Ulta Beauty (ULTA) 10-Q 31 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 29, 2017	Aug. 28, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 29, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	ULTA
Entity Registrant Name	Ulta Beauty, Inc.
Entity Central Index Key	1,403,568
Current Fiscal Year End Date	--02-03
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		61,430,613

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 29, 2017	Jan. 28, 2017	Jul. 30, 2016
Current assets:
Cash and cash equivalents	$ 92,860	$ 385,010	$ 194,084
Short-term investments	180,000	30,000	110,000
Receivables, net	67,593	88,631	55,998
Merchandise inventories, net	1,144,702	943,975	930,205
Prepaid expenses and other current assets	98,215	88,621	82,720
Prepaid income taxes	9,124		3,075
Total current assets	1,592,494	1,536,237	1,376,082
Property and equipment, net	1,095,135	1,004,358	919,597
Deferred compensation plan assets	14,588	11,283	10,109
Total assets	2,702,217	2,551,878	2,305,788
Current liabilities:
Accounts payable	313,483	259,518	285,238
Accrued liabilities	256,794	260,854	205,918
Accrued income taxes		8,971	1,089
Total current liabilities	570,277	529,343	492,245
Deferred rent	387,670	366,191	345,441
Deferred income taxes	85,181	86,498	58,477
Other long-term liabilities	23,739	19,628	17,688
Total liabilities	1,066,867	1,001,660	913,851
Commitments and contingencies (Note 3)
Stockholders' equity:
Common stock, $0.01 par value, 400,000 shares authorized; 62,263, 62,733 and 63,005 shares issued; 61,645, 62,129 and 62,402 shares outstanding; at July 29, 2017 (unaudited), January 28, 2017 and July 30, 2016 (unaudited), respectively	623	627	630
Treasury stock-common, at cost	(18,551)	(14,524)	(14,102)
Additional paid-in capital	683,156	658,330	635,582
Retained earnings	970,122	905,785	769,827
Total stockholders' equity	1,635,350	1,550,218	1,391,937
Total liabilities and stockholders' equity	$ 2,702,217	$ 2,551,878	$ 2,305,788

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 29, 2017	Jan. 28, 2017	Jul. 30, 2016
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000	400,000,000
Common stock, shares issued	62,263,000	62,733,000	63,005,000
Common stock, shares outstanding	61,645,000	62,129,000	62,402,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016	Jul. 29, 2017	Jul. 30, 2016
Income Statement [Abstract]
Net sales	$ 1,289,854	$ 1,069,215	$ 2,604,733	$ 2,142,931
Cost of sales	820,528	684,377	1,659,399	1,367,663
Gross profit	469,326	384,838	945,334	775,268
Selling, general and administrative expenses	283,427	236,380	566,872	477,104
Pre-opening expenses	6,099	4,689	10,257	7,231
Operating income	179,800	143,769	368,205	290,933
Interest income, net	(555)	(248)	(893)	(563)
Income before income taxes	180,355	144,017	369,098	291,496
Income tax expense	66,162	54,013	126,682	109,516
Net income	$ 114,193	$ 90,004	$ 242,416	$ 181,980
Net income per common share:
Basic	$ 1.84	$ 1.44	$ 3.91	$ 2.90
Diluted	$ 1.83	$ 1.43	$ 3.88	$ 2.89
Weighted average common shares outstanding:
Basic	61,935	62,475	62,018	62,753
Diluted	62,379	62,813	62,483	63,067

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016
Operating activities
Net income	$ 242,416	$ 181,980
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	125,582	97,552
Deferred income taxes	(1,317)	(1,050)
Non-cash stock compensation charges	11,649	8,862
Excess tax benefits from stock-based compensation		(4,685)
Loss on disposal of property and equipment	2,348	3,712
Change in operating assets and liabilities:
Receivables	21,038	8,994
Merchandise inventories	(200,727)	(168,412)
Prepaid expenses and other current assets	(9,594)	(10,172)
Income taxes	(18,095)	(10,003)
Accounts payable	53,965	89,064
Accrued liabilities	(29,557)	(5,099)
Deferred rent	21,479	23,652
Other assets and liabilities	806	5,235
Net cash provided by operating activities	219,993	219,630
Investing activities
Purchases of short-term investments	(240,000)	(60,000)
Proceeds from short-term investments	90,000	80,000
Purchases of property and equipment	(193,210)	(149,595)
Net cash used in investing activities	(343,210)	(129,595)
Financing activities
Repurchase of common shares	(178,085)	(252,450)
Stock options exercised	13,179	8,391
Excess tax benefits from stock-based compensation		4,685
Purchase of treasury shares	(4,027)	(2,417)
Net cash used in financing activities	(168,933)	(241,791)
Net decrease in cash and cash equivalents	(292,150)	(151,756)
Cash and cash equivalents at beginning of period	385,010	345,840
Cash and cash equivalents at end of period	92,860	194,084
Supplemental cash flow information
Cash paid for income taxes (net of refunds)	145,494	120,085
Non-cash investing activities:
Change in property and equipment included in accrued liabilities	$ 25,497	$ 23,666

