DICK'S Sporting Goods (DKS) 10-Q 24 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 29, 2017	Aug. 18, 2017
Entity Registrant Name	DICKS SPORTING GOODS INC
Entity Central Index Key	1,089,063
Current Fiscal Year End Date	--02-03
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jul. 29, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Current Reporting Status	Yes
Common Stock
Entity Common Stock, Shares Outstanding		84,655,449
Class B Common Stock
Entity Common Stock, Shares Outstanding		24,710,870

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016	Jul. 29, 2017	Jul. 30, 2016
Income Statement [Abstract]
Net sales	$ 2,156,911	$ 1,967,857	$ 3,982,164	$ 3,628,200
Cost of goods sold, including occupancy and distribution costs	1,519,689	1,370,479	2,803,076	2,535,025
GROSS PROFIT	637,222	597,378	1,179,088	1,093,175
Selling, general and administrative expenses	470,267	441,721	909,608	840,289
Pre-opening expenses	7,765	8,487	20,221	15,006
INCOME FROM OPERATIONS	159,190	147,170	249,259	237,880
Interest expense	2,216	1,618	3,480	2,749
Other income	(14,470)	(1,930)	(17,348)	(3,997)
INCOME BEFORE INCOME TAXES	171,444	147,482	263,127	239,128
Provision for income taxes	59,059	56,065	92,547	90,834
NET INCOME	$ 112,385	$ 91,417	$ 170,580	$ 148,294
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 1.04	$ 0.82	$ 1.56	$ 1.33
Diluted (in dollars per share)	$ 1.03	$ 0.82	$ 1.55	$ 1.32
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	108,175	111,272	109,308	111,688
Diluted (in shares)	108,679	112,118	110,043	112,697
Cash dividends declared per common share (in dollars per share)	$ 0.17000	$ 0.15125	$ 0.34000	$ 0.30250

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016	Jul. 29, 2017	Jul. 30, 2016
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 112,385	$ 91,417	$ 170,580	$ 148,294
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustment, net of tax	81	(38)	54	54
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	81	(38)	54	54
COMPREHENSIVE INCOME	$ 112,466	$ 91,379	$ 170,634	$ 148,348

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Thousands	Jul. 29, 2017	Jan. 28, 2017	Jul. 30, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 131,615	$ 164,777	$ 112,325
Accounts receivable, net	86,355	75,199	144,458
Income taxes receivable	11,401	2,307	2,187
Inventories, net	1,917,912	1,638,632	1,715,530
Prepaid expenses and other current assets	130,001	114,763	110,269
Total current assets	2,277,284	1,995,678	2,084,769
Property and equipment, net	1,611,834	1,522,574	1,475,797
Intangible assets, net	137,920	140,835	130,062
Goodwill	245,126	245,059	200,594
Other assets:
Deferred income taxes	11,129	45,927	4,805
Other	112,018	108,223	91,639
Total other assets	123,147	154,150	96,444
TOTAL ASSETS	4,395,311	4,058,296	3,987,666
CURRENT LIABILITIES:
Accounts payable	968,396	755,537	790,217
Accrued expenses	365,680	384,210	359,607
Deferred revenue and other liabilities	174,758	203,788	153,926
Income taxes payable	0	53,234	11,249
Current portion of other long-term debt and leasing obligations	666	646	612
Total current liabilities	1,509,500	1,397,415	1,315,611
LONG-TERM LIABILITIES:
Revolving credit borrowings	186,800	0	152,000
Other long-term debt and leasing obligations	4,343	4,679	5,013
Deferred income taxes	3,531	0	14,486
Deferred revenue and other liabilities	769,877	726,713	670,956
Total long-term liabilities	964,551	731,392	842,455
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Additional paid-in capital	1,157,480	1,130,830	1,097,205
Retained earnings	2,087,318	1,956,066	1,851,064
Accumulated other comprehensive loss	(78)	(132)	(125)
Treasury stock, at cost	(1,324,532)	(1,158,378)	(1,119,650)
Total stockholders' equity	1,921,260	1,929,489	1,829,600
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	4,395,311	4,058,296	3,987,666
Common Stock
STOCKHOLDERS' EQUITY:
Common stock	825	856	857
Class B Common Stock
STOCKHOLDERS' EQUITY:
Common stock	$ 247	$ 247	$ 249

