $24 | (37 | ) | (67 | ) | ||||
Comprehensive income | $ | 30,659 | $ | 49,784 |
In thousands, except per share amounts | May 5, 2019 | February 3, 2019 | April 29, 2018 | |||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 107,683 | $ | 338,954 | $ | 290,244 | ||||||
Accounts receivable, net | 102,195 | 107,102 | 102,630 | |||||||||
Merchandise inventories, net | 1,155,427 | 1,124,992 | 1,052,892 | |||||||||
Prepaid expenses | 98,213 | 101,356 | 56,333 | |||||||||
Other current assets | 22,128 | 21,939 | 21,118 | |||||||||
Total current assets | 1,485,646 | 1,694,343 | 1,523,217 | |||||||||
Property and equipment, net | 916,030 | 929,635 | 926,320 | |||||||||
Operating leaseright-of-use assets | 1,200,972 | — | — | |||||||||
Deferred income taxes, net | 34,215 | 44,055 | 58,842 | |||||||||
Goodwill | 85,357 | 85,382 | 18,811 | |||||||||
Other long-term assets, net | 66,145 | 59,429 | 129,715 | |||||||||
Total assets | $ | 3,788,365 | $ | 2,812,844 | $ | 2,656,905 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ | 385,646 | $ | 526,702 | $ | 393,025 | ||||||
Accrued expenses | 109,169 | 163,559 | 99,823 | |||||||||
Gift card and other deferred revenue | 291,839 | 290,445 | 256,534 | |||||||||
Income taxes payable | 24,384 | 21,461 | 72,036 | |||||||||
Operating lease liabilities | 227,427 | — | — | |||||||||
Other current liabilities | 75,750 | 72,645 | 61,403 | |||||||||
Total current liabilities | 1,114,215 | 1,074,812 | 882,821 | |||||||||
Deferred rent and lease incentives | 30,536 | 201,374 | 204,599 | |||||||||
Long-term debt | 299,670 | 299,620 | 299,472 | |||||||||
Long-term operating lease liabilities | 1,139,625 | — | — | |||||||||
Other long-term liabilities | 82,551 | 81,324 | 72,779 | |||||||||
Total liabilities | 2,666,597 | 1,657,130 | 1,459,671 | |||||||||
Commitments and contingencies – See Note F | ||||||||||||
Stockholders’ equity | ||||||||||||
Preferred stock: $.01 par value; 7,500 shares authorized; none issued | — | — | — | |||||||||
Common stock: $.01 par value; 253,125 shares authorized; 78,808, 78,813 and 83,222 shares issued and outstanding at May 5, 2019, February 3, 2019 and April 29, 2018, respectively | 788 | 789 | 833 | |||||||||
Additionalpaid-in capital | 571,772 | 581,900 | 564,685 | |||||||||
Retained earnings | 564,127 | 584,333 | 638,774 | |||||||||
Accumulated other comprehensive loss | (13,945 | ) | (11,073 | ) | (6,755 | ) | ||||||
Treasury stock, at cost: 14, 2 and 3 shares as of May 5, 2019, February 3, 2019 and April 29, 2018, respectively | (974 | ) | (235 | ) | (303 | ) | ||||||
Total stockholders’ equity | 1,121,768 | 1,155,714 | 1,197,234 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,788,365 | $ | 2,812,844 | $ | 2,656,905 |
In thousands, except per share amounts | May 3, 2020 | | February 2, 2020 | May 5, 2019 | ||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 861,002 | $ | 432,162 | $ | 107,683 | ||||||
Accounts receivable, net | 104,829 | 111,737 | 102,195 | |||||||||
Merchandise inventories, net | 1,070,681 | 1,100,544 | 1,155,427 | |||||||||
Prepaid expenses | 90,433 | 90,426 | 98,213 | |||||||||
Other current assets | 22,099 | 20,766 | 22,128 | |||||||||
Total current assets | 2,149,044 | 1,755,635 | 1,485,646 | |||||||||
Property and equipment, net | 907,219 | 929,038 | 916,030 | |||||||||
Operating lease right-of-use assets | 1,175,402 | 1,166,383 | 1,200,972 | |||||||||
Deferred income taxes, net | 33,320 | 47,977 | 34,215 | |||||||||
Goodwill | 85,335 | 85,343 | 85,357 | |||||||||
Other long-term assets, net | 67,795 | 69,666 | 66,145 | |||||||||
Total assets | $ | 4,418,115 | $ | 4,054,042 | $ | 3,788,365 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ | 423,375 | $ | 521,235 | $ | 385,646 | ||||||
Accrued expenses | 137,495 | 175,003 | 109,169 | |||||||||
Gift card and other deferred revenue | 299,353 | 289,613 | 291,839 | |||||||||
Income taxes payable | 24,049 | 22,501 | 24,384 | |||||||||
Current debt | 487,823 | 299,818 | — | |||||||||
Operating lease liabilities | 224,541 | 227,923 | 227,427 | |||||||||
Other current liabilities | 85,458 | 73,462 | 75,750 | |||||||||
Total current liabilities | 1,682,094 | 1,609,555 | 1,114,215 | |||||||||
Deferred rent and lease incentives | 26,254 | 27,659 | 30,536 | |||||||||
Long-term debt | 299,868 | — | 299,670 | |||||||||
Long-term operating lease liabilities | 1,109,473 | 1,094,579 | 1,139,625 | |||||||||
Other long-term liabilities | 81,497 | 86,389 | 82,551 | |||||||||
Total liabilities | 3,199,186 | 2,818,182 | 2,666,597 | |||||||||
Commitments and contingencies – See Note F | ||||||||||||
Stockholders’ equity | ||||||||||||
Preferred stock: $.01 par value; 7,500 shares authorized; NaN issued | — | — | — | |||||||||
Common stock: $.01 par value; 253,125 shares authorized; 77,759, 77,137 and 78,808 shares issued and outstanding at May 3, 2020, February 2, 2020 and May 5, 2019, respectively | 778 | 772 | 788 | |||||||||
