Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
3-May-14 | Jun. 02, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 3-May-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'ULTA | ' |
Entity Registrant Name | 'Ulta Salon, Cosmetics & Fragrance, Inc. | ' |
Entity Central Index Key | '0001403568 | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 64,324,524 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $456,709 | $419,476 | $293,214 |
Receivables, net | 26,722 | 47,049 | 29,925 |
Merchandise inventories, net | 531,427 | 457,933 | 442,085 |
Prepaid expenses and other current assets | 53,391 | 55,993 | 48,106 |
Deferred income taxes | 22,241 | 22,246 | 15,285 |
Total current assets | 1,090,490 | 1,002,697 | 828,615 |
Property and equipment, net | 603,933 | 595,736 | 499,395 |
Deferred compensation plan assets | 4,802 | 4,294 | 3,567 |
Total assets | 1,699,225 | 1,602,727 | 1,331,577 |
Current liabilities: | ' | ' | ' |
Accounts payable | 184,148 | 148,282 | 148,488 |
Accrued liabilities | 90,343 | 103,180 | 78,847 |
Accrued income taxes | 27,928 | 15,349 | 20,732 |
Total current liabilities | 302,419 | 266,811 | 248,067 |
Deferred rent | 264,679 | 261,630 | 220,003 |
Deferred income taxes | 67,019 | 66,718 | 55,988 |
Other long-term liabilities | 5,352 | 4,474 | 3,795 |
Total liabilities | 639,469 | 599,633 | 527,853 |
Commitments and contingencies (note 3) | ' | ' | ' |
Stockholders' equity: | ' | ' | ' |
Common stock, $.01 par value, 400,000 shares authorized; 64,899, 64,793 and 64,313 shares issued; 64,324, 64,231 and 63,758 shares outstanding; at May 3, 2014 (unaudited), February 1, 2014 and May 4, 2013 (unaudited), respectively | 649 | 647 | 643 |
Treasury stock-common, at cost | -9,378 | -8,125 | -7,566 |
Additional paid-in capital | 556,154 | 548,194 | 509,292 |
Retained earnings | 512,331 | 462,378 | 301,355 |
Total stockholders' equity | 1,059,756 | 1,003,094 | 803,724 |
Total liabilities and stockholders' equity | $1,699,225 | $1,602,727 | $1,331,577 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 |
In Thousands, except Per Share data, unless otherwise specified | |||
Statement Of Financial Position [Abstract] | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 400,000 | 400,000 | 400,000 |
Common stock, shares issued | 64,899 | 64,793 | 64,313 |
Common stock, shares outstanding | 64,324 | 64,231 | 63,758 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 3-May-14 | 4-May-13 |
Income Statement [Abstract] | ' | ' |
Net sales | $713,770 | $582,712 |
Cost of sales | 467,817 | 378,763 |
Gross profit | 245,953 | 203,949 |
Selling, general and administrative expenses | 162,443 | 133,048 |
Pre-opening expenses | 2,629 | 3,206 |
Operating income | 80,881 | 67,695 |
Interest income | -200 | -24 |
Income before income taxes | 81,081 | 67,719 |
Income tax expense | 31,128 | 25,893 |
Net income | $49,953 | $41,826 |
Net income per common share: | ' | ' |
Basic | $0.78 | $0.66 |
Diluted | $0.77 | $0.65 |
Weighted average common shares outstanding: | ' | ' |
Basic | 64,273 | 63,842 |
Diluted | 64,607 | 64,495 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Operating activities | ' | ' |
Net income | $49,953 | $41,826 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 30,473 | 24,779 |
Deferred income taxes | 306 | 99 |
Non-cash stock compensation charges | 4,063 | 3,048 |
Excess tax benefits from stock-based compensation | -901 | -3,901 |
Loss on disposal of property and equipment | 874 | 1,577 |
Change in operating assets and liabilities: | ' | ' |
Receivables | 20,327 | 11,590 |
Merchandise inventories | -73,494 | -80,960 |
Prepaid expenses and other current assets | 2,602 | 2,346 |
Income taxes | 13,480 | 14,579 |
Accounts payable | 35,866 | 29,602 |
Accrued liabilities | -13,275 | -13,968 |
Deferred rent | 3,049 | 12,000 |
Other assets and liabilities | 370 | 218 |
Net cash provided by operating activities | 73,693 | 42,835 |
Investing activities | ' | ' |
Purchases of property and equipment | -39,106 | -42,004 |
Net cash used in investing activities | -39,106 | -42,004 |
Financing activities | ' | ' |
Repurchase of common shares | ' | -37,337 |
Excess tax benefits from stock-based compensation | 901 | 3,901 |
Stock options exercised | 2,998 | 5,416 |
Purchase of treasury shares | -1,253 | -72 |
Net cash provided by (used in) financing activities | 2,646 | -28,092 |
Net increase (decrease) in cash and cash equivalents | 37,233 | -27,261 |
Cash and cash equivalents at beginning of period | 419,476 | 320,475 |