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 6 months ended Jul. 29, 2017 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Balance at Jan. 28, 2017	$ 1,550,218	$ 627	$ (14,524)	$ 658,330	$ 905,785
Balance, Shares at Jan. 28, 2017	62,733	62,733
Balance, Shares at Jan. 28, 2017			(604)
Stock options exercised and other awards	$ 13,179	$ 2		13,177
Stock options exercised and other awards, Shares		177
Purchase of treasury shares	(4,027)		$ (4,027)
Purchase of treasury shares, Shares			(14)
Net income for the 26 weeks ended July 29, 2017	242,416				242,416
Stock compensation charge	11,649			11,649
Repurchase of common shares	(178,085)	$ (6)			(178,079)
Repurchase of common shares, Shares		(647)
Balance at Jul. 29, 2017	$ 1,635,350	$ 623	$ (18,551)	$ 683,156	$ 970,122
Balance, Shares at Jul. 29, 2017	62,263	62,263
Balance, Shares at Jul. 29, 2017			(618)

Business and basis of presentat

Business and basis of presentation	6 Months Ended
	Jul. 29, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and basis of presentation	1. Business and basis of presentation On January 29, 2017, Ulta Salon, Cosmetics & Fragrance, Inc. implemented a holding company reorganization pursuant to which Ulta Beauty, Inc., which was incorporated as a Delaware corporation in December 2016, became the successor to Ulta Salon, Cosmetics & Fragrance, Inc., the former publicly traded company and now a wholly owned subsidiary of Ulta Beauty, Inc. As used in these notes and throughout this Quarterly Report on Form 10-Q, The Company was originally founded in 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 July 29, 2017, the Company operated 1,010 stores in 48 states and the District of Columbia, as shown in the table below. Location Number of Location Number of Alabama 17 Montana 5 Alaska 3 Nebraska 5 Arizona 25 Nevada 14 Arkansas 7 New Hampshire 7 California 128 New Jersey 26 Colorado 21 New Mexico 6 Connecticut 13 New York 36 Delaware 3 North Carolina 28 District of Columbia 1 North Dakota 3 Florida 68 Ohio 39 Georgia 32 Oklahoma 16 Idaho 7 Oregon 11 Illinois 49 Pennsylvania 37 Indiana 19 Rhode Island 3 Iowa 8 South Carolina 15 Kansas 9 South Dakota 2 Kentucky 10 Tennessee 19 Louisiana 16 Texas 97 Maine 3 Utah 12 Maryland 18 Virginia 25 Massachusetts 15 Washington 24 Michigan 43 West Virginia 6 Minnesota 13 Wisconsin 18 Mississippi 9 Wyoming 2 Missouri 17 Total 1,010 The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q S-X. The Company’s business is subject to seasonal fluctuation. Significant portions of the Company’s net sales and net income are realized during the fourth quarter of the fiscal year due to the holiday selling season. The results for the 13 and 26 weeks ended July 29, 2017 are not necessarily indicative of the results to be expected for the fiscal year ending February 3, 2018, or for any other future interim period or for any future year. These interim consolidated financial statements and the related notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Jul. 29, 2017
Accounting Policies [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies Information regarding the Company’s significant accounting policies is contained in Note 2, “Summary of significant accounting policies,” to the consolidated financial statements in the Company’s Annual Report on Form 10-K Fiscal quarter The Company’s quarterly periods are the 13 weeks ending on the Saturday closest to April 30, July 31, October 31, and January 31. The Company’s second quarter in fiscal 2017 and 2016 ended on July 29, 2017 and July 30, 2016, respectively. Share-based compensation The Company measures share-based compensation cost on the grant date, based on the fair value of the award, and recognizes the expense on a straight-line method over the requisite service period for awards expected to vest. The Company estimated the grant date fair value of stock options using a Black-Scholes valuation model using the following weighted-average assumptions for the periods indicated: 26 Weeks Ended July 29, July 30, Volatility rate 31.0 % 35.0 % Average risk-free interest rate 1.6 % 1.2 % Average expected life (in years) 3.5 3.5 Dividend yield None None The Company granted 103 and 107 stock options during the 26 weeks ended July 29, 2017 and July 30, 2016, respectively. The compensation cost that has been charged against operating income for stock option grants was $2,235 and $1,999 for the 13 weeks ended July 29, 2017 and July 30, 2016, respectively. The compensation cost that has been charged against operating income for stock option grants was $4,377 and $3,982 for the 26 weeks ended July 29, 2017 and July 30, 2016, respectively. The weighted-average grant date fair value of these options was $70.12 and $52.72 for the 26 weeks ended July 29, 2017 and July 30, 2016, respectively. At July 29, 2017, there was approximately $22,633 of unrecognized compensation expense