Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Mar. 26, 2015 | Aug. 02, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ULTA | ||
Entity Registrant Name | Ulta Salon, Cosmetics & Fragrance, Inc. | ||
Entity Central Index Key | 1403568 | ||
Current Fiscal Year End Date | -30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 64,230,316 | ||
Entity Public Float | $4,117,508,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $389,149 | $419,476 |
Short-term investments | 150,209 | |
Receivables, net | 52,440 | 47,049 |
Merchandise inventories, net | 581,229 | 457,933 |
Prepaid expenses and other current assets | 66,548 | 55,993 |
Deferred income taxes | 20,780 | 22,246 |
Total current assets | 1,260,355 | 1,002,697 |
Property and equipment, net | 717,159 | 595,736 |
Deferred compensation plan assets | 5,656 | 4,294 |
Total assets | 1,983,170 | 1,602,727 |
Current liabilities: | ||
Accounts payable | 190,778 | 148,282 |
Accrued liabilities | 149,412 | 103,180 |
Accrued income taxes | 19,404 | 15,349 |
Total current liabilities | 359,594 | 266,811 |
Deferred rent | 294,127 | 261,630 |
Deferred income taxes | 74,498 | 66,718 |
Other long-term liabilities | 7,442 | 4,474 |
Total liabilities | 735,661 | 599,633 |
Commitments and contingencies (note 4) | ||
Stockholders' equity: | ||
Common stock, $.01 par value, 400,000 shares authorized; 64,762 and 64,793 shares issued; 64,184 and 64,231 shares outstanding; at January 31, 2015, and February 1, 2014, respectively | 647 | 647 |
Treasury stock-common, at cost | -9,713 | -8,125 |
Additional paid-in capital | 576,982 | 548,194 |
Retained earnings | 679,593 | 462,378 |
Total stockholders' equity | 1,247,509 | 1,003,094 |
Total liabilities and stockholders' equity | $1,983,170 | $1,602,727 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 64,762,000 | 64,793,000 |
Common stock, shares outstanding | 64,184,000 | 64,231,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Statement [Abstract] | |||
Net sales | $3,241,369 | $2,670,573 | $2,220,256 |
Cost of sales | 2,104,582 | 1,729,325 | 1,436,582 |
Gross profit | 1,136,787 | 941,248 | 783,674 |
Selling, general and administrative expenses | 712,006 | 596,390 | 488,880 |
Pre-opening expenses | 14,366 | 17,270 | 14,816 |
Operating income | 410,415 | 327,588 | 279,978 |
Interest (income) expense, net | -894 | -118 | 185 |
Income before income taxes | 411,309 | 327,706 | 279,793 |
Income tax expense | 154,174 | 124,857 | 107,244 |
Net income | $257,135 | $202,849 | $172,549 |
Net income per common share: | |||
Basic | $4 | $3.17 | $2.73 |
Diluted | $3.98 | $3.15 | $2.68 |
Weighted average common shares outstanding: | |||
Basic | 64,335 | 63,992 | 63,250 |
Diluted | 64,651 | 64,461 | 64,396 |
Dividends declared per common share | $0 | $0 | $1 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Operating activities | |||
Net income | $257,135 | $202,849 | $172,549 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 131,764 | 106,283 | 88,233 |
Deferred income taxes | 9,246 | 3,868 | 8,673 |
Non-cash stock compensation charges | 14,923 | 16,003 | 13,375 |
Excess tax benefits from stock-based compensation | -3,229 | -13,378 | -47,345 |
Loss on disposal of property and equipment | 4,468 | 3,902 | 1,074 |
Change in operating assets and liabilities: | |||
Receivables | -5,391 | -5,534 | -15,362 |
Merchandise inventories | -123,296 | -96,808 | -116,478 |
Prepaid expenses and other current assets | -10,555 | -5,541 | -9,888 |
Income taxes | 7,284 | 18,673 | 53,397 |
Accounts payable | 42,496 | 29,396 | 32,444 |
Accrued liabilities | 37,644 | 14,215 | 13,789 |
Deferred rent | 32,497 | 53,627 | 44,540 |
Other assets and liabilities | 1,606 | 170 | |
Net cash provided by operating activities | 396,592 | 327,725 | 239,001 |
Investing activities | |||
Purchases of short-term investments | -200,209 | ||
Proceeds from short-term investments | 50,000 | ||
Purchases of property and equipment | -249,067 | -226,024 | -188,578 |
Net cash used in investing activities | -399,276 | -226,024 | -188,578 |
Financing activities | |||
Repurchase of common shares | -39,923 | -37,337 | |
Dividends paid | -62,482 | ||
Stock options exercised | 10,639 | 21,890 | 31,530 |
Excess tax benefits from stock-based compensation | 3,229 | 13,378 | 47,345 |
Purchase of treasury shares | -1,588 | -631 | -79 |
Net cash (used in) provided by financing activities | -27,643 | -2,700 | 16,314 |
Net (decrease) increase in cash and cash equivalents | -30,327 | 99,001 | 66,737 |
Cash and cash equivalents at beginning of year | 419,476 | 320,475 | 253,738 |
Cash and cash equivalents at end of year | 389,149 | 419,476 | 320,475 |
Supplemental cash flow information | |||
Cash paid for income taxes (net of refunds) | 137,180 | 101,598 | 45,354 |
Noncash investing activities: | |||
Change in property and equipment included in accrued liabilities | $8,588 | ($3,161) | $6,803 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Treasury - Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] |
In Thousands | |||||
Balance at Jan. 28, 2012 | $584,704 | $627 | ($7,415) | $404,698 | $186,794 |
Balance, Shares at Jan. 28, 2012 | -555 | ||||
Balance, Shares at Jan. 28, 2012 | 62,764 | ||||
Stock options exercised and other awards | 31,530 | 18 | 31,512 | ||
Stock options exercised and other awards, Shares | 1,801 | ||||
Purchase of treasury shares | -79 | -79 | |||
Purchase of treasury shares, Shares | -1 | ||||
Net income | 172,549 | 172,549 | |||
Excess tax benefits from stock-based compensation | 47,345 | 47,345 | |||
Stock compensation charge | 13,375 | 13,375 | |||
Dividends paid | -62,482 | -62,482 | |||
Balance at Feb. 02, 2013 | 786,942 | 645 | -7,494 | 496,930 | 296,861 |
Balance, Shares at Feb. 02, 2013 | -556 | ||||
Balance, Shares at Feb. 02, 2013 | 64,565 | ||||
Stock options exercised and other awards | 21,890 | 7 | 21,883 | ||
Stock options exercised and other awards, Shares | 729 | ||||
Purchase of treasury shares | -631 | -631 | |||
Purchase of treasury shares, Shares | -6 | ||||
Net income | 202,849 | 202,849 | |||
Excess tax benefits from stock-based compensation | 13,378 | 13,378 | |||
Stock compensation charge | 16,003 | 16,003 | |||
Repurchase of common shares | -37,337 | -5 | -37,332 | ||
Repurchase of common shares, Shares | -501 | ||||
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 | 10,639 | 3 | 10,636 | ||
Stock options exercised and other awards, Shares | 290 | ||||
Purchase of treasury shares | -1,588 | -1,588 | |||
Purchase of treasury shares, Shares | -16 | ||||
Net income | 257,135 | 257,135 | |||
Excess tax benefits from stock-based compensation | 3,229 | 3,229 | |||
Stock compensation charge | 14,923 | 14,923 | |||
Repurchase of common shares | -39,923 | -3 | -39,920 | ||
Repurchase of common shares, Shares | -321 | ||||
Balance at Jan. 31, 2015 | $1,247,509 | $647 | ($9,713) | $576,982 | $679,593 |
Balance, Shares at Jan. 31, 2015 | -578 | ||||
Balance, Shares at Jan. 31, 2015 | 64,762 |
Business_and_basis_of_presenta
Business and basis of presentation | 12 Months Ended |
Jan. 31, 2015 | |
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 January 31, 2015, the Company operated 774 stores in 47 states. As used in these notes and throughout this Annual Report on Form 10-K, all references to “we,” “us,” “our,” “Ulta,” “Ulta Beauty” or the “Company” refer to Ulta Salon, Cosmetics & Fragrance, Inc. and its consolidated subsidiary, Ulta Inc. All amounts are stated in thousands, with the exception of per share amounts and number of stores. | |
The Company has determined its operating segments on the same basis that it uses to internally evaluate performance. The Company has combined its three operating segments: retail stores, salon services and e-commerce into one reportable segment because they have a similar class of consumer, economic characteristics, nature of products and distribution methods. |
Summary_of_significant_account
Summary of significant accounting policies | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Accounting Policies [Abstract] | |||||
Summary of significant accounting policies | 2. Summary of significant accounting policies | ||||
Fiscal year | |||||
The Company’s fiscal year is the 52 or 53 weeks ending on the Saturday closest to January 31. The Company’s fiscal years ended January 31, 2015 (fiscal 2014), February 1, 2014 (fiscal 2013) and February 2, 2013 (fiscal 2012) were 52, 52 and 53 week years, respectively. | |||||
Consolidation | |||||
The Company’s consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts, transactions and unrealized profit were eliminated in consolidation. | |||||
Use of estimates | |||||
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the accounting period. Actual results could differ from those estimates. | |||||
Cash and cash equivalents | |||||
Cash and cash equivalents include cash on hand and highly liquid investments with maturities of three months or less from the date of purchase. Cash equivalents include amounts due from third-party credit card receivables because such amounts generally convert to cash within one to three days with little or no default risk. | |||||
Short-term investments | |||||
The Company determines the balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. Money market funds, certificates of deposit and time deposits with maturities of greater than three months but no more than twelve months are carried at cost, which approximates fair value and are recorded in the Consolidated Balance Sheets in Short-term investments (see Note 9, “Investments”). | |||||
Receivables | |||||
Receivables consist principally of amounts receivable from vendors and landlord construction allowances earned but not yet received. These receivables are computed based on provisions of the vendor and lease agreements in place and the Company’s completed performance. The Company’s vendors are primarily U.S.-based producers of consumer products and real estate developers and landlords. The Company does not require collateral on its receivables and does not accrue interest. Credit risk with respect to receivables is limited due to the diversity of vendors and landlords comprising the Company’s vendor base. The Company performs ongoing credit evaluations of its vendors and evaluates the collectability of its receivables based on the length of time the receivable is past due and historical experience. The receivable for vendor allowances was $39,629 and $30,591 as of January 31, 2015 and February 1, 2014, respectively and the receivable for landlord allowances was $8,357 and $14,128 as of January 31, 2015 and February 1, 2014, respectively. The allowance for doubtful receivables totaled $1,346 and $915 as of January 31, 2015 and February 1, 2014, respectively. | |||||
Merchandise inventories | |||||
Merchandise inventories are stated at the lower of cost or market. Cost is determined using the weighted-average cost method and includes costs incurred to purchase and distribute goods. Inventory cost also includes vendor allowances related to co-op advertising, markdowns, and volume discounts. The Company maintains reserves for lower of cost or market and shrinkage. | |||||
Fair value of financial instruments | |||||
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. The Company had no outstanding debt as of January 31, 2015 and February 1, 2014. | |||||
Property and equipment | |||||
The Company’s property and equipment are stated at cost net of accumulated depreciation and amortization. Maintenance and repairs are charged to operating expense as incurred. The Company’s assets are depreciated or amortized using the straight-line method, over the shorter of their estimated useful lives or the expected lease term as follows: | |||||
Equipment and fixtures | 3 to 10 years | ||||
Leasehold improvements | 10 years | ||||
Electronic equipment and software | 3 to 5 years | ||||
The Company capitalizes costs incurred during the application development stage in developing or purchasing internal use software. These costs are amortized over the estimated useful life of the software. | |||||