Additional paid-in capital | 596,184 | 605,822 | 571,772 | |||||||||
Retained earnings | 641,917 | 644,794 | 564,127 | |||||||||
Accumulated other comprehensive loss | (19,351 | ) | (14,587 | ) | (13,945 | ) | ||||||
Treasury stock, at cost: 8, 14 and 14 shares as of May 3, 2020, February 2, 2020 and May 5, 2019, respectively | (599 | ) | (941 | ) | (974 | ) | ||||||
Total stockholders’ equity | 1,218,929 | 1,235,860 | 1,121,768 | |||||||||
Total liabilities and stockholders’ equity | $ | 4,418,115 | $ | 4,054,042 | $ | 3,788,365 |
Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||
In thousands | Shares | Amount | ||||||||||||||||||||||||||
Balance at February 3, 2019 | 78,813 | $ | 789 | $ | 581,900 | $ | 584,333 | $ | (11,073 | ) | $ | (235 | ) | $ | 1,155,714 | |||||||||||||
Net earnings | — | — | — | 52,656 | — | — | 52,656 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (3,009 | ) | — | (3,009 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 204 | — | 204 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | — | — | — | — | (67 | ) | — | (67 | ) | |||||||||||||||||||
Conversion/release of stock-based awards1 | 571 | 5 | (25,298 | ) | — | — | (113 | ) | (25,406 | ) | ||||||||||||||||||
Repurchases of common stock | (576 | ) | (6 | ) | (2,874 | ) | (30,010 | ) | — | (958 | ) | (33,848 | ) | |||||||||||||||
Reissuance of treasury stock under stock-based compensation plans1 | — | — | (332 | ) | — | — | 332 | — | ||||||||||||||||||||
Stock-based compensation expense | — | — | 18,376 | — | — | — | 18,376 | |||||||||||||||||||||
Dividends declared | — | — | — | (39,549 | ) | — | — | (39,549 | ) | |||||||||||||||||||
Adoption of accounting pronouncements2 | — | — | — | (3,303 | ) | — | — | (3,303 | ) | |||||||||||||||||||
Balance at May 5, 2019 | 78,808 | $ | 788 | $ | 571,772 | $ | 564,127 | $ | (13,945 | ) | $ | (974 | ) | $ | 1,121,768 | |||||||||||||
Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||
In thousands | Shares | Amount | ||||||||||||||||||||||||||
Balance at January 28, 2018 | 83,726 | $ | 837 | $ | 562,814 | $ | 647,422 | $ | (6,782 | ) | $ | (725 | ) | $ | 1,203,566 | |||||||||||||
Net earnings | — | — | — | 45,168 | — | — | 45,168 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (1,145 | ) | — | (1,145 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 1,123 | — | 1,123 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | — | — | — | — | 49 | — | 49 | |||||||||||||||||||||
Conversion/release of stock-based awards1 | 228 | 3 | (7,213 | ) | — | — | (226 | ) | (7,436 | ) | ||||||||||||||||||
Repurchases of common stock | (732 | ) | (7 | ) | (3,437 | ) | (34,269 | ) | — | — | (37,713 | ) | ||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans1 | — | — | (290 | ) | (358 | ) | — | 648 | — | |||||||||||||||||||
Stock-based compensation expense | — | — | 12,811 | — | — | — | 12,811 | |||||||||||||||||||||
Dividends declared | — | — | — | (36,877 | ) | — | — | (36,877 | ) | |||||||||||||||||||
Adoption of accounting pronouncements3 | — | — | — | 17,688 | — | — | 17,688 | |||||||||||||||||||||
Balance at April 29, 2018 | 83,222 | $ | 833 | $ | 564,685 | $ | 638,774 | $ | (6,755 | ) | $ | (303 | ) | $ | 1,197,234 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||
In thousands | Shares | Amount | ||||||||||||||||||||||||||
Balance at February 2, 2020 | 77,137 | $ | 772 | $ | 605,822 | $ | 644,794 | $ | (14,587 | ) | $ | (941 | ) | $ | 1,235,860 | |||||||||||||
Net earnings | — | — | — | 35,423 | — | — | 35,423 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (5,276 | ) | — | (5,276 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 549 | — | 549 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments, net of tax | — | — | — | — | (37 | ) | — | (37 | ) | |||||||||||||||||||
Conversion/release of stock-based awards 1 | 622 | 6 | (28,747 | ) | — | — | (171 | ) | (28,912 | ) | ||||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 | — | — | (499 | ) | (14 | ) | — | 513 | — | |||||||||||||||||||
Stock-based compensation expense | — | — | 19,608 | — | — | — | 19,608 | |||||||||||||||||||||
Dividends declared | — | — | — | (38,286 | ) | — | — | (38,286 | ) | |||||||||||||||||||
Balance at May 3, 2020 | 77,759 | $ | 778 | $ | 596,184 | $ | 641,917 | $ | (19,351 | ) | $ | (599 | ) | $ | 1,218,929 | |||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||
In thousands | Shares | Amount | ||||||||||||||||||||||||||
Balance at February 3, 2019 | 78,813 | $ | 789 | $ | 581,900 | $ | 584,333 | $ | (11,073 | ) | $ | (235 | ) | $ | 1,155,714 | |||||||||||||
Net earnings | — | — | — | 52,656 | — | — | 52,656 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (3,009 | ) | — | (3,009 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 204 | — | 204 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments, net of tax | — | — | — | — | (67 | ) | — | (67 | ) | |||||||||||||||||||
Conversion/release of stock-based awards 1 | 571 | 5 | (25,298 | ) | — | — | (113 | ) | (25,406 | ) | ||||||||||||||||||