related to unvested stock options. The Company issued 42 and 50 restricted stock units during 26 weeks ended July 29, 2017 and July 30, 2016, respectively. The compensation cost that has been charged against operating income for restricted stock units was $2,354 and $1,884 for the 13 weeks ended July 29, 2017 and July 30, 2016, respectively. The compensation cost that has been charged against operating income for restricted stock units was $4,453 and $3,445 for the 26 weeks ended July 29, 2017 and July 30, 2016, respectively. At July 29, 2017, there was approximately $17,224 of unrecognized compensation expense related to restricted stock units. The Company issued 21 and 24 performance-based restricted stock units during the 26 weeks ended July 29, 2017 and July 30, 2016, respectively. The compensation cost that has been charged against operating income for performance-based restricted stock units was $1,569 and $957 for the 13 weeks ended July 29, 2017 and July 30, 2016, respectively. The compensation cost that has been charged against operating income for performance-based restricted stock units was $2,819 and $1,435 for the 26 weeks ended July 29, 2017 and July 30, 2016, respectively. At July 29, 2017, there was approximately $11,617 of unrecognized compensation expense related to performance-based restricted stock units. Recent accounting pronouncements not yet adopted Revenue Recognition from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, 2014-09). 2015-14 2014-09 2016-08, 2016-08), 2016-10, 2016-10), 2016-08 2016-10 2014-09. The Company is currently evaluating the overall impact that ASU 2014-09 2014-09 Leases In February 2016, the FASB issued ASU 2016-02, right-of-use right-of-use 2016-02 The Company is evaluating whether to early adopt the new standard in fiscal 2018. The Company’s ability to early adopt depends on system readiness, including software procured from third-party providers, and completing an analysis of information necessary to restate prior period consolidated financial statements. The Company formed a project team to review the current accounting policies and practices and assess the effect of the standard on the consolidated financial statements. The team has completed a preliminary assessment of the potential impact of adopting ASU 2016-02 2016-02 Liabilities – Extinguishments of Liabilities In March 2016, the FASB issued ASU 2016-04, 405-20): 2016-04 2016-04 2016-04 Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, 2016-15 2016-15 2016-15 2016-15 In November 2016, the FASB issued ASU 2016-18, Statement 2016-18 2016-18 2016-18 Compensation – Stock Compensation: Scope of Modification Accounting In May 2017, the FASB issued ASU 2017-09, Compensation non-substantive. 2017-09 2017-09 Recently adopted accounting pronouncements Compensation – Stock Compensation In March 2016, the FASB issued ASU 2016-09, paid-in non-public 2016-09 The Company adopted the new guidance prospectively in the first quarter of fiscal 2017. The adoption resulted in a decrease in the provision for income taxes of $1,406 and $9,139 for the 13 weeks and 26 weeks ended July 29, 2017, respectively, due to the recognition of excess tax benefits for options exercised and the vesting of equity awards. The extent of excess tax benefits or deficiencies is subject to variation in the Company’s stock price and timing/extent of restricted stock units vesting and employee stock option exercises. Additionally, the consolidated statements of cash flows now present such tax benefits or deficiencies as an operating activity on a prospective basis. Based on the adoption methodology applied, the statement of cash flows classification of prior periods has not been adjusted. As allowed under the new guidance, the Company did not change its accounting principles relative to elements of this standard and continued its existing practice of estimating the number of awards that will be forfeited.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jul. 29, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	3. Commitments and contingencies Leases non-cancelable General litigation

Notes payable

Notes payable	6 Months Ended
	Jul. 29, 2017
Debt Disclosure [Abstract]
Notes payable	4. Notes payable In 2011, the Company entered into an Amended and Restated Loan and Security 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, which has been amended multiple times since 2011 (as amended, the Loan Agreement). The Loan Agreement currently matures in December 2018, 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. 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 London Interbank Offered Rate plus 1.50%, and the unused line fee is 0.20%. As of July 29, 2017, January 28, 2017 and July 30, 2016, the Company had no borrowings outstanding under the credit facility and the Company was in compliance with all terms and covenants of the Loan Agreement.