The Company periodically evaluates whether changes have occurred that would require revision of the remaining useful life of equipment and leasehold improvements or render them not recoverable. If such circumstances arise, the Company uses an estimate of the undiscounted sum of expected future operating cash flows during their holding period to determine whether the long-lived assets are impaired. If the aggregate undiscounted cash flows are less than the carrying amount of the assets, the resulting impairment charges to be recorded are calculated based on the excess of the carrying value of the assets over the fair value of such assets, with the fair value determined based on an estimate of discounted future cash flows. No significant impairments charges have been recognized in fiscal 2014, 2013 or 2012. | |||||
Customer loyalty program | |||||
In early fiscal 2014, we completed the conversion of all our loyalty members to ULTAmate Rewards, a points-based program. ULTAmate Rewards enables customers to earn points based on their purchases. Points earned by members are valid for at least one year and may be redeemed on any product we sell. Prior to this conversion, we ran both ULTAmate Rewards and our prior program, The Club at Ulta. The Club at Ulta was a certificate program offering customers reward certificates for free beauty products based on the level of purchases. The Company accrues the cost of anticipated redemptions related to these programs at the time of the initial purchase based on historical experience. The accrued liability related to these loyalty programs at January 31, 2015 and February 1, 2014 was $15,032 and $7,740 respectively. The cost of these programs, which was $42,096, $27,588 and $22,044 in fiscal 2014, 2013 and 2012, respectively, is included in cost of sales in the statements of income. | |||||
Deferred rent | |||||
Many of the Company’s operating leases contain predetermined fixed increases of the minimum rental rate during the lease. For these leases, the Company recognizes the related rental expense on a straight-line basis over the expected lease term and records the difference between the amounts charged to expense and the rent paid as deferred rent. The lease term commences on the earlier of the date when the Company becomes legally obligated for rent payments or the date the Company takes possession of the leased space. | |||||
As part of many lease agreements, the Company receives construction allowances from landlords for tenant improvements. These leasehold improvements made by the Company are capitalized and amortized over the shorter of the lease term or 10 years. The construction allowances are recorded as deferred rent and amortized on a straight-line basis over the lease term as a reduction of rent expense. | |||||
Revenue recognition | |||||
Net sales include merchandise sales, salon service revenue and e-commerce revenue. Revenue from merchandise sales at stores is recognized at the time of sale, net of estimated returns. The Company provides refunds for product returns within 60 days from the original purchase date. Salon revenue is recognized when services are rendered. Salon service revenue amounted to $175,533, $145,815 and $121,357 for fiscal 2014, 2013 and 2012, respectively. Company coupons and other incentives are recorded as a reduction of net sales. State sales taxes are presented on a net basis as the Company considers itself a pass-through conduit for collecting and remitting state sales tax. E-commerce sales are recorded based on delivery of merchandise to the customer. E-commerce revenue amounted to $149,857, $95,809 and $55,086 for fiscal 2014, 2013 and 2012, respectively. | |||||
The Company’s gift card sales are deferred and recognized in net sales when the gift card is redeemed for product or services. The Company’s gift cards do not expire and do not include service fees that decrease customer balances. The Company has maintained Company-specific, historical data related to its large pool of similar gift card transactions sold and redeemed over a significant time frame. The Company recognizes gift card breakage to the extent there is no requirement for remitting balances to governmental agencies under unclaimed property laws. Gift card breakage is recognized over the same performance period, and in the same proportion, that the Company’s data has demonstrated that gift cards are redeemed. Gift card breakage was $2,720 and $2,181 at January 31, 2015 and February 1, 2014, respectively, and is recorded as a decrease in selling, general and administrative expense in the statements of income. Deferred gift card revenue was $22,681 and $16,439 at January 31, 2015 and February 1, 2014, respectively, and is included in accrued liabilities – accrued customer liabilities (Note 5). | |||||
Vendor allowances | |||||
The Company receives allowances from vendors in the normal course of business including advertising and markdown allowances, purchase volume discounts and rebates, and reimbursement for defective merchandise, and certain selling and display expenses. Substantially all vendor allowances are recorded as a reduction of the vendor’s product cost and are recognized in cost of sales as the product is sold. | |||||
Advertising | |||||
Advertising expense consists principally of paper, print and distribution costs related to the Company’s advertising circulars. The Company expenses the production and distribution costs related to its advertising circulars in the period the related promotional event occurs. Total advertising costs, exclusive of incentives from vendors and start-up advertising expense, amounted to $157,847, $140,774 and $118,365 for fiscal 2014, 2013 and 2012, respectively. Advertising expense as a percentage of sales was 4.9%, 5.3% and 5.3% for fiscal 2014, 2013 and 2012, respectively. Prepaid advertising costs included in prepaid expenses and other current assets were $8,899 and $6,891 as of January 31, 2015 and February 1, 2014, respectively. | |||||
Pre-opening expenses | |||||
Non-capital expenditures incurred prior to the grand opening of a new, remodeled or relocated store are charged against earnings as incurred. | |||||
Cost of sales | |||||
Cost of sales includes the cost of merchandise sold including a majority of vendor allowances, which are treated as a reduction of merchandise costs; warehousing and distribution costs including labor and related benefits, freight, rent, depreciation and amortization, real estate taxes, utilities, and insurance; shipping and handling costs; store occupancy costs including rent, depreciation and amortization, real estate taxes, utilities, repairs and maintenance, insurance, licenses, and cleaning expenses; salon payroll and benefits; customer loyalty program expense; and shrink and inventory valuation reserves. | |||||
Selling, general and administrative expenses | |||||
Selling, general and administrative expenses includes payroll, bonus, and benefit costs for retail and corporate employees; advertising and marketing costs; occupancy costs related to our corporate office facilities; public company expense including Sarbanes-Oxley compliance expenses; stock-based compensation expense; depreciation and amortization for all assets except those related to our retail and warehouse operations, which are included in cost of sales; and legal, finance, information systems and other corporate overhead costs. | |||||
Income taxes | |||||
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities used for financial reporting purposes and the amounts used for income tax purposes. The amounts reported were derived using the enacted tax rates in effect for the year the differences are expected to reverse. | |||||
Income tax benefits related to uncertain tax positions are recognized only when it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. Penalties and interest related to unrecognized tax positions are recorded in income tax expense. | |||||
Share-based compensation | |||||
Share-based compensation cost is measured at grant date, based on the fair value of the award, and is recognized on a straight-line method over the requisite service period for awards expected to vest. The Company recorded stock compensation expense of $14,923, $16,003 and $13,375 for fiscal 2014, 2013 and 2012, respectively (see Note 10, “Share-based awards”). | |||||
Insurance expense | |||||
The Company has insurance programs with third party insurers for employee health, workers compensation and general liability, among others, to limit the Company’s liability exposure. The insurance programs are premium based and include retentions, deductibles and stop loss coverage. Current stop loss coverage per claim is $150 for employee health claims, $100 for general liability claims and $250 for workers compensation claims. The Company makes collateral and premium payments during the plan year and accrues expenses in the event additional premium is due from the Company based on actual claim results. | |||||
Net income per common share | |||||
Basic net income per common share is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share includes dilutive common stock equivalents, using the treasury stock method (see Note 11, “Net income per common share”). | |||||
Recent accounting pronouncements | |||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, issued as a new Topic, Accounting Standards Codification Topic 606. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that the Company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. This standard is effective beginning in fiscal year 2017 and allows for either full retrospective or modified retrospective adoption. The Company is currently evaluating the application method and the impact of this new standard on its consolidated financial position, results of operations and cash flows. |
Property_and_equipment
Property and equipment | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and equipment | 3. Property and equipment | ||||||||
Property and equipment consist of the following: | |||||||||
(In thousands) | January 31, | February 1, | |||||||
2015 | 2014 | ||||||||
Equipment and fixtures | $ | 447,782 | $ | 390,650 | |||||
Leasehold improvements | 431,999 | 376,796 | |||||||
Electronic equipment and software | 272,937 | 218,979 | |||||||
Construction-in-progress | 90,531 | 36,231 | |||||||
1,243,249 | 1,022,656 | ||||||||
Less accumulated depreciation and amortization | (526,090 | ) | (426,920 | ) | |||||
Property and equipment, net | $ | 717,159 | $ | 595,736 | |||||
The Company had no capitalized interest for fiscal 2014 and 2013 as a result of not utilizing the credit facility during the year. |
Commitments_and_contingencies
Commitments and contingencies | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and contingencies | 4. Commitments and contingencies | ||||
Leases — The Company leases retail 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 fiscal 2014, 2013 and 2012. Total rent expense under operating leases was $159,245, $138,086 and $115,755 for fiscal 2014, 2013 and 2012, respectively. Future minimum lease payments under operating leases as of January 31, 2015, are as follows: | |||||
Fiscal year | Operating | ||||
Leases | |||||
(in thousands) | |||||
2015 | $ | 214,479 | |||
2016 | 218,879 | ||||
2017 | 207,223 | ||||
2018 | 189,683 | ||||
2019 | 173,111 | ||||
2020 and thereafter | 599,542 | ||||
Total minimum lease payments | $ | 1,602,917 | |||
Included in the operating lease schedule above is $184,376 of minimum lease payments for stores that are expected to open in fiscal 2015. | |||||
Contractual obligations — As of January 31, 2015, the Company had obligations of $34,521 related to commitments made to a third party for products and services for future distribution centers for which a lease had been signed, advertising and other goods and service contracts entered into in the ordinary course of business. The amount relates primarily to the multi-year supply chain initiatives and payments under this commitment were $38,212 and $6,222 for fiscal 2014 and 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 our 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. |
Accrued_liabilities
Accrued liabilities | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued liabilities | 5. Accrued liabilities | ||||||||
Accrued liabilities consist of the following: | |||||||||
(In thousands) | January 31, | February 1, | |||||||
2015 | 2014 | ||||||||
Accrued vendor liabilities (including accrued property and equipment costs) | $ | 24,705 | $ | 15,631 | |||||
Accrued customer liabilities | 39,593 | 25,507 | |||||||
Accrued payroll, bonus and employee benefits | 50,931 | 33,642 | |||||||
Accrued taxes, other | 17,824 | 12,788 | |||||||