Cash and cash equivalents at end of period | 456,709 | 293,214 |
Supplemental cash flow information | ' | ' |
Cash paid for income taxes (net of refunds) | 17,160 | 10,996 |
Noncash investing activities: | ' | ' |
Change in property and equipment included in accrued liabilities | $436 | $688 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (unaudited) (USD $) | Total | Common Stock [Member] | Treasury - Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] |
In Thousands | |||||
Balance at Feb. 01, 2014 | $1,003,094 | $647 | ($8,125) | $548,194 | $462,378 |
Balance, Shares at Feb. 01, 2014 | ' | ' | -562 | ' | ' |
Balance, Shares at Feb. 01, 2014 | ' | 64,793 | ' | ' | ' |
Stock options exercised and other awards | 2,998 | 2 | ' | 2,996 | ' |
Stock options exercised and other awards, Shares | ' | 106 | ' | ' | ' |
Purchase of treasury shares | -1,253 | ' | -1,253 | ' | ' |
Purchase of treasury shares, Shares | ' | ' | -13 | ' | ' |
Net income for the 13 weeks ended May 3, 2014 | 49,953 | ' | ' | ' | 49,953 |
Excess tax benefits from stock-based compensation | 901 | ' | ' | 901 | ' |
Stock compensation charge | 4,063 | ' | ' | 4,063 | ' |
Balance at May. 03, 2014 | $1,059,756 | $649 | ($9,378) | $556,154 | $512,331 |
Balance, Shares at May. 03, 2014 | ' | ' | -575 | ' | ' |
Balance, Shares at May. 03, 2014 | ' | 64,899 | ' | ' | ' |
Business_and_basis_of_presenta
Business and basis of presentation | 3 Months Ended | ||||
3-May-14 | |||||
Accounting Policies [Abstract] | ' | ||||
Business and basis of presentation | ' | ||||
1 | Business and basis of presentation | ||||
Ulta Salon, Cosmetics & Fragrance, Inc. was incorporated in the state of Delaware on January 9, 1990, to operate specialty retail stores selling cosmetics, fragrance, haircare and skincare products, and related accessories and services. The stores also feature full-service salons. As of May 3, 2014, the Company operated 696 stores in 46 states, as shown in the table below. As used in these notes and throughout this Quarterly Report on Form 10-Q, all references to “we,” “us,” “our,” “Ulta” or the “Company” refer to Ulta Salon, Cosmetics & Fragrance, Inc. and its consolidated subsidiary, Ulta Inc. | |||||
State | Number of | ||||
stores | |||||
Alabama | 11 | ||||
Arizona | 23 | ||||
Arkansas | 6 | ||||
California | 76 | ||||
Colorado | 13 | ||||
Connecticut | 7 | ||||
Delaware | 1 | ||||
Florida | 49 | ||||
Georgia | 25 | ||||
Idaho | 4 | ||||
Illinois | 44 | ||||
Indiana | 14 | ||||
Iowa | 6 | ||||
Kansas | 5 | ||||
Kentucky | 8 | ||||
Louisiana | 12 | ||||
Maine | 3 | ||||
Maryland | 12 | ||||
Massachusetts | 10 | ||||
Michigan | 34 | ||||
Minnesota | 11 | ||||
Mississippi | 5 | ||||
Missouri | 15 | ||||
State | Number of | ||||
stores | |||||
Montana | 4 | ||||
Nebraska | 3 | ||||
Nevada | 7 | ||||
New Hampshire | 4 | ||||
New Jersey | 16 | ||||
New Mexico | 2 | ||||
New York | 22 | ||||
North Carolina | 22 | ||||
North Dakota | 1 | ||||
Ohio | 26 | ||||
Oklahoma | 8 | ||||
Oregon | 9 | ||||
Pennsylvania | 25 | ||||
Rhode Island | 2 | ||||
South Carolina | 12 | ||||
South Dakota | 2 | ||||
Tennessee | 10 | ||||
Texas | 72 | ||||
Utah | 8 | ||||
Virginia | 20 | ||||
Washington | 13 | ||||
West Virginia | 2 | ||||
Wisconsin | 12 | ||||
Total | 696 | ||||
The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and the U.S. Securities and Exchange Commission’s Article 10, Regulation S-X. These consolidated financial statements were prepared on a consolidated basis to include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts, transactions and unrealized profit were eliminated in consolidation. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to fairly state the financial position and results of operations and cash flows for the interim periods presented. | |||||
The Company’s business is subject to seasonal fluctuation. Significant portions of the Company’s net sales and net income are realized during the fourth quarter of the fiscal year due to the holiday selling season. The results for the 13 weeks ended May 3, 2014 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2015, or for any other future interim period or for any future year. | |||||
These interim consolidated financial statements and the related notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended February 1, 2014. All amounts are stated in thousands, with the exception of per share amounts and number of stores. |
Summary_of_significant_account