Fair value measurements

Fair value measurements	6 Months Ended
	Jul. 29, 2017
Fair Value Disclosures [Abstract]
Fair value measurements	5. Fair value measurements The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximates their estimated fair values due to the short maturities of these instruments. Fair value is measured using inputs from the three levels of the fair value hierarchy, which are described as follows: • Level 1 – observable inputs such as quoted prices for identical instruments in active markets. • Level 2 – inputs other than quoted prices in active markets that are observable either directly or indirectly through corroboration with observable market data. • Level 3 – unobservable inputs in which there is little or no market data, which would require the Company to develop its own assumptions. As of July 29, 2017, January 28, 2017 and July 30, 2016, the Company held financial liabilities of $14,303, $10,474 and $10,206, respectively, related to its non-qualified

Investments

Investments	6 Months Ended
	Jul. 29, 2017
Investments Schedule [Abstract]
Investments	6. Investments The Company’s short-term investments as of July 29, 2017, January 28, 2017 and July 30, 2016 consist of $180,000, $30,000 and $110,000, respectively, 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 July 29, 2017.

Net income per common share

Net income per common share	6 Months Ended
	Jul. 29, 2017
Earnings Per Share [Abstract]
Net income per common share	7. Net income per common share The following is a reconciliation of net income and the number of shares of common stock used in the computation of net income per basic and diluted share: 13 Weeks Ended 26 Weeks Ended (In thousands, except per share data) July 29, 2017 July 30, July 29, 2017 July 30, Numerator for diluted net income per share – net income $ 114,193 $ 90,004 $ 242,416 $ 181,980 Denominator for basic net income per share – weighted-average common shares 61,935 62,475 62,018 62,753 Dilutive effect of stock options and non-vested stock 444 338 465 314 Denominator for diluted net income per share 62,379 62,813 62,483 63,067 Net income per common share: Basic $ 1.84 $ 1.44 $ 3.91 $ 2.90 Diluted $ 1.83 $ 1.43 $ 3.88 $ 2.89 The denominator for diluted net income per common share for the 13 weeks ended July 29, 2017 and July 30, 2016 excludes 112 and 117 employee stock options, respectively, due to their anti-dilutive effects. The denominator for diluted net income per common share for the 26 weeks ended July 29, 2017 and July 30, 2016 excludes 151 and 388 employee stock options, respectively, due to their anti-dilutive effects. Outstanding performance-based restricted stock units are included in the computation of dilutive shares only to the extent that the underlying performance conditions are satisfied prior to the end of the reporting period or would be considered satisfied if the end of the reporting period were the end of the related contingency period and the results would be dilutive under the treasury stock method.

Share repurchase program

Share repurchase program	6 Months Ended
	Jul. 29, 2017
Equity [Abstract]
Share repurchase program	8. Share repurchase program On March 10, 2016, the Company announced that the Board of Directors authorized a new share repurchase program (the 2016 Share Repurchase Program) pursuant to which the Company may repurchase up to $425,000 of the Company’s common stock. The 2016 Share Repurchase Program authorization revoked the previously authorized, but unused amounts of $172,386 from the earlier share repurchase program. The 2016 Share Repurchase Program did not have an expiration date, but provided for suspension or discontinuation at any time. As part of the 2016 Share Repurchase Program, the Company entered into an Accelerated Share Repurchase (ASR) agreement with Goldman, Sachs & Co. to repurchase $200,000 of the Company’s common stock. Under the ASR agreement, the Company paid $200,000 to Goldman, Sachs & Co. and received an initial delivery of 852 shares in the first quarter of 2016, which were retired and represented 80% of the total shares the Company expected to receive based on the market price at the time of the initial delivery. In May 2016, the ASR settled and an additional 153 shares were delivered to the Company and retired. The final number of shares delivered upon settlement was determined with reference to the average price of the Company’s common stock over the term of the agreement. The transaction was accounted for as an equity transaction. The par value of shares received was recorded as a reduction to common stock with the remainder recorded as a reduction to additional paid-in On March 9, 2017, the Company announced that the Board of Directors authorized a new share repurchase program (the 2017 Share Repurchase Program) pursuant to which the Company may repurchase up to $425,000 of the Company’s common stock. The 2017 Share Repurchase Program authorization revokes the previously authorized but unused amount of $79,863 from the 2016 Share Repurchase Program. The 2017 Share Repurchase Program does not have an expiration date and may be suspended or discontinued at any time. During the 26 weeks ended July 29, 2017, the Company purchased 647 shares of common stock for $178,085. During the 26 weeks ended July 30, 2016, excluding the shares repurchased under the ASR, the Company purchased 265 shares of common stock for $52,450.