Other accrued liabilities | 16,359 | 15,612 | |||||||
Accrued liabilities | $ | 149,412 | $ | 103,180 | |||||
Income_taxes
Income taxes | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income taxes | 6. Income taxes | ||||||||||||
The provision for income taxes consists of the following: | |||||||||||||
(In thousands) | Fiscal | Fiscal | Fiscal | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 128,159 | $ | 105,731 | $ | 83,606 | |||||||
State | 16,909 | 15,310 | 14,832 | ||||||||||
Total current | 145,068 | 121,041 | 98,438 | ||||||||||
Deferred: | |||||||||||||
Federal | 8,392 | 3,891 | 8,950 | ||||||||||
State | 714 | (75 | ) | (144 | ) | ||||||||
Total deferred | 9,106 | 3,816 | 8,806 | ||||||||||
Provision for income taxes | $ | 154,174 | $ | 124,857 | $ | 107,244 | |||||||
A reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows: | |||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State effective rate, net of federal tax benefit | 2.8 | % | 3 | % | 3.4 | % | |||||||
Other | (0.3 | %) | 0.1 | % | (0.1 | %) | |||||||
Effective tax rate | 37.5 | % | 38.1 | % | 38.3 | % | |||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||||
(In thousands) | January 31, | February 1, | |||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Reserves not currently deductible | $ | 22,380 | $ | 24,721 | |||||||||
Employee benefits | 8,782 | 6,290 | |||||||||||
Credit carryforwards | 338 | 402 | |||||||||||
Accrued liabilities | 8,231 | 3,927 | |||||||||||
Inventory valuation | 617 | 1,708 | |||||||||||
Total deferred tax assets | 40,348 | 37,048 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | 44,882 | 44,288 | |||||||||||
Deferred rent obligation | 38,409 | 28,529 | |||||||||||
Prepaid expenses | 10,775 | 8,703 | |||||||||||
Total deferred tax liabilities | 94,066 | 81,520 | |||||||||||
Net deferred tax liability | $ | (53,718 | ) | $ | (44,472 | ) | |||||||
At January 31, 2015, the Company had $338 credit carryforwards for state income tax purposes. | |||||||||||||
The Company accounts for uncertainty in income taxes in accordance with the ASC rules for income taxes. The reserve for uncertain tax positions was $1,414 and $795 at January 31, 2015 and February 1, 2014, respectively. The balance is the Company’s best estimate of the potential liability for uncertain tax positions. A reconciliation of the Company’s unrecognized tax benefits, excluding interest and penalties, is as follows: | |||||||||||||
(In thousands) | January 31, | February 1, | |||||||||||
2015 | 2014 | ||||||||||||
Balance at beginning of the period | $ | 795 | $ | — | |||||||||
Increase due to a current year position | 670 | 795 | |||||||||||
Decrease due to a prior period position | (51 | ) | — | ||||||||||
Balance at the end of the period | $ | 1,414 | $ | 795 | |||||||||
The Company acknowledges that the amount of unrecognized tax benefits may change in the next twelve months. However, it does not expect the change to have a significant impact on its consolidated financial statements. Income tax-related interest and penalties were insignificant for fiscal 2014 and 2013. | |||||||||||||
The Company files tax returns in the U.S. Federal and State jurisdictions. The Company is no longer subject to U.S. Federal examinations by the Internal Revenue Services for years before 2011 and this applies to examinations by the State authorities before 2010. |
Notes_payable
Notes payable | 12 Months Ended |
Jan. 31, 2015 | |
Debt Disclosure [Abstract] | |
Notes payable | 7. 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 extends 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 the Amended and Restated Loan and Security Agreement (the Amendment) with the lender group. The 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 Loan Amendment) with the lender group. The Loan Amendment extends 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 January 31, 2015 and February 1, 2014, 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 | 12 Months Ended |
Jan. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 8. 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: | |
a. Level 1 — observable inputs such as quoted prices for identical instruments in active markets. | |
b. Level 2 — inputs other than quoted prices in active markets that are observable either directly or indirectly through corroboration with observable market data. | |
c. 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 January 31, 2015, the Company held financial liabilities of $5,574 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. |
Investments
Investments | 12 Months Ended |
Jan. 31, 2015 | |
Investments Schedule [Abstract] | |
Investments | 9. Investments |
The Company’s short-term investments as of January 31, 2015 consist of $150,209 in certificates of deposit. These short-term investments are carried at cost, which approximates fair value and are recorded in the Consolidated Balance Sheets in Short-term investments. The contractual maturity of the Company’s investments was less than twelve months at January 31, 2015. |
Sharebased_awards
Share-based awards | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Share-based awards | 10. Share-based awards | ||||||||||||||||||||||||
Equity incentive plans | |||||||||||||||||||||||||
The Company has had a number of equity incentive plans over the years. The plans were adopted in order to attract and retain the best available personnel for positions of substantial authority and to provide additional incentive to employees, directors, and consultants to promote the success of the Company’s business. Incentive compensation was awarded under the Amended and Restated Restricted Stock Option Plan until April 2002 and under the 2002 Equity Incentive Plan through July 2007, at which time the 2007 Incentive Award Plan was adopted. All of the plans generally provided for the grant of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, and other types of awards to employees, consultants and directors. Unless provided otherwise by the administrator of the plan, options vested over four years at the rate of 25% per year from the date of grant and most must be exercised within ten years. Options were granted with the exercise price equal to the fair value of the underlying stock on the date of grant. | |||||||||||||||||||||||||
2011 Incentive award plan | |||||||||||||||||||||||||
In June 2011, the Company adopted the 2011 Incentive Award Plan (the 2011 Plan). The 2011 Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, performance awards, dividend equivalent rights, stock payments, deferred stock and cash-based awards to employees, consultants, and directors. Following its adoption, awards are only being made under the 2011 Plan, and no further awards will be made under any prior plan. As of January 31, 2015, the 2011 Plan reserves for the issuance upon grant or exercise of awards up to 4,409 shares of the Company’s common stock. | |||||||||||||||||||||||||
The Company recorded stock compensation expense of $14,923, $16,003 and $13,375 for fiscal 2014, 2013 and 2012, respectively. Cash received from option exercises under all share-based payment arrangements for fiscal 2014, 2013 and 2012 was $10,639, $21,890 and $31,530, respectively. The total income tax benefit recognized in the income statement for equity compensation arrangements was $3,526, $4,812 and $5,364 for fiscal 2014, 2013 and 2012, respectively. The actual tax benefit realized for the tax deductions from option exercise and restricted stock vesting of the share-based payment arrangements totaled $6,892, $18,169 and $51,886, respectively, for fiscal 2014, 2013 and 2012. | |||||||||||||||||||||||||
Employee stock options | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Volatility rate | 40.7 | % | 49.2 | % | 53.5 | % | |||||||||||||||||||
Average risk-free interest rate | 1.4 | % | 0.9 | % | 1.2 | % | |||||||||||||||||||
Average expected life (in years) | 3.8 | 4.4 | 6.3 | ||||||||||||||||||||||
Dividend yield | None | None | None | ||||||||||||||||||||||
During fiscal 2013, the Company made changes to update the valuation assumptions to Company specific information. These changes are reflected in the table above and had no material impact on the calculation. For fiscal 2014 and 2013, the expected volatility was based on the historical volatility of the ULTA Common Shares. The risk free interest rate was based on the United States Treasury yield curve in effect on the date of grant for the respective expected life of the option. The expected life represents the time the options granted are expected to be outstanding. For fiscal 2014 and 2013, the expected life of options granted was derived from historical data on Ulta stock option exercises. Prior to 2013, we had limited historical data related to exercise behavior since our initial public offering on October 30, 2007. As a result, the Company elected to use the shortcut approach to determine the expected life in accordance with the SEC Staff Accounting Bulletin on share-based payments and the expected volatility was based on the historical volatility of a peer group of publicly-traded companies. Beginning in fiscal 2013, the Company introduced a forfeiture rate. Forfeitures of options are estimated at the grant date based on historical rates of the Company’s stock option activity and reduce the compensation expense recognized. The Company does not currently pay a regular dividend. The dividend paid in May 2012 was a one-time special cash dividend. | |||||||||||||||||||||||||
The Company granted 371 stock options during fiscal 2014. The compensation cost that has been charged against income for stock option grants was $9,078, $10,214, and $11,967 for fiscal 2014, 2013, and 2012, respectively. The weighted-average grant date fair value of options granted in fiscal 2014, 2013 and 2012 was $32.38, $34.31 and $46.29, respectively. The total fair value of stock options issued that vested during fiscal 2014, 2013 and 2012 was $8,799, $10,544 and $12,089, respectively. At January 31, 2015, there was approximately $16,628 of unrecognized compensation expense related to unvested stock options. The unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately two years. The total intrinsic value of options exercised was $15,032, $49,404 and $138,291 in fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
A summary of the status of the Company’s stock option activity is presented in the following table (shares in thousands): | |||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | |||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
exercise price | exercise price | exercise price | |||||||||||||||||||||||
Common stock options outstanding | |||||||||||||||||||||||||
Beginning of year | 1,090 | $ | 56.94 | 1,807 | $ | 41.6 | 3,559 | $ | 26.46 | ||||||||||||||||
Granted | 371 | 99.4 | 302 | 84.5 | 241 | 89.99 | |||||||||||||||||||
Exercised | (238 | ) | 44.79 | (705 | ) | 31.07 | (1,795 | ) | 17.57 | ||||||||||||||||
Forfeited | (150 | ) | 72.57 | (314 | ) | 53.15 | (198 | ) | 46.28 | ||||||||||||||||
End of year | 1,073 | $ | 72.12 | 1,090 | $ | 56.94 | 1,807 | $ | 41.6 | ||||||||||||||||
Exercisable at end of year | 440 | $ | 43.98 | 363 | $ | 34.37 | 563 | $ | 24.85 | ||||||||||||||||
Vested and Expected to vest | 1,028 | $ | 71.28 | 1,046 | $ | 56.47 | 1,807 | $ | 41.6 | ||||||||||||||||
The following table presents information related to options outstanding and options exercisable at January 31, 2015, under the Company’s stock option plans based on ranges of exercise prices (shares in thousands): | |||||||||||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||||||||||
Options outstanding | Number of | Weighted- | Weighted- | Number | Weighted- | Weighted- | |||||||||||||||||||
options | average | average | of options | average | average | ||||||||||||||||||||
remaining | exercise price | remaining | exercise price | ||||||||||||||||||||||
contractual life | contractual life | ||||||||||||||||||||||||
(years) | (years) | ||||||||||||||||||||||||
$1.11 - 15.81 | 132 | 4 | $ | 12.2 | 132 | 4 | $ | 12.2 | |||||||||||||||||
22.86 - 37.85 | 128 | 6 | 28.17 | 128 | 6 | 28.17 | |||||||||||||||||||
47.19 - 69.96 | 184 | 7 | 66.74 | 97 | 7 | 67.96 | |||||||||||||||||||
74.91 - 89.79 | 181 | 8 | 80.97 | 44 | 8 | 82.29 | |||||||||||||||||||
91.12 - 99.66 | 373 | 9 | 97.54 | 30 | 8 | 96.52 | |||||||||||||||||||