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED - 6 months ended Jul. 29, 2017 - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Common StockCommon Stock	Common StockClass B Common Stock
BALANCE at Jan. 28, 2017	$ 1,929,489	$ 1,130,830	$ 1,956,066	$ (132)	$ (1,158,378)	$ 856	$ 247
BALANCE (in shares) at Jan. 28, 2017						85,619,878	24,710,870
Increase (Decrease) in Stockholders' Equity
Adjustment for cumulative effect from change in accounting principle (ASU 2016-16)	(1,744)		(1,744)
Exercise of stock options	16,290	16,284				$ 6
Exercise of stock options (in shares)						572,397
Restricted stock vested	0	(4)				$ 4
Restricted stock vested (in shares)						337,956
Minimum tax withholding requirements	(5,660)	(5,659)				$ (1)
Minimum tax withholding requirements (in shares)						(115,476)
Net income	170,580		170,580
Stock-based compensation	16,029	16,029
Foreign currency translation adjustment, net of taxes of $32	54			54
Purchase of shares for treasury	(166,194)				(166,154)	$ (40)
Purchase of shares for treasury (in shares)						(3,925,162)
Cash dividends declared	(37,584)		(37,584)
BALANCE at Jul. 29, 2017	$ 1,921,260	$ 1,157,480	$ 2,087,318	$ (78)	$ (1,324,532)	$ 825	$ 247
BALANCE (in shares) at Jul. 29, 2017						82,489,593	24,710,870

CONSOLIDATED STATEMENTS OF CHA6

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED (Parenthetical) $ in Thousands	6 Months Ended
	Jul. 29, 2017USD ($)
Statement of Stockholders' Equity [Abstract]
Foreign currency translation adjustment, taxes	$ (32)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands	6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 170,580	$ 148,294
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	109,085	96,531
Deferred income taxes	38,262	9,392
Stock-based compensation	16,029	16,593
Other non-cash items	361	361
Changes in assets and liabilities:
Accounts receivable	(7,748)	(40,765)
Inventories	(279,280)	(188,343)
Prepaid expenses and other assets	(12,986)	(9,162)
Accounts payable	245,909	137,362
Accrued expenses	(2,785)	33,261
Income taxes payable / receivable	(62,328)	(17,781)
Deferred construction allowances	63,889	68,311
Deferred revenue and other liabilities	(34,496)	(23,427)
Net cash provided by operating activities	244,492	230,627
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(235,713)	(208,449)
Deposits and purchases of other assets	(2,344)	(23,412)
Net cash used in investing activities	(238,057)	(231,861)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings	1,748,700	1,183,000
Revolving credit repayments	(1,561,900)	(1,031,000)
Payments on other long-term debt and leasing obligations	(316)	(288)
Construction allowance receipts	0	0
Proceeds from exercise of stock options	16,290	15,978
Minimum tax withholding requirements	(5,660)	(6,619)
Cash paid for treasury stock	(166,194)	(107,003)
Cash dividends paid to stockholders	(37,521)	(34,490)
Decrease in bank overdraft	(33,050)	(25,009)
Net cash used in financing activities	(39,651)	(5,431)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	54	54
NET DECREASE IN CASH AND CASH EQUIVALENTS	(33,162)	(6,611)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	164,777	118,936
CASH AND CASH EQUIVALENTS, END OF PERIOD	131,615	112,325
Supplemental disclosure of cash flow information:
Accrued property and equipment	57,307	78,985
Cash paid for interest	2,799	2,104
Cash paid for income taxes	$ 118,968	$ 103,985

