Williams-Sonoma (WSM) 10-Q 9 Jun 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	May 02, 2021	May 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 2, 2021
Document Transition Report	false
Entity File Number	001-14077
Entity Registrant Name	WILLIAMS-SONOMA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-2203880
Entity Address, Address Line One	3250 Van Ness Avenue
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94109
City Area Code	415
Local Phone Number	421-7900
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	WSM
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,119,077
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000719955
Current Fiscal Year End Date	--01-30
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 02, 2021	May 03, 2020
Income Statement [Abstract]
Net revenues	$ 1,749,029	$ 1,235,203
Cost of goods sold	996,176	820,943
Gross profit	752,853	414,260
Selling, general and administrative expenses	477,676	365,615
Operating income	275,177	48,645
Interest expense, net	1,872	2,159
Earnings before income taxes	273,305	46,486
Income taxes	45,503	11,063
Net earnings	$ 227,802	$ 35,423
Basic earnings per share (in USD per share)	$ 3.01	$ 0.46
Diluted earnings per share (in USD per share)	$ 2.90	$ 0.45
Shares used in calculation of earnings per share:
Basic (in shares)	75,800	77,262
Diluted (in shares)	78,485	78,399

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	May 02, 2021	May 03, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 227,802	$ 35,423
Other comprehensive income (loss):
Foreign currency translation adjustments	3,700	(5,276)
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $(241) and $196	(665)	549
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax (tax benefit) of $(55) and $13	153	(37)
Comprehensive income	$ 230,990	$ 30,659

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	May 02, 2021	May 03, 2020
Statement of Comprehensive Income [Abstract]
Change in fair value of derivative financial instruments, tax	$ (241)	$ 196
Reclassification adjustment for realized (gain) loss on derivative financial instruments, tax	$ (55)	$ 13

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 02, 2021	Jan. 31, 2021	May 03, 2020
Current assets
Cash and cash equivalents	$ 639,670	$ 1,200,337	$ 861,002
Accounts receivable, net	142,459	143,728	104,829
Merchandise inventories, net	1,087,528	1,006,299	1,070,681
Prepaid expenses	58,837	93,822	90,433
Other current assets	20,502	22,894	22,099
Total current assets	1,948,996	2,467,080	2,149,044
Property and equipment, net	875,384	873,894	907,219
Operating lease right-of-use assets	1,054,746	1,086,009	1,175,402
Deferred income taxes, net	57,499	61,854	33,320
Goodwill	85,435	85,446	85,335
Other long-term assets, net	88,180	87,141	67,795
Total assets	4,110,240	4,661,424	4,418,115
Current liabilities
Accounts payable	574,876	542,992	423,375
Accrued expenses	174,139	267,592	137,495
Gift card and other deferred revenue	389,640	373,164	299,353
Income taxes payable	93,282	69,476	24,049
Current debt	0	299,350	0
Borrowings under revolving line of credit	0	0	487,823
Operating lease liabilities	208,739	209,754	224,541
Other current liabilities	78,597	85,672	85,458
Total current liabilities	1,519,273	1,848,000	1,682,094
Deferred lease incentives	19,505	20,612	26,254
Long-term debt	0	0	299,868
Long-term operating lease liabilities	999,288	1,025,057	1,109,473
Other long-term liabilities	124,878	116,570	81,497
Total liabilities	2,662,944	3,010,239	3,199,186
Commitments and contingencies – See Note F
Stockholders’ equity
Preferred stock: $0.01 par value; 7,500 shares authorized; none issued	0	0	0
Common stock: $0.01 par value; 253,125 shares authorized; 75,235, 76,340 and 77,759 shares issued and outstanding at May 2, 2021, January 31, 2021 and May 3, 2020, respectively	753	764	778
Additional paid-in capital	556,305	638,375	596,184
Retained earnings	894,878	1,019,762	641,917
Accumulated other comprehensive loss	(3,929)	(7,117)	(19,351)
Treasury stock, at cost: 4, 8 and 8 shares as of May 2, 2021, January 31, 2021 and May 3, 2020, respectively	(711)	(599)	(599)
Total stockholders’ equity	1,447,296	1,651,185	1,218,929
Total liabilities and stockholders’ equity	$ 4,110,240	$ 4,661,424	$ 4,418,115