101.35 - 127.15 | 75 | 9 | 118.08 | 9 | 9 | 116.98 | |||||||||||||||||||
End of year | 1,073 | 7 | $ | 72.12 | 440 | 6 | $ | 43.98 | |||||||||||||||||
The aggregate intrinsic value of outstanding and exercisable options as of January 31, 2015 was $64,167 and $38,669, respectively. The last reported sale price of our common stock on the NASDAQ Global Select Market on January 31, 2015 was $131.94 per share. | |||||||||||||||||||||||||
Restricted stock awards | |||||||||||||||||||||||||
The Company issues restricted stock to certain employees and its Board of Directors. Employee grants will generally cliff vest after 3 years and director grants will cliff vest within one year. The compensation expense recorded in fiscal 2014, 2013 and 2012 was $5,845, $5,789 and $1,408, respectively. Beginning in fiscal 2013, the Company introduced a forfeiture rate. Forfeitures of restricted stock awards are estimated at the grant date based on historical rates of the Company’s restricted stock award activity and reduce the compensation expense recognized. At January 31, 2015, unrecognized compensation cost related to restricted stock awards was $7,770. The unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately two years. | |||||||||||||||||||||||||
A summary of the status of the Company’s restricted stock activity is presented in the following table (shares in thousands): | |||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | |||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
grant date | grant date | grant date | |||||||||||||||||||||||
fair value | fair value | fair value | |||||||||||||||||||||||
Restricted stock outstanding | |||||||||||||||||||||||||
Beginning of year | 162 | $ | 87.54 | 62 | $ | 81.81 | 22 | $ | 55.72 | ||||||||||||||||
Granted | 71 | 97.73 | 141 | 86.07 | 65 | 90.18 | |||||||||||||||||||
Vested | (52 | ) | 91.91 | (25 | ) | 81.41 | (5 | ) | 66.88 | ||||||||||||||||
Forfeited | (30 | ) | 82.91 | (16 | ) | 75.39 | (20 | ) | 75.3 | ||||||||||||||||
End of year | 151 | $ | 91.74 | 162 | $ | 87.54 | 62 | $ | 81.81 | ||||||||||||||||
Expected to vest | 140 | $ | 91.74 | 152 | $ | 87.54 | 62 | $ | 81.81 | ||||||||||||||||
Net_income_per_common_share
Net income per common share | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net income per common share | 11. 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: | |||||||||||||
Fiscal year ended | |||||||||||||
(In thousands, except per share data) | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
Numerator for diluted net income per share — net income | $ | 257,135 | $ | 202,849 | $ | 172,549 | |||||||
Denominator for basic net income per share — weighted-average common shares | 64,335 | 63,992 | 63,250 | ||||||||||
Dilutive effect of stock options and non-vested stock | 316 | 469 | 1,146 | ||||||||||
Denominator for diluted net income per share | 64,651 | 64,461 | 64,396 | ||||||||||
Net income per common share: | |||||||||||||
Basic | $ | 4 | $ | 3.17 | $ | 2.73 | |||||||
Diluted | $ | 3.98 | $ | 3.15 | $ | 2.68 | |||||||
The denominator for diluted net income per common share for fiscal years 2014, 2013 and 2012 exclude 686, 658 and 533 employee options, respectively, due to their anti-dilutive effects. |
Employee_benefit_plans
Employee benefit plans | 12 Months Ended |
Jan. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Employee benefit plans | 12. Employee benefit plans |
The Company provides a 401(k) retirement plan covering all employees who qualify as to age and length of service. The plan is funded through employee contributions and a Company match. In fiscal 2014, 2013 and 2012, the Company match was 100% of the first 3.0% of eligible compensation. As of January 31, 2015 and February 1, 2014, the liability for the Company match was $4,104 and $3,532, respectively. | |
The Company also has a non-qualified deferred compensation plan for highly compensated employees whose contributions are limited under qualified defined contribution plans. The plan is funded through employee contributions and, beginning in 2014, a Company match. In fiscal 2014, the Company match was 100% of the first 3.0% of salary. For fiscal year 2014, the liability for the Company match was $465. Amounts contributed and deferred under the plan are credited or charged with the performance of investment options offered under the plan as elected by the participants. In the event of bankruptcy, the assets of this plan are available to satisfy the claims of general creditors. The liability for compensation deferred under the Company’s plan included in other long-term liabilities was $5,574 and $3,678 as of January 31, 2015 and February 1, 2014, respectively. The Company manages the risk of changes in the fair value of the liability for deferred compensation by electing to match its liability under the plan with investment vehicles that offset a substantial portion of its exposure. The cash value of the investment vehicles included in deferred compensation plan assets was $5,656 and $4,294 as of January 31, 2015 and February 1, 2014, respectively. Total expense recorded under this plan is included in selling, general and administrative expenses and was insignificant during fiscal 2014 and 2013. |
Valuation_and_qualifying_accou
Valuation and qualifying accounts | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Valuation and qualifying accounts | 13. Valuation and qualifying accounts | ||||||||||||||||
Description | Balance at | Charged to | Deductions | Balance at | |||||||||||||
beginning | costs and | end | |||||||||||||||
of period | expenses | of period | |||||||||||||||
(In thousands) | |||||||||||||||||
Fiscal 2014 | |||||||||||||||||
Allowance for doubtful accounts | $ | 915 | $ | 874 | $ | (443 | )(a) | $ | 1,346 | ||||||||
Shrink reserve | 9,358 | 22,374 | (20,134 | ) | 11,598 | ||||||||||||
Inventory — lower of cost or market reserve | 4,861 | 4,368 | (3,976 | ) | 5,253 | ||||||||||||
Insurance: | |||||||||||||||||
Workers Comp / General Liability Prepaid Asset | (1,817 | )(b) | 6,899 | (6,871 | ) | (1,789 | ) | ||||||||||
Employee Health Care Accrued Liability | 2,606 | 41,335 | (41,506 | ) | 2,435 | ||||||||||||
Fiscal 2013 | |||||||||||||||||
Allowance for doubtful accounts | $ | 973 | $ | 300 | $ | (358 | )(a) | $ | 915 | ||||||||
Shrink reserve | 4,020 | 16,298 | (10,960 | ) | 9,358 | ||||||||||||
Inventory — lower of cost or market reserve | 2,364 | 4,522 | (2,025 | ) | 4,861 | ||||||||||||
Insurance: | |||||||||||||||||
Workers Comp / General Liability Prepaid Asset | (2,400 | )(b) | 7,060 | (6,477 | ) | (1,817 | ) | ||||||||||
Employee Health Care Accrued Liability | 2,232 | 34,422 | (34,048 | ) | 2,606 | ||||||||||||
Fiscal 2012 | |||||||||||||||||
Allowance for doubtful accounts | $ | 556 | $ | 419 | $ | (2 | )(a) | $ | 973 | ||||||||
Shrink reserve | 2,445 | 8,077 | (6,502 | ) | 4,020 | ||||||||||||
Inventory — lower of cost or market reserve | 2,070 | 1,099 | (805 | ) | 2,364 | ||||||||||||
Insurance: | |||||||||||||||||
Workers Comp / General Liability Prepaid Asset | (2,084 | )(b) | 4,864 | (5,180 | ) | (2,400 | ) | ||||||||||
Employee Health Care Accrued Liability | 1,929 | 26,584 | (26,281 | ) | 2,232 | ||||||||||||
(a) | Represents write-off of uncollectible accounts | ||||||||||||||||
(b) | Represents prepaid insurance |
Selected_quarterly_financial_d
Selected quarterly financial data (unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Selected quarterly financial data (unaudited) | 14. Selected quarterly financial data (unaudited) | ||||||||||||||||||||||||||||||||
The following tables set forth the Company’s unaudited quarterly results of operations for each of the quarters in fiscal 2014 and fiscal 2013. The Company’s quarterly periods are the 13 weeks ending on the Saturday closest to April 30, July 31, October 31 and January 31. | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||||||||
(In thousands, except per | |||||||||||||||||||||||||||||||||
share data) | |||||||||||||||||||||||||||||||||
Net sales | $ | 713,770 | $ | 734,236 | $ | 745,722 | $ | 1,047,641 | $ | 582,712 | $ | 600,998 | $ | 618,781 | $ | 868,082 | |||||||||||||||||
Cost of sales | 467,817 | 474,894 | 463,967 | 697,904 | 378,763 | 388,921 | 387,120 | 574,521 | |||||||||||||||||||||||||
Gross profit | 245,953 | 259,342 | 281,755 | 349,737 | 203,949 | 212,077 | 231,661 | 293,561 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 162,443 | 157,768 | 181,093 | 210,702 | 133,048 | 134,400 | 151,306 | 177,636 | |||||||||||||||||||||||||
Pre-opening expenses | 2,629 | 3,595 | 6,574 | 1,568 | 3,206 | 4,809 | 7,468 | 1,787 | |||||||||||||||||||||||||
Operating income | 80,881 | 97,979 | 94,088 | 137,467 | 67,695 | 72,868 | 72,887 | 114,138 | |||||||||||||||||||||||||
Interest income, net | (200 | ) | (209 | ) | (254 | ) | (231 | ) | (24 | ) | (18 | ) | (7 | ) | (69 | ) | |||||||||||||||||
Income before income taxes | 81,081 | 98,188 | 94,342 | 137,698 | 67,719 | 72,886 | 72,894 | 114,207 | |||||||||||||||||||||||||
Income tax expense | 31,128 | 37,394 | 35,218 | 50,434 | 25,893 | 27,975 | 27,464 | 43,525 | |||||||||||||||||||||||||
Net income | $ | 49,953 | $ | 60,794 | $ | 59,124 | $ | 87,264 | $ | 41,826 | $ | 44,911 | $ | 45,430 | $ | 70,682 | |||||||||||||||||
Net income per common share: | |||||||||||||||||||||||||||||||||
Basic | $ | 0.78 | $ | 0.94 | $ | 0.92 | $ | 1.36 | $ | 0.66 | $ | 0.7 | $ | 0.71 | $ | 1.1 | |||||||||||||||||
Diluted | $ | 0.77 | $ | 0.94 | $ | 0.91 | $ | 1.35 | $ | 0.65 | $ | 0.7 | $ | 0.7 | $ | 1.09 | |||||||||||||||||
The sum of the quarterly net income per common share may not equal the annual total due to quarterly changes in the weighted average shares and share equivalents outstanding. |
Stock_repurchase_program
Stock repurchase program | 12 Months Ended |
Jan. 31, 2015 | |
Equity [Abstract] | |
Stock repurchase program | 15. Stock repurchase program |
On March 18, 2013, the Company announced that our Board of Directors had authorized a share repurchase program (the 2013 Share Repurchase Program) pursuant to which the Company could repurchase up to $150,000 of the Company’s common stock. Repurchases pursuant to the terms of the 2013 Share Repurchase Program were made from time to time in the open market, in privately negotiated transactions or otherwise, at prices the Company deemed appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company’s sole discretion. The 2013 Share Repurchase Program did not have an expiration date, but provided for suspension or discontinuation at any time. | |
On September 11, 2014, the Company announced that our Board of Directors authorized a new share repurchase program (the 2014 Share Repurchase Program) pursuant to which the Company may repurchase up to $300,000 of the Company’s common stock. The 2014 Share Repurchase Program authorization revokes the previously authorized but unused amounts of $112,664 from the 2013 Share Repurchase Program. The 2014 Share Repurchase Program does not have an expiration date and may be suspended or discontinued at any time. | |
During fiscal year 2013, we purchased 501 shares of common stock for $37,337 at an average price of $74.58 from the 2013 Share Repurchase Program. During fiscal 2014, we purchased 321 shares of common stock for $39,923 at an average price of $124.31 from the 2014 Share Repurchase Program. |
Subsequent_event
Subsequent event | 12 Months Ended |
Jan. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent event | 16. Subsequent event |
On March 12, 2015, the Company announced that our Board of Directors authorized an increase of $100 million to the 2014 Share Repurchase Program effective March 17, 2015. |
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Accounting Policies [Abstract] | |||||
Fiscal year | Fiscal year | ||||
The Company’s fiscal year is the 52 or 53 weeks ending on the Saturday closest to January 31. The Company’s fiscal years ended January 31, 2015 (fiscal 2014), February 1, 2014 (fiscal 2013) and February 2, 2013 (fiscal 2012) were 52, 52 and 53 week years, respectively. | |||||
Consolidation | Consolidation | ||||
The Company’s consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts, transactions and unrealized profit were eliminated in consolidation. | |||||
Use of estimates | Use of estimates | ||||
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the accounting period. Actual results could differ from those estimates. | |||||
