Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 03, 2013 | Dec. 01, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 3-Nov-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'WSM | ' |
Entity Registrant Name | 'WILLIAMS SONOMA INC | ' |
Entity Central Index Key | '0000719955 | ' |
Current Fiscal Year End Date | '--02-02 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 94,296,474 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | ||||
Net revenues | $1,051,548 | [1] | $944,554 | [1] | $2,921,565 | [1] | $2,636,451 | [1] |
Cost of goods sold | 646,160 | 576,556 | 1,813,068 | 1,624,707 | ||||
Gross margin | 405,388 | 367,998 | 1,108,497 | 1,011,744 | ||||
Selling, general and administrative expenses | 312,894 | 288,702 | 874,134 | 813,022 | ||||
Operating income | 92,494 | 79,296 | 234,363 | 198,722 | ||||
Interest (income) expense, net | -103 | -173 | -417 | -532 | ||||
Earnings before income taxes | 92,597 | 79,469 | 234,780 | 199,254 | ||||
Income taxes | 35,878 | 30,569 | 89,676 | 76,258 | ||||
Net earnings | $56,719 | $48,900 | $145,104 | $122,996 | ||||
Basic earnings per share | $0.59 | $0.50 | $1.49 | $1.24 | ||||
Diluted earnings per share | $0.58 | $0.49 | $1.46 | $1.21 | ||||
Shares used in calculation of earnings per share: | ' | ' | ' | ' | ||||
Basic | 95,453 | 98,444 | 97,080 | 99,528 | ||||
Diluted | 97,863 | 100,418 | 99,075 | 101,285 | ||||
[1] | Includes net revenues of approximately $51.5 million and $39.4 million for the thirteen weeks ended November 3, 2013 and October 28, 2012, respectively, and $150.0 million and $101.6 million for the thirty-nine weeks ended November 3, 2013 and October 28, 2012, respectively, related to our foreign operations. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 |
Net earnings | $56,719 | $48,900 | $145,104 | $122,996 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | 941 | 1,325 | -3,555 | 1,024 |
Change in fair value of derivative financial instruments | 119 | 0 | 242 | 0 |
Reclassification adjustment for realized gains on derivative financial instruments | -31 | 0 | -31 | 0 |
Comprehensive income | $57,748 | $50,225 | $141,760 | $124,020 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 03, 2013 | Feb. 03, 2013 | Oct. 28, 2012 | ||
In Thousands, unless otherwise specified | |||||
Current assets | ' | ' | ' | ||
Cash and cash equivalents | $128,759 | $424,555 | $262,484 | ||
Restricted cash | 14,283 | 16,055 | 16,049 | ||
Accounts receivable, net | 74,886 | 62,985 | 59,562 | ||
Merchandise inventories, net | 898,625 | 640,024 | 688,437 | ||
Prepaid catalog expenses | 40,613 | 37,231 | 44,452 | ||
Prepaid expenses | 49,317 | 26,339 | 34,370 | ||
Deferred income taxes, net | 99,003 | 99,764 | 91,718 | ||
Other assets | 11,698 | 9,819 | 9,741 | ||
Total current assets | 1,317,184 | 1,316,772 | 1,206,813 | ||
Property and equipment, net | 843,563 | 812,037 | 763,576 | ||
Non-current deferred income taxes, net | 10,931 | 12,398 | 13,691 | ||
Other assets, net | 54,764 | 46,472 | 39,342 | ||
Total assets | 2,226,442 | [1] | 2,187,679 | 2,023,422 | [1] |
Current liabilities | ' | ' | ' | ||
Accounts payable | 433,926 | 259,162 | 236,562 | ||
Accrued salaries, benefits and other | 110,116 | 120,632 | 96,534 | ||
Customer deposits | 244,609 | 207,415 | 208,239 | ||
Income taxes payable | 2,897 | 41,849 | 1,467 | ||
Current portion of long-term debt | 1,793 | 1,724 | 1,753 | ||
Other liabilities | 36,137 | 26,345 | 28,734 | ||
Total current liabilities | 829,478 | 657,127 | 573,289 | ||
Deferred rent and lease incentives | 165,445 | 171,198 | 177,912 | ||
Long-term debt | 1,968 | 3,753 | 3,755 | ||
Other long-term obligations | 59,506 | 46,463 | 50,609 | ||
Total liabilities | 1,056,397 | 878,541 | 805,565 | ||
Commitments and contingencies | ' | ' | ' | ||
Stockholders' equity | ' | ' | ' | ||
Preferred stock: $.01 par value; 7,500 shares authorized; none issued | 0 | 0 | 0 | ||
Common stock: $.01 par value; 253,125 shares authorized; 94,379, 97,734 and 98,095 shares issued and outstanding at November 3, 2013, February 3, 2013 and October 28, 2012, respectively | 944 | 977 | 981 | ||
Additional paid-in capital | 515,463 | 503,616 | 495,938 | ||
Retained earnings | 646,450 | 790,912 | 707,323 | ||
Accumulated other comprehensive income | 10,289 | 13,633 | 13,615 | ||
Treasury stock, at cost | -3,101 | 0 | 0 | ||
Total stockholders' equity | 1,170,045 | 1,309,138 | 1,217,857 | ||
Total liabilities and stockholders' equity | $2,226,442 | $2,187,679 | $2,023,422 | ||
[1] | Includes approximately $59.3 million and $31.3 million of long-term assets as of November 3, 2013 and October 28, 2012, respectively, related to our foreign operations. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 03, 2013 | Feb. 03, 2013 | Oct. 28, 2012 |
In Thousands, except Per Share data, unless otherwise specified | |||
Preferred stock, par value | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized | 7,500 | 7,500 | 7,500 |
Preferred stock, shares issued | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 253,125 | 253,125 | 253,125 |
Common stock, shares issued | 94,379 | 97,734 | 98,095 |
Common stock, shares outstanding | 94,379 | 97,734 | 98,095 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
Nov. 03, 2013 | Oct. 28, 2012 | |
Cash flows from operating activities: | ' | ' |
Net earnings | $145,104,000 | $122,996,000 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 111,412,000 | 98,653,000 |
Loss on sale/disposal of assets | 1,737,000 | 1,567,000 |
Amortization of deferred lease incentives | -19,055,000 | -19,785,000 |
Deferred income taxes | -10,722,000 | -8,767,000 |
Tax benefit from exercise of stock-based awards | 14,393,000 | 14,497,000 |
Excess tax benefit from exercise of stock-based awards | -6,617,000 | -7,399,000 |