Summary of significant accounting policies | 3 Months Ended | ||||||||
3-May-14 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of significant accounting policies | ' | ||||||||
2 | Summary of significant accounting policies | ||||||||
Information regarding the Company’s significant accounting policies is contained in Note 2, “Summary of significant accounting policies,” to the financial statements in the Company’s Annual Report on Form 10-K for the year ended February 1, 2014. Presented below in this and the following notes is supplemental information that should be read in conjunction with “Notes to Financial Statements” in the Annual Report. | |||||||||
Fiscal quarter | |||||||||
The Company’s quarterly periods are the 13 weeks ending on the Saturday closest to April 30, July 31, October 31, and January 31. The Company’s first quarters in fiscal 2014 and 2013 ended on May 3, 2014 and May 4, 2013, respectively. | |||||||||
Share-based compensation | |||||||||
The Company measures share-based compensation cost on the grant date, based on the fair value of the award, and recognizes the expense on a straight-line method over the requisite service period for awards expected to vest. The Company estimated the grant date fair value of stock options using a Black-Scholes valuation model using the following weighted-average assumptions for the periods indicated: | |||||||||
13 Weeks Ended | |||||||||
May 3, | May 4, | ||||||||
2014 | 2013 | ||||||||
Volatility rate | 41.1 | % | 54.3 | % | |||||
Average risk-free interest rate | 1.4 | % | 1 | % | |||||
Average expected life (in years) | 3.8 | 6 | |||||||
Dividend yield | None | None | |||||||
The Company granted 287 and 207 stock options during the 13 weeks ended May 3, 2014 and May 4, 2013, respectively. The compensation cost that has been charged against operating income for stock option grants was $2,133 and $2,315 for the 13 weeks ended May 3, 2014 and May 4, 2013, respectively. The weighted-average grant date fair value of these options was $32.04 and $38.29, respectively. At May 3, 2014, there was approximately $23,157 of unrecognized compensation expense related to unvested stock options. | |||||||||
The Company issued 46 and 89 restricted stock awards during the 13 weeks ended May 3, 2014 and May 4, 2013, respectively. The compensation cost that has been charged against operating income for restricted stock awards was $1,930 and $733 for the 13 weeks ended May 3, 2014 and May 4, 2013, respectively. At May 3, 2014, there was approximately $10,957 of unrecognized compensation expense related to restricted stock awards. |
Commitments_and_contingencies
Commitments and contingencies | 3 Months Ended | |
3-May-14 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and contingencies | ' | |
3 | Commitments and contingencies | |
Leases – The Company leases stores, distribution and office facilities, and certain equipment. Original non-cancelable lease terms range from three to ten years, and store leases generally contain renewal options for additional years. A number of the Company’s store leases provide for contingent rentals based upon sales. Contingent rent amounts were insignificant in the 13 weeks ended May 3, 2014 and May 4, 2013. Total rent expense under operating leases was $38,538 and $32,010 for 13 weeks ended May 3, 2014 and May 4, 2013, respectively. | ||
General litigation – On March 2, 2012, a putative employment class action lawsuit was filed against us and certain unnamed defendants in state court in Los Angeles County, California. On April 12, 2012, the Company removed the case to the United States District Court for the Central District of California. On August 8, 2013, the plaintiff asked the court to certify the proposed class and the Company opposed the plaintiff’s request and is waiting for the court to issue a decision. The plaintiff and members of the proposed class are alleged to be (or to have been) non-exempt hourly employees. The suit alleges that Ulta violated various provisions of the California labor laws and failed to provide plaintiff and members of the proposed class with full meal periods, paid rest breaks, certain wages, overtime compensation and premium pay. The suit seeks to recover damages and penalties as a result of these alleged practices. The Company denies plaintiff’s allegations and is vigorously defending the matter. | ||