Cash and cash equivalents | Cash and cash equivalents | ||||
Cash and cash equivalents include cash on hand and highly liquid investments with maturities of three months or less from the date of purchase. Cash equivalents include amounts due from third-party credit card receivables because such amounts generally convert to cash within one to three days with little or no default risk. | |||||
Short-term investments | Short-term investments | ||||
The Company determines the balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. Money market funds, certificates of deposit and time deposits with maturities of greater than three months but no more than twelve months are carried at cost, which approximates fair value and are recorded in the Consolidated Balance Sheets in Short-term investments (see Note 9, “Investments”). | |||||
Receivables | Receivables | ||||
Receivables consist principally of amounts receivable from vendors and landlord construction allowances earned but not yet received. These receivables are computed based on provisions of the vendor and lease agreements in place and the Company’s completed performance. The Company’s vendors are primarily U.S.-based producers of consumer products and real estate developers and landlords. The Company does not require collateral on its receivables and does not accrue interest. Credit risk with respect to receivables is limited due to the diversity of vendors and landlords comprising the Company’s vendor base. The Company performs ongoing credit evaluations of its vendors and evaluates the collectability of its receivables based on the length of time the receivable is past due and historical experience. The receivable for vendor allowances was $39,629 and $30,591 as of January 31, 2015 and February 1, 2014, respectively and the receivable for landlord allowances was $8,357 and $14,128 as of January 31, 2015 and February 1, 2014, respectively. The allowance for doubtful receivables totaled $1,346 and $915 as of January 31, 2015 and February 1, 2014, respectively. | |||||
Merchandise inventories | Merchandise inventories | ||||
Merchandise inventories are stated at the lower of cost or market. Cost is determined using the weighted-average cost method and includes costs incurred to purchase and distribute goods. Inventory cost also includes vendor allowances related to co-op advertising, markdowns, and volume discounts. The Company maintains reserves for lower of cost or market and shrinkage. | |||||
Fair value of financial instruments | Fair value of financial instruments | ||||
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. The Company had no outstanding debt as of January 31, 2015 and February 1, 2014. | |||||
Property and equipment | Property and equipment | ||||
The Company’s property and equipment are stated at cost net of accumulated depreciation and amortization. Maintenance and repairs are charged to operating expense as incurred. The Company’s assets are depreciated or amortized using the straight-line method, over the shorter of their estimated useful lives or the expected lease term as follows: | |||||
Equipment and fixtures | 3 to 10 years | ||||
Leasehold improvements | 10 years | ||||
Electronic equipment and software | 3 to 5 years | ||||
The Company capitalizes costs incurred during the application development stage in developing or purchasing internal use software. These costs are amortized over the estimated useful life of the software. | |||||
The Company periodically evaluates whether changes have occurred that would require revision of the remaining useful life of equipment and leasehold improvements or render them not recoverable. If such circumstances arise, the Company uses an estimate of the undiscounted sum of expected future operating cash flows during their holding period to determine whether the long-lived assets are impaired. If the aggregate undiscounted cash flows are less than the carrying amount of the assets, the resulting impairment charges to be recorded are calculated based on the excess of the carrying value of the assets over the fair value of such assets, with the fair value determined based on an estimate of discounted future cash flows. No significant impairments charges have been recognized in fiscal 2014, 2013 or 2012. | |||||
Customer loyalty program | Customer loyalty program | ||||
In early fiscal 2014, we completed the conversion of all our loyalty members to ULTAmate Rewards, a points-based program. ULTAmate Rewards enables customers to earn points based on their purchases. Points earned by members are valid for at least one year and may be redeemed on any product we sell. Prior to this conversion, we ran both ULTAmate Rewards and our prior program, The Club at Ulta. The Club at Ulta was a certificate program offering customers reward certificates for free beauty products based on the level of purchases. The Company accrues the cost of anticipated redemptions related to these programs at the time of the initial purchase based on historical experience. The accrued liability related to these loyalty programs at January 31, 2015 and February 1, 2014 was $15,032 and $7,740 respectively. The cost of these programs, which was $42,096, $27,588 and $22,044 in fiscal 2014, 2013 and 2012, respectively, is included in cost of sales in the statements of income. | |||||
Deferred rent | Deferred rent | ||||
Many of the Company’s operating leases contain predetermined fixed increases of the minimum rental rate during the lease. For these leases, the Company recognizes the related rental expense on a straight-line basis over the expected lease term and records the difference between the amounts charged to expense and the rent paid as deferred rent. The lease term commences on the earlier of the date when the Company becomes legally obligated for rent payments or the date the Company takes possession of the leased space. | |||||
As part of many lease agreements, the Company receives construction allowances from landlords for tenant improvements. These leasehold improvements made by the Company are capitalized and amortized over the shorter of the lease term or 10 years. The construction allowances are recorded as deferred rent and amortized on a straight-line basis over the lease term as a reduction of rent expense. | |||||
Revenue recognition | Revenue recognition | ||||
Net sales include merchandise sales, salon service revenue and e-commerce revenue. Revenue from merchandise sales at stores is recognized at the time of sale, net of estimated returns. The Company provides refunds for product returns within 60 days from the original purchase date. Salon revenue is recognized when services are rendered. Salon service revenue amounted to $175,533, $145,815 and $121,357 for fiscal 2014, 2013 and 2012, respectively. Company coupons and other incentives are recorded as a reduction of net sales. State sales taxes are presented on a net basis as the Company considers itself a pass-through conduit for collecting and remitting state sales tax. E-commerce sales are recorded based on delivery of merchandise to the customer. E-commerce revenue amounted to $149,857, $95,809 and $55,086 for fiscal 2014, 2013 and 2012, respectively. | |||||
The Company’s gift card sales are deferred and recognized in net sales when the gift card is redeemed for product or services. The Company’s gift cards do not expire and do not include service fees that decrease customer balances. The Company has maintained Company-specific, historical data related to its large pool of similar gift card transactions sold and redeemed over a significant time frame. The Company recognizes gift card breakage to the extent there is no requirement for remitting balances to governmental agencies under unclaimed property laws. Gift card breakage is recognized over the same performance period, and in the same proportion, that the Company’s data has demonstrated that gift cards are redeemed. Gift card breakage was $2,720 and $2,181 at January 31, 2015 and February 1, 2014, respectively, and is recorded as a decrease in selling, general and administrative expense in the statements of income. Deferred gift card revenue was $22,681 and $16,439 at January 31, 2015 and February 1, 2014, respectively, and is included in accrued liabilities – accrued customer liabilities (Note 5). | |||||
Vendor allowances | Vendor allowances | ||||
The Company receives allowances from vendors in the normal course of business including advertising and markdown allowances, purchase volume discounts and rebates, and reimbursement for defective merchandise, and certain selling and display expenses. Substantially all vendor allowances are recorded as a reduction of the vendor’s product cost and are recognized in cost of sales as the product is sold. | |||||
Advertising | Advertising | ||||
Advertising expense consists principally of paper, print and distribution costs related to the Company’s advertising circulars. The Company expenses the production and distribution costs related to its advertising circulars in the period the related promotional event occurs. Total advertising costs, exclusive of incentives from vendors and start-up advertising expense, amounted to $157,847, $140,774 and $118,365 for fiscal 2014, 2013 and 2012, respectively. Advertising expense as a percentage of sales was 4.9%, 5.3% and 5.3% for fiscal 2014, 2013 and 2012, respectively Prepaid advertising costs included in prepaid expenses and other current assets were $8,899 and $6,891 as of January 31, 2015 and February 1, 2014, respectively. | |||||
Pre-opening expenses | Pre-opening expenses | ||||
Non-capital expenditures incurred prior to the grand opening of a new, remodeled or relocated store are charged against earnings as incurred. | |||||
Cost of sales | Cost of sales | ||||
Cost of sales includes the cost of merchandise sold including a majority of vendor allowances, which are treated as a reduction of merchandise costs; warehousing and distribution costs including labor and related benefits, freight, rent, depreciation and amortization, real estate taxes, utilities, and insurance; shipping and handling costs; store occupancy costs including rent, depreciation and amortization, real estate taxes, utilities, repairs and maintenance, insurance, licenses, and cleaning expenses; salon payroll and benefits; customer loyalty program expense; and shrink and inventory valuation reserves. | |||||
Selling, general and administrative expenses | Selling, general and administrative expenses | ||||
Selling, general and administrative expenses includes payroll, bonus, and benefit costs for retail and corporate employees; advertising and marketing costs; occupancy costs related to our corporate office facilities; public company expense including Sarbanes-Oxley compliance expenses; stock-based compensation expense; depreciation and amortization for all assets except those related to our retail and warehouse operations which are included in cost of sales; and legal, finance, information systems and other corporate overhead costs. | |||||
Income taxes | Income taxes | ||||
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities used for financial reporting purposes and the amounts used for income tax purposes. The amounts reported were derived using the enacted tax rates in effect for the year the differences are expected to reverse. | |||||
Income tax benefits related to uncertain tax positions are recognized only when it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. Penalties and interest related to unrecognized tax positions are recorded in income tax expense. | |||||
Share-based compensation | Share-based compensation | ||||
Share-based compensation cost is measured at grant date, based on the fair value of the award, and is recognized on a straight-line method over the requisite service period for awards expected to vest. The Company recorded stock compensation expense of $14,923, $16,003 and $13,375 for fiscal 2014, 2013 and 2012, respectively (see Note 10, “Share-based awards”). | |||||
Insurance expense | Insurance expense | ||||
The Company has insurance programs with third party insurers for employee health, workers compensation and general liability, among others, to limit the Company’s liability exposure. The insurance programs are premium based and include retentions, deductibles and stop loss coverage. Current stop loss coverage per claim is $150 for employee health claims, $100 for general liability claims and $250 for workers compensation claims. The Company makes collateral and premium payments during the plan year and accrues expenses in the event additional premium is due from the Company based on actual claim results. | |||||