Repurchases of common stock | (576 | ) | (6 | ) | (2,874 | ) | (30,010 | ) | — | (958 | ) | (33,848 | ) | |||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 | — | — | (332 | ) | — | — | 332 | — | ||||||||||||||||||||
Stock-based compensation expense | — | — | 18,376 | — | — | — | 18,376 | |||||||||||||||||||||
Dividends declared | — | — | — | (39,549 | ) | — | — | (39,549 | ) | |||||||||||||||||||
Adoption of accounting pronouncements 2 | — | — | — | (3,303 | ) | — | — | (3,303 | ) | |||||||||||||||||||
Balance at May 5, 2019 | 78,808 | $ | 788 | $ | 571,772 | $ | 564,127 | $ | (13,945 | ) | $ | (974 | ) | $ | 1,121,768 |
1 |
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2 |
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Thirteen Weeks Ended | ||||||||
In thousands | May 5, 2019 | April 29, 2018 | ||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 52,656 | $ | 45,168 | ||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 46,838 | 47,873 | ||||||
(Gain) loss on disposal/impairment of assets | (323 | ) | 414 | |||||
Amortization of deferred lease incentives | (2,306 | ) | (6,724 | ) | ||||
Non-cash lease expense | 51,596 | — | ||||||
Deferred income taxes | (4,126 | ) | (3,241 | ) | ||||
Tax benefit related to stock-based awards | 14,898 | 6,126 | ||||||
Stock-based compensation expense | 18,529 | 12,889 | ||||||
Other | 69 | 64 | ||||||
Changes in: | ||||||||
Accounts receivable | 4,684 | (9,556 | ) | |||||
Merchandise inventories | (31,460 | ) | 2,388 | |||||
Prepaid expenses and other assets | (4,914 | ) | (4,399 | ) | ||||
Accounts payable | (144,399 | ) | (76,823 | ) | ||||
Accrued expenses and other liabilities | (49,196 | ) | (32,047 | ) | ||||
Gift card and other deferred revenue | 1,558 | 4,815 | ||||||
Deferred rent and lease incentives | — | 10,004 | ||||||
Operating lease liabilities | (55,099 | ) | — | |||||
Income taxes payable | 2,915 | 13,818 | ||||||
Net cash (used in) provided by operating activities | (98,080 | ) | 10,769 | |||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (36,148 | ) | (34,029 | ) | ||||
Other | 107 | 120 | ||||||
Net cash used in investing activities | (36,041 | ) | (33,909 | ) | ||||
Cash flows from financing activities: | ||||||||
Repurchases of common stock | (33,848 | ) | (37,713 | ) | ||||
Payment of dividends | (36,868 | ) | (34,081 | ) | ||||
Tax withholdings related to stock-based awards | (25,406 | ) | (7,438 | ) | ||||
Net cash used in financing activities | (96,122 | ) | (79,232 | ) | ||||
Effect of exchange rates on cash and cash equivalents | (1,028 | ) | 2,480 | |||||
Net decrease in cash and cash equivalents | (231,271 | ) | (99,892 | ) | ||||
Cash and cash equivalents at beginning of period | 338,954 | 390,136 | ||||||
Cash and cash equivalents at end of period | $ | 107,683 | $ | 290,244 |
Thirteen Weeks Ended | ||||||||
In thousands | May 3, 2020 | May 5, 2019 | ||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 35,423 | $ | 52,656 | ||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 46,224 | 46,838 | ||||||
(Gain) loss on disposal/impairment of assets | 16,185 | (323 | ) | |||||
Amortization of deferred lease incentives | (1,405 | ) | (2,306 | ) | ||||
Non-cash lease expense | 54,262 | 51,596 | ||||||
Deferred income taxes | (2,585 | ) | (4,126 | ) | ||||
Tax benefit related to stock-based awards | 12,039 | 14,898 | ||||||
Stock-based compensation expense | 19,703 | 18,529 | ||||||
Other | 129 | 69 | ||||||
Changes in: | ||||||||
Accounts receivable | 8,950 | 4,684 | ||||||
Merchandise inventories | 28,513 | (31,460 | ) | |||||
Prepaid expenses and other assets | (215 | ) | (4,914 | ) | ||||
Accounts payable | (92,871 | ) | (144,399 | ) | ||||
Accrued expenses and other liabilities | (29,050 | ) | (49,196 | ) | ||||
Gift card and other deferred revenue | 9,960 | 1,558 | ||||||
Operating lease liabilities | (57,629 | ) | (55,099 | ) | ||||
Income taxes payable | 6,240 | 2,915 | ||||||
Net cash provided by (used in) operating activities | 53,873 | (98,080 | ) | |||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (42,321 | ) | (36,148 | ) | ||||
Other | 242 | 107 | ||||||
Net cash used in investing activities | (42,079 | ) | (36,041 | ) | ||||
Cash flows from financing activities: | ||||||||
Borrowings under revolving line of credit | 487,823 | — | ||||||
Payment of dividends | (39,391 | ) | (36,868 | ) | ||||
Tax withholdings related to stock-based awards | (28,912 | ) | (25,406 | ) | ||||
Repurchases of common stock | — | (33,848 | ) | |||||
Net cash provided by (used in) financing activities | 419,520 | (96,122 | ) | |||||
Effect of exchange rates on cash and cash equivalents | (2,474 | ) | (1,028 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 428,840 | (231,271 | ) | |||||
Cash and cash equivalents at beginning of period | 432,162 | 338,954 | ||||||
Cash and cash equivalents at end of period | $ | 861,002 | $ | 107,683 |
2, 2020.