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	May 02, 2021	Jan. 31, 2021	May 03, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	7,500	7,500	7,500
Preferred stock, shares issued (in shares)	0	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	253,125,000	253,125,000	253,125,000
Common stock, shares issued (in shares)	75,235,000	76,340,000	77,759,000
Common stock, shares outstanding (in shares)	75,235,000	76,340,000	77,759,000
Treasury stock (in shares)	4,000	8,000	8,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning Balance (in shares) at Feb. 02, 2020			77,137,000
Beginning Balance at Feb. 02, 2020		$ 1,235,860	$ 772	$ 605,822	$ 644,794	$ (14,587)	$ (941)
Net earnings		35,423			35,423
Foreign currency translation adjustments		(5,276)				(5,276)
Change in fair value of derivative financial instruments, net of tax		549				549
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		(37)				(37)
Conversion/release of stock-based awards (in shares)	[1]		622,000
Conversion/release of stock-based awards	[1]	(28,912)	$ 6	(28,747)			(171)
Reissuance of treasury stock under stock-based compensation plans	[1]	0		(499)	(14)		513
Stock-based compensation expense		19,608		19,608
Dividends declared		(38,286)			(38,286)
Ending Balance (in shares) at May. 03, 2020			77,759,000
Ending Balance at May. 03, 2020		1,218,929	$ 778	596,184	641,917	(19,351)	(599)
Beginning Balance (in shares) at Jan. 31, 2021			76,340,000
Beginning Balance at Jan. 31, 2021		1,651,185	$ 764	638,375	1,019,762	(7,117)	(599)
Net earnings		227,802			227,802
Foreign currency translation adjustments		3,700				3,700
Change in fair value of derivative financial instruments, net of tax		(665)				(665)
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		153				153
Conversion/release of stock-based awards (in shares)			686,000
Conversion/release of stock-based awards		(98,451)	$ 7	(97,958)			(500)
Repurchases of common stock (in shares)			(1,791,000)
Repurchases of common stock		(315,529)	$ (18)	(9,239)	(306,272)
Reissuance of treasury stock under stock-based compensation plans	[1]	0		(344)	(44)		388
Stock-based compensation expense		25,471		25,471
Dividends declared		(46,370)			(46,370)
Ending Balance (in shares) at May. 02, 2021			75,235,000
Ending Balance at May. 02, 2021		$ 1,447,296	$ 753	$ 556,305	$ 894,878	$ (3,929)	$ (711)
[1]	Amounts are shown net of shares withheld for employee taxes.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	May 02, 2021	May 03, 2020
Cash flows from operating activities:
Net earnings	$ 227,802,000	$ 35,423,000
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	47,922,000	46,224,000
Loss on disposal/impairment of assets	195,000	16,185,000
Amortization of deferred lease incentives	(1,108,000)	(1,405,000)
Non-cash lease expense	52,955,000	54,262,000
Deferred income taxes	(3,981,000)	(2,585,000)
Tax benefit related to stock-based awards	10,146,000	12,039,000
Stock-based compensation expense	26,330,000	19,703,000
Other	(223,000)	129,000
Changes in:
Accounts receivable	1,522,000	8,950,000
Merchandise inventories	(79,726,000)	28,513,000
Prepaid expenses and other assets	34,562,000	(215,000)
Accounts payable	27,910,000	(92,871,000)
Accrued expenses and other liabilities	(90,883,000)	(29,050,000)
Gift card and other deferred revenue	16,174,000	9,960,000
Operating lease liabilities	(53,633,000)	(57,629,000)
Income taxes payable	22,917,000	6,240,000
Net cash provided by operating activities	238,881,000	53,873,000
Cash flows from investing activities:
Purchases of property and equipment	(42,360,000)	(42,321,000)
Other	93,000	242,000
Net cash used in investing activities	(42,267,000)	(42,079,000)
Cash flows from financing activities:
Repurchases of common stock	(315,529,000)	0
Repayment of long-term debt	(300,000,000)	0
Tax withholdings related to stock-based awards	(98,451,000)	(28,912,000)
Payment of dividends	(45,576,000)	(39,391,000)
Borrowings under revolving line of credit	0	487,823,000
Net cash (used in) provided by financing activities	(759,556,000)	419,520,000
Effect of exchange rates on cash and cash equivalents	2,275,000	(2,474,000)
Net (decrease) increase in cash and cash equivalents	(560,667,000)	428,840,000
Cash and cash equivalents at beginning of period	1,200,337,000	432,162,000
Cash and cash equivalents at end of period	$ 639,670,000	$ 861,002,000

FINANCIAL STATEMENTS - BASIS OF

FINANCIAL STATEMENTS - BASIS OF PRESENTATION	3 Months Ended
	May 02, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
FINANCIAL STATEMENTS - BASIS OF PRESENTATION	FINANCIAL STATEMENTS - BASIS OF PRESENTATION These financial statements include Williams-Sonoma, Inc. and its wholly owned subsidiaries (“we,” “us” or “our”). The Condensed Consolidated Balance Sheets as of May 2, 2021 and May 3, 2020, the Condensed Consolidated Statements of Earnings, the Condensed Consolidated Statements of Comprehensive Income, the Condensed Consolidated Statements of Stockholders’ Equity, and the Condensed Consolidated Statements of Cash Flows for the thirteen weeks then ended, have been prepared by us, without audit. In our opinion, the financial statements include all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at the balance sheet dates and the results of operations for the thirteen weeks then ended. Intercompany transactions and accounts have been eliminated. The balance sheet as of January 31, 2021, presented herein, has been derived from our audited Consolidated Balance Sheet included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2021. The results of operations for the thirteen weeks ended May 2, 2021 are not necessarily indicative of the operating results of the full year. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. These financial statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2021. COVID-19 In March 2020, we announced the temporary closures of all of our retail store operations to protect our employees, customers and the communities in which we operate and to help contain the COVID-19 pandemic. As of May 2, 2021, all of our U.S.-based and the majority of our global retail stores have reopened for in-person shopping. However, we continue to experience intermittent closures or restrictions on retail capacity in certain geographies, in accordance with state and local guidelines, which may continue to impact our store traffic and retail revenues in the future and result in future store impairments. We continue to operate our e-commerce sites and distribution centers and continue to deliver products to our customers. However, we have experienced, and expect to continue to experience, delays in inventory receipts, increased raw material costs and higher shipping-related charges as a result of port slowdowns and congestions, as well as shipping container and foam shortages, due in part to the impact from COVID-19. New Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This ASU was effective for us in the first quarter of fiscal 2021. The adoption of this ASU did not have an impact on our financial condition, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The ASU is intended to ease the potential accounting and financial reporting burden of reference rate reform, including the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance provides optional expedients and scope exceptions for transactions if certain criteria are met. These transactions include contract modifications, hedge accounting, and the sale or transfer of debt securities classified as held-to-maturity. We may elect to apply the provisions of the new standard prospectively through December 31, 2022. Unlike other topics, the provisions of this update are only available until December 31, 2022, by which time the reference rate replacement activity is expected to be completed. We have yet to elect an adoption date, but do not believe any adoption would have a material impact on our financial condition, results of operations or cash flows.