Net income per common share | Net income per common share | ||||
Basic net income per common share is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share includes dilutive common stock equivalents, using the treasury stock method (see Note 11, “Net income per common share”). | |||||
Recent accounting pronouncements | Recent accounting pronouncements | ||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, issued as a new Topic, Accounting Standards Codification Topic 606. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that the Company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. This standard is effective beginning in fiscal year 2017 and allows for either full retrospective or modified retrospective adoption. The Company is currently evaluating the application method and the impact of this new standard on its consolidated financial position, results of operations and cash flows. |
Summary_of_significant_account2
Summary of significant accounting policies (Tables) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Accounting Policies [Abstract] | |||||
Summary of Estimated Useful Lives or Expected Lease Term | The Company’s assets are depreciated or amortized using the straight-line method, over the shorter of their estimated useful lives or the expected lease term as follows: | ||||
Equipment and fixtures | 3 to 10 years | ||||
Leasehold improvements | 10 years | ||||
Electronic equipment and software | 3 to 5 years |
Property_and_equipment_Tables
Property and equipment (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Components of Property and Equipment | Property and equipment consist of the following: | ||||||||
(In thousands) | January 31, | February 1, | |||||||
2015 | 2014 | ||||||||
Equipment and fixtures | $ | 447,782 | $ | 390,650 | |||||
Leasehold improvements | 431,999 | 376,796 | |||||||
Electronic equipment and software | 272,937 | 218,979 | |||||||
Construction-in-progress | 90,531 | 36,231 | |||||||
1,243,249 | 1,022,656 | ||||||||
Less accumulated depreciation and amortization | (526,090 | ) | (426,920 | ) | |||||
Property and equipment, net | $ | 717,159 | $ | 595,736 | |||||
Commitments_and_contingencies_
Commitments and contingencies (Tables) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Lease Payments Under Operating Leases | Future minimum lease payments under operating leases as of January 31, 2015, are as follows: | ||||
Fiscal year | Operating | ||||
Leases | |||||
(in thousands) | |||||
2015 | $ | 214,479 | |||
2016 | 218,879 | ||||
2017 | 207,223 | ||||
2018 | 189,683 | ||||
2019 | 173,111 | ||||
2020 and thereafter | 599,542 | ||||
Total minimum lease payments | $ | 1,602,917 | |||
Accrued_liabilities_Tables
Accrued liabilities (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: | ||||||||
(In thousands) | January 31, | February 1, | |||||||
2015 | 2014 | ||||||||
Accrued vendor liabilities (including accrued property and equipment costs) | $ | 24,705 | $ | 15,631 | |||||
Accrued customer liabilities | 39,593 | 25,507 | |||||||
Accrued payroll, bonus and employee benefits | 50,931 | 33,642 | |||||||
Accrued taxes, other | 17,824 | 12,788 | |||||||
Other accrued liabilities | 16,359 | 15,612 | |||||||
Accrued liabilities | $ | 149,412 | $ | 103,180 | |||||
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following: | ||||||||||||
(In thousands) | Fiscal | Fiscal | Fiscal | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 128,159 | $ | 105,731 | $ | 83,606 | |||||||
State | 16,909 | 15,310 | 14,832 | ||||||||||
Total current | 145,068 | 121,041 | 98,438 | ||||||||||
Deferred: | |||||||||||||
Federal | 8,392 | 3,891 | 8,950 | ||||||||||
State | 714 | (75 | ) | (144 | ) | ||||||||
Total deferred | 9,106 | 3,816 | 8,806 | ||||||||||
Provision for income taxes | $ | 154,174 | $ | 124,857 | $ | 107,244 | |||||||
Schedule of Reconciliation of Federal Statutory Rate to Effective Tax Rate | A reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows: | ||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State effective rate, net of federal tax benefit | 2.8 | % | 3 | % | 3.4 | % | |||||||
Other | (0.3 | %) | 0.1 | % | (0.1 | %) | |||||||
Effective tax rate | 37.5 | % | 38.1 | % | 38.3 | % | |||||||
Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows: | ||||||||||||
(In thousands) | January 31, | February 1, | |||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Reserves not currently deductible | $ | 22,380 | $ | 24,721 | |||||||||
Employee benefits | 8,782 | 6,290 | |||||||||||
Credit carryforwards | 338 | 402 | |||||||||||
Accrued liabilities | 8,231 | 3,927 | |||||||||||
Inventory valuation | 617 | 1,708 | |||||||||||
Total deferred tax assets | 40,348 | 37,048 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | 44,882 | 44,288 | |||||||||||
Deferred rent obligation | 38,409 | 28,529 | |||||||||||
Prepaid expenses | 10,775 | 8,703 | |||||||||||
Total deferred tax liabilities | 94,066 | 81,520 | |||||||||||
Net deferred tax liability | $ | (53,718 | ) | $ | (44,472 | ) | |||||||
Reconciliation of Company's Unrecognized Tax Benefits, Excluding Interest and Penalties | A reconciliation of the Company’s unrecognized tax benefits, excluding interest and penalties, is as follows: | ||||||||||||
(In thousands) | January 31, | February 1, | |||||||||||
2015 | 2014 | ||||||||||||
Balance at beginning of the period | $ | 795 | $ | — | |||||||||
Increase due to a current year position | 670 | 795 | |||||||||||
Decrease due to a prior period position | (51 | ) | — | ||||||||||
Balance at the end of the period | $ | 1,414 | $ | 795 | |||||||||
Sharebased_awards_Tables
Share-based awards (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Volatility rate | 40.7 | % | 49.2 | % | 53.5 | % | |||||||||||||||||||
Average risk-free interest rate | 1.4 | % | 0.9 | % | 1.2 | % | |||||||||||||||||||
Average expected life (in years) | 3.8 | 4.4 | 6.3 | ||||||||||||||||||||||
Dividend yield | None | None | None | ||||||||||||||||||||||
Summary of Options Outstanding and Options Exercisable Under Stock Option Plan | The following table presents information related to options outstanding and options exercisable at January 31, 2015, under the Company’s stock option plans based on ranges of exercise prices (shares in thousands): | ||||||||||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||||||||||
Options outstanding | Number of | Weighted- | Weighted- | Number | Weighted- | Weighted- | |||||||||||||||||||
options | average | average | of options | average | average | ||||||||||||||||||||
remaining | exercise price | remaining | exercise price | ||||||||||||||||||||||
contractual life | contractual life | ||||||||||||||||||||||||
(years) | (years) | ||||||||||||||||||||||||
$1.11 - 15.81 | 132 | 4 | $ | 12.2 | 132 | 4 | $ | 12.2 | |||||||||||||||||
22.86 - 37.85 | 128 | 6 | 28.17 | 128 | 6 | 28.17 | |||||||||||||||||||
47.19 - 69.96 | 184 | 7 | 66.74 | 97 | 7 | 67.96 | |||||||||||||||||||
74.91 - 89.79 | 181 | 8 | 80.97 | 44 | 8 | 82.29 | |||||||||||||||||||
91.12 - 99.66 | 373 | 9 | 97.54 | 30 | 8 | 96.52 | |||||||||||||||||||
101.35 - 127.15 | 75 | 9 | 118.08 | 9 | 9 | 116.98 | |||||||||||||||||||
End of year | 1,073 | 7 | $ | 72.12 | 440 | 6 | $ | 43.98 | |||||||||||||||||
Employee Stock Option [Member] | |||||||||||||||||||||||||
Stock Option Activity | A summary of the status of the Company’s stock option activity is presented in the following table (shares in thousands): | ||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | |||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
exercise price | exercise price | exercise price | |||||||||||||||||||||||
Common stock options outstanding | |||||||||||||||||||||||||
Beginning of year | 1,090 | $ | 56.94 | 1,807 | $ | 41.6 | 3,559 | $ | 26.46 | ||||||||||||||||
Granted | 371 | 99.4 | 302 | 84.5 | 241 | 89.99 | |||||||||||||||||||
Exercised | (238 | ) | 44.79 | (705 | ) | 31.07 | (1,795 | ) | 17.57 | ||||||||||||||||
Forfeited | (150 | ) | 72.57 | (314 | ) | 53.15 | (198 | ) | 46.28 | ||||||||||||||||
End of year | 1,073 | $ | 72.12 | 1,090 | $ | 56.94 | 1,807 | $ | 41.6 | ||||||||||||||||
Exercisable at end of year | 440 | $ | 43.98 | 363 | $ | 34.37 | 563 | $ | 24.85 | ||||||||||||||||
Vested and Expected to vest | 1,028 | $ | 71.28 | 1,046 | $ | 56.47 | 1,807 | $ | 41.6 | ||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||||||||
Restricted Stock Option Activity | A summary of the status of the Company’s restricted stock activity is presented in the following table (shares in thousands): | ||||||||||||||||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | |||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
grant date | grant date | grant date | |||||||||||||||||||||||
fair value | fair value | fair value | |||||||||||||||||||||||
Restricted stock outstanding | |||||||||||||||||||||||||
Beginning of year | 162 | $ | 87.54 | 62 | $ | 81.81 | 22 | $ | 55.72 | ||||||||||||||||
Granted | 71 | 97.73 | 141 | 86.07 | 65 | 90.18 | |||||||||||||||||||
Vested | (52 | ) | 91.91 | (25 | ) | 81.41 | (5 | ) | 66.88 | ||||||||||||||||
Forfeited | (30 | ) | 82.91 | (16 | ) | 75.39 | (20 | ) | 75.3 | ||||||||||||||||
End of year | 151 | $ | 91.74 | 162 | $ | 87.54 | 62 | $ | 81.81 | ||||||||||||||||
Expected to vest | 140 | $ | 91.74 | 152 | $ | 87.54 | 62 | $ | 81.81 | ||||||||||||||||
Net_income_per_common_share_Ta
Net income per common share (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
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: | ||||||||||||
Fiscal year ended | |||||||||||||
(In thousands, except per share data) | January 31, | February 1, | February 2, | ||||||||||
2015 | 2014 | 2013 | |||||||||||
Numerator for diluted net income per share — net income | $ | 257,135 | $ | 202,849 | $ | 172,549 | |||||||
Denominator for basic net income per share — weighted-average common shares | 64,335 | 63,992 | 63,250 | ||||||||||
Dilutive effect of stock options and non-vested stock | 316 | 469 | 1,146 | ||||||||||
Denominator for diluted net income per share | 64,651 | 64,461 | 64,396 | ||||||||||
Net income per common share: | |||||||||||||
Basic | $ | 4 | $ | 3.17 | $ | 2.73 | |||||||
Diluted | $ | 3.98 | $ | 3.15 | $ | 2.68 |
Valuation_and_qualifying_accou1
Valuation and qualifying accounts (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
Description | Balance at | Charged to | Deductions | Balance at | |||||||||||||
beginning | costs and | end | |||||||||||||||
of period | expenses | of period | |||||||||||||||
(In thousands) | |||||||||||||||||
Fiscal 2014 | |||||||||||||||||
Allowance for doubtful accounts | $ | 915 | $ | 874 | $ | (443 | )(a) | $ | 1,346 | ||||||||
Shrink reserve | 9,358 | 22,374 | (20,134 | ) | 11,598 | ||||||||||||
Inventory — lower of cost or market reserve | 4,861 | 4,368 | (3,976 | ) | 5,253 | ||||||||||||
Insurance: | |||||||||||||||||
Workers Comp / General Liability Prepaid Asset | (1,817 | )(b) | 6,899 | (6,871 | ) | (1,789 | ) | ||||||||||
Employee Health Care Accrued Liability | 2,606 | 41,335 | (41,506 | ) | 2,435 | ||||||||||||
Fiscal 2013 | |||||||||||||||||
Allowance for doubtful accounts | $ | 973 | $ | 300 | $ | (358 | )(a) | $ | 915 | ||||||||
Shrink reserve | 4,020 | 16,298 | (10,960 | ) | 9,358 | ||||||||||||
Inventory — lower of cost or market reserve | 2,364 | 4,522 | (2,025 | ) | 4,861 | ||||||||||||
Insurance: | |||||||||||||||||
Workers Comp / General Liability Prepaid Asset | (2,400 | )(b) | 7,060 | (6,477 | ) | (1,817 | ) | ||||||||||
Employee Health Care Accrued Liability | 2,232 | 34,422 | (34,048 | ) | 2,606 | ||||||||||||
Fiscal 2012 | |||||||||||||||||
Allowance for doubtful accounts | $ | 556 | $ | 419 | $ | (2 | )(a) | $ | 973 | ||||||||
Shrink reserve | 2,445 | 8,077 | (6,502 | ) | 4,020 | ||||||||||||
Inventory — lower of cost or market reserve | 2,070 | 1,099 | (805 | ) | 2,364 | ||||||||||||
Insurance: | |||||||||||||||||
Workers Comp / General Liability Prepaid Asset | (2,084 | )(b) | 4,864 | (5,180 | ) | (2,400 | ) | ||||||||||
Employee Health Care Accrued Liability | 1,929 | 26,584 | (26,281 | ) | 2,232 | ||||||||||||
(a) | Represents write-off of uncollectible accounts | ||||||||||||||||