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 29, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Dick's Sporting Goods, Inc. (together with its subsidiaries, referred to as "the Company", "we", "us" and "our" unless specified otherwise) is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories through a blend of dedicated associates, in-store services and unique specialty shop-in-shops. The Company also owns and operates Golf Galaxy, Field & Stream, and Dick's Team Sports HQ. The Company offers its products through a content-rich eCommerce platform that is integrated with its store network and provides customers with the convenience and expertise of a 24-hour storefront. When used in this Quarterly Report on Form 10-Q, unless the context otherwise requires or otherwise specifies, any reference to "year" is to the Company's fiscal year. The accompanying unaudited consolidated financial statements have been prepared in accordance with the requirements for Quarterly Reports on Form 10-Q and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The interim consolidated financial statements are unaudited and have been prepared on the same basis as the annual audited consolidated financial statements. In the opinion of management, such unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the interim financial information. This unaudited interim financial information should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended January 28, 2017 as filed with the Securities and Exchange Commission on March 24, 2017 . Operating results for the 13 and 26 weeks ended July 29, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending February 3, 2018 or any other period. Recently Adopted Accounting Pronouncements Income Taxes In October 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-16, " Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory ". This update requires the income tax consequences of intra-entity transfers of assets other than inventory to be recognized when the intra-entity transfer occurs rather than deferring recognition of income tax consequences until the transfer was made with an outside party. ASU 2016-16 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. Early application is permitted as of the beginning of the interim or annual reporting period. The Company elected to early adopt ASU 2016-16, with modified retrospective application, through a cumulative effect adjustment to retained earnings during the first quarter of fiscal 2017. Accordingly, $1.7 million was reclassified out of prepaid expenses and other current assets resulting in a cumulative effect adjustment of $1.7 million within fiscal 2017 retained earnings on the Company's Consolidated Balance Sheets and Consolidated Statement of Changes In Stockholders' Equity. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, " Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) ". This update addresses eight specific cash flow topics with the objective of reducing the existing diversity in practice for certain aspects under Topic 230. ASU 2016-15 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. The Company elected to early adopt ASU 2016-15 during the first quarter of fiscal 2017. The adoption of this guidance did not have a significant impact on the Company's Consolidated Financial Statements. Stock Compensation In March 2016, the FASB issued ASU 2016-09, " Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ". This update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. The Company adopted ASU 2016-09 during the first quarter of fiscal 2017, on a prospective basis. The Company recorded an excess tax (deficiency) benefit during the 13 and 26 weeks ended July 29, 2017 of $(0.1) million and $0.8 million, respectively. Additionally, the Company elected to account for forfeitures as an estimate of the number of awards that are expected to vest, which is consistent with our accounting policy prior to adoption of ASU 2016-09. The Company adopted the provisions of ASU 2016-09 related to changes on the Consolidated Statements of Cash Flows on a retrospective basis. As a result, we no longer classify excess tax benefits as a financing activity, which increased net cash provided by operating activities and reduced net cash provided by financing activities by $7.7 million for the 26 weeks ended July 30, 2016. Additionally, employee taxes paid for shares withheld for income taxes are classified within financing activities on the Consolidated Statements of Cash Flows, which is consistent with the Company's treatment prior to the adoption of ASU 2016-09. Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, " Simplifying the Measurement of Inventory ". This update requires an entity that determines the cost of inventory by methods other than last-in, first-out (LIFO) and the retail inventory method (RIM) to measure inventory at the lower of cost and net realizable value. ASU 2015-11 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. The Company adopted ASU 2015-11 during the first quarter of fiscal 2017, with prospective application. The adoption of this guidance did not have a significant impact on the Company's Consolidated Financial Statements. Recently Issued Accounting Pronouncements Stock Compensation In May 2017, the FASB issued ASU 2017-09, " Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting ". This update clarifies the changes to terms or conditions of a share-based payment award that require an entity to apply modification accounting. ASU 2017-09 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. Early application is permitted and prospective application is required. The Company does not expect that the adoption of this guidance will have a significant impact on the Company's Consolidated Financial Statements. Intangibles - Goodwill and Other In January 2017, the FASB issued ASU 2017-04, " Intangibles - Goodwill and Other (Topic 350): Simplifying the Test of Goodwill Impairment ". This update modifies the concept of impairment and simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 is effective for interim or annual goodwill impairment tests during fiscal years beginning after December 15, 2019. Early application is permitted and prospective application is required. The Company does not expect that the adoption of this guidance will have a significant impact on the Company's Consolidated Financial Statements. Leases In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842) ". This update requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about the entity's leasing arrangements. ASU 2016-02 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2018, with early application permitted. A modified retrospective approach is required. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on the Company's Consolidated Financial Statements but anticipates that it will result in significant right of use assets and related liabilities as all of the Company's retail locations and the majority of our supply chain facilities are categorized as operating leases. Contracts with Customers In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers ". This update requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, the update (1) specifies the accounting for some costs to obtain or fulfill a contract with a customer and (2) expands disclosure requirements related to revenue and cash flows arising from contracts with customers. In August 2015, the FASB subsequently issued ASU 2015-14, " Revenue from Contracts with Customers - Deferral of the Effective Date ", which approved a one year deferral of ASU 2014-09 for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. In March 2016, April 2016, and December 2016, the FASB issued ASU 2016-08, " Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ", ASU 2016-10, " Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ", and ASU 2016-20, " Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers ", respectively, which further clarify the guidance for those specific topics within ASU 2014-09. In May 2016, the FASB issued ASU 2016-12, " Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients ", to reduce the risk of diversity in practice for certain aspects in ASU 2014-09, including collectibility, noncash consideration, presentation of sales tax and transition. These updates permit the use of either the retrospective or cumulative effect transition method. Early application is permitted as of the original effective date for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. These ASU's will most likely change the way the Company accounts for sales returns, our customer loyalty program, gift card breakage and certain other promotional programs. However, based on current estimates we do not expect the provisions of these ASU's to have a material impact on our consolidated financial statements. The Company is continuing to evaluate which transition approach it will utilize and the impact these standards will have on the Company's Consolidated Financial Statements upon adoption.

