Williams-Sonoma (WSM) 10-Q 12 Jun 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	4-May-14	Jun. 01, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	4-May-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'WSM	'
Entity Registrant Name	'WILLIAMS SONOMA INC	'
Entity Central Index Key	'0000719955	'
Current Fiscal Year End Date	'--02-01	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	94,115,304

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Earnings (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	4-May-14		5-May-13
Net revenues	$974,330	[1]	$887,808	[1]
Cost of goods sold	605,922		553,623
Gross profit	368,408		334,185
Selling, general and administrative expenses	294,082		270,402
Operating income	74,326		63,783
Interest (income) expense, net	-69		-189
Earnings before income taxes	74,395		63,972
Income taxes	28,233		24,506
Net earnings	$46,162		$39,466
Basic earnings per share	$0.49		$0.40
Diluted earnings per share	$0.48		$0.40
Shares used in calculation of earnings per share:	'		'
Basic	93,993		97,704
Diluted	95,618		99,515
[1]	Includes net revenues of approximately $51.1 million and $48.1 million for the thirteen weeks ended May 4, 2014 and May 5, 2013, respectively, related to our foreign operations.

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	4-May-14	5-May-13
Net earnings	$46,162	$39,466
Other comprehensive income (loss):	'	'
Foreign currency translation adjustment	1,398	-1,348
Change in fair value of derivative financial instruments, net of tax	-298	-169
Reclassification adjustment for realized gains on derivative financial instruments	-233	0
Comprehensive income	$47,029	$37,949

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	4-May-14		Feb. 02, 2014	5-May-13
In Thousands, unless otherwise specified
Current assets	'		'	'
Cash and cash equivalents	$112,870		$330,121	$252,536
Restricted cash	14,295		14,289	16,061
Accounts receivable, net	54,725		60,330	60,667
Merchandise inventories, net	850,416		813,160	661,541
Prepaid catalog expenses	34,986		33,556	36,407
Prepaid expenses	79,491		35,309	52,695
Deferred income taxes, net	121,443		121,486	99,739
Other assets	9,261		10,852	9,434
Total current assets	1,277,487		1,419,103	1,189,080
Property and equipment, net	837,012		849,293	817,249
Non-current deferred income taxes, net	0		13,824	10,738
Other assets, net	53,601		54,514	46,152
Total assets	2,168,100	[1]	2,336,734	2,063,219	[1]
Current liabilities	'		'	'
Accounts payable	369,279		404,791	211,086
Accrued salaries, benefits and other	88,796		138,181	84,886
Customer deposits	233,563		228,193	222,018
Income taxes payable	2,571		49,365	13,377
Current portion of long-term debt	1,785		1,785	1,696
Other liabilities	40,232		38,781	27,207
Total current liabilities	736,226		861,096	560,270
Deferred rent and lease incentives	158,339		157,856	172,312
Long-term debt	1,968		1,968	3,753
Non-current deferred income taxes, net	2,850		0	0
Other long-term obligations	60,425		59,812	44,666
Total liabilities	959,808		1,080,732	781,001
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; 94,184, 94,049 and 97,309 shares issued and outstanding at May 4, 2014, February 2, 2014 and May 5, 2013, respectively	942		941	973
Additional paid-in capital	509,178		522,595	507,793
Retained earnings	693,670		729,043	761,336
Accumulated other comprehensive income	7,391		6,524	12,116
Treasury stock, at cost	-2,889		-3,101	0
Total stockholders' equity	1,208,292		1,256,002	1,282,218
Total liabilities and stockholders' equity	$2,168,100		$2,336,734	$2,063,219
[1]	Includes approximately $59.8 million and $54.5 million of long-term assets as of May 4, 2014 and May 5, 2013, respectively, related to our foreign operations.