BORROWING ARRANGEMENTS

BORROWING ARRANGEMENTS	3 Months Ended
	May 02, 2021
Debt Disclosure [Abstract]
BORROWING ARRANGEMENTS	BORROWING ARRANGEMENTS Credit Facility We have a credit facility which provides for a $500,000,000 unsecured revolving line of credit (“revolver”). The revolver may be used to borrow revolving loans or request the issuance of letters of credit. We may, upon notice to the administrative agent, request existing or new lenders, at such lenders’ option, to increase the revolver by up to $250,000,000 to provide for a total of $750,000,000 of unsecured revolving credit. Our credit facility also provided for a $300,000,000 unsecured term loan facility (“term loan”). In February 2021, prior to maturity, we repaid the full outstanding balance of $300,000,000 on our term loan. During the first quarter of fiscal 2021, we had no borrowings under the revolver. Additionally, as of May 2, 2021, $12,601,000 in issued but undrawn standby letters of credit were outstanding under the revolver. The standby letters of credit were primarily issued to secure the liabilities associated with workers’ compensation and other insurance programs. During the first quarter of fiscal 2020, we drew down $487,823,000 on our revolver (at a weighted average interest rate of 2.00%), all of which was repaid prior to the end of fiscal 2020. The revolver matures on January 8, 2023, at which time all outstanding borrowings must be repaid and all outstanding letters of credit must be cash collateralized. We may elect to extend the maturity date for an additional year, subject to lender approval. The interest rate applicable to the credit facility is variable, and may be elected by us as: (i) the LIBOR plus an applicable margin based on our leverage ratio ranging from 0.91% to 1.775% for a revolver borrowing, and 1.75% to 2.5% for the term loan, or (ii) a base rate as defined in the credit facility, plus an applicable margin ranging from 0% to 0.775% for a revolver borrowing, and 0.75% to 1.5% for the term loan. In addition to the credit facility, during the second quarter of fiscal 2020 we entered into a new agreement (the “364-Day Credit Agreement”) for an additional $200,000,000 unsecured revolving line of credit. Under the 364-Day Credit Agreement, the interest rate is variable and may be elected by us as: (i) LIBOR plus an applicable margin based on our leverage ratio ranging from 1.75% to 2.5% or (ii) a base rate as defined in the agreement, plus an applicable margin ranging from 0.75% to 1.5%. During the first quarter of fiscal 2021, we had no borrowings under the 364-Day Credit Agreement. We did not renew the 364-Day Credit Agreement upon its maturity in May 2021. The credit facility contains and the 364-Day Credit Agreement contained certain restrictive loan covenants, including, among others, a financial covenant requiring a maximum leverage ratio (funded debt adjusted for lease and rent expense to earnings before interest, income tax, depreciation, amortization and rent expense), and covenants limiting our ability to incur indebtedness, grant liens, make acquisitions, merge or consolidate, and dispose of assets. As of May 2, 2021, we were in compliance with our covenants under the credit facility and the 364-Day Credit Agreement and based on current projections, we expect to remain in compliance with our covenants under the remaining credit facility throughout the next 12 months. Letter of Credit Facilities We have three unsecured letter of credit reimbursement facilities for a total of $35,000,000, each of which matures on August 22, 2021. The letter of credit facilities contain covenants that are consistent with our credit facility. Interest on unreimbursed amounts under the letter of credit facilities accrues at a base rate as defined in the credit facility, plus an applicable margin based on our leverage ratio. As of May 2, 2021, an aggregate of $5,836,000 was outstanding under the letter of credit facilities, which represents only a future commitment to fund inventory purchases to which we had not taken legal title. The latest expiration date possible for any future letters of credit issued under the facilities is January 19, 2022.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	May 02, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Equity Award Programs Our Amended and Restated 2001 Long-Term Incentive Plan (the “Plan”) provides for grants of incentive stock options, nonqualified stock options, stock-settled stock appreciation rights, restricted stock awards, restricted stock units (including those that are performance-based), deferred stock awards (collectively, “stock awards”) and dividend equivalents up to an aggregate of 36,570,000 shares. As of May 2, 2021, there were approximately 1,242,000 shares available for future grant. Awards may be granted under the Plan to officers, employees and non-employee members of the board of directors of the company (the “Board”) or any parent or subsidiary. Shares issued as a result of award exercises or releases are primarily funded with the issuance of new shares. Stock Awards Annual grants of stock awards are limited to 1,000,000 shares on a per person basis. Stock awards granted to employees generally vest evenly over a period of four years for service-based awards. Certain performance-based awards, which have variable payout conditions based on predetermined financial targets, generally vest three years from the date of grant. Certain stock awards and other agreements contain vesting acceleration clauses resulting from events including, but not limited to, retirement, disability, death, merger or a similar corporate event. Stock awards granted to non-employee Board members generally vest in one year. Non-employee Board members automatically receive stock awards on the date of their initial election to the Board and annually thereafter on the date of the annual meeting of stockholders (so long as they continue to serve as a non-employee Board member). Stock-Based Compensation Expense During the thirteen weeks ended May 2, 2021 and May 3, 2020, we recognized total stock-based compensation expense, as a component of selling, general and administrative expenses of $26,330,000 and $19,703,000, respectively. Restricted Stock Units The following table summarizes our restricted stock unit activity during the thirteen weeks ended May 2, 2021: Shares Balance at January 31, 2021 3,118,884 Granted 359,230 Granted, with vesting subject to performance conditions 107,075 Released 1 (1,029,356) Cancelled (29,652) Balance at May 2, 2021 2,526,181 Vested plus expected to vest at May 2, 2021 2,309,979 1 Excludes 228,666 incremental shares released due to achievement of performance conditions above target.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	May 02, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed as net earnings divided by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed as net earnings divided by the weighted average number of common shares outstanding and common stock equivalents outstanding for the period. Common stock equivalents consist of shares subject to stock-based awards with exercise prices less than or equal to the average market price of our common stock for the period, to the extent their inclusion would be dilutive. The following is a reconciliation of net earnings and the number of shares used in the basic and diluted earnings per share computations: In thousands, except per share amounts Net Earnings Weighted Earnings Thirteen weeks ended May 2, 2021 Basic $ 227,802 75,800 $ 3.01 Effect of dilutive stock-based awards 2,685 Diluted $ 227,802 78,485 $ 2.90 Thirteen weeks ended May 3, 2020 Basic $ 35,423 77,262 $ 0.46 Effect of dilutive stock-based awards 1,137 Diluted $ 35,423 78,399 $ 0.45 Stock-based awards of 12,000 and 8,000 were excluded from the computation of diluted earnings per share for the thirteen weeks ended May 2, 2021 and May 3, 2020, respectively, as their inclusion would be anti-dilutive.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	May 02, 2021
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING We identify our operating segments according to how our business activities are managed and evaluated. Each of our brands are operating segments. Because they share similar economic and other qualitative characteristics, we have aggregated our operating segments into a single reportable segment. The following table summarizes our net revenues by brand for the thirteen weeks ended May 2, 2021 and May 3, 2020. Thirteen Weeks Ended In thousands May 2, May 3, Pottery Barn $ 679,055 $ 479,615 West Elm 477,317 315,430 Williams Sonoma 265,607 199,302 Pottery Barn Kids and Teen 236,067 188,552 Other 1 90,983 52,304 Total 2 $ 1,749,029 $ 1,235,203 1 Primarily consists of net revenues from our international franchise operations, Rejuvenation and Mark and Graham. 2 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $99.9 million and $55.2 million for the thirteen weeks ended May 2, 2021 and May 3, 2020, respectively. Long-lived assets by geographic location are as follows: In thousands May 2, May 3, U.S. $ 2,012,572 $ 2,117,469 International 148,672 151,602 Total $ 2,161,244 $ 2,269,071