Store Closings

Store Closings	6 Months Ended
	Jul. 29, 2017
Store Closings [Abstract]
Store Closings	Store Closings The calculation of accrued store closing and relocation reserves primarily includes future minimum lease payments, maintenance costs and taxes from the date of closure or relocation to the end of the remaining lease term, net of contractual or estimated sublease income. The liability is discounted using a credit-adjusted, risk-free rate of interest. The assumptions used in the calculation of the accrued store closing and relocation reserves are evaluated each quarter. The following table summarizes the activity in fiscal 2017 and 2016 (in thousands): 26 Weeks Ended July 29, July 30, Accrued store closing and relocation reserves, beginning of period $ 17,531 $ 11,702 Expense charged to earnings 170 852 Cash payments (4,906 ) (2,815 ) Interest accretion and other changes in assumptions 777 (456 ) Accrued store closing and relocation reserves, end of period 13,572 9,283 Less: current portion of accrued store closing and relocation reserves (5,902 ) (3,483 ) Long-term portion of accrued store closing and relocation reserves $ 7,670 $ 5,800

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jul. 29, 2017
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed based on the weighted average number of shares of common stock outstanding, plus the effect of dilutive potential common shares outstanding during the period, using the treasury stock method. Dilutive potential common shares are stock-based awards, which include outstanding stock options, restricted stock and warrants. The computations for basic and diluted earnings per common share are as follows (in thousands, except per share data): 13 Weeks Ended 26 Weeks Ended July 29, July 30, July 29, July 30, Net income $ 112,385 $ 91,417 $ 170,580 $ 148,294 Weighted average common shares outstanding - basic 108,175 111,272 109,308 111,688 Dilutive effect of stock-based awards 504 846 735 1,009 Weighted average common shares outstanding - diluted 108,679 112,118 110,043 112,697 Earnings per common share - basic $ 1.04 $ 0.82 $ 1.56 $ 1.33 Earnings per common share - diluted $ 1.03 $ 0.82 $ 1.55 $ 1.32 Anti-dilutive stock-based awards excluded from diluted calculation 4,164 2,978 3,282 2,733

