Williams-Sonoma (WSM) 10-Q 12 Jun 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	3-May-15	31-May-15
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	3-May-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	WSM
Entity Registrant Name	WILLIAMS SONOMA INC
Entity Central Index Key	719955
Current Fiscal Year End Date	0
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		91,553,769

Consolidated_Statements_of_Ear

Consolidated Statements of Earnings (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	3-May-15		4-May-14
Net revenues	$1,030,676	[1]	$974,330	[1]
Cost of goods sold	651,835		605,922
Gross profit	378,841		368,408
Selling, general and administrative expenses	306,913		294,082
Operating income	71,928		74,326
Interest (income) expense, net	8		-69
Earnings before income taxes	71,920		74,395
Income taxes	27,130		28,233
Net earnings	$44,790		$46,162
Basic earnings per share	$0.49		$0.49
Diluted earnings per share	$0.48		$0.48
Shares used in calculation of earnings per share:
Basic	91,707		93,993
Diluted	93,300		95,618
[1]	Includes net revenues of approximately $54.8 million and $51.1 million for the thirteen weeks ended May 3, 2015 and May 4, 2014, respectively, related to our foreign operations.

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-15	4-May-14
Net earnings	$44,790	$46,162
Other comprehensive income (loss):
Foreign currency translation adjustments	867	1,398
Change in fair value of derivative financial instruments, net of tax	-379	-298
Reclassification adjustment for realized gains on derivative financial instruments, net of tax	-198	-233
Comprehensive income	$45,080	$47,029

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	3-May-15		Feb. 01, 2015	4-May-14
In Thousands, unless otherwise specified
Current assets
Cash and cash equivalents	$78,851		$222,927	$112,870
Restricted cash	0		0	14,295
Accounts receivable, net	64,720		67,465	54,725
Merchandise inventories, net	942,800		887,701	850,416
Prepaid catalog expenses	35,648		33,942	34,986
Prepaid expenses	59,684		36,265	79,491
Deferred income taxes, net	130,889		130,618	121,443
Other assets	11,627		13,005	9,261
Total current assets	1,324,219		1,391,923	1,277,487
Property and equipment, net	876,785		883,012	837,012
Non-current deferred income taxes, net	0		4,265	0
Other assets, net	50,085		51,077	53,601
Total assets	2,251,089	[1]	2,330,277	2,168,100	[1]
Current liabilities
Accounts payable	367,525		397,037	369,279
Accrued salaries, benefits and other	87,067		136,012	88,796
Customer deposits	258,854		261,679	233,563
Borrowings under revolving line of credit	60,000		0	0
Income taxes payable	8,322		32,488	2,571
Current portion of long-term debt	1,968		1,968	1,785
Other liabilities	45,092		46,764	40,232
Total current liabilities	828,828		875,948	736,226
Deferred rent and lease incentives	170,528		166,925	158,339
Long-term debt	0		0	1,968
Non-current deferred income taxes, net	1,958		0	2,850
Other long-term obligations	63,143		62,698	60,425
Total liabilities	1,064,457		1,105,571	959,808
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; 91,644, 91,891 and 94,184 shares issued and outstanding at May 3, 2015, February 1, 2015 and May 4, 2014, respectively	917		919	942
Additional paid-in capital	527,257		527,261	509,178
Retained earnings	662,671		701,214	693,670
Accumulated other comprehensive income (loss)	-2,257		-2,548	7,391
Treasury stock, at cost	-1,956		-2,140	-2,889
Total stockholders' equity	1,186,632		1,224,706	1,208,292
Total liabilities and stockholders' equity	$2,251,089		$2,330,277	$2,168,100
[1]	Includes long-term assets of approximately $59.0 million and $59.8 million as of May 3, 2015 and May 4, 2014, respectively, related to our foreign operations.