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	May 02, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESWe are involved in lawsuits, claims and proceedings incident to the ordinary course of our business. These disputes, which are not currently material, are increasing in number as our business expands and our company grows. We review the need for any loss contingency reserves and establish reserves when, in the opinion of management, it is probable that a matter would result in liability, and the amount of loss, if any, can be reasonably estimated. In view of the inherent difficulty of predicting the outcome of these matters, it may not be possible to determine whether any loss is probable or to reasonably estimate the amount of the loss until the case is close to resolution, in which case no reserve is established until that time. Any claims against us, whether meritorious or not, could result in costly litigation, require significant amounts of management time and result in the diversion of significant operational resources. The results of these lawsuits, claims and proceedings cannot be predicted with certainty. However, we believe that the ultimate resolution of these current matters will not have a material adverse effect on our Condensed Consolidated Financial Statements taken as a whole.

STOCK REPURCHASE PROGRAM AND DI

STOCK REPURCHASE PROGRAM AND DIVIDENDS	3 Months Ended
	May 02, 2021
Equity [Abstract]
STOCK REPURCHASE PROGRAM AND DIVIDENDS	STOCK REPURCHASE PROGRAM AND DIVIDENDS Stock Repurchase Program In March 2021, our Board of Directors authorized a new stock repurchase program for $1,000,000,000, which replaced our existing program. During the thirteen weeks ended May 2, 2021, we repurchased 1,790,725 shares of our common stock at an average cost of $176.20 per share for a total cost of approximately $315,529,000 under our prior and new stock repurchase programs. As of May 2, 2021, there was approximately $703,833,000 remaining under our current stock repurchase program. During the thirteen weeks ended May 3, 2020, we did not repurchase any shares of our common stock. As of May 2, 2021 and May 3, 2020, we held treasury stock of $711,000 and $599,000, respectively, that represents the cost of shares available for issuance that are intended to satisfy future stock-based award settlements in certain foreign jurisdictions. Stock repurchases under our program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, capital availability and other market conditions. Dividends In March 2021, our Board of Directors authorized a $0.06, or 11.3%, increase in our quarterly cash dividend, from $0.53 to $0.59 per common share, subject to capital availability. We declared cash dividends of $0.59 and $0.48 per common share during the thirteen weeks ended May 2, 2021 and May 3, 2020, respectively. Our quarterly cash dividend may be limited or terminated at any time.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	May 02, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS We have retail and e-commerce businesses in Canada, Australia and the United Kingdom, and operations throughout Asia and Europe, which expose us to market risk associated with foreign currency exchange rate fluctuations. Substantially all of our purchases and sales are denominated in U.S. dollars, which limits our exposure to this risk. However, some of our foreign operations have a functional currency other than the U.S. dollar. To mitigate this risk, we hedge a portion of our foreign currency exposure with foreign currency forward contracts in accordance with our risk management policies. We do not enter into such contracts for speculative purposes. The assets or liabilities associated with the derivative financial instruments are measured at fair value and recorded in either other current or long-term assets or other current or long-term liabilities. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on whether the derivative financial instrument is designated as a hedge and qualifies for hedge accounting in accordance with the ASC 815, Derivatives and Hedging . Cash Flow Hedges We enter into foreign currency forward contracts designated as cash flow hedges (to sell Canadian dollars and purchase U.S. dollars) for forecasted inventory purchases in U.S. dollars by our Canadian subsidiary. These hedges have terms of up to 12 months. All hedging relationships are formally documented, and the forward contracts are designed to mitigate foreign currency exchange risk on hedged transactions. We record the effective portion of changes in the fair value of our cash flow hedges in other comprehensive income (“OCI”) until the earlier of when the hedged forecasted inventory purchase occurs or the respective contract reaches maturity. Subsequently, as the inventory is sold to the customer, we reclassify amounts previously recorded in OCI to cost of goods sold. Changes in the fair value of the forward contract related to interest charges (or forward points) are excluded from the assessment and measurement of hedge effectiveness and are recorded in cost of goods sold. Based on the rates in effect as of May 2, 2021, we expect to reclassify a net pre-tax loss of approximately $1,677,000 from OCI to cost of goods sold over the next 12 months. As of May 2, 2021 and May 3, 2020, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands May 2, May 3, Contracts designated as cash flow hedges $ 18,000 $ 11,600 Hedge effectiveness is evaluated prospectively at inception, on an ongoing basis, as well as retrospectively using regression analysis. Any measurable ineffectiveness of the hedge is recorded in selling, general and administrative expenses. No gain or loss was recognized for cash flow hedges due to hedge ineffectiveness and all hedges were deemed effective for assessment purposes for the thirteen weeks ended May 2, 2021 and May 3, 2020. The effect of derivative instruments in our Condensed Consolidated Financial Statements from gains or losses recognized in income was not material for the thirteen weeks ended May 2, 2021 and May 3, 2020. The fair values of our derivative financial instruments are presented in other current assets and or other current liabilities in our Condensed Consolidated Balance Sheets. All fair values were measured using Level 2 inputs as defined by the fair value hierarchy described in Note I. We record all derivative assets and liabilities on a gross basis. They do not meet the balance sheet