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	4-May-14	Feb. 02, 2014	5-May-13
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	94,184	94,049	97,309
Common stock, shares outstanding	94,184	94,049	97,309

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	4-May-14	5-May-13
Cash flows from operating activities:	'	'
Net earnings	$46,162	$39,466
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	38,630	36,609
Loss on sale/disposal/impairment of assets	644	360
Amortization of deferred lease incentives	-5,782	-6,353
Deferred income taxes	-4,649	-3,431
Tax benefit from exercise of stock-based awards	43,223	9,186
Excess tax benefit from exercise of stock-based awards	-21,371	-4,047
Stock-based compensation expense	12,368	8,991
Other	173	0
Changes in:	'	'
Accounts receivable	5,692	1,512
Merchandise inventories	-36,108	-21,537
Prepaid catalog expenses	-1,430	824
Prepaid expenses and other assets	-41,951	-25,863
Accounts payable	-19,276	-52,345
Accrued salaries, benefits and other current and long-term liabilities	-48,164	-37,028
Customer deposits	5,216	14,691
Deferred rent and lease incentives	3,092	7,613
Income taxes payable	-46,798	-28,470
Net cash used in operating activities	-70,329	-59,822
Cash flows from investing activities:	'	'
Purchases of property and equipment	-38,119	-47,444
Proceeds from insurance reimbursement	33	760
Other	100	26
Net cash used in investing activities	-37,986	-46,658
Cash flows from financing activities:	'	'
Repurchase of common stock	-53,309	-41,174
Payment of dividends	-32,891	-21,985
Tax withholdings related to stock-based awards	-46,730	-9,384
Excess tax benefit from exercise of stock-based awards	21,371	4,047
Net proceeds from exercise of stock-based awards	2,997	3,767
Repayments of long-term obligations	0	-28
Other	-6	0
Net cash used in financing activities	-108,568	-64,757
Effect of exchange rates on cash and cash equivalents	-368	-782
Net decrease in cash and cash equivalents	-217,251	-172,019
Cash and cash equivalents at beginning of period	330,121	424,555
Cash and cash equivalents at end of period	$112,870	$252,536

FINANCIAL_STATEMENTS_BASIS_OF_

FINANCIAL STATEMENTS - BASIS OF PRESENTATION	3 Months Ended
	4-May-14
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 May 4, 2014 and May 5, 2013, the Condensed Consolidated Statements of Earnings, the Condensed Consolidated Statements of Comprehensive Income 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 February 2, 2014, 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 2, 2014.
	The results of operations for the thirteen weeks ended May 4, 2014 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 2, 2014.
	New Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, to clarify the principles of recognizing revenue and create common revenue recognition guidance between U.S. GAAP and International Financial Reporting Standards. This ASU is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2016. We are currently assessing the potential impact of this ASU on our Condensed Consolidated Financial Statements.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	4-May-14
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 (including those that are performance based), deferred stock awards (collectively, “stock awards”) and dividend equivalents up to an aggregate of 25,760,000 shares. As of May 4, 2014, there were approximately 3,659,000 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 for service-based awards, and three years for certain performance based awards. 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). Shares issued as a result of award exercises or releases are primarily funded with the issuance of new shares.
	Stock-Based Compensation Expense
	We measure and record stock-based compensation expense for all employee stock-based awards using a fair value method. During the thirteen weeks ended May 4, 2014 and May 5, 2013, we recognized total stock-based compensation expense, as a component of selling, general and administrative expenses, of $12,368,000 and $8,991,000, respectively.
	Stock Options
	The following table summarizes our stock option activity during the thirteen weeks ended May 4, 2014:
		Shares
	Balance at February 2, 2014		222,488
	Granted		0
	Exercised		(86,988	)
	Cancelled		0
	Balance at May 4, 2014 (100% vested)		135,500
	Stock-Settled Stock Appreciation Rights
	The following table summarizes our stock-settled stock appreciation right activity during the thirteen weeks ended May 4, 2014:
		Shares
	Balance at February 2, 2014		1,859,762
	Granted		0
	Converted into common stock		(398,416	)
	Cancelled		(11,553	)
	Balance at May 4, 2014		1,449,793
	Vested at May 4, 2014		1,143,969
	Vested plus expected to vest at May 4, 2014		1,324,571
	Restricted Stock Units
	The following table summarizes our restricted stock unit activity during the thirteen weeks ended May 4, 2014:
		Shares
	Balance at February 2, 2014		3,079,651
	Granted		843,514
	Released		(1,365,615	)
	Cancelled		(49,475	)
	Balance at May 4, 2014		2,508,075
	Vested plus expected to vest at May 4, 2014		1,627,500