Subsequent event

Subsequent event	6 Months Ended
	Jul. 29, 2017
Subsequent Events [Abstract]
Subsequent event	9. Subsequent event On August 23, 2017, the Company entered into a Second Amended and Restated Loan Agreement (the Loan Amendment) with Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent and a Lender thereunder, Wells Fargo Bank, National Association and JPMorgan Chase Bank, N.A., as Lead Arrangers and Bookrunners, JPMorgan Chase Bank, N.A., as Syndication Agent and a Lender, PNC Bank, National Association, as Documentation Agent and a Lender, and the other Lenders party thereto. The Loan Amendment amended and restated the Loan Agreement. The Loan Amendment extends the maturity of the facility to August 23, 2022, provides maximum revolving loans equal to the lesser of $400,000 or a percentage of eligible owned inventory (which borrowing base may, at the election of the Company and satisfaction of certain conditions, include a percentage of eligible owned accounts and qualified cash), contains a $20,000 subfacility for letters of credit and allows the Company to increase the revolving facility by an additional $50,000, subject to the consent by each lender and other conditions. The Loan Amendment contains a requirement to maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 during such periods when availability under the Loan Amendment falls below a specified threshold. Substantially all of the Company’s assets are pledged as collateral for outstanding borrowings under the Loan Amendment. Outstanding borrowings will bear interest at either a base rate or the London Interbank Offered Rate plus 1.25%, and the unused line fee is 0.20% per annum.

Summary of significant accoun16

Summary of significant accounting policies (Policies)	6 Months Ended
	Jul. 29, 2017
Accounting Policies [Abstract]
Fiscal quarter	Fiscal quarter The Company’s quarterly periods are the 13 weeks ending on the Saturday closest to April 30, July 31, October 31, and January 31. The Company’s second quarter in fiscal 2017 and 2016 ended on July 29, 2017 and July 30, 2016, respectively.
Share-based compensation	Share-based compensation The Company measures share-based compensation cost on the grant date, based on the fair value of the award, and recognizes the expense on a straight-line method over the requisite service period for awards expected to vest. The Company estimated the grant date fair value of stock options using a Black-Scholes valuation model using the following weighted-average assumptions for the periods indicated: 26 Weeks Ended July 29, July 30, Volatility rate 31.0 % 35.0 % Average risk-free interest rate 1.6 % 1.2 % Average expected life (in years) 3.5 3.5 Dividend yield None None The Company granted 103 and 107 stock options during the 26 weeks ended July 29, 2017 and July 30, 2016, respectively. The compensation cost that has been charged against operating income for stock option grants was $2,235 and $1,999 for the 13 weeks ended July 29, 2017 and July 30, 2016, respectively. The compensation cost that has been charged against operating income for stock option grants was $4,377 and $3,982 for the 26 weeks ended July 29, 2017 and July 30, 2016, respectively. The weighted-average grant date fair value of these options was $70.12 and $52.72 for the 26 weeks ended July 29, 2017 and July 30, 2016, respectively. At July 29, 2017, there was approximately $22,633 of unrecognized compensation expense related to unvested stock options. The Company issued 42 and 50 restricted stock units during 26 weeks ended July 29, 2017 and July 30, 2016, respectively. The compensation cost that has been charged against operating income for restricted stock units was $2,354 and $1,884 for the 13 weeks ended July 29, 2017 and July 30, 2016, respectively. The compensation cost that has been charged against operating income for restricted stock units was $4,453 and $3,445 for the 26 weeks ended July 29, 2017 and July 30, 2016, respectively. At July 29, 2017, there was approximately $17,224 of unrecognized compensation expense related to restricted stock units. The Company issued 21 and 24 performance-based restricted stock units during the 26 weeks ended July 29, 2017 and July 30, 2016, respectively. The compensation cost that has been charged against operating income for performance-based restricted stock units was $1,569 and $957 for the 13 weeks ended July 29, 2017 and July 30, 2016, respectively. The compensation cost that has been charged against operating income for performance-based restricted stock units was $2,819 and $1,435 for the 26 weeks ended July 29, 2017 and July 30, 2016, respectively. At July 29, 2017, there was approximately $11,617 of unrecognized compensation expense related to performance-based restricted stock units.
Recent accounting pronouncements not yet adopted	Recent accounting pronouncements not yet adopted Revenue Recognition from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, 2014-09). 2015-14 2014-09 2016-08, 2016-08), 2016-10, 2016-10), 2016-08 2016-10 2014-09. The Company is currently evaluating the overall impact that ASU 2014-09 2014-09 Leases In February 2016, the FASB issued ASU 2016-02, right-of-use right-of-use 2016-02 The Company is evaluating whether to early adopt the new standard in fiscal 2018. The Company’s ability to early adopt depends on system readiness, including software procured from third-party providers, and completing an analysis of information necessary to restate prior period consolidated financial statements. The Company formed a project team to review the current accounting policies and practices and assess the effect of the standard on the consolidated financial statements. The team has completed a preliminary assessment of the potential impact of adopting ASU 2016-02 2016-02 Liabilities – Extinguishments of Liabilities In March 2016, the FASB issued ASU 2016-04, 405-20): 2016-04 2016-04 2016-04 Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, 2016-15 2016-15 2016-15 2016-15 In November 2016, the FASB issued ASU 2016-18, Statement 2016-18 2016-18 2016-18 Compensation – Stock Compensation: Scope of Modification Accounting In May 2017, the FASB issued ASU 2017-09, Compensation non-substantive. 2017-09 2017-09
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements Compensation – Stock Compensation In March 2016, the FASB issued ASU 2016-09, paid-in non-public 2016-09 The Company adopted the new guidance prospectively in the first quarter of fiscal 2017. The adoption resulted in a decrease in the provision for income taxes of $1,406 and $9,139 for the 13 weeks and 26 weeks ended July 29, 2017, respectively, due to the recognition of excess tax benefits for options exercised and the vesting of equity awards. The extent of excess tax benefits or deficiencies is subject to variation in the Company’s stock price and timing/extent of restricted stock units vesting and employee stock option exercises. Additionally, the consolidated statements of cash flows now present such tax benefits or deficiencies as an operating activity on a prospective basis. Based on the adoption methodology applied, the statement of cash flows classification of prior periods has not been adjusted. As allowed under the new guidance, the Company did not change its accounting principles relative to elements of this standard and continued its existing practice of estimating the number of awards that will be forfeited.