The Company has not recorded any accruals for this matter because the Company’s potential liability for the matter is not probable and cannot be reasonably estimated based on currently available information. The Company cannot determine a reasonable estimate of the maximum possible loss or range of loss for this matter given that it is in the early stage of the litigation process and is subject to the inherent uncertainties of litigation (such as the strength of the Company’s legal defenses and the availability of insurance recovery). Although the maximum amount of liability that may ultimately result from this matter cannot be predicted with certainty, management expects that this matter, when ultimately resolved, will not have a material adverse effect on the Company’s consolidated financial position or liquidity. It is possible, however, that the ultimate resolution of this matter could have a material adverse effect on the Company’s results of operations in a particular quarter or year if such resolution results in a significant liability for the Company. | ||
The Company is also involved in various legal proceedings that are incidental to the conduct of its business. In the opinion of management, the amount of any liability with respect to these proceedings, either individually or in the aggregate, will not be material. |
Notes_payable
Notes payable | 3 Months Ended | |
3-May-14 | ||
Debt Disclosure [Abstract] | ' | |
Notes payable | ' | |
4 | Notes payable | |
On October 19, 2011, the Company entered into an Amended and Restated Loan and Security Agreement (the Loan Agreement) with Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent and a Lender thereunder, Wells Fargo Capital Finance LLC as a Lender, J.P. Morgan Securities LLC as a Lender, JP Morgan Chase Bank, N.A. as a Lender and PNC Bank, National Association, as a Lender. The Loan Agreement amended and restated the Loan and Security Agreement, dated as of August 31, 2010, by and among the lenders. The Loan Agreement extended the maturity of the Company’s credit facility to October 2016, provides maximum revolving loans equal to the lesser of $200,000 or a percentage of eligible owned inventory, contains a $10,000 subfacility for letters of credit and allows the Company to increase the revolving facility by an additional $50,000, subject to consent by each lender and other conditions. The Loan Agreement contains a requirement to maintain a minimum amount of excess borrowing availability at all times. | ||
On September 5, 2012, the Company entered into Amendment No. 1 to Amended and Restated Loan and Security Agreement (the First Amendment) with the lender group. The First Amendment updated certain administrative terms and conditions and provides the Company greater flexibility to take certain corporate actions. There were no changes to the revolving loan amounts available, interest rates, covenants or maturity date under terms of the Loan Agreement. | ||
On December 6, 2013, the Company entered into Amendment No. 2 to the Amended and Restated Loan and Security Agreement (the Second Amendment) with the lender group. The Second Amendment extended the maturity of the facility to December 2018. Substantially all of the Company’s assets are pledged as collateral for outstanding borrowings under the facility. Outstanding borrowings will bear interest at the prime rate or Libor plus 1.50% and the unused line fee is 0.20%. | ||
As of May 3, 2014, February 1, 2014 and May 4, 2013, the Company had no borrowings outstanding under the credit facility and the Company was in compliance with all terms and covenants of the agreement. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||
3-May-14 | ||||
Fair Value Disclosures [Abstract] | ' | |||
Fair Value Measurements | ' | |||
5 | Fair Value Measurements | |||
The carrying value of cash and cash equivalents, accounts receivable, and accounts payable approximates their estimated fair values due to the short maturities of these instruments. | ||||
Fair value is measured using inputs from the three levels of the fair value hierarchy, which are described as follows: | ||||
• | Level 1 – observable inputs such as quoted prices for identical instruments in active markets. | |||
• | Level 2 – inputs other than quoted prices in active markets that are observable either directly or indirectly through corroboration with observable market data. | |||
• | Level 3 – unobservable inputs in which there is little or no market data, which would require the Company to develop its own assumptions. | |||