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	4-May-14
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 May 4, 2014
	Basic	$	46,162		93,993	$	0.49
	Effect of dilutive stock-based awards				1,625
	Diluted	$	46,162		95,618	$	0.48
	Thirteen weeks ended May 5, 2013
	Basic	$	39,466		97,704	$	0.4
	Effect of dilutive stock-based awards				1,811
	Diluted	$	39,466		99,515	$	0.4
	Stock-based awards of 160,000 and 918,000 for the thirteen weeks ended May 4, 2014 and May 5, 2013, respectively, were excluded from the computation of diluted earnings per share, as their inclusion would be anti-dilutive.

SEGMENT_REPORTING

SEGMENT REPORTING	3 Months Ended
	4-May-14
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 administrative and systems 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 May 4, 2014
	Net revenues1		$	491,289	$	483,041	$	0		$	974,330
	Depreciation and amortization expense			7,407		19,360		11,863			38,630
	Operating income (loss)			121,136		30,196		(77,006	)		74,326
	Assets2			547,077		988,659		632,364			2,168,100
	Capital expenditures			9,477		14,700		13,942			38,119
	Thirteen weeks ended May 5, 2013
	Net revenues1		$	419,084	$	468,724	$	0		$	887,808
	Depreciation and amortization expense			6,826		19,217		10,566			36,609
	Operating income (loss)			95,941		34,016		(66,174	)		63,783
	Assets2			417,409		905,378		740,432			2,063,219
	Capital expenditures			9,706		20,722		17,016			47,444
	1	Includes net revenues of approximately $51.1 million and $48.1 million for the thirteen weeks ended May 4, 2014 and May 5, 2013, respectively, related to our foreign operations.
	2	Includes approximately $59.8 million and $54.5 million of long-term assets as of May 4, 2014 and May 5, 2013, respectively, related to our foreign operations.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	4-May-14
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	3 Months Ended
	4-May-14
STOCK REPURCHASE PROGRAM AND DIVIDEND	'
	NOTE F. STOCK REPURCHASE PROGRAM AND DIVIDEND
	Stock Repurchase Program
	During the thirteen weeks ended May 4, 2014, we repurchased 840,761 shares of our common stock at an average cost of $63.41 per share for a total cost of approximately $53,309,000 under our current $750,000,000 stock repurchase program. As of May 4, 2014, we held treasury stock of $2,889,000 which represents the cost of shares available for issuance in certain foreign jurisdictions as a result of future stock award exercises or releases.
	During the thirteen weeks ended May 5, 2013, we repurchased 800,882 shares of our common stock at an average cost of $51.41 per share for a total cost of approximately $41,174,000.
	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.
	Dividend
	We declared cash dividends of $0.33 and $0.31 per common share during the thirteen weeks ended May 4, 2014 and May 5, 2013, respectively.