Business and basis of present17

Business and basis of presentation (Tables)	6 Months Ended
	Jul. 29, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Details of Company Operated Stores	As of July 29, 2017, the Company operated 1,010 stores in 48 states and the District of Columbia, as shown in the table below. Location Number of Location Number of Alabama 17 Montana 5 Alaska 3 Nebraska 5 Arizona 25 Nevada 14 Arkansas 7 New Hampshire 7 California 128 New Jersey 26 Colorado 21 New Mexico 6 Connecticut 13 New York 36 Delaware 3 North Carolina 28 District of Columbia 1 North Dakota 3 Florida 68 Ohio 39 Georgia 32 Oklahoma 16 Idaho 7 Oregon 11 Illinois 49 Pennsylvania 37 Indiana 19 Rhode Island 3 Iowa 8 South Carolina 15 Kansas 9 South Dakota 2 Kentucky 10 Tennessee 19 Louisiana 16 Texas 97 Maine 3 Utah 12 Maryland 18 Virginia 25 Massachusetts 15 Washington 24 Michigan 43 West Virginia 6 Minnesota 13 Wisconsin 18 Mississippi 9 Wyoming 2 Missouri 17 Total 1,010

Summary of significant accoun18

Summary of significant accounting policies (Tables)	6 Months Ended
	Jul. 29, 2017
Accounting Policies [Abstract]
Black-Scholes Valuation Model Weighted-Average Assumptions	The Company estimated the grant date fair value of stock options using a Black-Scholes valuation model using the following weighted-average assumptions for the periods indicated: 26 Weeks Ended July 29, July 30, Volatility rate 31.0 % 35.0 % Average risk-free interest rate 1.6 % 1.2 % Average expected life (in years) 3.5 3.5 Dividend yield None None

Net income per common share (Ta

Net income per common share (Tables)	6 Months Ended
	Jul. 29, 2017
Earnings Per Share [Abstract]
Net Income Per Basic and Diluted Share	The following is a reconciliation of net income and the number of shares of common stock used in the computation of net income per basic and diluted share: 13 Weeks Ended 26 Weeks Ended (In thousands, except per share data) July 29, 2017 July 30, July 29, 2017 July 30, Numerator for diluted net income per share – net income $ 114,193 $ 90,004 $ 242,416 $ 181,980 Denominator for basic net income per share – weighted-average common shares 61,935 62,475 62,018 62,753 Dilutive effect of stock options and non-vested stock 444 338 465 314 Denominator for diluted net income per share 62,379 62,813 62,483 63,067 Net income per common share: Basic $ 1.84 $ 1.44 $ 3.91 $ 2.90 Diluted $ 1.83 $ 1.43 $ 3.88 $ 2.89

Business and Basis of Present20

Business and Basis of Presentation - Additional Information (Detail)	Jul. 29, 2017StateStore
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of stores | Store	1,010
Number of states in which entity operates | State	48