Stock-based compensation expense | 28,440,000 | 22,778,000 |
Changes in: | ' | ' |
Accounts receivable | -13,498,000 | -13,045,000 |
Merchandise inventories | -258,876,000 | -134,545,000 |
Prepaid catalog expenses | -3,382,000 | -10,157,000 |
Prepaid expenses and other assets | -28,251,000 | -12,883,000 |
Accounts payable | 163,592,000 | 4,832,000 |
Accrued salaries, benefits and other current and long-term liabilities | 12,017,000 | -9,069,000 |
Customer deposits | 37,519,000 | 17,773,000 |
Deferred rent and lease incentives | 13,833,000 | 15,866,000 |
Income taxes payable | -38,971,000 | -20,929,000 |
Net cash provided by operating activities | 148,675,000 | 62,383,000 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -145,236,000 | -116,398,000 |
Restricted cash deposits | 1,772,000 | -1,317,000 |
Proceeds from insurance reimbursement | 1,418,000 | 0 |
Other | 45,000 | -231,000 |
Net cash used in investing activities | -142,001,000 | -117,946,000 |
Cash flows from financing activities: | ' | ' |
Repurchase of common stock | -216,369,000 | -124,293,000 |
Payment of dividends | -82,030,000 | -66,185,000 |
Repayments of long-term obligations | -1,716,000 | -1,765,000 |
Proceeds from exercise of stock-based awards | 6,541,000 | 12,009,000 |
Tax withholdings related to stock-based awards | -14,162,000 | -12,327,000 |
Excess tax benefit from exercise of stock-based awards | 6,617,000 | 7,399,000 |
Other | -42,000 | -405,000 |
Net cash used in financing activities | -301,161,000 | -185,567,000 |
Effect of exchange rates on cash and cash equivalents | -1,309,000 | 857,000 |
Net decrease in cash and cash equivalents | -295,796,000 | -240,273,000 |
Cash and cash equivalents at beginning of period | 424,555,000 | 502,757,000 |
Cash and cash equivalents at end of period | $128,759,000 | $262,484,000 |
FINANCIAL_STATEMENTS_BASIS_OF_
FINANCIAL STATEMENTS - BASIS OF PRESENTATION | 9 Months Ended |
Nov. 03, 2013 | |
FINANCIAL STATEMENTS - BASIS OF PRESENTATION | ' |
NOTE A. 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 November 3, 2013 and October 28, 2012, the Condensed Consolidated Statements of Earnings for the thirteen and thirty-nine weeks then ended, the Condensed Consolidated Statements of Comprehensive Income for the thirteen and thirty-nine weeks then ended, and the Condensed Consolidated Statements of Cash Flows for the thirty-nine 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 and thirty-nine weeks then ended. Significant intercompany transactions and accounts have been eliminated. The balance sheet as of February 3, 2013, 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 February 3, 2013. | |
The results of operations for the thirteen and thirty-nine weeks ended November 3, 2013 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 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 February 3, 2013. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | ||||
Nov. 03, 2013 | |||||
STOCK-BASED COMPENSATION | ' | ||||
NOTE B. 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 (collectively, “option awards”), restricted stock awards, restricted stock units, deferred stock awards (collectively, “stock awards”) and dividend equivalents up to an aggregate of 25,760,000 shares. As of November 3, 2013, there were 6,079,000 shares available for future grant. Awards may be granted under the Plan to officers, employees and non-employee Board members of the company or any parent or subsidiary. Annual grants are limited to 1,000,000 shares covered by option awards and 400,000 shares covered by stock awards on a per person basis. All grants of option awards made under the Plan have a maximum term of seven years. The exercise price of these option awards is not less than 100% of the closing price of our stock on the day prior to the grant date. Option awards and stock awards granted to employees generally vest over a period of four years. Certain option awards, stock awards and other agreements contain vesting acceleration clauses resulting from events including, but not limited to, retirement, merger or a similar corporate event. Option and 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 | |||||
We measure and record stock-based compensation expense in our Consolidated Financial Statements for all employee stock-based awards using a fair value method. During the thirteen and thirty-nine weeks ended November 3, 2013, we recognized total stock-based compensation expense, as a component of selling, general and administrative expenses, of $9,968,000 and $28,440,000, respectively (including stock-based compensation expense of $1,341,000 for the thirty-nine weeks ended November 3, 2013, associated with the retirement of one of our former brand presidents). During the thirteen and thirty-nine weeks ended October 28, 2012, we recognized total stock-based compensation expense of $7,686,000 and $22,778,000, respectively (including stock-based compensation expense of $3,019,000 for the thirty-nine weeks ended October 28, 2012, associated with the retirement of our former Executive Vice President, Chief Operating and Chief Financial Officer). | |||||
Stock Options | |||||
The following table summarizes our stock option activity during the thirty-nine weeks ended November 3, 2013: | |||||
Shares | |||||
Balance at February 3, 2013 | 428,930 | ||||
Granted | 0 | ||||
Exercised | (199,442 | ) | |||
Cancelled | (5,000 | ) | |||
Balance at November 3, 2013 (100% vested) | 224,488 | ||||
Stock-Settled Stock Appreciation Rights | |||||
The following table summarizes our stock-settled stock appreciation right activity during the thirty-nine weeks ended November 3, 2013: | |||||
Shares | |||||
Balance at February 3, 2013 | 2,527,784 | ||||
Granted | 0 | ||||
Converted into common stock | (550,635 | ) | |||
Cancelled | (45,727 | ) | |||