DERIVATIVE_FINANCIAL_INSTRUMEN

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	4-May-14
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. While the impact of foreign currency exchange rate fluctuations was not significant in the first quarter of fiscal 2014, as we continue to expand globally, the foreign currency exchange risk related to the transactions of our foreign subsidiaries will increase. 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 instruments are measured at fair value and recorded in either other current assets or other current liabilities. 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.
	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 12 months. 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 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 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 immediately in other income (expense), net. Based on the rates in effect as of May 4, 2014, we expect to reclassify a net gain of approximately $284,000 from OCI to cost of goods sold over the next 12 months.
	We also enter into non-designated foreign currency contracts to reduce the exchange 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), net.
	As of May 4, 2014, and May 5, 2013, we had foreign currency forward contracts outstanding (in U.S. dollars) as follows:
	Dollars in thousands		May 4, 2014				May 5, 2013
	Contracts to sell Canadian dollars and buy U.S. dollars
	Contracts designated as cash flow hedges		$	23,000			$	16,100
	Contracts not designated as cash flow hedges 1		$	1,500			$	0
	Contracts to sell Australian dollars and buy U.S. dollars
	Contracts not designated as cash flow hedges		$	10,000			$	0
	1	These contracts are no longer designated as cash flow hedges due to the related inventory purchases having occurred.
	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 weeks ended May 4, 2014 and May 5, 2013.
	The effect of derivative instruments in our Condensed Consolidated Financial Statements, pre-tax, was as follows:
	Dollars in thousands		Thirteen				Thirteen
			Weeks Ended				Weeks Ended
			May 4, 2014				May 5, 2013
	Net loss recognized in OCI		$	(224	)		$	(169	)
	Net gain reclassified from OCI into cost of goods sold			233				0
	Net foreign exchange loss recognized in other income (expense):
	Instruments designated as cash flow hedges (a)			(34	)			(13	)
	Instruments not designated or de-designated during the period (b)			584				0
	(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		May 4, 2014				May 5, 2013
	Derivatives designated as hedging instruments:
	Cash flow hedge foreign currency forward contracts		Other current assets		$	112			$	0
	Cash flow hedge foreign currency forward contracts		Other current liabilities			(147	)			(182	)
	Total				$	(35	)		$	(182	)
	Derivatives not designated as hedging instruments:
	Foreign currency forward contracts		Other current assets		$	72			$	0
	Foreign currency forward contracts		Other current liabilities			0				0
	Total				$	72			$	0
	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				Thirteen
			Weeks Ended				Weeks Ended
			May 4, 2014				May 5, 2013
	AOCI beginning balance amount of gain		$	741			$	0
	Amounts recognized in OCI before reclassifications			(224	)			(169	)
	Amounts reclassified from OCI into cost of goods sold			(233	)			0
	AOCI ending balance amount of gain (loss)		$	284			$	(169	)

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	4-May-14
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 weeks ended May 4, 2014.

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	4-May-14
Summary of Stock Options Activity	'
	The following table summarizes our stock option activity during the thirteen weeks ended May 4, 2014:
		Shares
	Balance at February 2, 2014		222,488
	Granted		0
	Exercised		(86,988	)
	Cancelled		0
	Balance at May 4, 2014 (100% vested)		135,500
Summary of Stock-Settled Stock Appreciation Rights Activity	'
	The following table summarizes our stock-settled stock appreciation right activity during the thirteen weeks ended May 4, 2014:
		Shares
	Balance at February 2, 2014		1,859,762
	Granted		0
	Converted into common stock		(398,416	)
	Cancelled		(11,553	)
	Balance at May 4, 2014		1,449,793
	Vested at May 4, 2014		1,143,969
	Vested plus expected to vest at May 4, 2014		1,324,571
Summary of Restricted Stock Units Activity	'
	The following table summarizes our restricted stock unit activity during the thirteen weeks ended May 4, 2014:
		Shares
	Balance at February 2, 2014		3,079,651
	Granted		843,514
	Released		(1,365,615	)
	Cancelled		(49,475	)
	Balance at May 4, 2014		2,508,075
	Vested plus expected to vest at May 4, 2014		1,627,500