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	May 02, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We determine the fair value of financial and non-financial assets and liabilities using the fair value hierarchy established by ASC 820, Fair Value Measurement , which defines three levels of inputs that may be used to measure fair value, as follows: • Level 1: inputs which include quoted prices in active markets for identical assets or liabilities; • Level 2: inputs which include observable inputs other than Level 1 inputs, such as quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability; and • Level 3: inputs which include unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the underlying asset or liability. The fair values of our cash and cash equivalents are based on Level 1 inputs, which include quoted prices in active markets for identical assets. Foreign Currency Derivatives and Hedging Instruments We use the income approach to value our derivatives using observable Level 2 market data at the measurement date and standard valuation techniques to convert future amounts to a single present value amount, assuming that participants are motivated but not compelled to transact. Level 2 inputs are limited to quoted prices that are observable for the assets and liabilities, which include interest rates and credit risk ratings. We use mid-market pricing as a practical expedient for fair value measurements. Key inputs for foreign currency derivatives are the spot rates, forward rates, interest rates and credit derivative market rates. The counterparties associated with our foreign currency forward contracts are large credit-worthy financial institutions, and the derivatives transacted with these entities are relatively short in duration, therefore, we do not consider counterparty concentration and non-performance to be material risks at this time. Both we and our counterparties are expected to perform under the contractual terms of the instruments. None of the derivative contracts we entered into are subject to credit risk-related contingent features or collateral requirements. Long-lived Assets We review the carrying value of all long-lived assets for impairment, primarily at an individual store level, whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. We measure property and equipment at fair value on a nonrecurring basis using Level 3 inputs as defined in the fair value hierarchy. We measure right-of-use assets on a nonrecurring basis using Level 2 inputs that are corroborated by market data. Where Level 2 inputs are not readily available, we use Level 3 inputs. Fair value of these long-lived assets is based on the present value of estimated future cash flows using a discount rate commensurate with the risk. The significant unobservable inputs used in the fair value measurement of our store assets are sales growth/decline, gross margin, employment costs, lease escalations, market rental rates, changes in local real estate markets in which we operate, inflation and the overall economics of the retail industry. Significant fluctuations in any of these inputs individually could significantly impact our measurement of fair value. During the thirteen weeks ended May 2, 2021, no impairment charges were recognized. During the thirteen weeks ended May 3, 2020, we recognized impairment charges of $11,825,000 related to the impairment of property and equipment and $3,795,000 related to the impairment of operating lease right-of-use assets, due to lower projected revenues and fair market values resulting from the impact of COVID-19. There were no transfers in and out of Level 3 categories during the thirteen weeks ended May 2, 2021 or May 3, 2020.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	May 02, 2021
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows: In thousands Foreign Currency Cash Flow Accumulated Other Balance at January 31, 2021 $ (6,398) $ (719) $ (7,117) Foreign currency translation adjustments 3,700 — 3,700 Change in fair value of derivative financial instruments — (665) (665) Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — 153 153 Other comprehensive income (loss) 3,700 (512) 3,188 Balance at May 2, 2021 $ (2,698) $ (1,231) $ (3,929) Balance at February 2, 2020 $ (14,593) $ 6 $ (14,587) Foreign currency translation adjustments (5,276) — (5,276) Change in fair value of derivative financial instruments — 549 549 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — (37) (37) Other comprehensive income (loss) (5,276) 512 (4,764) Balance at May 3, 2020 $ (19,869) $ 518 $ (19,351)