Balance at November 3, 2013 | 1,931,422 | ||||
Vested at November 3, 2013 | 1,274,007 | ||||
Vested plus expected to vest at November 3, 2013 | 1,704,449 | ||||
Restricted Stock Units | |||||
The following table summarizes our restricted stock unit activity during the thirty-nine weeks ended November 3, 2013: | |||||
Shares | |||||
Balance at February 3, 2013 | 2,772,426 | ||||
Granted | 928,416 | ||||
Released | (364,198 | ) | |||
Cancelled | (120,291 | ) | |||
Balance at November 3, 2013 | 3,216,353 | ||||
Vested plus expected to vest at November 3, 2013 | 2,189,311 |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | ||||||||||||
Nov. 03, 2013 | |||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
NOTE C. 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 for the period plus common stock equivalents. Common stock equivalents consist of shares subject to option awards with exercise prices less than or equal to the average market price of our common stock for the period, as well as restricted stock units, 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: | |||||||||||||
Dollars and amounts in thousands, except per share amounts | Net Earnings | Weighted | Earnings | ||||||||||
Average Shares | Per Share | ||||||||||||
Thirteen weeks ended November 3, 2013 | |||||||||||||
Basic | $ | 56,719 | 95,453 | $ | 0.59 | ||||||||
Effect of dilutive stock-based awards | 2,410 | ||||||||||||
Diluted | $ | 56,719 | 97,863 | $ | 0.58 | ||||||||
Thirteen weeks ended October 28, 2012 | |||||||||||||
Basic | $ | 48,900 | 98,444 | $ | 0.5 | ||||||||
Effect of dilutive stock-based awards | 1,974 | ||||||||||||
Diluted | $ | 48,900 | 100,418 | $ | 0.49 | ||||||||
Thirty-nine weeks ended November 3, 2013 | |||||||||||||
Basic | $ | 145,104 | 97,080 | $ | 1.49 | ||||||||
Effect of dilutive stock-based awards | 1,995 | ||||||||||||
Diluted | $ | 145,104 | 99,075 | $ | 1.46 | ||||||||
Thirty-nine weeks ended October 28, 2012 | |||||||||||||
Basic | $ | 122,996 | 99,528 | $ | 1.24 | ||||||||
Effect of dilutive stock-based awards | 1,757 | ||||||||||||
Diluted | $ | 122,996 | 101,285 | $ | 1.21 | ||||||||
There were no stock-based awards excluded from the computation of diluted earnings per share for the thirteen and thirty-nine weeks ended November 3, 2013. Stock-based awards of 1,210,000 and 1,604,000 for the thirteen and thirty-nine weeks ended October 28, 2012, respectively, were excluded from the computation of diluted earnings per share, as their inclusion would be anti-dilutive. |
SEGMENT_REPORTING
SEGMENT REPORTING | 9 Months Ended | ||||||||||||||||
Nov. 03, 2013 | |||||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||||
NOTE D. SEGMENT REPORTING | |||||||||||||||||
We have two reportable segments, direct-to-customer and retail. The direct-to-customer segment has seven merchandising concepts (Williams-Sonoma, Pottery Barn, Pottery Barn Kids, PBteen, West Elm, Rejuvenation and Mark and Graham) which sell our products through our e-commerce websites and direct-mail catalogs. Our direct-to-customer merchandising concepts are operating segments, which have been aggregated into one reportable segment, direct-to-customer. The retail segment has five merchandising concepts (Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm and Rejuvenation) which sell our products through our retail stores. Our retail merchandising concepts are operating segments, which have been aggregated into one reportable segment, retail. Management’s expectation is that the overall economic characteristics of each of our operating segments will be similar over time based on management’s judgment that the operating segments have had similar historical economic characteristics and are expected to have similar long-term financial performance in the future. | |||||||||||||||||
These reportable segments are strategic business units that offer similar home-centered products. They are managed separately because the business units utilize two distinct distribution and marketing strategies. Based on management’s best estimate, our operating segments include allocations of certain expenses, including advertising and employment costs, to the extent they have been determined to benefit both channels. These operating segments are aggregated at the channel level for reporting purposes due to the fact that our brands are interdependent for economies of scale and we do not maintain fully allocated income statements at the brand level. As a result, material financial decisions related to the brands are made at the channel level. Furthermore, it is not practicable for us to report revenue by product group. | |||||||||||||||||
We use operating income to evaluate segment profitability. Operating income is defined as earnings (loss) before net interest income or expense and income taxes. Unallocated costs before interest and income taxes include corporate employee-related costs, occupancy expenses (including depreciation expense), administrative costs and third party service costs, primarily in our corporate systems, corporate facilities and other administrative departments. Unallocated assets include corporate cash and cash equivalents, deferred income taxes, the net book value of corporate facilities and related information systems, and other corporate long-lived assets. | |||||||||||||||||
Income tax information by reportable segment has not been included as income taxes are calculated at a company-wide level and are not allocated to each reportable segment. | |||||||||||||||||
Segment Information | |||||||||||||||||
Dollars in thousands | Direct-to- | Retail | Unallocated | Total | |||||||||||||
Customer | |||||||||||||||||
Thirteen weeks ended November 3, 2013 | |||||||||||||||||
Net revenues1 | $ | 511,874 | $ | 539,674 | $ | 0 | $ | 1,051,548 | |||||||||