Reclassifications
Certain amounts reported in Throughout the first quarter, we continued to operate our Condensed Consolidated Balance Sheet as of April 29, 2018 have been reclassified in order
New Accounting Pronouncements
In February 2016,the
goodwill between annual tests, and accordingly, we have not recorded any goodwill impairment charges during the first quarter of fiscal 2020.
During the first quarter of fiscal 2019 and fiscal 2018, we had no borrowings under the revolver. Additionally, as of May 5, 2019, $11,716,000 in issued but undrawn standby letters of credit was outstanding under the credit facility. The standby letters of credit were issued to secure the liabilities associated with workers’ compensation and other insurance programs.
The Based on this Credit Facility Amendment, borrowings under our term loan have been presented as long-term debt in our Condensed Consolidated Balance Sheet as of May 3, 2020. Costs incurred in connection with the issuance of the term loan are presented as a reduction to the carrying value of the debt in our Condensed Consolidated Balance Sheet.
2021.
Shares | ||||
Balance at February | 2,884,194 | |||
Granted 1 | 1,080,400 | |||
Released 2 | (954,419 | ) | ||
Cancelled | ( | ) | ||
| ||||
Balance at May | 2,956,476 | |||
Vested plus expected to vest at May | 2,390,537 |
1 | Excludes 267,000 restricted stock units for which the accounting grant date has not yet been determined and consequently for which no expense has been recognized. These awards reduced the shares available for future grant under the Plan. |
2 | Excludes 170,308 incremental shares released due to achievement of performance conditions above target. |
In thousands, except per share amounts | Net Earnings | Weighted Average Shares | Earnings Per Share | |||||||||
Thirteen weeks ended May 5, 2019 | ||||||||||||
Basic | $ | 52,656 | 78,683 | $ | 0.67 | |||||||
Effect of dilutive stock-based awards | 1,184 | |||||||||||
Diluted | $ | 52,656 | 79,867 | $ | 0.66 | |||||||
Thirteen weeks ended April 29, 2018 | ||||||||||||
Basic | $ | 45,168 | 83,392 | $ | 0.54 | |||||||
Effect of dilutive stock-based awards | 782 | |||||||||||
Diluted | $ | 45,168 | 84,174 | $ | 0.54 |
In thousands, except per share amounts | Net Earnings | Weighted Average Shares | Earnings Per Share | |||||||||
Thirteen weeks ended May 3, 2020 | ||||||||||||
Basic | $ | 35,423 | 77,262 | $ | 0.46 | |||||||
Effect of dilutive stock-based awards | 1,137 | |||||||||||
Diluted | $ | 35,423 | 78,399 | $ | 0.45 | |||||||
Thirteen weeks ended May 5, 2019 | ||||||||||||
Basic | $ | 52,656 | 78,683 | $ | 0.67 | |||||||
Effect of dilutive stock-based awards | 1,184 | |||||||||||
Diluted | $ | 52,656 | 79,867 | $ | 0.66 |
Prior to fiscal 2019, we managede-commerce merchandise strategies, which included the results of Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, Pottery Barn Teen, Williams Sonoma Home, Rejuvenation and Mark and Graham, separately from our retail business. Because these merchandising strategies shared similar economic and other qualitative characteristics, they had been aggregated into thee-commerce reportable segment. Also, prior to fiscal 2019, we managed retail merchandise strategies, which included the results of our retail stores for Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm and Rejuvenation separately from oure-commerce business. Because these merchandising strategies shared similar economic and other qualitative characteristics, they had been aggregated into the retail reportable segment.
Beginning in fiscal 2019, due to the convergence of oure-commerce and retail businesses and to better align with how we manage our omni-channel business, we have combined the results of oure-commerce and retail merchandise strategies at the overall brand level. Each of our brands are operating segments. Because they share similar economic and other qualitative characteristics, we have aggregated our operating segments into a single reportable segment.