REVENUE

REVENUE	3 Months Ended
	May 02, 2021
Disclosure Of Revenue [Abstract]
REVENUE	REVENUE The majority of our revenues are generated from sales of merchandise to our customers through our e-commerce websites, our direct mail catalogs, or at our retail stores and include shipping fees received from customers for delivery of merchandise to their homes. The remainder of our revenues are primarily generated from sales to our franchisees and other wholesale transactions, breakage income related to stored-value cards, and incentives received from credit card issuers in connection with our private label and co-branded credit cards. We recognize revenue as control of promised goods or services are transferred to our customers. We record a liability at each period end where we have an obligation to transfer goods or services for which we have received consideration or have a right to consideration. We exclude from revenue any taxes assessed by governmental authorities, including value-added and other sales-related taxes, that are imposed on and are concurrent with revenue-generating activities. Our payment terms are primarily at the point of sale for merchandise sales and for most services. See Note E for the disclosure of our net revenues by operating segment. Merchandise Sales Revenues from the sale of our merchandise through our e-commerce websites, at our retail stores, as well as to our franchisees and wholesale customers are, in each case, recognized at a point in time when control of merchandise is transferred to the customer. Merchandise can either be picked up in our stores or delivered to the customer. For merchandise picked up in the store, control is transferred at that time. For merchandise delivered to the customer, control is transferred when either delivery has been completed or, for certain merchandise, upon conveyance of the merchandise to the carrier for delivery. We exclude from revenue any taxes assessed by governmental authorities, including value-added and other sales-related taxes, that are imposed on and are concurrent with revenue-generating activities. Our payment terms are primarily at the point of sale for merchandise sales and for most services. We have elected to account for shipping and handling as fulfillment activities, and not as a separate performance obligation. Revenue from the sale of merchandise is reported net of sales returns. We estimate future returns based on historical return trends together with current product sales performance. As of May 2, 2021 and May 3, 2020, we recorded a liability for expected sales returns of approximately $34,266,000 and $33,357,000, respectively, within other current liabilities and a corresponding asset for the expected net realizable value of the merchandise inventory to be returned of approximately $10,166,000 and $11,603,000, respectively, within other current assets in our Condensed Consolidated Balance Sheet. Stored-value Cards We issue stored-value cards that may be redeemed on future merchandise purchases. Our stored-value cards have no expiration dates. Revenue from stored-value cards is recognized at a point in time upon redemption of the card and as control of the merchandise is transferred to the customer. Revenue from estimated unredeemed stored-value cards (breakage) is recognized in a manner consistent with our historical redemption patterns over the estimated period of redemption of our cards of approximately four years, the majority of which is recognized within one year of the card issuance. Breakage revenue is not material to our Condensed Consolidated Financial Statements. Credit Card Incentives We enter into agreements with credit card issuers in connection with our private label and co-branded credit cards whereby we receive cash incentives in exchange for promised services, such as licensing our brand names and marketing the credit card program to customers. Services promised under these agreements are interrelated and are thus considered a single performance obligation. Revenue is recognized over time as we transfer promised services throughout the contract term. Customer Loyalty Programs We have customer loyalty programs which allow members to earn points for each qualifying purchase. Points earned enable members to receive certificates that may be redeemed on future merchandise purchases. This customer option is a material right and, accordingly, represents a separate performance obligation to the customer. The allocated consideration for the points earned by our loyalty program members is deferred based on the standalone selling price of the points and recorded within gift card and other deferred revenue within our Condensed Consolidated Balance Sheet. The measurement of standalone selling prices takes into consideration the discount the customer would receive in a separate transaction for the delivered item, as well as our estimate of certificates expected to be redeemed, based on historical redemption patterns. This measurement is applied to our portfolio of performance obligations for points earned, as all obligations have similar economic characteristics. We believe the impact to our Condensed Consolidated Financial Statements would not be materially different if this measurement was applied to each individual performance obligation. Revenue is recognized for these performance obligations at a point in time when certificates are redeemed by the customer. These obligations relate to contracts with terms less than one year, as our certificates generally expire within six months from issuance. Deferred Revenue We defer revenue when cash payments are received in advance of satisfying performance obligations, primarily associated with our stored-value cards, merchandise sales, and incentives received from credit card issuers. As of May 2, 2021 and May 3, 2020, we had recorded $392,807,000 and $301,031,000 for gift card and other deferred revenue in our Condensed Consolidated Balance Sheet, substantially all of which is expected to be recognized into revenue within the next 12 months.

FINANCIAL STATEMENTS - BASIS _2

FINANCIAL STATEMENTS - BASIS OF PRESENTATION (Policies)	3 Months Ended
	May 02, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This ASU was effective for us in the first quarter of fiscal 2021. The adoption of this ASU did not have an impact on our financial condition, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The ASU is intended to ease the potential accounting and financial reporting burden of reference rate reform, including the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance provides optional expedients and scope exceptions for transactions if certain criteria are met. These transactions include contract modifications, hedge accounting, and the sale or transfer of debt securities classified as held-to-maturity. We may elect to apply the provisions of the new standard prospectively through December 31, 2022. Unlike other topics, the provisions of this update are only available until December 31, 2022, by which time the reference rate replacement activity is expected to be completed. We have yet to elect an adoption date, but do not believe any adoption would have a material impact on our financial condition, results of operations or cash flows.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	May 02, 2021
Share-based Payment Arrangement [Abstract]
Summary of Restricted Stock Units Activity	The following table summarizes our restricted stock unit activity during the thirteen weeks ended May 2, 2021: Shares Balance at January 31, 2021 3,118,884 Granted 359,230 Granted, with vesting subject to performance conditions 107,075 Released 1 (1,029,356) Cancelled (29,652) Balance at May 2, 2021 2,526,181 Vested plus expected to vest at May 2, 2021 2,309,979 1 Excludes 228,666 incremental shares released due to achievement of performance conditions above target.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	May 02, 2021
Earnings Per Share [Abstract]
Reconciliation of Net Earnings and Number of Shares Used In Basic and Diluted Earnings per Share Computations	The following is a reconciliation of net earnings and the number of shares used in the basic and diluted earnings per share computations: In thousands, except per share amounts Net Earnings Weighted Earnings Thirteen weeks ended May 2, 2021 Basic $ 227,802 75,800 $ 3.01 Effect of dilutive stock-based awards 2,685 Diluted $ 227,802 78,485 $ 2.90 Thirteen weeks ended May 3, 2020 Basic $ 35,423 77,262 $ 0.46 Effect of dilutive stock-based awards 1,137 Diluted $ 35,423 78,399 $ 0.45