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	3-May-15	Feb. 01, 2015	4-May-14
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	91,644	91,891	94,184
Common stock, shares outstanding	91,644	91,891	94,184

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-15	4-May-14
Cash flows from operating activities:
Net earnings	$44,790	$46,162
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	41,478	38,630
Loss on disposal/impairment of assets	1,694	644
Amortization of deferred lease incentives	-5,999	-5,782
Deferred income taxes	-5,498	-4,649
Tax benefit related to stock-based awards	20,572	43,223
Excess tax benefit related to stock-based awards	-8,724	-21,371
Stock-based compensation expense	14,010	12,368
Other	51	173
Changes in:
Accounts receivable	2,864	5,692
Merchandise inventories	-53,746	-36,108
Prepaid catalog expenses	-1,706	-1,430
Prepaid expenses and other assets	-21,439	-41,951
Accounts payable	-25,030	-19,276
Accrued salaries, benefits and other current and long-term liabilities	-51,387	-48,164
Customer deposits	-3,106	5,216
Deferred rent and lease incentives	8,260	3,092
Income taxes payable	-24,155	-46,798
Net cash used in operating activities	-67,071	-70,329
Cash flows from investing activities:
Purchases of property and equipment	-40,384	-38,119
Other	5	133
Net cash used in investing activities	-40,379	-37,986
Cash flows from financing activities:
Borrowings under revolving line of credit	60,000	0
Repurchase of common stock	-52,562	-53,309
Payment of dividends	-31,934	-32,891
Tax withholdings related to stock-based awards	-21,734	-46,730
Excess tax benefit related to stock-based awards	8,724	21,371
Net proceeds related to stock-based awards	1,836	2,997
Other	0	-6
Net cash used in financing activities	-35,670	-108,568
Effect of exchange rates on cash and cash equivalents	-956	-368
Net decrease in cash and cash equivalents	-144,076	-217,251
Cash and cash equivalents at beginning of period	222,927	330,121
Cash and cash equivalents at end of period	$78,851	$112,870

FINANCIAL_STATEMENTS_BASIS_OF_

FINANCIAL STATEMENTS - BASIS OF PRESENTATION	3 Months Ended
	3-May-15
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 3, 2015 and May 4, 2014, 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 1, 2015, 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 1, 2015.
	The results of operations for the thirteen weeks ended May 3, 2015 are not necessarily indicative of the operating results of the full year.
	Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2015.
	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 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
	3-May-15
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 3, 2015, there were approximately 2,737,000 shares available for future grant under the plan. Subsequently, on May 29, 2015, our stockholders approved an amendment and restatement of the Plan to, among other things, increase the shares issuable by 6,550,000 shares and extend the term to 2025. Awards may be granted under the Plan to officers, employees and non-employee members of the board of directors of the company (the “Board”) or any parent or subsidiary. Shares issued as a result of award exercises or releases are primarily funded with the issuance of new shares.
	Option Awards
	Annual grants of option awards are limited to 1,000,000 shares on a per person basis and 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 granted to employees generally vest over a period of four years for service-based awards. Certain option awards contain vesting acceleration clauses resulting from events including, but not limited to, retirement, merger or a similar corporate event.
	Stock Awards
	Annual grants of stock awards are limited to 400,000 shares on a per person basis. Stock awards granted to employees generally vest evenly over a period of four years for service-based awards. Certain performance-based awards, which have variable payout conditions based on predetermined financial targets, vest three years from the date of grant. Certain stock awards and other agreements contain vesting acceleration clauses resulting from events including, but not limited to, retirement, merger or a similar corporate event. Stock awards granted to non-employee Board members generally vest in one year. Non-employee Board members automatically receive stock awards on the date of their initial election to the Board and annually thereafter on the date of the annual meeting of stockholders (so long as they continue to serve as a non-employee Board member).
	Stock-Based Compensation Expense
	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 3, 2015 and May 4, 2014, we recognized total stock-based compensation expense, as a component of selling, general and administrative expenses, of $14,010,000 and $12,368,000, respectively.
	Stock Options
	The following table summarizes our stock option activity during the thirteen weeks ended May 3, 2015:
		Shares
	Balance at February 1, 2015		107,000
	Granted		0
	Exercised		(47,737	)
	Cancelled		0
	Balance at May 3, 2015 (100% vested)		59,263
	Stock-Settled Stock Appreciation Rights
	The following table summarizes our stock-settled stock appreciation right activity during the thirteen weeks ended May 3, 2015:
		Shares
	Balance at February 1, 2015		1,159,948
	Granted		0
	Converted into common stock		(160,350	)
	Cancelled		(1,186	)
	Balance at May 3, 2015		998,412
	Vested at May 3, 2015		976,987
	Vested plus expected to vest at May 3, 2015		991,233
	Restricted Stock Units
	The following table summarizes our restricted stock unit activity during the thirteen weeks ended May 3, 2015:
		Shares
	Balance at February 1, 2015		2,313,477
	Granted		729,536
	Released		(545,484	)
	Cancelled		(16,245	)
	Balance at May 3, 2015		2,481,284
	Vested plus expected to vest at May 3, 2015		1,720,829