Depreciation and amortization expense | 6,165 | 19,655 | 11,760 | 37,580 | |||||||||||||
Operating income (loss) | 117,086 | 49,300 | (73,892 | ) | 92,494 | ||||||||||||
Capital expenditures | 8,797 | 26,152 | 12,510 | 47,459 | |||||||||||||
Thirteen weeks ended October 28, 2012 | |||||||||||||||||
Net revenues1 | $ | 447,115 | $ | 497,439 | $ | 0 | $ | 944,554 | |||||||||
Depreciation and amortization expense | 5,751 | 17,937 | 9,647 | 33,335 | |||||||||||||
Operating income (loss) | 100,769 | 44,003 | (65,476 | ) | 79,296 | ||||||||||||
Capital expenditures | 7,922 | 25,861 | 13,007 | 46,790 | |||||||||||||
Thirty-nine weeks ended November 3, 2013 | |||||||||||||||||
Net revenues1 | $ | 1,408,615 | $ | 1,512,950 | $ | 0 | $ | 2,921,565 | |||||||||
Depreciation and amortization expense | 19,087 | 58,407 | 33,918 | 111,412 | |||||||||||||
Operating income (loss) | 327,518 | 117,925 | (211,080 | ) | 234,363 | ||||||||||||
Assets2 | 540,534 | 1,034,476 | 651,432 | 2,226,442 | |||||||||||||
Capital expenditures | 28,496 | 71,302 | 45,438 | 145,236 | |||||||||||||
Thirty-nine weeks ended October 28, 2012 | |||||||||||||||||
Net revenues1 | $ | 1,235,883 | $ | 1,400,568 | $ | 0 | $ | 2,636,451 | |||||||||
Depreciation and amortization expense | 17,045 | 53,493 | 28,115 | 98,653 | |||||||||||||
Operating income (loss) | 273,947 | 116,958 | (192,183 | ) | 198,722 | ||||||||||||
Assets2 | 411,560 | 970,250 | 641,612 | 2,023,422 | |||||||||||||
Capital expenditures | 20,680 | 51,941 | 43,777 | 116,398 | |||||||||||||
1 | Includes net revenues of approximately $51.5 million and $39.4 million for the thirteen weeks ended November 3, 2013 and October 28, 2012, respectively, and $150.0 million and $101.6 million for the thirty-nine weeks ended November 3, 2013 and October 28, 2012, respectively, related to our foreign operations. | ||||||||||||||||
2 | Includes approximately $59.3 million and $31.3 million of long-term assets as of November 3, 2013 and October 28, 2012, respectively, related to our foreign operations. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Nov. 03, 2013 | |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE E. COMMITMENTS AND CONTINGENCIES | |
We 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 larger. Litigation is inherently unpredictable. Any claims against us, whether meritorious or not, could be time consuming, 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 consolidated financial statements taken as a whole. |
STOCK_REPURCHASE_PROGRAM_AND_D
STOCK REPURCHASE PROGRAM AND DIVIDEND | 9 Months Ended |
Nov. 03, 2013 | |
STOCK REPURCHASE PROGRAM AND DIVIDEND | ' |
NOTE F. STOCK REPURCHASE PROGRAM AND DIVIDEND | |
Stock Repurchase Program | |
In March 2013, we announced that our Board of Directors had authorized a new stock repurchase program to purchase up to $750,000,000 of our common stock, which we intend to execute over a three-year period. During the thirteen weeks ended November 3, 2013, we repurchased 1,527,327 shares of our common stock at an average cost of $55.89 per share and a total cost of approximately $85,363,000. During the thirty-nine weeks ended November 3, 2013, we repurchased 3,942,152 shares of our common stock at an average cost of $54.89 per share and a total cost of approximately $216,369,000. | |
Stock repurchases under this 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. This stock repurchase program does not have an expiration date and may be limited or terminated at any time without prior notice. | |
During the thirteen weeks ended October 28, 2012, we repurchased 748,807 shares of our common stock at an average cost of $41.69 per share and a total cost of $31,217,000 under programs previously authorized by our Board of Directors. During the thirty-nine weeks ended October 28, 2012, we repurchased 3,278,078 shares of our common stock at an average cost of $37.92 per share and a total cost of $124,293,000 under programs previously authorized by our Board of Directors. | |
Dividend | |
Our cash dividend was $0.31 and $0.22 per common share for the thirteen weeks ended November 3, 2013 and October 28, 2012, respectively. Our cash dividend was $0.93 and $0.66 per common share for the thirty-nine weeks ended November 3, 2013 and October 28, 2012, respectively. |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended | ||||||||
Nov. 03, 2013 | |||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | ||||||||
NOTE G. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||
Substantially all of our purchases and sales are denominated in U.S. Dollars, which limits our exposure to foreign currency exchange rate fluctuations. However, we are exposed to foreign currency exchange risk related to the transactions of our foreign subsidiaries. To mitigate this risk, in April 2013, we began utilizing 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 instruments are measured at fair value and recorded in either other current assets or other current liabilities, respectively. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on whether the derivative instrument is designated as a hedge and qualifies for hedge accounting in accordance with the Financial Accounting Standards Board Accounting Standard Codification (“ASC”) 815, Derivatives and Hedging. The majority of our foreign currency forward contracts entered into as of November 3, 2013 are designated as cash flow hedges and, therefore, protect us against the variability of forecasted foreign currency cash flows resulting from purchases in non-functional currencies. | |||||||||
Cash Flow Hedges | |||||||||