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	May 02, 2021
Segment Reporting [Abstract]
Segment Information	The following table summarizes our net revenues by brand for the thirteen weeks ended May 2, 2021 and May 3, 2020. Thirteen Weeks Ended In thousands May 2, May 3, Pottery Barn $ 679,055 $ 479,615 West Elm 477,317 315,430 Williams Sonoma 265,607 199,302 Pottery Barn Kids and Teen 236,067 188,552 Other 1 90,983 52,304 Total 2 $ 1,749,029 $ 1,235,203 1 Primarily consists of net revenues from our international franchise operations, Rejuvenation and Mark and Graham. 2 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $99.9 million and $55.2 million for the thirteen weeks ended May 2, 2021 and May 3, 2020, respectively.
Summary of Long-lived Assets by Geographic Areas	Long-lived assets by geographic location are as follows: In thousands May 2, May 3, U.S. $ 2,012,572 $ 2,117,469 International 148,672 151,602 Total $ 2,161,244 $ 2,269,071

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	May 02, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign Currency Forward Contracts Outstanding with Notional Values	As of May 2, 2021 and May 3, 2020, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands May 2, May 3, Contracts designated as cash flow hedges $ 18,000 $ 11,600

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	May 02, 2021
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax	Changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows: In thousands Foreign Currency Cash Flow Accumulated Other Balance at January 31, 2021 $ (6,398) $ (719) $ (7,117) Foreign currency translation adjustments 3,700 — 3,700 Change in fair value of derivative financial instruments — (665) (665) Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — 153 153 Other comprehensive income (loss) 3,700 (512) 3,188 Balance at May 2, 2021 $ (2,698) $ (1,231) $ (3,929) Balance at February 2, 2020 $ (14,593) $ 6 $ (14,587) Foreign currency translation adjustments (5,276) — (5,276) Change in fair value of derivative financial instruments — 549 549 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — (37) (37) Other comprehensive income (loss) (5,276) 512 (4,764) Balance at May 3, 2020 $ (19,869) $ 518 $ (19,351)

BORROWING ARRANGEMENTS - Additi

BORROWING ARRANGEMENTS - Additional Information (Detail)	3 Months Ended
	May 02, 2021USD ($)facility	Aug. 02, 2020USD ($)	May 03, 2020USD ($)	Feb. 28, 2021USD ($)	Jan. 31, 2021USD ($)
Debt Instrument [Line Items]
Borrowings under revolving line of credit	$ 0		$ 487,823,000
Outstanding letter of credit facilities	5,836,000
Standby Letters of Credit
Debt Instrument [Line Items]
Amount issued but undrawn under credit facility	$ 12,601,000
Letter Of Credit Facility Renewed And Extended
Debt Instrument [Line Items]
Number of facilities | facility	3
Maximum borrowing capacity of letter of credit after renewal	$ 35,000,000
364-Day Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity		$ 200,000,000
Borrowings under revolving line of credit	0
Agreement term		364 days
Base Rate | Minimum | 364-Day Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Leverage ratio		0.75%
Base Rate | Maximum | 364-Day Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Leverage ratio		1.50%
LIBOR | Minimum | 364-Day Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Leverage ratio		1.75%
LIBOR | Maximum | 364-Day Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Leverage ratio		2.50%
Unsecured Revolving Line Of Credit
Debt Instrument [Line Items]
Current borrowing capacity	500,000,000
Maximum borrowing capacity including additional borrowing capacity	250,000,000
Borrowings under revolving line of credit	0		$ 487,823,000
Weighted average interest rate			2.00%
Unsecured Revolving Line Of Credit | Maximum
Debt Instrument [Line Items]
Additional borrowing capacity	$ 750,000,000
Unsecured Revolving Line Of Credit | Margin Based On Leverage Ratio | Minimum
Debt Instrument [Line Items]
Leverage ratio	0.91%
Unsecured Revolving Line Of Credit | Margin Based On Leverage Ratio | Maximum
Debt Instrument [Line Items]
Leverage ratio	1.775%
Unsecured Revolving Line Of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Leverage ratio	0.00%
Unsecured Revolving Line Of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Leverage ratio	0.775%
Unsecured Term Loan Facility
Debt Instrument [Line Items]
Face amount				$ 300,000,000	$ 300,000,000
Unsecured Term Loan Facility | Margin Based On Leverage Ratio | Minimum
Debt Instrument [Line Items]
Leverage ratio	1.75%
Unsecured Term Loan Facility | Margin Based On Leverage Ratio | Maximum
Debt Instrument [Line Items]
Leverage ratio	2.50%
Unsecured Term Loan Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Leverage ratio	0.75%
Unsecured Term Loan Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Leverage ratio	1.50%

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	May 02, 2021	May 03, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards granted to employees, years	4 years
Stock-based compensation expense	$ 26,330	$ 19,703
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 26,330	$ 19,703
Minimum | Non-Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards granted to employees, years	1 year
Equity Award Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares under the plan (in shares)	36,570,000
Shares available for future grant (in shares)	1,242,000
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards annual grant limit (in shares)	1,000,000
Performance Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards granted to employees, years	3 years

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs)	3 Months Ended
	May 02, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	3,118,884
Granted (in shares)	359,230
Granted, with vesting subject to performance conditions (in shares)	107,075
Released (in shares)	(1,029,356)
Cancelled (in shares)	(29,652)
Ending balance (in shares)	2,526,181
Vested plus expected to vest (in shares)	2,309,979