As of May 3, 2014, the Company held financial liabilities of $4,376 related to its non-qualified deferred compensation plan. The liabilities have been categorized as Level 2 as they are based on third-party reported net asset values which are based primarily on quoted market prices of underlying assets of the funds within the plan. |
Net_income_per_common_share
Net income per common share | 3 Months Ended | ||||||||
3-May-14 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net income per common share | ' | ||||||||
6 | Net income per common share | ||||||||
The following is a reconciliation of net income and the number of shares of common stock used in the computation of net income per basic and diluted share: | |||||||||
13 Weeks Ended | |||||||||
(In thousands) | May 3, | May 4, | |||||||
2014 | 2013 | ||||||||
Net income | $ | 49,953 | $ | 41,826 | |||||
Denominator for basic net income per share – weighted-average common shares | 64,273 | 63,842 | |||||||
Dilutive effect of stock options and non-vested stock | 334 | 653 | |||||||
Denominator for diluted net income per share | 64,607 | 64,495 | |||||||
Net income per common share: | |||||||||
Basic | $ | 0.78 | $ | 0.66 | |||||
Diluted | $ | 0.77 | $ | 0.65 | |||||
The denominators for diluted net income per common share for the 13 weeks ended May 3, 2014 and May 4, 2013 exclude 665 and 562 employee stock options, respectively, due to their anti-dilutive effects. |
Stock_repurchase_program
Stock repurchase program | 3 Months Ended | |
3-May-14 | ||
Equity [Abstract] | ' | |
Stock repurchase program | ' | |
7 | Stock repurchase program | |
On March 18, 2013, the Company announced that our Board of Directors had authorized a stock repurchase program pursuant to which the Company may repurchase up to $150 million of the Company’s common stock. The repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company’s sole discretion. The stock repurchase program does not have an expiration date and may be suspended or discontinued at any time. During the 13 weeks ended May 4, 2013, we purchased 500,500 shares of common stock for $37.3 million at an average price of $74.58. There were no repurchases during the 13 weeks ended May 3, 2014. |
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 3 Months Ended |
3-May-14 | |
Accounting Policies [Abstract] | ' |
Fiscal quarter | ' |
Fiscal quarter | |
The Company’s quarterly periods are the 13 weeks ending on the Saturday closest to April 30, July 31, October 31, and January 31. The Company’s first quarters in fiscal 2014 and 2013 ended on May 3, 2014 and May 4, 2013, respectively. | |
Share-based compensation | ' |
Share-based compensation | |
The Company measures share-based compensation cost on the grant date, based on the fair value of the award, and recognizes the expense on a straight-line method over the requisite service period for awards expected to vest. |
Business_and_basis_of_presenta1
Business and basis of presentation (Tables) | 3 Months Ended | ||||
3-May-14 | |||||
Accounting Policies [Abstract] | ' | ||||
Details of Company Operated Stores | ' | ||||
As of May 3, 2014, the Company operated 696 stores in 46 states, as shown in the table below. As used in these notes and throughout this Quarterly Report on Form 10-Q, all references to “we,” “us,” “our,” “Ulta” or the “Company” refer to Ulta Salon, Cosmetics & Fragrance, Inc. and its consolidated subsidiary, Ulta Inc. | |||||
State | Number of | ||||
stores | |||||
Alabama | 11 | ||||
Arizona | 23 | ||||
Arkansas | 6 | ||||
California | 76 | ||||
Colorado | 13 | ||||
Connecticut | 7 | ||||
Delaware | 1 | ||||
Florida | 49 | ||||
Georgia | 25 | ||||
Idaho | 4 | ||||
Illinois | 44 | ||||
Indiana | 14 | ||||
Iowa | 6 | ||||
Kansas | 5 | ||||
Kentucky | 8 | ||||
Louisiana | 12 | ||||
Maine | 3 | ||||
Maryland | 12 | ||||
Massachusetts | 10 | ||||
Michigan | 34 | ||||
Minnesota | 11 | ||||
Mississippi | 5 | ||||
Missouri | 15 | ||||
State | Number of | ||||
stores | |||||
Montana | 4 | ||||
Nebraska | 3 | ||||
Nevada | 7 | ||||
New Hampshire | 4 | ||||
New Jersey | 16 | ||||
New Mexico | 2 | ||||
New York | 22 | ||||
North Carolina | 22 | ||||
North Dakota | 1 | ||||
Ohio | 26 | ||||
Oklahoma | 8 | ||||
Oregon | 9 | ||||
Pennsylvania | 25 | ||||
Rhode Island | 2 | ||||
South Carolina | 12 | ||||
South Dakota | 2 | ||||
Tennessee | 10 | ||||
Texas | 72 | ||||
Utah | 8 | ||||
Virginia | 20 | ||||
Washington | 13 | ||||
West Virginia | 2 | ||||
Wisconsin | 12 | ||||
Total | 696 | ||||