Thirteen Weeks Ended | ||||||||
In thousands | May 5, 2019 | April 29, 2018 | ||||||
Pottery Barn | $ | 492,126 | $ | 490,372 | ||||
West Elm | 309,483 | 273,349 | ||||||
Williams Sonoma | 194,894 | 200,977 | ||||||
Pottery Barn Kids and Teen | 177,046 | 180,396 | ||||||
Other1 | 67,583 | 57,906 | ||||||
Total2 | $ | 1,241,132 | $ | 1,203,000 |
Thirteen Weeks Ended | ||||||||
In thousands | May 3, 2020 | May 5, 2019 | ||||||
Pottery Barn | $ | 479,615 | $ | 492,126 | ||||
West Elm | 315,430 | 309,483 | ||||||
Williams Sonoma | 199,302 | 194,894 | ||||||
Pottery Barn Kids and Teen | 188,552 | 177,046 | ||||||
Other 1 | 52,304 | 67,583 | ||||||
Total 2 | $ | 1,235,203 | $ | 1,241,132 |
1 |
|
2 |
|
In thousands | May 5, 2019 | April 29, 2018 | ||||||
U.S. | $ | 2,136,000 | $ | 1,074,177 | ||||
International | 166,719 | 59,511 | ||||||
Total | $ | 2,302,719 | $ | 1,133,688 |
In thousands | May 3, 2020 | May 5, 2019 | ||||||
U.S. | $ | 2,117,469 | $ | 2,136,000 | ||||
International | 151,602 | 166,719 | ||||||
Total | $ | 2,269,071 | $ | 2,302,719 |
During the thirteen weeks ended April 29, 2018, we repurchased 731,930 shares of our common stock at an average cost of $51.53 per share for a total cost of approximately $37,713,000. As of April 29, 2018, there was $481,406,000 remaining under our current stock repurchase program. In addition, as of April 29, 2018, we held treasury stock of $303,000 that represents the cost of shares available for issuance that is intended to satisfy future stock-based award settlements in certain foreign jurisdictions.
In thousands | May 5, 2019 | April 29, 2018 | ||||||
Contracts designated as cash flow hedges | $ | 10,800 | $ | 28,500 | ||||
Contracts not designated as cash flow hedges | $ | — | $ | 52,276 |
In thousands | May 3, 2020 | May 5, 2019 | ||||||
Contracts designated as cash flow hedges | $ | 11,600 | $ | 10,800 | ||||
Contracts not designated as cash flow hedges | $ | — | $ | — |
The effect of derivative instruments in our Condensed Consolidated Financial Statements during the thirteen weeks ended May 3, 2020 and May 5, 2019, and April 29, 2018,
In thousands | May 5, 2019 | April 29, 2018 | ||||||
Net gain (loss) recognized in OCI | $ | 278 | $ | 1,191 |
May 5, 2019 | April 29, 2018 | |||||||||||||||
In thousands | Cost of goods sold | Selling, general and administrative expenses | Cost of goods sold | Selling, general and | ||||||||||||
Line items presented in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded | $ | 796,801 | $ | 370,199 | $ | 770,836 | $ | 365,614 | ||||||||
Gain (loss) recognized in income | ||||||||||||||||
Derivatives designated as cash flow hedges | $ | 108 | $ | — | $ | (52 | ) | $ | (17 | ) | ||||||
Derivatives not designated as hedging instruments | $ | — | $ | (6 | ) | $ | — | $ | 2,760 |
In thousands | May 3, 2020 | May 5, 2019 | ||||||
Net gain recognized in OCI | $ | 745 | $ | 278 |
May 3, 2020 | May 5, 2019 | |||||||||||||||
In thousands | Cost of goods sold | Selling, general and administrative expenses | Cost of goods sold | Selling, general and administrative expenses | ||||||||||||
Line items presented in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded | $ | 820,943 | $ | 365,615 | $ | 796,801 | $ | 370,199 | ||||||||
Gain (loss) recognized in income | ||||||||||||||||
Derivatives designated as cash flow hedges | $ | 50 | $ | — | $ | 108 | $ | — | ||||||||
Derivatives not designated as hedging instruments | $ | — | $ | 2 | $ | — | $ | (6 | ) |
In thousands | May 5, 2019 | April 29, 2018 | ||||||
Derivatives designated as cash flow hedges: | ||||||||
Other current assets | $ | 475 | $ | 460 | ||||
Other long-term assets | $ | — | $ | 79 | ||||
Other current liabilities | $ | — | $ | (51 | ) | |||
Derivatives not designated as hedging instruments: | ||||||||
Other current assets | $ | — | $ | 36 |
In thousands | May 3, 2020 | May 5, 2019 | ||||||
Derivatives designated as cash flow hedges: | ||||||||
Other current assets | $ | 698 | $ | 475 |
Long-term
2019.