Business and Basis of Present21

Business and Basis of Presentation - Details of Company Operated Stores (Detail)	Jul. 29, 2017Store
Entity Location [Line Items]
Number of stores	1,010
Alabama [Member]
Entity Location [Line Items]
Number of stores	17
Alaska [Member]
Entity Location [Line Items]
Number of stores	3
Arizona [Member]
Entity Location [Line Items]
Number of stores	25
Arkansas [Member]
Entity Location [Line Items]
Number of stores	7
California [Member]
Entity Location [Line Items]
Number of stores	128
Colorado [Member]
Entity Location [Line Items]
Number of stores	21
Connecticut [Member]
Entity Location [Line Items]
Number of stores	13
Delaware [Member]
Entity Location [Line Items]
Number of stores	3
District of Columbia [Member]
Entity Location [Line Items]
Number of stores	1
Florida [Member]
Entity Location [Line Items]
Number of stores	68
Georgia [Member]
Entity Location [Line Items]
Number of stores	32
Idaho [Member]
Entity Location [Line Items]
Number of stores	7
Illinois [Member]
Entity Location [Line Items]
Number of stores	49
Indiana [Member]
Entity Location [Line Items]
Number of stores	19
Iowa [Member]
Entity Location [Line Items]
Number of stores	8
Kansas [Member]
Entity Location [Line Items]
Number of stores	9
Kentucky [Member]
Entity Location [Line Items]
Number of stores	10
Louisiana [Member]
Entity Location [Line Items]
Number of stores	16
Maine [Member]
Entity Location [Line Items]
Number of stores	3
Maryland [Member]
Entity Location [Line Items]
Number of stores	18
Massachusetts [Member]
Entity Location [Line Items]
Number of stores	15
Michigan [Member]
Entity Location [Line Items]
Number of stores	43
Minnesota [Member]
Entity Location [Line Items]
Number of stores	13
Mississippi [Member]
Entity Location [Line Items]
Number of stores	9
Missouri [Member]
Entity Location [Line Items]
Number of stores	17
Montana [Member]
Entity Location [Line Items]
Number of stores	5
Nebraska [Member]
Entity Location [Line Items]
Number of stores	5
Nevada [Member]
Entity Location [Line Items]
Number of stores	14
New Hampshire [Member]
Entity Location [Line Items]
Number of stores	7
New Jersey [Member]
Entity Location [Line Items]
Number of stores	26
New Mexico [Member]
Entity Location [Line Items]
Number of stores	6
New York [Member]
Entity Location [Line Items]
Number of stores	36
North Carolina [Member]
Entity Location [Line Items]
Number of stores	28
North Dakota [Member]
Entity Location [Line Items]
Number of stores	3
Ohio [Member]
Entity Location [Line Items]
Number of stores	39
Oklahoma [Member]
Entity Location [Line Items]
Number of stores	16
Oregon [Member]
Entity Location [Line Items]
Number of stores	11
Pennsylvania [Member]
Entity Location [Line Items]
Number of stores	37
Rhode Island [Member]
Entity Location [Line Items]
Number of stores	3
South Carolina [Member]
Entity Location [Line Items]
Number of stores	15
South Dakota [Member]
Entity Location [Line Items]
Number of stores	2
Tennessee [Member]
Entity Location [Line Items]
Number of stores	19
Texas [Member]
Entity Location [Line Items]
Number of stores	97
Utah [Member]
Entity Location [Line Items]
Number of stores	12
Virginia [Member]
Entity Location [Line Items]
Number of stores	25
Washington [Member]
Entity Location [Line Items]
Number of stores	24
West Virginia [Member]
Entity Location [Line Items]
Number of stores	6
Wisconsin [Member]
Entity Location [Line Items]
Number of stores	18
Wyoming [Member]
Entity Location [Line Items]
Number of stores	2

Summary of Significant Accoun22

Summary of Significant Accounting Policies - Black-Scholes Valuation Model Weighted-Average Assumptions (Detail) - Employee Stock Option [Member]	6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility rate	31.00%	35.00%
Average risk-free interest rate	1.60%	1.20%
Average expected life (in years)	3 years 6 months	3 years 6 months
Dividend yield	0.00%	0.00%

Summary of Significant Accoun23

Summary of Significant Accounting Policies - Additional Information - Share-based Compensation (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016	Jul. 29, 2017	Jul. 30, 2016
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted			103,000	107,000
Compensation expenses	$ 2,235	$ 1,999	$ 4,377	$ 3,982
Weighted-average fair value of stock option			$ 70.12	$ 52.72
Unrecognized compensation cost	22,633		$ 22,633
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	17,224		$ 17,224
Restricted stock units issued			42,000	50,000
Compensation expense	2,354	1,884	$ 4,453	$ 3,445
Performance Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	11,617		$ 11,617
Restricted stock units issued			21,000	24,000
Compensation expense	$ 1,569	$ 957	$ 2,819	$ 1,435

Summary of Significant Accoun24

Summary of Significant Accounting Policies - Additional Information - Accounting Changes (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 29, 2017	Jul. 29, 2017
Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement, Effect of adoption, Quantification	$ 1,406	$ 9,139

Commitments and Contingencies -

Commitments and Contingencies - Additional Information - Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016	Jul. 29, 2017	Jul. 30, 2016
Long-term Purchase Commitment [Line Items]
Total rent expense under operating leases	$ 57,812	$ 49,685	$ 114,595	$ 98,844
Minimum [Member]
Long-term Purchase Commitment [Line Items]
Non-cancelable operating lease terms			3 years
Maximum [Member]
Long-term Purchase Commitment [Line Items]
Non-cancelable operating lease terms			10 years