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 29, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Accounting Standard Codification ("ASC") 820, " Fair Value Measurement and Disclosures ", outlines a valuation framework and creates a fair value hierarchy for assets and liabilities as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets measured at fair value on a recurring basis as of July 29, 2017 and January 28, 2017 are set forth in the table below (in thousands): Level 1 Description July 29, January 28, Assets: Deferred compensation plan assets held in trust (1) $ 73,870 $ 64,512 Total assets $ 73,870 $ 64,512 (1) Consists of investments in various mutual funds made by eligible individuals as part of the Company's deferred compensation plans. The fair value of cash and cash equivalents, accounts receivable, accounts payable, revolving credit borrowings and certain other liabilities approximated book value due to the short-term nature of these instruments at both July 29, 2017 and January 28, 2017 . The Company uses quoted prices in active markets to determine the fair value of the aforementioned assets determined to be Level 1 instruments. The Company's policy for recognition of transfers between levels of the fair value hierarchy is to recognize any transfer at the end of the fiscal quarter in which the determination to transfer was made. The Company did not transfer any assets or liabilities among the levels of the fair value hierarchy during the 26 weeks ended July 29, 2017 or the fiscal year ended January 28, 2017 . Additionally, the Company did not hold any Level 2 or Level 3 assets or liabilities during the 26 weeks ended July 29, 2017 or the fiscal year ended January 28, 2017 .