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of Restricted Stock Unit Activity - Footnotes (Detail) - Restricted Stock Units (RSUs)	3 Months Ended
	May 02, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental shares released due to achievement of performance conditions (in shares)	1,029,356
Achievement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental shares released due to achievement of performance conditions (in shares)	228,666

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Detail) - shares shares in Thousands	3 Months Ended
	May 02, 2021	May 03, 2020
Earnings Per Share [Abstract]
Anti-dilutive stock-based awards excluded from the computation of diluted earnings per share (in shares)	12	8

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Net Earnings and Number of Shares Used in Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 02, 2021	May 03, 2020
Earnings Per Share [Abstract]
Net Earnings, Basic	$ 227,802	$ 35,423
Net Earnings, Diluted	$ 227,802	$ 35,423
Weighted Average Shares, Basic (in shares)	75,800	77,262
Weighted Average Shares, Effect of dilutive stock-based awards (in shares)	2,685	1,137
Weighted Average Shares, Diluted (in shares)	78,485	78,399
Earnings Per Share, Basic (in USD per share)	$ 3.01	$ 0.46
Earnings Per Share, Diluted (in USD per share)	$ 2.90	$ 0.45

SEGMENT REPORTING - Net Revenue

SEGMENT REPORTING - Net Revenues by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	May 02, 2021	May 03, 2020
Segment Reporting Information [Line Items]
Net revenues	$ 1,749,029	$ 1,235,203
Pottery Barn
Segment Reporting Information [Line Items]
Net revenues	679,055	479,615
West Elm
Segment Reporting Information [Line Items]
Net revenues	477,317	315,430
Williams Sonoma
Segment Reporting Information [Line Items]
Net revenues	265,607	199,302
Pottery Barn Kids and Teen
Segment Reporting Information [Line Items]
Net revenues	236,067	188,552
Other
Segment Reporting Information [Line Items]
Net revenues	$ 90,983	$ 52,304

SEGMENT REPORTING - Net Reven_2

SEGMENT REPORTING - Net Revenues by Segment, Footnotes (Detail) - USD ($) $ in Millions	3 Months Ended
	May 02, 2021	May 03, 2020
Segment Reporting [Abstract]
Net revenues related to foreign operations	$ 99.9	$ 55.2

SEGMENT REPORTING - Summary of

SEGMENT REPORTING - Summary of Long-lived Assets by Geographic Areas (Detail) - USD ($) $ in Thousands	May 02, 2021	May 03, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 2,161,244	$ 2,269,071
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	2,012,572	2,117,469
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 148,672	$ 151,602

STOCK REPURCHASE PROGRAM AND _2

STOCK REPURCHASE PROGRAM AND DIVIDENDS - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended
	Mar. 31, 2021	Feb. 28, 2021	May 02, 2021	May 03, 2020	Jan. 31, 2021
Equity [Abstract]
Stock repurchase program	$ 1,000,000,000
Common stock repurchased (in shares)			1,790,725
Common stock repurchased, average cost per share (in USD per share)			$ 176.20
Common stock repurchased, total cost			$ 315,529,000	$ 0
Stock repurchase program, remaining authorized repurchase amount			703,833,000
Treasury stock			$ 711,000	$ 599,000	$ 599,000
Increase in cash dividends declared per common share (in USD per share)	$ 0.06
Increase in cash dividends declared per common share, percentage	11.30%
Cash dividends declared per common share (in USD per share)		$ 0.53	$ 0.59	$ 0.48

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Additional Information (Detail) $ in Thousands	May 02, 2021USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Reclassification from OCI to cost of goods sold	$ (1,677)

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Foreign Currency Forward Contracts Outstanding with Notional Values (Detail) - USD ($) $ in Thousands	May 02, 2021	May 03, 2020
Foreign Exchange Contract | Derivatives designated as hedging instruments | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contracts designated as cash flow hedges	$ 18,000	$ 11,600

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($)	3 Months Ended
	May 02, 2021	May 03, 2020
Tangible Asset Impairment Charges [Abstract]
Impairment of property and equipment	$ 0	$ 11,825,000
Impairment of operating lease right-of-use assets	$ 0	$ 3,795,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) - USD ($) $ in Thousands	3 Months Ended
	May 02, 2021	May 03, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 1,651,185	$ 1,235,860
Other comprehensive income (loss)	3,188	(4,764)
Ending Balance	1,447,296	1,218,929
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(6,398)	(14,593)
Other comprehensive income (loss), before reclassifications	3,700	(5,276)
Other comprehensive income (loss)	3,700	(5,276)
Ending Balance	(2,698)	(19,869)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(719)	6
Other comprehensive income (loss), before reclassifications	(665)	549
Other comprehensive income (loss), reclassifications	153	(37)
Other comprehensive income (loss)	(512)	512
Ending Balance	(1,231)	518
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(7,117)	(14,587)
Ending Balance	$ (3,929)	$ (19,351)

REVENUE - Additional Informatio

REVENUE - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	May 02, 2021	May 03, 2020
Disaggregation of Revenue [Line Items]
Customer loyalty program, expiration period	6 months
Other Current Liabilities
Disaggregation of Revenue [Line Items]
Expected sales return liability	$ 34,266	$ 33,357
Other Current Assets
Disaggregation of Revenue [Line Items]
Reduction in cost of goods sold for expected net realizable value of merchandise inventory to be returned	$ 10,166	11,603
Stored-Value Cards
Disaggregation of Revenue [Line Items]
Stored value card redemption period	4 years
Stored-Value Cards, Merchandise Sales and Credit Card Incentives
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 392,807	$ 301,031