Summary_of_significant_account2
Summary of significant accounting policies (Tables) | 3 Months Ended | ||||||||
3-May-14 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Black-Scholes Valuation Model Weighted-Average Assumptions | ' | ||||||||
The Company estimated the grant date fair value of stock options using a Black-Scholes valuation model using the following weighted-average assumptions for the periods indicated: | |||||||||
13 Weeks Ended | |||||||||
May 3, | May 4, | ||||||||
2014 | 2013 | ||||||||
Volatility rate | 41.1 | % | 54.3 | % | |||||
Average risk-free interest rate | 1.4 | % | 1 | % | |||||
Average expected life (in years) | 3.8 | 6 | |||||||
Dividend yield | None | None |
Net_income_per_common_share_Ta
Net income per common share (Tables) | 3 Months Ended | ||||||||
3-May-14 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Income Per Basic and Diluted Share | ' | ||||||||
The following is a reconciliation of net income and the number of shares of common stock used in the computation of net income per basic and diluted share: | |||||||||
13 Weeks Ended | |||||||||
(In thousands) | May 3, | May 4, | |||||||
2014 | 2013 | ||||||||
Net income | $ | 49,953 | $ | 41,826 | |||||
Denominator for basic net income per share – weighted-average common shares | 64,273 | 63,842 | |||||||
Dilutive effect of stock options and non-vested stock | 334 | 653 | |||||||
Denominator for diluted net income per share | 64,607 | 64,495 | |||||||
Net income per common share: | |||||||||
Basic | $ | 0.78 | $ | 0.66 | |||||
Diluted | $ | 0.77 | $ | 0.65 |
Recovered_Sheet1
Business and Basis of Presentation - Additional Information (Detail) | 3-May-14 |
State | |
Store | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Number of stores | 696 |
Number of states in which entity operates | 46 |
Business_and_basis_of_presenta2
Business and basis of presentation - Details of Company Operated Stores (Detail) | 3-May-14 |
Store | |
Product Information [Line Items] | ' |
Number of stores | 696 |
Alabama [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 11 |
Arizona [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 23 |
Arkansas [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 6 |
California [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 76 |
Colorado [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 13 |
Connecticut [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 7 |
Delaware [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 1 |
Florida [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 49 |
Georgia [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 25 |
Idaho [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 4 |
Illinois [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 44 |
Indiana [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 14 |
Iowa [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 6 |
Kansas [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 5 |
Kentucky [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 8 |
Louisiana [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 12 |
Maine [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 3 |
Maryland [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 12 |
Massachusetts [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 10 |
Michigan [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 34 |
Minnesota [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 11 |
Mississippi [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 5 |
Missouri [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 15 |
Montana [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 4 |
Nebraska [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 3 |
Nevada [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 7 |
New Hampshire [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 4 |
New Jersey [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 16 |
New Mexico [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 2 |
New York [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 22 |
North Carolina [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 22 |
North Dakota [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 1 |
Ohio [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 26 |
Oklahoma [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 8 |
Oregon [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 9 |
Pennsylvania [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 25 |