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	4-May-14
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 May 4, 2014
	Basic	$	46,162		93,993	$	0.49
	Effect of dilutive stock-based awards				1,625
	Diluted	$	46,162		95,618	$	0.48
	Thirteen weeks ended May 5, 2013
	Basic	$	39,466		97,704	$	0.4
	Effect of dilutive stock-based awards				1,811
	Diluted	$	39,466		99,515	$	0.4

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	3 Months Ended
	4-May-14
Segment Information	'
	Segment Information
	Dollars in thousands		Direct-to-		Retail		Unallocated			Total
			Customer
	Thirteen weeks ended May 4, 2014
	Net revenues1		$	491,289	$	483,041	$	0		$	974,330
	Depreciation and amortization expense			7,407		19,360		11,863			38,630
	Operating income (loss)			121,136		30,196		(77,006	)		74,326
	Assets2			547,077		988,659		632,364			2,168,100
	Capital expenditures			9,477		14,700		13,942			38,119
	Thirteen weeks ended May 5, 2013
	Net revenues1		$	419,084	$	468,724	$	0		$	887,808
	Depreciation and amortization expense			6,826		19,217		10,566			36,609
	Operating income (loss)			95,941		34,016		(66,174	)		63,783
	Assets2			417,409		905,378		740,432			2,063,219
	Capital expenditures			9,706		20,722		17,016			47,444
	1	Includes net revenues of approximately $51.1 million and $48.1 million for the thirteen weeks ended May 4, 2014 and May 5, 2013, respectively, related to our foreign operations.
	2	Includes approximately $59.8 million and $54.5 million of long-term assets as of May 4, 2014 and May 5, 2013, respectively, related to our foreign operations.

DERIVATIVE_FINANCIAL_INSTRUMEN1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	4-May-14
Foreign Currency Forward Contracts Outstanding	'
	As of May 4, 2014, and May 5, 2013, we had foreign currency forward contracts outstanding (in U.S. dollars) as follows:
	Dollars in thousands		May 4, 2014				May 5, 2013
	Contracts to sell Canadian dollars and buy U.S. dollars
	Contracts designated as cash flow hedges		$	23,000			$	16,100
	Contracts not designated as cash flow hedges 1		$	1,500			$	0
	Contracts to sell Australian dollars and buy U.S. dollars
	Contracts not designated as cash flow hedges		$	10,000			$	0
	1	These contracts are no longer designated as cash flow hedges due to the related inventory purchases having occurred.
Effect of Derivative Instruments in Consolidated Financial Statements	'
	The effect of derivative instruments in our Condensed Consolidated Financial Statements, pre-tax, was as follows:
	Dollars in thousands		Thirteen				Thirteen
			Weeks Ended				Weeks Ended
			May 4, 2014				May 5, 2013
	Net loss recognized in OCI		$	(224	)		$	(169	)
	Net gain reclassified from OCI into cost of goods sold			233				0
	Net foreign exchange loss recognized in other income (expense):
	Instruments designated as cash flow hedges (a)			(34	)			(13	)
	Instruments not designated or de-designated during the period (b)			584				0
	(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		May 4, 2014				May 5, 2013
	Derivatives designated as hedging instruments:
	Cash flow hedge foreign currency forward contracts		Other current assets		$	112			$	0
	Cash flow hedge foreign currency forward contracts		Other current liabilities			(147	)			(182	)
	Total				$	(35	)		$	(182	)
	Derivatives not designated as hedging instruments:
	Foreign currency forward contracts		Other current assets		$	72			$	0
	Foreign currency forward contracts		Other current liabilities			0				0
	Total				$	72			$	0
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				Thirteen
			Weeks Ended				Weeks Ended
			May 4, 2014				May 5, 2013
	AOCI beginning balance amount of gain		$	741			$	0
	Amounts recognized in OCI before reclassifications			(224	)			(169	)
	Amounts reclassified from OCI into cost of goods sold			(233	)			0
	AOCI ending balance amount of gain (loss)		$	284			$	(169	)