We enter into foreign currency forward contracts designated as cash flow hedges for forecasted inventory purchases in U.S. dollars by our foreign subsidiaries. These hedges generally have terms of up to twelve months. All hedging relationships are formally documented, and the hedges are designed to offset changes to future cash flows on hedged transactions. We record the effective portion of changes in the fair value of our derivative instruments designated as cash flow hedges in other comprehensive income (“OCI”) until the earlier of either the hedged forecasted inventory purchase occurs or the respective contracts reach maturity. Subsequently, as the inventory is sold to the customer, we reclassify the amounts previously recorded in OCI to cost of goods sold. Changes in 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 immediately in other income (expense), net. As of November 3, 2013, we had foreign currency forward contracts in place to sell Canadian dollars and buy U.S. dollars totaling $23,800,000, consisting of $18,000,000 designated as cash flow hedges and $5,800,000 no longer designated as cash flow hedges due to the related inventory purchases having occurred. Based on the rates in effect on November 3, 2013, we would expect to reclassify a net gain of approximately $211,000 from OCI to cost of goods sold over the next 12 months. | |||||||||
In addition, as of November 3, 2013, we had non-designated foreign currency forward contracts in place to sell Australian dollars and buy U.S. dollars totaling $7,000,000. These contracts allow us to reduce the exchange rate risk associated with our assets and liabilities denominated in a foreign currency. Any foreign exchange gains (losses) related to these contracts are recognized in other income (expense). | |||||||||
There were no foreign currency forward contracts outstanding as of October 28, 2012. | |||||||||
Hedge effectiveness is evaluated prospectively at inception, on an ongoing basis, as well as retrospectively using regression analysis. Any measureable ineffectiveness of the hedge is recorded in other income (expense), net. 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 and thirty-nine weeks ended November 3, 2013. | |||||||||
The effect of derivative instruments in our Condensed Consolidated Financial Statements, pre-tax, was as follows: | |||||||||
Dollars in thousands | Thirteen | Thirty-Nine | |||||||
Weeks Ended | Weeks Ended | ||||||||
November 3, 2013 | November 3, 2013 | ||||||||
Net gain recognized in OCI | $ | 119 | $ | 242 | |||||
Net gain reclassified from OCI into cost of goods sold | 31 | 31 | |||||||
Net foreign exchange loss recognized in other income (expense): | |||||||||
Instruments designated as cash flow hedges (a) | (36 | ) | (78 | ) | |||||
Instruments not designated or de-designated during the period (b) | (291 | ) | (69 | ) | |||||
(a) | Changes in fair value of the forward contract related to interest charges or “forward points” | ||||||||
(b) | Changes in fair value subsequent to de-designation for instruments no longer designated as cash flow hedges, and changes in fair value related to instruments not designated as cash flow hedges | ||||||||
The fair values of our derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 inputs as defined by the fair value hierarchy described in Note H. | |||||||||
Dollars in thousands | Balance sheet location | November 3, 2013 | |||||||
Derivatives designated as hedging instruments: | |||||||||
Cash flow hedge foreign currency forward contracts | Other current assets | $ | 79 | ||||||
Cash flow hedge foreign currency forward contracts | Other current liabilities | 0 | |||||||
Total | $ | 79 | |||||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign currency forward contracts | Other current assets | $ | 106 | ||||||
Foreign currency forward contracts | Other current liabilities | 0 | |||||||
Total | $ | 106 | |||||||
We record all derivative assets and liabilities on a gross basis. They do not meet the balance sheet netting criteria as discussed in ASC 210, Balance Sheet, because we do not have master netting agreements established with our derivative counterparties that would allow for net settlement. | |||||||||
Amounts recorded within accumulated other comprehensive income (“AOCI”) associated with our derivative instruments were as follows: | |||||||||
Dollars in thousands | Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||
November 3, 2013 | November 3, 2013 | ||||||||
AOCI beginning balance amount of gain (loss) | $ | 123 | $ | 0 | |||||
Amounts recognized in OCI before reclassifications | 119 | 242 | |||||||
Amounts reclassified from OCI into cost of goods sold | (31 | ) | (31 | ) | |||||
AOCI ending balance amount of gain (loss) | $ | 211 | $ | 211 |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||
Nov. 03, 2013 | ||||
FAIR VALUE MEASUREMENTS | ' | |||
NOTE H. 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 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. These inputs either represent quoted prices for similar assets in active markets or have been derived from observable market data; 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 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 entered into are subject to credit risk-related contingent features or collateral requirements. Our policy is to present the fair value of our foreign currency derivatives on a gross basis in our Balance Sheet as these instruments are not subject to legal right of offset or other netting arrangements with our counterparties. | ||||
There were no transfers between Level 1 and Level 2 categories during the thirteen and thirty-nine weeks ended November 3, 2013. |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | ||||
Nov. 03, 2013 | |||||
Summary of Stock Options Activity | ' | ||||
The following table summarizes our stock option activity during the thirty-nine weeks ended November 3, 2013: | |||||
Shares | |||||
Balance at February 3, 2013 | 428,930 | ||||
Granted | 0 | ||||