In thousands | Foreign Currency Translation | Cash Flow Hedges | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance at February 3, 2019 | $ | (11,259 | ) | $ | 186 | $ | (11,073 | ) | ||||
Foreign currency translation adjustments | (3,009 | ) | — | (3,009 | ) | |||||||
Change in fair value of derivative financial instruments | — | 204 | 204 | |||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments1 | — | (67 | ) | (67 | ) | |||||||
Other comprehensive income (loss) | (3,009 | ) | 137 | (2,872 | ) | |||||||
Balance at May 5, 2019 | $ | (14,268 | ) | $ | 323 | $ | (13,945 | ) | ||||
Balance at January 28, 2018 | $ | (6,227 | ) | $ | (555 | ) | $ | (6,782 | ) | |||
Foreign currency translation adjustments | (1,145 | ) | — | (1,145 | ) | |||||||
Change in fair value of derivative financial instruments | — | 1,123 | 1,123 | |||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments1 | — | 49 | 49 | |||||||||
Other comprehensive income (loss) | (1,145 | ) | 1,172 | 27 | ||||||||
Balance at April 29, 2018 | $ | (7,372 | ) | $ | 617 | $ | (6,755 | ) |
In thousands | Foreign Currency Translation | Cash Flow Hedges | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance at February 2, 2020 | $ | (14,593 | ) | $ | 6 | $ | (14,587 | ) | ||||
Foreign currency translation adjustments | (5,276 | ) | — | (5,276 | ) | |||||||
Change in fair value of derivative financial instruments | — | 549 | 549 | |||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments 1 | — | (37 | ) | (37 | ) | |||||||
Other comprehensive income (loss) | (5,276 | ) | 512 | (4,764 | ) | |||||||
Balance at May 3, 2020 | $ | (19,869 | ) | $ | 518 | $ | (19,351 | ) | ||||
Balance at February 3, 2019 | $ | (11,259 | ) | $ | 186 | $ | (11,073 | ) | ||||
Foreign currency translation adjustments | (3,009 | ) | — | (3,009 | ) | |||||||
Change in fair value of derivative financial instruments | — | 204 | 204 | |||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments 1 | — | (67 | ) | (67 | ) | |||||||
Other comprehensive income (loss) | (3,009 | ) | 137 | (2,872 | ) | |||||||
Balance at May 5, 2019 | $ | (14,268 | ) | $ | 323 | $ | (13,945 | ) |
1 | Refer to Note H for additional disclosures about reclassifications out of accumulated other comprehensive income and their corresponding effects on the respective line items in the Condensed Consolidated Statements of Earnings. |
On December 1, 2017, we acquired Outward, Inc., a3-D imaging and augmented reality platform for the home furnishings and décor industry. Outward’s technology enables applications in product visualization, digital room design and augmented and virtual reality. Of the $112,000,000 contractual purchase price, approximately $80,812,000 was deemed to be purchase consideration, $26,690,000 is payable to former stockholders of Outward over a period of four years from the acquisition date, contingent upon their continued service during that time, and $4,498,000 primarily represents settlement ofpre-existing obligations of Outward with third parties on the acquisition date. Certain key employees of Outward may also collectively earn up to an additional $20,000,000, contingent upon achievement of certain financial performance targets, and subject to their continued service over the performance period. Both of these contingent amounts will be recognized as post-combination compensation expense as they are earned.
The purchase consideration has been allocated based on estimates of the fair value of identifiable assets acquired and liabilities assumed, as set forth in the table below.
In thousands | ||||
Working capital and other assets | $ | 718,000 | ||
Property and equipment, net | 2,049,000 | |||
Intangible assets | 18,300,000 | |||
Liabilities | (6,886,000 | ) | ||
Total identifiable net assets acquired | $ | 14,181,000 | ||
Goodwill | 66,631,000 | |||
Total purchase consideration | $ | 80,812,000 |
Intangible assets acquired primarily represent3-D imaging data and core intellectual property which are being amortized over a useful life of four years. Goodwill is primarily attributable to expected synergies as a result of the acquisition, which include the leverage of acquired technology and talent to drive improved conversion, cost savings and operating efficiencies. None of the goodwill will be deductible for income tax purposes.
Outward is a wholly-owned subsidiary of Williams-Sonoma, Inc. Results of operations for Outward have been included in our Condensed Consolidated Financial Statements from the acquisition date.
NOTE L. REVENUE
NOTE M. LEASES
We lease store locations, distribution and manufacturing facilities, corporate facilities, customer care centers and certain equipment for our U.S. and foreign operations with initial terms generally ranging from 2 to 22 years. We determine whether an arrangement is or contains a lease at inception by evaluating whether an identified asset exists that we control over the term
Upon lease commencement, we recognize the lease liability measured at the present value of the fixed future minimum lease payments. We have elected the practical expedient to not separate lease andnon-lease components. Therefore, lease payments included in the measurement of the lease liability include all fixed payments in the lease arrangement. We record aright-of-use asset for an amount equal to the lease liability, increased for any prepaid lease costs and initial direct costs and reduced by any lease incentives. We remeasure the lease liability andright-of-use asset when a change to our future minimum lease payments occurs. Key assumptions and judgements included in the determination of the lease liability include the discount rate applied to present value the future lease payments, and the exercise of renewal and termination options.
Many of our leases contain renewal options and early termination options. The option periods are generally not included in the lease term used to measure our lease liabilities andright-of-use assets upon commencement as exercise of the options is not reasonably certain. We remeasure the lease liability andright-of-use asset when we are reasonably certain to exercise a renewal or early termination option.
Discount Rate
Our leases do not provide information about the rate implicit in the lease. Therefore, we utilized an incremental borrowing rate to calculate the present value of our future lease obligations. The incremental borrowing rate represents the rate of interest we would have to pay on a collateralized borrowing, for an amount equal to the lease payments, over a similar term and in a similar economic environment.
The components of leases costs for the thirteen weeks ended May 5, 2019 are as follows:
In thousands | ||||
Operating lease costs | $ | 64,968 | ||
Variable lease costs | 4,634 | |||
Total lease costs | $ | 69,602 |
Sublease income and short-term lease costs were not material to us for the thirteen weeks ended May 5, 2019.