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	3-May-15
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 and common stock equivalents for the period. Common stock equivalents consist of shares subject to stock-based awards with exercise prices less than or equal to the average market price of our common stock for the period, to the extent their inclusion would be dilutive.
	The following is a reconciliation of net earnings and the number of shares used in the basic and diluted earnings per share computations:
	In thousands, except per share amounts	Net Earnings		Weighted		Earnings
				Average Shares		Per Share
	Thirteen weeks ended May 3, 2015
	Basic	$	44,790		91,707	$	0.49
	Effect of dilutive stock-based awards				1,593
	Diluted	$	44,790		93,300	$	0.48
	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
	There were no stock-based awards excluded from the computation of diluted earnings per share for the thirteen weeks ended May 3, 2015. Anti-dilutive stock-based awards outstanding were 160,000 as of May 4, 2014, and were excluded from the computation of diluted earnings per share.

SEGMENT_REPORTING

SEGMENT REPORTING	3 Months Ended
	3-May-15
SEGMENT REPORTING	NOTE D. SEGMENT REPORTING
	We have two reportable segments, e-commerce and retail. The e-commerce segment has the following merchandising strategies: Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen, Williams-Sonoma Home, Rejuvenation and Mark and Graham, which sell our products through our e-commerce websites and direct-mail catalogs. Our e-commerce merchandising strategies are operating segments, which have been aggregated into one reportable segment, e-commerce. The retail segment has the following merchandising strategies: Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm and Rejuvenation, which sell our products through our retail stores. Our retail merchandising strategies are operating segments, which have been aggregated into one reportable segment, retail. Our operating segments have had similar historical economic characteristics and it is management’s expectation that the operating segments will 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 employee-related costs, occupancy expenses (including depreciation expense), administrative costs and third party service costs, primarily in our corporate 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
	In thousands		E-commerce		Retail		Unallocated			Total
	Thirteen weeks ended May 3, 2015
	Net revenues1		$	532,573	$	498,103	$	0		$	1,030,676
	Depreciation and amortization expense			8,102		20,150		13,226			41,478
	Operating income (loss)			127,574		28,126		(83,772	)		71,928
	Assets2			610,976		1,053,039		587,074			2,251,089
	Capital expenditures			3,936		19,928		16,520			40,384
	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
	1	Includes net revenues of approximately $54.8 million and $51.1 million for the thirteen weeks ended May 3, 2015 and May 4, 2014, respectively, related to our foreign operations.
	2	Includes long-term assets of approximately $59.0 million and $59.8 million as of May 3, 2015 and May 4, 2014, respectively, related to our foreign operations.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	3-May-15
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. We review the need for any loss contingency reserves and establish reserves when, in the opinion of management, it is probable that a matter would result in liability, and the amount of loss, if any, can be reasonably estimated. In view of the inherent difficulty of predicting the outcome of these matters, it may not be possible to determine whether any loss is probable or to reasonably estimate the amount of the loss until the case is close to resolution, in which case no reserve is established until that time. Any claims against us, whether meritorious or not, could 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
	3-May-15
STOCK REPURCHASE PROGRAM AND DIVIDEND	NOTE F. STOCK REPURCHASE PROGRAM AND DIVIDEND
	Stock Repurchase Program
	During the thirteen weeks ended May 3, 2015, we repurchased 664,402 shares of our common stock at an average cost of $79.11 per share for a total cost of approximately $52,562,000. As of May 3, 2015, we held treasury stock of $1,956,000 which represents the cost of shares available for re-issuance to satisfy future stock-based award settlements in certain foreign jurisdictions.
	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.
	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 $0.35 and $0.33 per common share during the thirteen weeks ended May 3, 2015 and May 4, 2014, respectively.