Exercised | (199,442 | ) | |||
Cancelled | (5,000 | ) | |||
Balance at November 3, 2013 (100% vested) | 224,488 | ||||
Summary of Stock-Settled Stock Appreciation Rights Activity | ' | ||||
The following table summarizes our stock-settled stock appreciation right activity during the thirty-nine weeks ended November 3, 2013: | |||||
Shares | |||||
Balance at February 3, 2013 | 2,527,784 | ||||
Granted | 0 | ||||
Converted into common stock | (550,635 | ) | |||
Cancelled | (45,727 | ) | |||
Balance at November 3, 2013 | 1,931,422 | ||||
Vested at November 3, 2013 | 1,274,007 | ||||
Vested plus expected to vest at November 3, 2013 | 1,704,449 | ||||
Summary of Restricted Stock Units Activity | ' | ||||
Restricted Stock Units | |||||
The following table summarizes our restricted stock unit activity during the thirty-nine weeks ended November 3, 2013: | |||||
Shares | |||||
Balance at February 3, 2013 | 2,772,426 | ||||
Granted | 928,416 | ||||
Released | (364,198 | ) | |||
Cancelled | (120,291 | ) | |||
Balance at November 3, 2013 | 3,216,353 | ||||
Vested plus expected to vest at November 3, 2013 | 2,189,311 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | ||||||||||||
Nov. 03, 2013 | |||||||||||||
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: | |||||||||||||
Dollars and amounts in thousands, except per share amounts | Net Earnings | Weighted | Earnings | ||||||||||
Average Shares | Per Share | ||||||||||||
Thirteen weeks ended November 3, 2013 | |||||||||||||
Basic | $ | 56,719 | 95,453 | $ | 0.59 | ||||||||
Effect of dilutive stock-based awards | 2,410 | ||||||||||||
Diluted | $ | 56,719 | 97,863 | $ | 0.58 | ||||||||
Thirteen weeks ended October 28, 2012 | |||||||||||||
Basic | $ | 48,900 | 98,444 | $ | 0.5 | ||||||||
Effect of dilutive stock-based awards | 1,974 | ||||||||||||
Diluted | $ | 48,900 | 100,418 | $ | 0.49 | ||||||||
Thirty-nine weeks ended November 3, 2013 | |||||||||||||
Basic | $ | 145,104 | 97,080 | $ | 1.49 | ||||||||
Effect of dilutive stock-based awards | 1,995 | ||||||||||||
Diluted | $ | 145,104 | 99,075 | $ | 1.46 | ||||||||
Thirty-nine weeks ended October 28, 2012 | |||||||||||||
Basic | $ | 122,996 | 99,528 | $ | 1.24 | ||||||||
Effect of dilutive stock-based awards | 1,757 | ||||||||||||
Diluted | $ | 122,996 | 101,285 | $ | 1.21 |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 03, 2013 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
Segment Information | |||||||||||||||||
Dollars in thousands | Direct-to- | Retail | Unallocated | Total | |||||||||||||
Customer | |||||||||||||||||
Thirteen weeks ended November 3, 2013 | |||||||||||||||||
Net revenues1 | $ | 511,874 | $ | 539,674 | $ | 0 | $ | 1,051,548 | |||||||||
Depreciation and amortization expense | 6,165 | 19,655 | 11,760 | 37,580 | |||||||||||||
Operating income (loss) | 117,086 | 49,300 | (73,892 | ) | 92,494 | ||||||||||||
Capital expenditures | 8,797 | 26,152 | 12,510 | 47,459 | |||||||||||||
Thirteen weeks ended October 28, 2012 | |||||||||||||||||
Net revenues1 | $ | 447,115 | $ | 497,439 | $ | 0 | $ | 944,554 | |||||||||
Depreciation and amortization expense | 5,751 | 17,937 | 9,647 | 33,335 | |||||||||||||
Operating income (loss) | 100,769 | 44,003 | (65,476 | ) | 79,296 | ||||||||||||
Capital expenditures | 7,922 | 25,861 | 13,007 | 46,790 | |||||||||||||
Thirty-nine weeks ended November 3, 2013 | |||||||||||||||||
Net revenues1 | $ | 1,408,615 | $ | 1,512,950 | $ | 0 | $ | 2,921,565 | |||||||||
Depreciation and amortization expense | 19,087 | 58,407 | 33,918 | 111,412 | |||||||||||||
Operating income (loss) | 327,518 | 117,925 | (211,080 | ) | 234,363 | ||||||||||||
Assets2 | 540,534 | 1,034,476 | 651,432 | 2,226,442 | |||||||||||||
Capital expenditures | 28,496 | 71,302 | 45,438 | 145,236 | |||||||||||||
Thirty-nine weeks ended October 28, 2012 | |||||||||||||||||
Net revenues1 | $ | 1,235,883 | $ | 1,400,568 | $ | 0 | $ | 2,636,451 | |||||||||
Depreciation and amortization expense | 17,045 | 53,493 | 28,115 | 98,653 | |||||||||||||
Operating income (loss) | 273,947 | 116,958 | (192,183 | ) | 198,722 | ||||||||||||
Assets2 | 411,560 | 970,250 | 641,612 | 2,023,422 | |||||||||||||
Capital expenditures | 20,680 | 51,941 | 43,777 | 116,398 | |||||||||||||
1 | Includes net revenues of approximately $51.5 million and $39.4 million for the thirteen weeks ended November 3, 2013 and October 28, 2012, respectively, and $150.0 million and $101.6 million for the thirty-nine weeks ended November 3, 2013 and October 28, 2012, respectively, related to our foreign operations. | ||||||||||||||||
2 | Includes approximately $59.3 million and $31.3 million of long-term assets as of November 3, 2013 and October 28, 2012, respectively, related to our foreign operations. |
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | ||||||||
Nov. 03, 2013 | |||||||||
Effect of Derivative Instruments in Condensed Consolidated Financial Statements | ' | ||||||||
The effect of derivative instruments in our Condensed Consolidated Financial Statements, pre-tax, was as follows: | |||||||||
Dollars in thousands | Thirteen | Thirty-Nine | |||||||
Weeks Ended | Weeks Ended | ||||||||
November 3, 2013 | November 3, 2013 | ||||||||
Net gain recognized in OCI | $ | 119 | $ | 242 | |||||
Net gain reclassified from OCI into cost of goods sold | 31 | 31 | |||||||
Net foreign exchange loss recognized in other income (expense): | |||||||||
Instruments designated as cash flow hedges (a) | (36 | ) | (78 | ) | |||||
Instruments not designated or de-designated during the period (b) | (291 | ) | (69 | ) | |||||
(a) | Changes in fair value of the forward contract related to interest charges or “forward points” | ||||||||
(b) | Changes in fair value subsequent to de-designation for instruments no longer designated as cash flow hedges, and changes in fair value related to instruments not designated as cash flow hedges | ||||||||