Subsequent Events

Subsequent Events	6 Months Ended
	Jul. 29, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Revolving Credit Agreement – On August 9, 2017, the Company amended its then existing $1 billion senior secured revolving credit agreement to, among other things, (i) increase the aggregate commitments under the agreement to $1.25 billion , including up to $150 million in the form of letters of credit, (ii) extend the maturity date to August 9, 2022, and (iii) provide for a $350 million accordion, (which is subject to the satisfaction of certain conditions) ("the Amended Credit Agreement"). The Amended Credit Agreement is secured by a first priority security interest in certain property and assets, including receivables, inventory, deposit accounts, securities accounts and other personal property of the Company and is guaranteed by the Company's domestic subsidiaries. The annual interest rates applicable to loans under the Amended Credit Agreement are, at the Company's option, equal to a base rate or an adjusted LIBOR rate plus, in each case, an applicable margin percentage. The applicable margin percentage for base rate loans is 0.125% to 0.375% and for adjusted LIBOR rate loans is 1.125% to 1.375% , depending on the borrowing availability of the Company. The Amended Credit Agreement contains a covenant that requires the Company to maintain a minimum adjusted availability of 7.5% of its borrowing base. The Amended Credit Agreement also contains certain covenants that could within specific predefined circumstances limit the Company's ability to, among other things: incur or guarantee additional indebtedness; pay distributions on, redeem or repurchase capital stock; redeem or repurchase subordinated debt; make certain investments; sell assets; and consolidate, merge or transfer all or substantially all of the Company's assets. Other than in certain limited conditions, the Company is permitted to pay dividends and repurchase shares pursuant to its stock repurchase program. Dividend – On August 10, 2017 , the Company's Board of Directors authorized and declared a quarterly cash dividend in the amount of $0.17 per share of common stock and Class B common stock payable on September 29, 2017 to stockholders of record as of the close of business on September 8, 2017 . Asset Acquisition – On August 18, 2017, the Company agreed to acquire from EWS II, LLC, an entity owned by the Company's Chairman & Chief Executive Officer ("EWS"), the rights and obligations relating to the purchase of an aircraft by EWS from Gulfstream Aerospace Corporation ("Gulfstream"). The Company and EWS entered into an arrangement, pursuant to which the Company agreed to reimburse $62.8 million to EWS for principal payments previously made to Gulfstream for the aircraft purchase and for interest incurred in connection with the financing of the aircraft purchase and agreed to fund the final aircraft purchase price payment of $4.0 million to Gulfstream. This aircraft will replace an aircraft that came off lease earlier this year and an aircraft that the Company has recently put up for sale. The Company financed the purchase of the aircraft discussed above through a loan with Bank of America Leasing & Capital, LLC ("BOA") with a fixed interest rate of 3.41% payable in increments through December 2024 with a balloon payment of $29.3 million (the "BOA Loan"). The BOA Loan may be prepaid in full provided that the prepayment includes all accrued interest and a prepayment fee equal to 1% of the unpaid balance during the first year of the BOA Loan or a prepayment fee equal to 0.5% of the unpaid balance during the second year of the BOA Loan. No prepayment fee is required after the completion of the second year of the BOA Loan.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jul. 29, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Adopted Accounting Pronouncements / Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Income Taxes In October 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-16, " Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory ". This update requires the income tax consequences of intra-entity transfers of assets other than inventory to be recognized when the intra-entity transfer occurs rather than deferring recognition of income tax consequences until the transfer was made with an outside party. ASU 2016-16 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. Early application is permitted as of the beginning of the interim or annual reporting period. The Company elected to early adopt ASU 2016-16, with modified retrospective application, through a cumulative effect adjustment to retained earnings during the first quarter of fiscal 2017. Accordingly, $1.7 million was reclassified out of prepaid expenses and other current assets resulting in a cumulative effect adjustment of $1.7 million within fiscal 2017 retained earnings on the Company's Consolidated Balance Sheets and Consolidated Statement of Changes In Stockholders' Equity. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, " Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) ". This update addresses eight specific cash flow topics with the objective of reducing the existing diversity in practice for certain aspects under Topic 230. ASU 2016-15 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. The Company elected to early adopt ASU 2016-15 during the first quarter of fiscal 2017. The adoption of this guidance did not have a significant impact on the Company's Consolidated Financial Statements. Stock Compensation In March 2016, the FASB issued ASU 2016-09, " Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ". This update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. The Company adopted ASU 2016-09 during the first quarter of fiscal 2017, on a prospective basis. The Company recorded an excess tax (deficiency) benefit during the 13 and 26 weeks ended July 29, 2017 of $(0.1) million and $0.8 million, respectively. Additionally, the Company elected to account for forfeitures as an estimate of the number of awards that are expected to vest, which is consistent with our accounting policy prior to adoption of ASU 2016-09. The Company adopted the provisions of ASU 2016-09 related to changes on the Consolidated Statements of Cash Flows on a retrospective basis. As a result, we no longer classify excess tax benefits as a financing activity, which increased net cash provided by operating activities and reduced net cash provided by financing activities by $7.7 million for the 26 weeks ended July 30, 2016. Additionally, employee taxes paid for shares withheld for income taxes are classified within financing activities on the Consolidated Statements of Cash Flows, which is consistent with the Company's treatment prior to the adoption of ASU 2016-09. Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, " Simplifying the Measurement of Inventory ". This update requires an entity that determines the cost of inventory by methods other than last-in, first-out (LIFO) and the retail inventory method (RIM) to measure inventory at the lower of cost and net realizable value. ASU 2015-11 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. The Company adopted ASU 2015-11 during the first quarter of fiscal 2017, with prospective application. The adoption of this guidance did not have a significant impact on the Company's Consolidated Financial Statements. Recently Issued Accounting Pronouncements Stock Compensation In May 2017, the FASB issued ASU 2017-09, " Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting ". This update clarifies the changes to terms or conditions of a share-based payment award that require an entity to apply modification accounting. ASU 2017-09 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. Early application is permitted and prospective application is required. The Company does not expect that the adoption of this guidance will have a significant impact on the Company's Consolidated Financial Statements. Intangibles - Goodwill and Other In January 2017, the FASB issued ASU 2017-04, " Intangibles - Goodwill and Other (Topic 350): Simplifying the Test of Goodwill Impairment ". This update modifies the concept of impairment and simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 is effective for interim or annual goodwill impairment tests during fiscal years beginning after December 15, 2019. Early application is permitted and prospective application is required. The Company does not expect that the adoption of this guidance will have a significant impact on the Company's Consolidated Financial Statements. Leases In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842) ". This update requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about the entity's leasing arrangements. ASU 2016-02 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2018, with early application permitted. A modified retrospective approach is required. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on the Company's Consolidated Financial Statements but anticipates that it will result in significant right of use assets and related liabilities as all of the Company's retail locations and the majority of our supply chain facilities are categorized as operating leases. Contracts with Customers In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers ". This update requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, the update (1) specifies the accounting for some costs to obtain or fulfill a contract with a customer and (2) expands disclosure requirements related to revenue and cash flows arising from contracts with customers. In August 2015, the FASB subsequently issued ASU 2015-14, " Revenue from Contracts with Customers - Deferral of the Effective Date ", which approved a one year deferral of ASU 2014-09 for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. In March 2016, April 2016, and December 2016, the FASB issued ASU 2016-08, " Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ", ASU 2016-10, " Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ", and ASU 2016-20, " Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers ", respectively, which further clarify the guidance for those specific topics within ASU 2014-09. In May 2016, the FASB issued ASU 2016-12, " Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients ", to reduce the risk of diversity in practice for certain aspects in ASU 2014-09, including collectibility, noncash consideration, presentation of sales tax and transition. These updates permit the use of either the retrospective or cumulative effect transition method. Early application is permitted as of the original effective date for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. These ASU's will most likely change the way the Company accounts for sales returns, our customer loyalty program, gift card breakage and certain other promotional programs. However, based on current estimates we do not expect the provisions of these ASU's to have a material impact on our consolidated financial statements. The Company is continuing to evaluate which transition approach it will utilize and the impact these standards will have on the Company's Consolidated Financial Statements upon adoption.