Rhode Island [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 2 |
South Carolina [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 12 |
South Dakota [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 2 |
Tennessee [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 10 |
Texas [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 72 |
Utah [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 8 |
Virginia [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 20 |
Washington [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 13 |
West Virginia [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 2 |
Wisconsin [Member] | ' |
Product Information [Line Items] | ' |
Number of stores | 12 |
Summary_of_significant_account3
Summary of significant accounting policies - Black-Scholes Valuation Model Weighted-Average Assumptions (Detail) | 3 Months Ended | |
3-May-14 | 4-May-13 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Volatility rate | 41.10% | 54.30% |
Average risk-free interest rate | 1.40% | 1.00% |
Average expected life (in years) | '3 years 9 months 18 days | '6 years |
Dividend yield | ' | ' |
Summary_of_significant_account4
Summary of significant accounting policies - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 3-May-14 | 4-May-13 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation expenses | $4,063 | $3,048 |
Employee Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares granted | 287 | 207 |
Weighted average fair value of stock option | $32.04 | $38.29 |
Compensation expenses | 2,133 | 2,315 |
Unrecognized compensation expense | 23,157 | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares granted | 46 | 89 |
Compensation expenses | 1,930 | 733 |
Unrecognized compensation expense | $10,957 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Non-cancelable operating lease terms, minimum | '3 years | ' |
Non-cancelable operating lease terms, maximum | '10 years | ' |
Total rent expense under operating leases | $38,538 | $32,010 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 3-May-14 | Feb. 01, 2014 | 4-May-13 |
Line of Credit Facility [Line Items] | ' | ' | ' |
Letters of credit, maximum borrowing capacity | $200,000 | ' | ' |
Additional credit available under the revolving facility with consent by each lender and other conditions | 50,000 | ' | ' |
Interest rate on outstanding borrowing under facility | 'Libor plus 1.50% | ' | ' |
Percentage of unused Line of Credit Facility Fee | 0.20% | ' | ' |
Outstanding debt | 0 | 0 | 0 |
Sub facility for Standby Letters of Credit [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Letters of credit, maximum borrowing capacity | $10,000 | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (Fair Value Inputs Level 2 [Member], USD $) | 3-May-14 |
In Thousands, unless otherwise specified | |
Fair Value Inputs Level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Deferred compensation plan liability | $4,376 |
Net_Income_Per_Common_Share_Ne
Net Income Per Common Share - Net Income Per Basic and Diluted Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | 3-May-14 | 4-May-13 |
Earnings Per Share [Abstract] | ' | ' |
Net income | $49,953 | $41,826 |
Denominator for basic net income per share - weighted-average common shares | 64,273 | 63,842 |
Dilutive effect of stock options and non-vested stock | 334 | 653 |
Denominator for diluted net income per share | 64,607 | 64,495 |
Net income per common share: | ' | ' |
Basic | $0.78 | $0.66 |
Diluted | $0.77 | $0.65 |
Net_Income_Per_Common_Share_Ad
Net Income Per Common Share - Additional Information (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | 3-May-14 | 4-May-13 |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive stock option excluded from computation of net income per common share | 665 | 562 |
Stock_Repurchase_Program_Addit
Stock Repurchase Program - Additional Information (Detail) (USD $) | 3 Months Ended | |
3-May-14 | 4-May-13 | |
Stock Repurchase Program [Line Items] | ' | ' |
Repurchase of common stock | ' | $37,337,000 |
Stock Repurchase Program [Member] | ' | ' |
Stock Repurchase Program [Line Items] | ' | ' |
Repurchase of common stock, shares | 0 | 500,500 |
Repurchase of common stock | ' | 37,300,000 |
Repurchase of common stock, average price per share | ' | $74.58 |
Stock Repurchase Program [Member] | Maximum [Member] | ' | ' |
Stock Repurchase Program [Line Items] | ' | ' |
Repurchase of common stock authorized amount | ' | $150,000,000 |