Stockbased_Compensation_Additi

Stock-based Compensation - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	4-May-14	5-May-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock-based compensation expense	$12,368	$8,991
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	'
Shares available for future grant	3,659,000	'
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	'
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	'
Service Based Option Awards	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Vesting period of awards granted to employees, years	'4 years	'
Performance Based Option Awards	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Vesting period of awards granted to employees, years	'3 years	'
Service Based Stock Awards	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Vesting period of awards granted to employees, years	'4 years	'
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	'

Summary_of_Stock_Option_Activi

Summary of Stock Option Activity (Detail)	3 Months Ended
	4-May-14
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Balance at February 3, 2013, shares	222,488
Granted, shares	0
Exercised, shares	-86,988
Cancelled, shares	0
Balance at February 2, 2014, shares	135,500

Summary_of_Stock_Option_Activi1

Summary of Stock Option Activity (Parenthetical) (Detail)	3 Months Ended
	4-May-14
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)	3 Months Ended
	4-May-14
Stock-Settled Stock Appreciation Rights	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Balance at February 2, 2014, shares	1,859,762
Granted, shares	0
Converted into common stock, shares	-398,416
Cancelled, shares	-11,553
Balance at May 4, 2014, shares	1,449,793
Vested at May 4, 2014, shares	1,143,969
Vested plus expected to vest at May 4, 2014, shares	1,324,571

Summary_of_Restricted_Stock_Un

Summary of Restricted Stock Unit Activity (Detail) (Restricted Stock Units (RSUs))	3 Months Ended
	4-May-14
Restricted Stock Units (RSUs)	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Balance at February 2, 2014, shares	3,079,651
Granted, shares	843,514
Released, shares	-1,365,615
Cancelled, shares	-49,475
Balance at May 4, 2014, shares	2,508,075
Vested plus expected to vest at May 4, 2014, shares	1,627,500

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
In Thousands, except Per Share data, unless otherwise specified	4-May-14	5-May-13
Earnings Per Share [Line Items]	'	'
Net Earnings, Basic	$46,162	$39,466
Net Earnings, Diluted	$46,162	$39,466
Weighted Average Shares, Basic	93,993	97,704
Weighted Average Shares, Effect of dilutive stock-based awards	1,625	1,811
Weighted Average Shares, Diluted	95,618	99,515
Earnings Per Share, Basic	$0.49	$0.40
Earnings Per Share, Diluted	$0.48	$0.40

Earnings_Per_Share_Additional_

Earnings Per Share - Additional Information (Detail)	3 Months Ended
	4-May-14	5-May-13
Earnings Per Share [Line Items]	'	'
Stock-based awards excluded from the computation of diluted earnings per share	160,000	918,000

Segment_Information_Detail

Segment Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	4-May-14		5-May-13		Feb. 02, 2014
Segment Reporting Information [Line Items]	'		'		'
Net revenues	$974,330	[1]	$887,808	[1]	'
Depreciation and amortization expense	38,630		36,609		'
Operating income (loss)	74,326		63,783		'
Assets	2,168,100	[2]	2,063,219	[2]	2,336,734
Capital expenditures	38,119		47,444		'
Operating Segments | Direct-to-customer	'		'		'
Segment Reporting Information [Line Items]	'		'		'
Net revenues	491,289	[1]	419,084	[1]	'
Depreciation and amortization expense	7,407		6,826		'
Operating income (loss)	121,136		95,941		'
Assets	547,077	[2]	417,409	[2]	'
Capital expenditures	9,477		9,706		'
Operating Segments | Retail	'		'		'
Segment Reporting Information [Line Items]	'		'		'
Net revenues	483,041	[1]	468,724	[1]	'
Depreciation and amortization expense	19,360		19,217		'
Operating income (loss)	30,196		34,016		'
Assets	988,659	[2]	905,378	[2]	'
Capital expenditures	14,700		20,722		'
Unallocated	'		'		'
Segment Reporting Information [Line Items]	'		'		'
Net revenues	0	[1]	0	[1]	'
Depreciation and amortization expense	11,863		10,566		'
Operating income (loss)	-77,006		-66,174		'
Assets	632,364	[2]	740,432	[2]	'
Capital expenditures	$13,942		$17,016		'
[1]	Includes net revenues of approximately $51.1 million and $48.1 million for the thirteen weeks ended May 4, 2014 and May 5, 2013, respectively, related to our foreign operations.
[2]	Includes approximately $59.8 million and $54.5 million of long-term assets as of May 4, 2014 and May 5, 2013, respectively, related to our foreign operations.