DERIVATIVE_FINANCIAL_INSTRUMEN

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	3-May-15
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE G. DERIVATIVE FINANCIAL INSTRUMENTS
	We have retail and e-commerce businesses in Canada, Australia and the United Kingdom, and operations throughout Asia and Europe, which expose us to market risk associated with foreign currency exchange rate fluctuations. Substantially all of our purchases and sales are denominated in U.S. dollars, which limits our exposure to this risk. While the impact of foreign currency exchange rate fluctuations was not significant to us in the first quarter of fiscal 2015, we continue to see volatility in the exchange rates in the countries in which we do business. As we continue to expand globally, the foreign currency exchange risk related to the transactions of our foreign subsidiaries may 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 Standards 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. All hedging relationships are formally documented, and the forward contracts are designed to mitigate foreign currency exchange risk on hedged transactions. We record the effective portion of changes in the fair value of our cash flow hedges in other comprehensive income (“OCI”) until the earlier of when the hedged forecasted inventory purchase occurs or the respective contract reaches maturity. Subsequently, as the inventory is sold to the customer, we reclassify amounts previously recorded in OCI to cost of goods sold. Changes in the fair value of the forward contract related to interest charges or “forward points” are excluded from the assessment and measurement of hedge effectiveness and are recorded immediately in other income (expense), net. Based on the rates in effect as of May 3, 2015, we expect to reclassify a net gain of approximately $540,000 from OCI to cost of goods sold over the next 12 months.
	We also enter into non-designated foreign currency forward 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 3, 2015, and May 4, 2014, we had foreign currency forward contracts outstanding (in U.S. dollars) as follows:
	In thousands		May 3, 2015				May 4, 2014
	Contracts to sell Canadian dollars and buy U.S. dollars
	Contracts designated as cash flow hedges		$	20,400			$	23,000
	Contracts not designated as cash flow hedges 1		$	0			$	1,500
	Contracts to sell Australian dollars and buy U.S. dollars
	Contracts not designated as cash flow hedges		$	26,000			$	10,000
	1	These contracts are no longer designated as cash flow hedges as the related inventory purchases have 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 3, 2015 and May 4, 2014.
	The effect of derivative instruments in our Condensed Consolidated Financial Statements, pre-tax, was as follows:
	In thousands		Thirteen				Thirteen
			Weeks Ended				Weeks Ended
			May 3, 2015				May 4, 2014
	Net loss recognized in OCI		$	(513	)		$	(224	)
	Net gain reclassified from OCI into cost of goods sold		$	268			$	233
	Net foreign exchange gain (loss) recognized in other income (expense):
	Instruments designated as cash flow hedges1		$	(16	)		$	(34	)
	Instruments not designated or de-designated2		$	382			$	584
	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.
	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.
	In thousands		Balance sheet location		May 3, 2015				May 4, 2014
	Derivatives designated as hedging instruments:
	Cash flow hedge foreign currency forward contracts		Other current assets		$	283			$	112
	Cash flow hedge foreign currency forward contracts		Other current liabilities			(426	)			(147	)
	Total, net				$	(143	)		$	(35	)
	Derivatives not designated as hedging instruments:
	Foreign currency forward contracts		Other current assets		$	262			$	72
	Total, net				$	262			$	72
	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, pre-tax, were as follows:
	In thousands		Thirteen				Thirteen
			Weeks Ended				Weeks Ended
			May 3, 2015				May 4, 2014
	AOCI beginning balance amount of gain (loss)		$	1,321			$	741
	Amounts recognized in OCI before reclassifications			(513	)			(224	)
	Amounts reclassified from OCI to cost of goods sold			(268	)			(233	)
	AOCI ending balance amount of gain (loss)		$	540			$	284