Fair Values of Derivative Instruments | ' | ||||||||
The fair values of our derivative financial instruments are presented below. All fair values for these derivatives were measured using Level 2 inputs as defined by the fair value hierarchy described in Note H. | |||||||||
Dollars in thousands | Balance sheet location | November 3, 2013 | |||||||
Derivatives designated as hedging instruments: | |||||||||
Cash flow hedge foreign currency forward contracts | Other current assets | $ | 79 | ||||||
Cash flow hedge foreign currency forward contracts | Other current liabilities | 0 | |||||||
Total | $ | 79 | |||||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign currency forward contracts | Other current assets | $ | 106 | ||||||
Foreign currency forward contracts | Other current liabilities | 0 | |||||||
Total | $ | 106 | |||||||
Amounts Recorded within Accumulated other Comprehensive Income Associated with Derivative Instruments | ' | ||||||||
Amounts recorded within accumulated other comprehensive income (“AOCI”) associated with our derivative instruments were as follows: | |||||||||
Dollars in thousands | Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||
November 3, 2013 | November 3, 2013 | ||||||||
AOCI beginning balance amount of gain (loss) | $ | 123 | $ | 0 | |||||
Amounts recognized in OCI before reclassifications | 119 | 242 | |||||||
Amounts reclassified from OCI into cost of goods sold | (31 | ) | (31 | ) | |||||
AOCI ending balance amount of gain (loss) | $ | 211 | $ | 211 |
Stockbased_Compensation_Additi
Stock-based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $9,968,000 | $7,686,000 | $28,440,000 | $22,778,000 |
Former Chief Financial Officer | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | 3,019,000 |
Former Brand Presidents | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | $1,341,000 | ' |
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 | 25,760,000 | ' | 25,760,000 | ' |
Shares available for future grant | 6,079,000 | ' | 6,079,000 | ' |
Option Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Awards annual grant limit | ' | ' | 1,000,000 | ' |
Maximum term of grants of option awards, years | ' | ' | '7 years | ' |
Vesting period of awards granted to employees, years | ' | ' | '4 years | ' |
Option Awards | Minimum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Exercise price as a percentage of closing price on the day prior to the grant date | ' | ' | 100.00% | ' |
Stock Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Awards annual grant limit | ' | ' | 400,000 | ' |
Vesting period of awards granted to employees, years | ' | ' | '4 years | ' |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) | 9 Months Ended |
Nov. 03, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Balance at February 3, 2013, shares | 428,930 |
Granted, shares | 0 |
Exercised, shares | -199,442 |
Cancelled, shares | -5,000 |
Balance at November 3, 2013, shares | 224,488 |
Summary_of_Stock_Option_Activi1
Summary of Stock Option Activity (Parenthetical) (Detail) | 9 Months Ended |
Nov. 03, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vested percentage | 100.00% |
Summary_of_StockSettled_Stock_
Summary of Stock-Settled Stock Appreciation Right Activity (Detail) (Stock-Settled Stock Appreciation Rights) | 9 Months Ended |
Nov. 03, 2013 | |
Stock-Settled Stock Appreciation Rights | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Balance at February 3, 2013, shares | 2,527,784 |
Granted, shares | 0 |
Converted into common stock, shares | -550,635 |
Cancelled, shares | -45,727 |
Balance at November 3, 2013, shares | 1,931,422 |
Vested at November 3, 2013, shares | 1,274,007 |
Vested plus expected to vest at November 3, 2013, shares | 1,704,449 |
Summary_of_Restricted_Stock_Un
Summary of Restricted Stock Unit Activity (Detail) (Restricted Stock Units (RSUs)) | 9 Months Ended |
Nov. 03, 2013 | |
Restricted Stock Units (RSUs) | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Balance at February 3, 2013, shares | 2,772,426 |
Granted, shares | 928,416 |
Released, shares | -364,198 |
Cancelled, shares | -120,291 |
Balance at November 3, 2013, shares | 3,216,353 |
Vested plus expected to vest at November 3, 2013, shares | 2,189,311 |
Reconciliation_of_Net_Earnings
Reconciliation of Net Earnings and Number of Shares Used in Basic and Diluted Earnings Per Share Computations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net Earnings, Basic | $56,719 | $48,900 | $145,104 | $122,996 |
Net Earnings, Diluted | $56,719 | $48,900 | $145,104 | $122,996 |
Weighted Average Shares, Basic | 95,453 | 98,444 | 97,080 | 99,528 |
Weighted Average Shares, Effect of dilutive stock-based awards | 2,410 | 1,974 | 1,995 | 1,757 |
Weighted Average Shares, Diluted | 97,863 | 100,418 | 99,075 | 101,285 |
Earnings Per Share, Basic | $0.59 | $0.50 | $1.49 | $1.24 |
Earnings Per Share, Diluted | $0.58 | $0.49 | $1.46 | $1.21 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Oct. 28, 2012 | Oct. 28, 2012 | |
Earnings Per Share [Line Items] | ' | ' |
Stock-based awards excluded from the computation of diluted earnings per share | 1,210,000 | 1,604,000 |
Segment_Information_Detail
Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | Feb. 03, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net revenues | $1,051,548 | [1] | $944,554 | [1] | $2,921,565 | [1] | $2,636,451 | [1] | ' |
Depreciation and amortization expense | 37,580 | 33,335 | 111,412 | 98,653 | ' | ||||
Operating income (loss) | 92,494 | 79,296 | 234,363 | 198,722 | ' | ||||
Capital expenditures | 47,459 | 46,790 | 145,236 | 116,398 | ' | ||||
Assets | 2,226,442 | [2] | 2,023,422 | [2] | 2,226,442 | [2] | 2,023,422 | [2] | 2,187,679 |