(b) | Represents prepaid insurance |
Selected_quarterly_financial_d1
Selected quarterly financial data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Financial Information | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||||||||
(In thousands, except per | |||||||||||||||||||||||||||||||||
share data) | |||||||||||||||||||||||||||||||||
Net sales | $ | 713,770 | $ | 734,236 | $ | 745,722 | $ | 1,047,641 | $ | 582,712 | $ | 600,998 | $ | 618,781 | $ | 868,082 | |||||||||||||||||
Cost of sales | 467,817 | 474,894 | 463,967 | 697,904 | 378,763 | 388,921 | 387,120 | 574,521 | |||||||||||||||||||||||||
Gross profit | 245,953 | 259,342 | 281,755 | 349,737 | 203,949 | 212,077 | 231,661 | 293,561 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 162,443 | 157,768 | 181,093 | 210,702 | 133,048 | 134,400 | 151,306 | 177,636 | |||||||||||||||||||||||||
Pre-opening expenses | 2,629 | 3,595 | 6,574 | 1,568 | 3,206 | 4,809 | 7,468 | 1,787 | |||||||||||||||||||||||||
Operating income | 80,881 | 97,979 | 94,088 | 137,467 | 67,695 | 72,868 | 72,887 | 114,138 | |||||||||||||||||||||||||
Interest income, net | (200 | ) | (209 | ) | (254 | ) | (231 | ) | (24 | ) | (18 | ) | (7 | ) | (69 | ) | |||||||||||||||||
Income before income taxes | 81,081 | 98,188 | 94,342 | 137,698 | 67,719 | 72,886 | 72,894 | 114,207 | |||||||||||||||||||||||||
Income tax expense | 31,128 | 37,394 | 35,218 | 50,434 | 25,893 | 27,975 | 27,464 | 43,525 | |||||||||||||||||||||||||
Net income | $ | 49,953 | $ | 60,794 | $ | 59,124 | $ | 87,264 | $ | 41,826 | $ | 44,911 | $ | 45,430 | $ | 70,682 | |||||||||||||||||
Net income per common share: | |||||||||||||||||||||||||||||||||
Basic | $ | 0.78 | $ | 0.94 | $ | 0.92 | $ | 1.36 | $ | 0.66 | $ | 0.7 | $ | 0.71 | $ | 1.1 | |||||||||||||||||
Diluted | $ | 0.77 | $ | 0.94 | $ | 0.91 | $ | 1.35 | $ | 0.65 | $ | 0.7 | $ | 0.7 | $ | 1.09 |
Recovered_Sheet1
Business and Basis of Presentation - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2015 | |
Segment | |
Store | |
State | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of stores | 774 |
Number of states in which entity operates | 47 |
Number of operating segments | 3 |
Number of reportable segments | 1 |
Recovered_Sheet2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Product Information [Line Items] | |||
Allowance for doubtful receivable | $1,346 | $915 | |
Outstanding debt | 0 | 0 | |
Impairment charges | 0 | 0 | 0 |
Accrued liability loyalty programs | 15,032 | 7,740 | |
Cost of loyalty programs | 42,096 | 27,588 | 22,044 |
Duration of refund for sales return | 60 days | ||
Deferred gift card revenue | 22,681 | 16,439 | |
Gift card breakage | 2,720 | 2,181 | |
Total advertising costs | 157,847 | 140,774 | 118,365 |
Prepaid advertising costs | 8,899 | 6,891 | |
Stock compensation expense | 14,923 | 16,003 | 13,375 |
Stop loss coverage of employee health claims | 150 | ||
Stop loss coverage of general liability claims | 100 | ||
Stop loss coverage of workers compensation claims | 250 | ||
Sales [Member] | |||
Product Information [Line Items] | |||
Percentage of advertisement expense to sales | 4.90% | 5.30% | 5.30% |
Leasehold Improvements [Member] | |||
Product Information [Line Items] | |||
Estimated useful lives or the expected lease term | 10 years | ||
Salon Service [Member] | |||
Product Information [Line Items] | |||
Revenue from Salon service | 175,533 | 145,815 | 121,357 |
E-commerce [Member] | |||
Product Information [Line Items] | |||
Revenue from E-Commerce | 149,857 | 95,809 | 55,086 |
Vendor Allowances [Member] | |||
Product Information [Line Items] | |||
Allowances receivable | 39,629 | 30,591 | |
Landlord Allowances [Member] | |||
Product Information [Line Items] | |||
Allowances receivable | $8,357 | $14,128 |
Recovered_Sheet3
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives or Expected Lease Term (Detail) | 12 Months Ended |
Jan. 31, 2015 | |
Equipment and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives or the expected lease term | 3 years |
Equipment and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives or the expected lease term | 10 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives or the expected lease term | 10 years |
Leasehold Improvements [Member] | Average [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives or the expected lease term | 10 years |
Electronic Equipment and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives or the expected lease term | 3 years |
Electronic Equipment and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives or the expected lease term | 5 years |
Property_and_Equipment_Compone
Property and Equipment - Components of Property and Equipment (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $1,243,249 | $1,022,656 |
Less accumulated depreciation and amortization | -526,090 | -426,920 |
Property and equipment, net | 717,159 | 595,736 |
Equipment and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 447,782 | 390,650 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 431,999 | 376,796 |
Electronic Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 272,937 | 218,979 |
Construction-in-progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $90,531 | $36,231 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Capitalized interest | $0 | $0 |
Recovered_Sheet4
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 |
Long-term Purchase Commitment [Line Items] | |||||
Non-cancelable operating lease terms, minimum | 3 years | ||||
Non-cancelable operating lease terms, maximum | 10 years | ||||
Total rent expense under operating leases | $159,245 | $138,086 | $115,755 | ||
Contractual obligations related to commitments | 34,521 | ||||
Multi-Year Supply Chain [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Contractual obligations related to commitments | 38,212 | 6,222 | |||
Retail Stores [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum lease payments for stores to be opened in next fiscal year | $184,376 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Operating Leases (Detail) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $214,479 |
2016 | 218,879 |
2017 | 207,223 |
2018 | 189,683 |
2019 | 173,111 |
2020 and thereafter | 599,542 |
Total minimum lease payments | $1,602,917 |
Accrued_Liabilities_Schedule_o
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Schedule Of Accrued Liabilities [Abstract] | ||
Accrued vendor liabilities (including accrued property and equipment costs) | $24,705 | $15,631 |
Accrued customer liabilities | 39,593 | 25,507 |
Accrued payroll, bonus and employee benefits | 50,931 | 33,642 |
Accrued taxes, other | 17,824 | 12,788 |
Other accrued liabilities | 16,359 | 15,612 |
Accrued liabilities | $149,412 | $103,180 |
Income_Taxes_Schedule_of_Provi
Income Taxes - Schedule of Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Current: | |||||||||||
Federal | $128,159 | $105,731 | $83,606 | ||||||||
State | 16,909 | 15,310 | 14,832 | ||||||||
Total current | 145,068 | 121,041 | 98,438 | ||||||||
Deferred: | |||||||||||
Federal | 8,392 | 3,891 | 8,950 | ||||||||
State | 714 | -75 | -144 | ||||||||
Total deferred | 9,106 | 3,816 | 8,806 | ||||||||
Provision for income taxes | $50,434 | $35,218 | $37,394 | $31,128 | $43,525 | $27,464 | $27,975 | $25,893 | $154,174 | $124,857 | $107,244 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Federal Statutory Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State effective rate, net of federal tax benefit | 2.80% | 3.00% | 3.40% |
Other | -0.30% | 0.10% | -0.10% |
Effective tax rate | 37.50% | 38.10% | 38.30% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Reserves not currently deductible | $22,380 | $24,721 |
Employee benefits | 8,782 | 6,290 |
Credit carryforwards | 338 | 402 |
Accrued liabilities | 8,231 | 3,927 |
Inventory valuation | 617 | 1,708 |
Total deferred tax assets | 40,348 | 37,048 |
Deferred tax liabilities: | ||
Property and equipment | 44,882 | 44,288 |
Deferred rent obligation | 38,409 | 28,529 |
Prepaid expenses | 10,775 | 8,703 |
Total deferred tax liabilities | 94,066 | 81,520 |
Net deferred tax liability | ($53,718) | ($44,472) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Credit carryforwards for state income tax | $338 | |
Reserve for uncertain tax positions | $1,414 | $795 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Company's Unrecognized Tax Benefits, Excluding Interest and Penalties (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | ||
Balance at beginning of the period | $795 | |
Increase due to a current year position | 670 | 795 |
Decrease due to a prior period position | -51 | |
Balance at the end of the period | $1,414 | $795 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Feb. 01, 2014 | |
Line of Credit Facility [Line Items] | ||
Letters of credit, maximum borrowing capacity | $200,000,000 | |
Additional credit available under the revolving facility with consent by each lender and other conditions | 50,000,000 | |
Interest rate on outstanding borrowing under facility | LIBOR plus 1.50% | |
Percentage of unused Line of Credit Facility Fee | 0.20% | |
Outstanding debt under credit facility | 0 | 0 |
Subfacility for Standby Letters of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of credit, maximum borrowing capacity | $10,000,000 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (Fair Value, Inputs, Level 2 [Member], USD $) | Jan. 31, 2015 |
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 | $5,574 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | Jan. 31, 2015 |
In Thousands, unless otherwise specified | |
Investments Schedule [Abstract] | |
Certificates of deposit | $150,209 |
Sharebased_Awards_Additional_I
Share-based Awards - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Stock Based Awards [Line Items] | |||
Share-based Compensation | $14,923 | $16,003 | $13,375 |
Cash from stock option exercises | 10,639 | 21,890 | 31,530 |
Employee Stock Option [Member] | |||
Stock Based Awards [Line Items] | |||
Number of shares granted | 371 | 302 | 241 |
Aggregate intrinsic value of outstanding options | 64,167 | ||
Sale price of our common stock on the NASDAQ Global Select Market | $131.94 | ||
Restricted Stock Award [Member] | |||
Stock Based Awards [Line Items] | |||
Vesting period | 3 years | ||
Unrecognized compensation cost | 7,770 | ||
Unrecognized compensation expense weighted-average recognition period | 2 years | ||
Director restricted stock, vesting period | 1 year | ||
Compensation expense | 5,845 | 5,789 | 1,408 |
2011 Incentive Award Plan [Member] | |||
Stock Based Awards [Line Items] | |||
Issuance upon grant or exercise of awards | 4,409 | ||
Share-based Compensation | 14,923 | 16,003 | 13,375 |
Cash from stock option exercises | 10,639 | 21,890 | 31,530 |
Total income tax benefit recognized in the income statement for the share-based compensation arrangements | 3,526 | 4,812 | 5,364 |
Actual tax benefit realized for the tax deductions from option exercise and restricted stock vesting | 6,892 | 18,169 | 51,886 |
2011 Incentive Award Plan [Member] | Employee Stock Option [Member] | |||
Stock Based Awards [Line Items] | |||
Employee stock options, expiration period | 10 years | ||
Vesting period | 4 years | ||
Employee stock options, vesting rate | 25.00% | ||
Compensation cost | 9,078 | 10,214 | 11,967 |
Weighted-average fair value of stock options granted | $32.38 | $34.31 | $46.29 |
Total fair value stock options issued and vested | 8,799 | 10,544 | 12,089 |
Unrecognized compensation cost | 16,628 | ||
Unrecognized compensation expense weighted-average recognition period | 2 years | ||
Total intrinsic value of options exercised | 15,032 | 49,404 | 138,291 |
Number of shares granted | 371 | ||
Aggregate intrinsic value of exercisable options | $38,669 |
Sharebased_Awards_BlackScholes
Share-based Awards - Black-Scholes Valuation Model Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Volatility rate | 40.70% | 49.20% | 53.50% |
Average risk-free interest rate | 1.40% | 0.90% | 1.20% |
Average expected life (in years) | 3 years 9 months 18 days | 4 years 4 months 24 days | 6 years 3 months 18 days |
Dividend yield |
Sharebased_Awards_Stock_Option
Share-based Awards - Stock Option Activity (Detail) (Employee Stock Option [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock options outstanding shares, Beginning of year | 1,090 | 1,807 | 3,559 |
Common stock options outstanding shares, Granted | 371 | 302 | 241 |