Segment_Information_Parentheti

Segment Information (Parenthetical) (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	4-May-14	5-May-13
Segment Reporting Information [Line Items]	'	'
Net revenues	$51.10	$48.10
Long-term assets	$59.80	$54.50

Stock_Repurchase_Programs_and_

Stock Repurchase Programs and Dividends - Additional Information (Detail) (USD $)	3 Months Ended
	4-May-14	5-May-13	Feb. 02, 2014
Stock Repurchase Program and Dividend [Line Items]	'	'	'
Common stock repurchased, shares	840,761	800,882	'
Common stock repurchased, average cost per share	$63.41	$51.41	'
Common stock repurchased, total cost	$53,309,000	$41,174,000	'
Authorized amount for repurchase	750,000,000	'	'
Treasury stock, value	$2,889,000	$0	$3,101,000
Cash dividend, per common share	$0.33	$0.31	'

Recovered_Sheet1

Derivative Financial Instruments - Additional Information (Detail) (USD $)	4-May-14
Derivative [Line Items]	'
Reclassification from OCI to cost of goods sold	$284,000

Foreign_Currency_Forward_Contr

Foreign Currency Forward Contracts Outstanding (Detail) (Foreign Exchange Contract, USD $)	4-May-14		5-May-13
In Thousands, unless otherwise specified
Derivatives designated as hedging instruments | Cash Flow Hedging | Canada, Dollars	'		'
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'		'
Exchange of foreign currency contracts	$23,000		$16,100
Not Designated as Hedging Instrument | Canada, Dollars	'		'
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'		'
Exchange of foreign currency contracts	1,500	[1]	0	[1]
Not Designated as Hedging Instrument | Australia, Dollars	'		'
Derivative Instruments and Hedging Activities Disclosures [Line Items]	'		'
Exchange of foreign currency contracts	$10,000		$0
[1]	These contracts are no longer designated as cash flow hedges due to the related inventory purchases having occurred.

Effect_of_Derivative_Instrumen

Effect of Derivative Instruments in Condensed Consolidated Financial Statements (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	4-May-14		5-May-13
Derivative [Line Items]	'		'
Net loss recognized in OCI	($224)		($169)
Net gain reclassified from OCI into cost of goods sold	233		0
Net foreign exchange loss recognized in other income (expense), Instruments designated as cash flow hedges	-34	[1]	-13	[1]
Net foreign exchange loss recognized in other income (expense), Instruments not designated or de-designated during the period	$584	[2]	$0	[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 $)	4-May-14	5-May-13
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'	'
Cash flow hedge foreign currency forward contracts - Other Current Assets	$112	$0
Cash flow hedge foreign currency forward contracts - Other Current Liabilities	-147	-182
Total	-35	-182
Foreign currency forward contracts - Other Current Assets	72	0
Foreign currency forward contracts - Other Current Liabilities	0	0
Total	$72	$0

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
In Thousands, unless otherwise specified	4-May-14	5-May-13
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges	'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
AOCI beginning balance amount of gain	$741	$0
Amounts recognized in OCI before reclassifications	-224	-169
Amounts reclassified from OCI into cost of goods sold	-233	0
AOCI ending balance amount of gain (loss)	$284	($169)