Operating Segments | Direct-to-customer | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net revenues | 511,874 | [1] | 447,115 | [1] | 1,408,615 | [1] | 1,235,883 | [1] | ' |
Depreciation and amortization expense | 6,165 | 5,751 | 19,087 | 17,045 | ' | ||||
Operating income (loss) | 117,086 | 100,769 | 327,518 | 273,947 | ' | ||||
Capital expenditures | 8,797 | 7,922 | 28,496 | 20,680 | ' | ||||
Assets | 540,534 | [2] | 411,560 | [2] | 540,534 | [2] | 411,560 | [2] | ' |
Operating Segments | Retail | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net revenues | 539,674 | [1] | 497,439 | [1] | 1,512,950 | [1] | 1,400,568 | [1] | ' |
Depreciation and amortization expense | 19,655 | 17,937 | 58,407 | 53,493 | ' | ||||
Operating income (loss) | 49,300 | 44,003 | 117,925 | 116,958 | ' | ||||
Capital expenditures | 26,152 | 25,861 | 71,302 | 51,941 | ' | ||||
Assets | 1,034,476 | [2] | 970,250 | [2] | 1,034,476 | [2] | 970,250 | [2] | ' |
Unallocated | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net revenues | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' |
Depreciation and amortization expense | 11,760 | 9,647 | 33,918 | 28,115 | ' | ||||
Operating income (loss) | -73,892 | -65,476 | -211,080 | -192,183 | ' | ||||
Capital expenditures | 12,510 | 13,007 | 45,438 | 43,777 | ' | ||||
Assets | $651,432 | [2] | $641,612 | [2] | $651,432 | [2] | $641,612 | [2] | ' |
[1] | Includes net revenues of approximately $51.5 million and $39.4 million for the thirteen weeks ended November 3, 2013 and October 28, 2012, respectively, and $150.0 million and $101.6 million for the thirty-nine weeks ended November 3, 2013 and October 28, 2012, respectively, related to our foreign operations. | ||||||||
[2] | Includes approximately $59.3 million and $31.3 million of long-term assets as of November 3, 2013 and October 28, 2012, respectively, related to our foreign operations. |
Segment_Information_Parentheti
Segment Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | $51.50 | $39.40 | $150 | $101.60 |
Long-term assets | $59.30 | $31.30 | $59.30 | $31.30 |
Recovered_Sheet1
Stock Repurchase Program and Dividend - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2013 | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | |
Stock Repurchase Program and Dividend [Line Items] | ' | ' | ' | ' | ' |
Authorized amount for repurchase | $750,000,000 | ' | ' | ' | ' |
Stock Repurchase Program Period | '3 years | ' | ' | ' | ' |
Common stock repurchased, shares | ' | 1,527,327 | 748,807 | 3,942,152 | 3,278,078 |
Common stock repurchased, average cost per share | ' | $55.89 | $41.69 | $54.89 | $37.92 |
Common stock repurchased, total cost | ' | $85,363,000 | $31,217,000 | $216,369,000 | $124,293,000 |
Cash dividend, per common share | ' | $0.31 | $0.22 | $0.93 | $0.66 |
Recovered_Sheet2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | Nov. 03, 2013 |
Derivative [Line Items] | ' |
Exchange of foreign currency contracts | $79,000 |
Canada, Dollars | ' |
Derivative [Line Items] | ' |
Reclassification from OCI to cost of goods sold | 211,000 |
Foreign Exchange Contract | Canada, Dollars | ' |
Derivative [Line Items] | ' |
Exchange of foreign currency contracts | 23,800,000 |
Foreign Exchange Contract | Derivatives designated as hedging instruments | Cash Flow Hedging | Canada, Dollars | ' |
Derivative [Line Items] | ' |
Exchange of foreign currency contracts | 18,000,000 |
Foreign Exchange Contract | Not Designated as Hedging Instrument | Canada, Dollars | ' |
Derivative [Line Items] | ' |
Exchange of foreign currency contracts | 5,800,000 |
Foreign Exchange Contract | Not Designated as Hedging Instrument | Australia, Dollars | ' |
Derivative [Line Items] | ' |
Exchange of foreign currency contracts | $7,000,000 |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments in Condensed Consolidated Financial Statements (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Nov. 03, 2013 | ||
Derivative [Line Items] | ' | ' | ||
Net gain recognized in OCI | $119 | $242 | ||
Net gain reclassified from OCI into cost of goods sold | 31 | 31 | ||
Net foreign exchange loss recognized in other income (expense), Instruments designated as cash flow hedges | -36 | [1] | -78 | [1] |
Net foreign exchange loss recognized in other income (expense), Instruments not designated or de-designated during the period | ($291) | [2] | ($69) | [2] |
[1] | Changes in fair value of the forward contract related to interest charges or "forward points" | |||
[2] | Changes in fair value subsequent to de-designation for instruments no longer designated as cash flow hedges, and changes in fair value related to instruments not designated as cash flow hedges |
Fair_Value_of_Derivatives_as_D
Fair Value of Derivatives as Defined by Accounting Standard (Detail) (USD $) | Nov. 03, 2013 |
In Thousands, unless otherwise specified | |
Fair Value of Derivative Instruments [Line Items] | ' |
Cash flow hedge foreign currency forward contracts - Other Current Assets | $79 |
Cash flow hedge foreign currency forward contracts - Other Current Liabilities | 0 |
Total | 79 |
Foreign currency forward contracts - Other Current Assets | 106 |
Foreign currency forward contracts - Other Current Liabilities | 0 |
Total | $106 |
Amounts_Recorded_within_Accumu
Amounts Recorded within Accumulated Other Comprehensive Income Associated with Derivative Instruments (Detail) (Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges, USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 03, 2013 | Nov. 03, 2013 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
AOCI beginning balance amount of gain (loss) | $123 | $0 |
Amounts recognized in OCI before reclassifications | 119 | 242 |
Amounts reclassified from OCI into cost of goods sold | -31 | -31 |
AOCI ending balance amount of gain (loss) | $211 | $211 |