Common stock options outstanding shares, Exercised | -238 | -705 | -1,795 |
Common stock options outstanding shares, Forfeited | -150 | -314 | -198 |
Common stock options outstanding shares, End of year | 1,073 | 1,090 | 1,807 |
Common stock options outstanding shares, Exercisable at end of year | 440 | 363 | 563 |
Common stock options outstanding shares, Vested and Expected to vest | 1,028 | 1,046 | 1,807 |
Common stock options outstanding weighted-average exercise price, Beginning of year | $56.94 | $41.60 | $26.46 |
Common stock options outstanding weighted-average exercise price, Granted | $99.40 | $84.50 | $89.99 |
Common stock options outstanding weighted-average exercise price, Exercised | $44.79 | $31.07 | $17.57 |
Common stock options outstanding weighted-average exercise price, Forfeited | $72.57 | $53.15 | $46.28 |
Common stock options outstanding weighted-average exercise price, End of year | $72.12 | $56.94 | $41.60 |
Common stock options outstanding weighted-average exercise price, Exercisable at end of year | $43.98 | $34.37 | $24.85 |
Common stock options outstanding weighted-average exercise price, Vested and expected to vest | $71.28 | $56.47 | $41.60 |
Sharebased_Awards_Summary_of_O
Share-based Awards - Summary of Options Outstanding and Options Exercisable Under Stock Option Plan (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding Weighted-average remaining contractual life (years) | 7 years |
Options exercisable Weighted-average remaining contractual life (years) | 6 years |
Number of options, outstanding | 1,073 |
Number of options, exercisable | 440 |
Weighted-average exercise price, options outstanding | $72.12 |
Weighted-average exercise price, options exercisable | $43.98 |
1.11 - 15.81 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding Weighted-average remaining contractual life (years) | 4 years |
Options exercisable Weighted-average remaining contractual life (years) | 4 years |
Number of options, outstanding | 132 |
Number of options, exercisable | 132 |
Options outstanding, exercise prices lower range limit | $1.11 |
Options outstanding, exercise prices upper range limit | $15.81 |
Weighted-average exercise price, options outstanding | $12.20 |
Weighted-average exercise price, options exercisable | $12.20 |
22.86 - 37.85 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding Weighted-average remaining contractual life (years) | 6 years |
Options exercisable Weighted-average remaining contractual life (years) | 6 years |
Number of options, outstanding | 128 |
Number of options, exercisable | 128 |
Options outstanding, exercise prices lower range limit | $22.86 |
Options outstanding, exercise prices upper range limit | $37.85 |
Weighted-average exercise price, options outstanding | $28.17 |
Weighted-average exercise price, options exercisable | $28.17 |
47.19 - 69.96 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding Weighted-average remaining contractual life (years) | 7 years |
Options exercisable Weighted-average remaining contractual life (years) | 7 years |
Number of options, outstanding | 184 |
Number of options, exercisable | 97 |
Options outstanding, exercise prices lower range limit | $47.19 |
Options outstanding, exercise prices upper range limit | $69.96 |
Weighted-average exercise price, options outstanding | $66.74 |
Weighted-average exercise price, options exercisable | $67.96 |
74.91 - 89.79 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding Weighted-average remaining contractual life (years) | 8 years |
Options exercisable Weighted-average remaining contractual life (years) | 8 years |
Number of options, outstanding | 181 |
Number of options, exercisable | 44 |
Options outstanding, exercise prices lower range limit | $74.91 |
Options outstanding, exercise prices upper range limit | $89.79 |
Weighted-average exercise price, options outstanding | $80.97 |
Weighted-average exercise price, options exercisable | $82.29 |
91.12 - 99.66 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding Weighted-average remaining contractual life (years) | 9 years |
Options exercisable Weighted-average remaining contractual life (years) | 8 years |
Number of options, outstanding | 373 |
Number of options, exercisable | 30 |
Options outstanding, exercise prices lower range limit | $91.12 |
Options outstanding, exercise prices upper range limit | $99.66 |
Weighted-average exercise price, options outstanding | $97.54 |
Weighted-average exercise price, options exercisable | $96.52 |
101.35 - 127.15 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding Weighted-average remaining contractual life (years) | 9 years |
Options exercisable Weighted-average remaining contractual life (years) | 9 years |
Number of options, outstanding | 75 |
Number of options, exercisable | 9 |
Options outstanding, exercise prices lower range limit | $101.35 |
Options outstanding, exercise prices upper range limit | $127.15 |
Weighted-average exercise price, options outstanding | $118.08 |
Weighted-average exercise price, options exercisable | $116.98 |
Sharebased_Awards_Restricted_S
Share-based Awards - Restricted Stock Option Activity (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Restricted Stock [Member] | |||
Schedule Of Restricted Stock Activity [Line Items] | |||
Restricted stock outstanding shares, Beginning of year | 162 | 62 | 22 |
Restricted stock outstanding shares, Granted | 71 | 141 | 65 |
Restricted stock outstanding shares, Vested | -52 | -25 | -5 |
Restricted stock outstanding shares, Forfeited | -30 | -16 | -20 |
Restricted stock outstanding shares, End of year | 151 | 162 | 62 |
Restricted stock outstanding shares, Expected to vest | 140 | 152 | 62 |
Restricted stock outstanding weighted-average exercise price, Beginning of year | $87.54 | $81.81 | $55.72 |
Restricted stock outstanding weighted-average exercise price, Granted | $97.73 | $86.07 | $90.18 |
Restricted stock outstanding Weighted-average Exercise Price, Vested | $91.91 | $81.41 | $66.88 |
Restricted stock outstanding weighted-average exercise price, Forfeited | $82.91 | $75.39 | $75.30 |
Restricted stock outstanding weighted- average exercise price, End of year | $91.74 | $87.54 | $81.81 |
Restricted stock outstanding weighted-average exercise price, Expected to vest | $91.74 | $87.54 | $81.81 |
Net_Income_Per_Common_Share_Ne
Net Income Per Common Share - Net Income Per Basic and Diluted Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Earnings Per Share [Abstract] | |||||||||||
Numerator for diluted net income per share - net income | $87,264 | $59,124 | $60,794 | $49,953 | $70,682 | $45,430 | $44,911 | $41,826 | $257,135 | $202,849 | $172,549 |
Denominator for basic net income per share -weighted-average common shares | 64,335 | 63,992 | 63,250 | ||||||||
Dilutive effect of stock options and non-vested stock | 316 | 469 | 1,146 | ||||||||
Denominator for diluted net income per share | 64,651 | 64,461 | 64,396 | ||||||||
Net income per common share: | |||||||||||
Basic | $1.36 | $0.92 | $0.94 | $0.78 | $1.10 | $0.71 | $0.70 | $0.66 | $4 | $3.17 | $2.73 |
Diluted | $1.35 | $0.91 | $0.94 | $0.77 | $1.09 | $0.70 | $0.70 | $0.65 | $3.98 | $3.15 | $2.68 |
Net_Income_Per_Common_Share_Ad
Net Income Per Common Share - Additional Information (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Earnings Per Share [Abstract] | |||
Antidilutive stock option excluded from computation of net income per common share | 686 | 658 | 533 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Retirement Plan [Line Items] | |||
Company match | 100.00% | 100.00% | 100.00% |
401(k) Match on eligible compensation | 3.00% | ||
Company match liability amount | $4,104 | $3,532 | |
Non Qualified Deferred Compensation Plan [Member] | |||
Retirement Plan [Line Items] | |||
Company match | 100.00% | ||
Company match liability amount | 465 | ||
Deferred compensation plan match | 3.00% | ||
Deferred compensation liability included in other long term liability | 5,574 | 3,678 | |
Investment included in deferred compensation plan assets | $5,656 | $4,294 |
Recovered_Sheet5
Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $915 | $973 | $556 |
Charged to costs and expenses | 874 | 300 | 419 |
Deductions | -443 | -358 | -2 |
Balance at end of period | 1,346 | 915 | 973 |
Shrink Reserve [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 9,358 | 4,020 | 2,445 |
Charged to costs and expenses | 22,374 | 16,298 | 8,077 |
Deductions | -20,134 | -10,960 | -6,502 |
Balance at end of period | 11,598 | 9,358 | 4,020 |
Inventory - Lower of Cost or Market Reserve [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 4,861 | 2,364 | 2,070 |
Charged to costs and expenses | 4,368 | 4,522 | 1,099 |
Deductions | -3,976 | -2,025 | -805 |
Balance at end of period | 5,253 | 4,861 | 2,364 |
Insurance: Workers Comp / General Liability Prepaid Asset [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | -1,817 | -2,400 | -2,084 |
Charged to costs and expenses | 6,899 | 7,060 | 4,864 |
Deductions | -6,871 | -6,477 | -5,180 |
Balance at end of period | -1,789 | -1,817 | -2,400 |
Insurance: Employee Health Care Accrued Liability [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 2,606 | 2,232 | 1,929 |
Charged to costs and expenses | 41,335 | 34,422 | 26,584 |
Deductions | -41,506 | -34,048 | -26,281 |
Balance at end of period | $2,435 | $2,606 | $2,232 |
Recovered_Sheet6
Selected Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Statement [Abstract] | |||||||||||
Net sales | $1,047,641 | $745,722 | $734,236 | $713,770 | $868,082 | $618,781 | $600,998 | $582,712 | $3,241,369 | $2,670,573 | $2,220,256 |
Cost of sales | 697,904 | 463,967 | 474,894 | 467,817 | 574,521 | 387,120 | 388,921 | 378,763 | 2,104,582 | 1,729,325 | 1,436,582 |
Gross profit | 349,737 | 281,755 | 259,342 | 245,953 | 293,561 | 231,661 | 212,077 | 203,949 | 1,136,787 | 941,248 | 783,674 |
Selling, general and administrative expenses | 210,702 | 181,093 | 157,768 | 162,443 | 177,636 | 151,306 | 134,400 | 133,048 | 712,006 | 596,390 | 488,880 |
Pre-opening expenses | 1,568 | 6,574 | 3,595 | 2,629 | 1,787 | 7,468 | 4,809 | 3,206 | 14,366 | 17,270 | 14,816 |
Operating income | 137,467 | 94,088 | 97,979 | 80,881 | 114,138 | 72,887 | 72,868 | 67,695 | 410,415 | 327,588 | 279,978 |
Interest income, net | -231 | -254 | -209 | -200 | -69 | -7 | -18 | -24 | -894 | -118 | 185 |
Income before income taxes | 137,698 | 94,342 | 98,188 | 81,081 | 114,207 | 72,894 | 72,886 | 67,719 | 411,309 | 327,706 | 279,793 |
Income tax expense | 50,434 | 35,218 | 37,394 | 31,128 | 43,525 | 27,464 | 27,975 | 25,893 | 154,174 | 124,857 | 107,244 |
Net income | $87,264 | $59,124 | $60,794 | $49,953 | $70,682 | $45,430 | $44,911 | $41,826 | $257,135 | $202,849 | $172,549 |
Net income per common share: | |||||||||||
Basic | $1.36 | $0.92 | $0.94 | $0.78 | $1.10 | $0.71 | $0.70 | $0.66 | $4 | $3.17 | $2.73 |
Diluted | $1.35 | $0.91 | $0.94 | $0.77 | $1.09 | $0.70 | $0.70 | $0.65 | $3.98 | $3.15 | $2.68 |
Stock_Repurchase_Program_Addit
Stock Repurchase Program - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Sep. 11, 2014 |
Stock Repurchase Program [Line Items] | |||
Repurchase of common stock | $39,923,000 | $37,337,000 | |
2013 Share Repurchase Program [Member] | |||
Stock Repurchase Program [Line Items] | |||
Shares authorized but unused amount revoked | 112,664,000 | ||
Repurchase of common stock, shares | 501 | ||
Repurchase of common stock | 37,337,000 | ||
Repurchase of common stock, average price per share | $74.58 | ||
2013 Share Repurchase Program [Member] | Maximum [Member] | |||
Stock Repurchase Program [Line Items] | |||
Repurchase of common stock authorized amount | 150,000,000 | ||
2014 Share Repurchase Program [Member] | |||
Stock Repurchase Program [Line Items] | |||
Repurchase of common stock, shares | 321 | ||
Repurchase of common stock | 39,923,000 | ||
Repurchase of common stock, average price per share | $124.31 | ||
2014 Share Repurchase Program [Member] | Maximum [Member] | |||
Stock Repurchase Program [Line Items] | |||
Repurchase of common stock authorized amount | $300,000,000 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (2014 Share Repurchase Program [Member], Subsequent Event [Member], USD $) | Mar. 12, 2015 |
2014 Share Repurchase Program [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Increase to the 2014 Share Repurchase Program authorization | $100,000,000 |