Supplemental cash flow information related to our leases for the thirteen weeks ended May 5, 2019 are as follows:
In thousands | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 69,814 | ||
Net additions toright-of-use assets | $ | 18,522 |
Weighted average remaining operating lease term and incremental borrowing rate as of May 5, 2019 are as follows:
| ||||
|
As of May 5, 2019, the future minimum lease payments under our operating lease liabilities are as follows:
In thousands | ||||
Remaining fiscal 2019 | $ | 212,392 | ||
Fiscal 2020 | 254,252 | |||
Fiscal 2021 | 221,022 | |||
Fiscal 2022 | 188,561 | |||
Fiscal 2023 | 158,676 | |||
Fiscal 2024 | 136,186 | |||
Fiscal 2025 and thereafter | 426,080 | |||
Total lease payments | 1,597,169 | |||
Less interest | (230,117 | ) | ||
Total operating lease liability | 1,367,052 | |||
Less current operating lease liability | (227,427 | ) | ||
Totalnon-current operating lease liability | $ | 1,139,625 |
As previously disclosed in our 2018 Annual Report on Form10-K and under the previous lease accounting standard, future minimum lease payments undernon-cancellable operating leases as of February 3, 2019 were as follows:
In thousands | ||||
Fiscal 2019 | $ | 292,387 | ||
Fiscal 2020 | 262,429 | |||
Fiscal 2021 | 225,755 | |||
Fiscal 2022 | 190,263 | |||
Fiscal 2023 | 160,308 | |||
Thereafter | 559,802 | |||
Total | $ | 1,690,944 |
Memphis-Based Distribution Facility
In fiscal 2015, we entered into an agreement with a partnership comprised of the estate of W. Howard Lester, our former Chairman of the Board and Chief Executive Officer, and the estate of James A. McMahan, a former Director Emeritus and significant stockholder and two unrelated parties to lease a distribution facility in Memphis, Tennessee through July 2017. In fiscal 2017, we exercised the first of twoone-year extensions available under the lease to extend the term through July 2018. Subsequently, in fiscal 2017, we amended the lease to further extend the term through July 2020. The amended lease provides for two additionalone-year renewal options. Rental payments under this agreement including applicable taxes, insurance and maintenance expenses were not material to us for the thirteen weeks ended May 5, 2019 or April 29, 2018.
operations, driven by temporary retail store closures.
In the first quarter of fiscal 2019 diluted earnings per share was $0.66 (which included a $0.09 impact fromrelated to certain employment-related expenses primarily associated with severance, and a $0.06 impact related toassociated with acquisition-related compensation expense, amortization of acquired intangibles as well as the operations of Outward, Inc.) versus $0.54 in the first quarter.
Operationallygrow revenue during the first quarter of fiscal 2019, we also made progress across our strategic initiatives of driving growth through cross-brand initiatives and improving
Our cross-brand initiatives continue to build as an important source of revenue growth and customer acquisition. The Key Rewards is onepower of our most valuable assets with total membership having grown significantly sinceomnichannel model, and our organizational agility rooted in a longstanding culture of innovation. We are particularly encouraged to see that our
Anotherthese new ways. A key highlight during the first quarter was the ongoing improvement in customer experience. In technology innovation, we completed the launchpart of our machine-learning search engine across all brandssuccess is our omni services, including Buy Online Pick Up in Store and improvedwe have accelerated our mobile site speed to delivermarket in a fasternumber of digital innovations to enhance the convenience of shopping online. We have also redeployed more resources to digital content creation and are producing more compelling mobile experience. Inlive events to engage and interact with our supply chain, order visibility and operational improvements remain two of our top priorities and, during the first quarter, we successfully completed the migration of our order management and fulfillment capabilities to a new platform, for all brands. We also fully redesigned our order tracking capability to give customers and our internal teams a more accurate and granular view of their orders.
Forin real time.
our Condensed Consolidated Financial Statements and Part II, Item 1A of this Quarterly Report on Form
Thirteen Weeks Ended | ||||||||
Comparable brand revenue growth (decline) | May 5, 2019 | April 29, 2018 | ||||||
Pottery Barn | 1.5 | % | 2.7 | % | ||||
West Elm | 11.8 | % | 9.0 | % | ||||
Williams Sonoma | (1.6 | %) | 5.6 | % | ||||
Pottery Barn Kids and Teen | 1.2 | % | 5.3 | % | ||||
Total1 | 3.5 | % | 5.5 | % |
Thirteen Weeks Ended | ||||||||
Comparable brand revenue growth (decline) | May 3, 2020 | May 5, 2019 | ||||||
Pottery Barn | (1.1 | %) | 1.5 | % | ||||
West Elm | 3.3 | % | 11.8 | % | ||||
Williams Sonoma | 5.4 | % | (1.6 | %) | ||||
Pottery Barn Kids and Teen | 8.5 | % | 1.2 | % | ||||