Store Closings (Tables)

Store Closings (Tables)	6 Months Ended
	Jul. 29, 2017
Store Closings [Abstract]
Schedule of the entity's accrued store closing and relocation reserves	The following table summarizes the activity in fiscal 2017 and 2016 (in thousands): 26 Weeks Ended July 29, July 30, Accrued store closing and relocation reserves, beginning of period $ 17,531 $ 11,702 Expense charged to earnings 170 852 Cash payments (4,906 ) (2,815 ) Interest accretion and other changes in assumptions 777 (456 ) Accrued store closing and relocation reserves, end of period 13,572 9,283 Less: current portion of accrued store closing and relocation reserves (5,902 ) (3,483 ) Long-term portion of accrued store closing and relocation reserves $ 7,670 $ 5,800

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jul. 29, 2017
Earnings Per Share [Abstract]
Schedule of the computations for basic and diluted earnings per common share	The computations for basic and diluted earnings per common share are as follows (in thousands, except per share data): 13 Weeks Ended 26 Weeks Ended July 29, July 30, July 29, July 30, Net income $ 112,385 $ 91,417 $ 170,580 $ 148,294 Weighted average common shares outstanding - basic 108,175 111,272 109,308 111,688 Dilutive effect of stock-based awards 504 846 735 1,009 Weighted average common shares outstanding - diluted 108,679 112,118 110,043 112,697 Earnings per common share - basic $ 1.04 $ 0.82 $ 1.56 $ 1.33 Earnings per common share - diluted $ 1.03 $ 0.82 $ 1.55 $ 1.32 Anti-dilutive stock-based awards excluded from diluted calculation 4,164 2,978 3,282 2,733

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 29, 2017
Fair Value Disclosures [Abstract]
Schedule of assets measured at fair value on a recurring basis	Assets measured at fair value on a recurring basis as of July 29, 2017 and January 28, 2017 are set forth in the table below (in thousands): Level 1 Description July 29, January 28, Assets: Deferred compensation plan assets held in trust (1) $ 73,870 $ 64,512 Total assets $ 73,870 $ 64,512 (1) Consists of investments in various mutual funds made by eligible individuals as part of the Company's deferred compensation plans.