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) - USD ($)	6 Months Ended
	Jul. 29, 2017	Jan. 28, 2017	Jul. 30, 2016
Line of Credit Facility [Line Items]
Outstanding debt under credit facility	$ 0	$ 0	$ 0
Amended and Restated Loan and Security Agreement [Member]
Line of Credit Facility [Line Items]
Loan Agreement maturity date	Dec. 31, 2018
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	London Interbank Offered Rate plus 1.50%
Percentage of unused Line of Credit Facility Fee	0.20%
Amended and Restated Loan and Security Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Outstanding borrowings interest spread over the London Interbank Offered Rate	1.50%
Amended and Restated Loan and Security Agreement [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 200,000,000
Amended and Restated Loan and Security Agreement [Member] | Subfacility for Standby Letters of Credit [Member]
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 10,000,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 29, 2017	Jan. 28, 2017	Jul. 30, 2016
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan liability	$ 14,303	$ 10,474	$ 10,206

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 29, 2017	Jan. 28, 2017	Jul. 30, 2016
Investments Schedule [Abstract]
Certificates of deposit	$ 180,000	$ 30,000	$ 110,000

Net Income Per Common Share - N

Net Income Per Common Share - Net Income Per Basic and Diluted Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016	Jul. 29, 2017	Jul. 30, 2016
Earnings Per Share [Abstract]
Numerator for diluted net income per share - net income	$ 114,193	$ 90,004	$ 242,416	$ 181,980
Denominator for basic net income per share - weighted-average common shares	61,935	62,475	62,018	62,753
Dilutive effect of stock options and non-vested stock	444	338	465	314
Denominator for diluted net income per share	62,379	62,813	62,483	63,067
Net income per common share:
Basic	$ 1.84	$ 1.44	$ 3.91	$ 2.90
Diluted	$ 1.83	$ 1.43	$ 3.88	$ 2.89

Net Income Per Common Share - A

Net Income Per Common Share - Additional Information (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016	Jul. 29, 2017	Jul. 30, 2016
Earnings Per Share [Abstract]
Employee stock options excluded from the computation of net income per common share	112	117	151	388

Share Repurchase Program - Addi

Share Repurchase Program - Additional Information (Detail) - USD ($)	6 Months Ended
	Jul. 29, 2017	Jul. 30, 2016	Mar. 09, 2017	May 31, 2016	Mar. 10, 2016
Stock Repurchase Program [Line Items]
Repurchase of common stock	$ 178,085,000	$ 252,450,000
2014 Share Repurchase Program [Member]
Stock Repurchase Program [Line Items]
Shares authorized but revoked unused amounts					$ 172,386,000
2016 Share Repurchase Program [Member]
Stock Repurchase Program [Line Items]
Repurchase of common stock authorized amount					425,000,000
Shares authorized but revoked unused amounts			$ 79,863,000
Repurchase of common stock, shares		265,000
Repurchase of common stock		$ 52,450,000
Accelerated Share Repurchase [Member]
Stock Repurchase Program [Line Items]
Repurchase of common stock authorized amount					200,000,000
Share repurchase, initial payment					$ 200,000,000
Share Repurchase, Shares Delivered				153,000	852,000
Stock repurchase, percentage of initial shares received from expected shares					80.00%
2017 Share Repurchase Program [Member]
Stock Repurchase Program [Line Items]
Repurchase of common stock, shares	647,000
Repurchase of common stock	$ 178,085,000
2017 Share Repurchase Program [Member] | Maximum [Member]
Stock Repurchase Program [Line Items]
Repurchase of common stock authorized amount			$ 425,000,000

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - Second Amended and Restated Loan Agreement [Member]	Aug. 23, 2017USD ($)
Subsequent Event [Line Items]
Interest rate on outstanding borrowing under facility	London Interbank Offered Rate plus 1.25%
Subsequent Event [Member]
Subsequent Event [Line Items]
Loan Agreement maturity date	Aug. 23, 2022
Additional credit available under the revolving facility with consent by each lender and other conditions	$ 50,000,000
Percentage of unused Line of Credit Facility Fee	0.20%
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member]
Subsequent Event [Line Items]
Outstanding borrowings interest spread over the London Interbank Offered Rate	1.25%
Subsequent Event [Member] | Minimum [Member]
Subsequent Event [Line Items]
Fixed charge coverage ratio	100.00%
Subsequent Event [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Credit facility, maximum borrowing capacity	$ 400,000,000
Subsequent Event [Member] | Subfacility for Standby Letters of Credit [Member]
Subsequent Event [Line Items]
Credit facility, maximum borrowing capacity	$ 20,000,000