Total 1 | 2.6 | % | 3.5 | % |
1 | Total comparable brand revenue growth includes the results of Rejuvenation and Mark and Graham. |
Store Count | Average Leased Square Footage Per Store | |||||||||||||||||||||||||||
February 3, 2019 | Openings | Closings | May 5, 2019 | April 29, 2018 | May 5, 2019 | April 29, 2018 | ||||||||||||||||||||||
Williams Sonoma | 220 | 2 | (3 | ) | 219 | 224 | 6,800 | 6,800 | ||||||||||||||||||||
Pottery Barn | 205 | — | — | 205 | 203 | 14,100 | 13,900 | |||||||||||||||||||||
West Elm | 112 | 1 | — | 113 | 108 | 13,100 | 13,000 | |||||||||||||||||||||
Pottery Barn Kids | 78 | — | — | 78 | 84 | 7,500 | 7,400 | |||||||||||||||||||||
Rejuvenation | 10 | — | — | 10 | 8 | 8,500 | 8,800 | |||||||||||||||||||||
Total | 625 | 3 | (3 | ) | 625 | 627 | 10,500 | 10,300 | ||||||||||||||||||||
Store selling square footage atperiod-end |
| 4,094,000 | 4,015,000 | |||||||||||||||||||||||||
Store leased square footage atperiod-end |
| 6,549,000 | 6,441,000 |
Store Count | Average Leased Square Footage Per Store | |||||||||||||||||||||||||||
February 2, 2020 | Openings | Closings | May 3, 2020 1 | May 5, 2019 | May 3, 2020 | May 5, 2019 | ||||||||||||||||||||||
Williams Sonoma | 211 | 1 | — | 212 | 219 | 6,900 | 6,800 | |||||||||||||||||||||
Pottery Barn | 201 | — | — | 201 | 205 | 14,400 | 14,100 | |||||||||||||||||||||
West Elm | 118 | 2 | (1 | ) | 119 | 113 | 13,200 | 13,100 | ||||||||||||||||||||
Pottery Barn Kids | 74 | — | — | 74 | 78 | 7,700 | 7,500 | |||||||||||||||||||||
Rejuvenation | 10 | — | — | 10 | 10 | 8,500 | 8,500 | |||||||||||||||||||||
Total | 614 | 3 | (1 | ) | 616 | 625 | 10,700 | 10,500 | ||||||||||||||||||||
Store selling square footage at period-end | 4,148,000 | 4,094,000 | ||||||||||||||||||||||||||
Store leased square footage at period-end | 6,580,000 | 6,549,000 |
1 | Store counts as of May 3,2020 do not reflect those stores temporarily closed due to COVID-19. |
Thirteen Weeks Ended | ||||||||||||||||
In thousands | May 5, 2019 | % Net Revenues | April 29, 2018 | % Net Revenues | ||||||||||||
Cost of goods sold1 | $ | 796,801 | 64.2 | % | $ | 770,836 | 64.1 | % |
Thirteen Weeks Ended | ||||||||||||||||
In thousands | May 3, 2020 | % Net Revenues | May 5, 2019 | % Net Revenues | ||||||||||||
Cost of goods sold 1 | $ | 820,943 | 66.5 | % | $ | 796,801 | 64.2 | % |
1 | Includes total occupancy expenses of |
2019
from less promotions during the first quarter of fiscal 2020.
Thirteen Weeks Ended | ||||||||||||||||
In thousands | May 5, 2019 | % Net Revenues | April 29, 2018 | % Net Revenues | ||||||||||||
Selling, general and administrative expenses | $ | 370,199 | 29.8 | % | $ | 365,614 | 30.4 | % |
Thirteen Weeks Ended | ||||||||||||||||
In thousands | May 3, 2020 | % Net Revenues | May 5, 2019 | % Net Revenues | ||||||||||||
Selling, general and administrative expenses | $ | 365,615 | 29.6 | % | $ | 370,199 | 29.8 | % |
2019
store asset impairment charges of approximately $15,620,000 due to the impact of
2019.
programs
accounts payable and accrued expenses.
stock repurchases.
2, 2020.
During the first quarter of fiscal 2019, we implemented controls related to the adoption of ASC 842 and the related financial statement reporting.
Total Number of Shares Purchased1 Average Price Paid Per Share Total Number of Shares Purchased as Part of a Publicly Announced Program1 Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program February 4, 2019 – March 3, 2019 March 4, 2019 – March 31, 2019 April 1, 2019 – May 5, 2019 TotalIn March 2019, our Board of Directors authorized an increase in the amount available for repurchase under our existing stock repurchase plan by an additional $500,000,000. The following table provides information as of May 5, 2019 with respect to shares of common stock we repurchased during the first quarter of fiscal 2019. For additional information, please see Note G to our Condensed Consolidated Financial Statements within Part I of this Form10-Q.Fiscal period 156,930 $ 55.86 156,930 $ 215,050,000 179,349 $ 57.44 179,349 $ 704,749,000 256,817 $ 57.56 256,817 $ 689,967,000 593,096 $ 57.07 593,096 $ 689,967,000 1Excludes shares withheld for employee taxes upon vesting of stock-based awards.
|
| |||
Exhibit Number | Exhibit Description | |||
31.1* | ||||
31.2* | ||||
32.1* | ||||
32.2* | ||||
101* | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended May 3, 2020, formatted in Inline XBRL: (i) Condensed Consolidated Statements of Earnings, (ii) Condensed Consolidated Statements of Comprehensive Income, (iii) Condensed Consolidated Balance Sheets, (iv) Condensed Consolidated Statements of Stockholders’ Equity, (v) Condensed Consolidated Statements of Cash Flows and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags | |||
104* | Cover Page Interactive Data File (formatted as Inline XBRL |
|
* | Filed herewith. |
WILLIAMS-SONOMA, INC. | ||
By: | /s/ Julie Whalen | |
Julie Whalen | ||
Duly Authorized Officer and Chief Financial Officer |
23