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016	Jul. 29, 2017	Jul. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle
Provision for income taxes	$ 59,059	$ 56,065	$ 92,547	$ 90,834
Accounting standards update 2016-16 | Retained earnings
New Accounting Pronouncements or Change in Accounting Principle
Prepaid expense and other assets	(1,700)		(1,700)
Cumulative effect of new accounting principle in period of adoption	1,700		1,700
Accounting standards update 2016-09, excess tax benefit component
New Accounting Pronouncements or Change in Accounting Principle
Provision for income taxes	$ 100		$ (800)
Accounting standards update 2016-09, taxes for withheld shares component
New Accounting Pronouncements or Change in Accounting Principle
Decrease to net cash provided by financing activities				(7,700)
Increase to net cash provided by operating activites				$ 7,700

Store Closings (Details)

Store Closings (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016
Store Closings
Accrued store closing and relocation reserves, beginning of period	$ 17,531	$ 11,702
Expense charged to earnings	170	852
Cash payments	(4,906)	(2,815)
Interest accretion and other changes in assumptions	777	(456)
Accrued store closing and relocation reserves, end of period	13,572	9,283
Less: current portion of accrued store closing and relocation reserves	(5,902)	(3,483)
Long-term portion of accrued store closing and relocation reserves	$ 7,670	$ 5,800

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016	Jul. 29, 2017	Jul. 30, 2016
Earnings Per Share [Abstract]
Net income	$ 112,385	$ 91,417	$ 170,580	$ 148,294
Weighted average common shares outstanding - basic	108,175	111,272	109,308	111,688
Dilutive effect of stock-based awards (in shares)	504	846	735	1,009
Weighted average common shares outstanding - diluted	108,679	112,118	110,043	112,697
Earnings per common share - basic (in dollars per share)	$ 1.04	$ 0.82	$ 1.56	$ 1.33
Earnings per common share - diluted (in dollars per share)	$ 1.03	$ 0.82	$ 1.55	$ 1.32
Anti-dilutive stock-based awards excluded from diluted calculation (in shares)	4,164	2,978	3,282	2,733

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Level 1 - USD ($) $ in Thousands	Jul. 29, 2017	Jan. 28, 2017
Fair Value Measurements
Deferred compensation plan assets held in trust	$ 73,870	$ 64,512
Total assets	$ 73,870	$ 64,512

Subsequent Events Revolving Cre

Subsequent Events Revolving Credit Agreement (Details) - Subsequent Event $ in Millions	Aug. 09, 2017USD ($)
Existing revolving credit agreement
Subsequent Event
Credit facility borrowing capacity	$ 1,000
Revolving credit agreement
Subsequent Event
Credit facility borrowing capacity	$ 1,250
Adjusted availability of borrowing base (as a percent)	7.50%
Revolving credit agreement | Maximum
Subsequent Event
Credit facility borrowing capacity extension	$ 350
Revolving credit agreement | Base rate | Minimum
Subsequent Event
Interest rate margin (as a percent)	0.125%
Revolving credit agreement | Base rate | Maximum
Subsequent Event
Interest rate margin (as a percent)	0.375%
Revolving credit agreement | Adjusted LIBOR rate | Minimum
Subsequent Event
Interest rate margin (as a percent)	1.125%
Revolving credit agreement | Adjusted LIBOR rate | Maximum
Subsequent Event
Interest rate margin (as a percent)	1.375%
Letters of credit
Subsequent Event
Letters of credit maximum	$ 150

Subsequent Events Dividend (Det

Subsequent Events Dividend (Details) - Subsequent Event	Aug. 10, 2017$ / shares
Common Stock
Subsequent Event
Dividend amount (in dollars per share)	$ 0.17
Class B Common Stock
Subsequent Event
Dividend amount (in dollars per share)	$ 0.17

Subsequent Events Asset Acquisi

Subsequent Events Asset Acquisition (Details) - USD ($) $ in Thousands	Aug. 18, 2017	Jul. 29, 2017	Jul. 30, 2016
Subsequent Event
Capital expenditures		$ 235,713	$ 208,449
BOA Loan | Subsequent Event
Subsequent Event
Fixed interest rate	3.41%
Balloon payment	$ 29,300
Prepayment fee first year	1.00%
Prepayment fee second year	0.50%
Prepayment fee after second year	0.00%
Asset Acquisition | Subsequent Event
Subsequent Event
Capital expenditures	$ 4,000
Asset Acquisition | Subsequent Event
Subsequent Event
Principal payment reimbursement	$ 62,800