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	3-May-15
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 in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability; and
		•	Level 3: inputs which include unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the underlying asset or liability.
	The fair values of our cash and cash equivalents are based on Level 1 inputs, which include quoted prices in active markets for identical assets.
	Foreign Currency Derivatives and Hedging Instruments
	We use the income approach to value our derivatives using observable Level 2 market data at the measurement date and standard valuation techniques to convert future amounts to a single present value amount, assuming that participants are motivated but not compelled to transact. Level 2 inputs are limited to quoted prices that are observable for the assets and liabilities, which include interest rates and credit risk ratings. We use mid-market pricing as a practical expedient for fair value measurements. Key inputs for 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.
	There were no transfers between Level 1 and Level 2 categories during the thirteen weeks ended May 3, 2015.

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	3-May-15
Summary of Stock Options Activity	The following table summarizes our stock option activity during the thirteen weeks ended May 3, 2015:
		Shares
	Balance at February 1, 2015		107,000
	Granted		0
	Exercised		(47,737	)
	Cancelled		0
	Balance at May 3, 2015 (100% vested)		59,263
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 3, 2015:
		Shares
	Balance at February 1, 2015		1,159,948
	Granted		0
	Converted into common stock		(160,350	)
	Cancelled		(1,186	)
	Balance at May 3, 2015		998,412
	Vested at May 3, 2015		976,987
	Vested plus expected to vest at May 3, 2015		991,233
Summary of Restricted Stock Units Activity	The following table summarizes our restricted stock unit activity during the thirteen weeks ended May 3, 2015:
		Shares
	Balance at February 1, 2015		2,313,477
	Granted		729,536
	Released		(545,484	)
	Cancelled		(16,245	)
	Balance at May 3, 2015		2,481,284
	Vested plus expected to vest at May 3, 2015		1,720,829

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	3-May-15
Reconciliation of Net Earnings and Number of Shares Used In Basic and Diluted Earnings per Share Computations	The following is a reconciliation of net earnings and the number of shares used in the basic and diluted earnings per share computations:
	In thousands, except per share amounts	Net Earnings		Weighted		Earnings
				Average Shares		Per Share
	Thirteen weeks ended May 3, 2015
	Basic	$	44,790		91,707	$	0.49
	Effect of dilutive stock-based awards				1,593
	Diluted	$	44,790		93,300	$	0.48
	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

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	3 Months Ended
	3-May-15
Segment Information	Segment Information
	In thousands		E-commerce		Retail		Unallocated			Total
	Thirteen weeks ended May 3, 2015
	Net revenues1		$	532,573	$	498,103	$	0		$	1,030,676
	Depreciation and amortization expense			8,102		20,150		13,226			41,478
	Operating income (loss)			127,574		28,126		(83,772	)		71,928
	Assets2			610,976		1,053,039		587,074			2,251,089
	Capital expenditures			3,936		19,928		16,520			40,384
	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
	1	Includes net revenues of approximately $54.8 million and $51.1 million for the thirteen weeks ended May 3, 2015 and May 4, 2014, respectively, related to our foreign operations.
	2	Includes long-term assets of approximately $59.0 million and $59.8 million as of May 3, 2015 and May 4, 2014, respectively, related to our foreign operations.

DERIVATIVE_FINANCIAL_INSTRUMEN1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	3-May-15
Foreign Currency Forward Contracts Outstanding	As of May 3, 2015, and May 4, 2014, we had foreign currency forward contracts outstanding (in U.S. dollars) as follows:
	In thousands		May 3, 2015				May 4, 2014
	Contracts to sell Canadian dollars and buy U.S. dollars
	Contracts designated as cash flow hedges		$	20,400			$	23,000
	Contracts not designated as cash flow hedges 1		$	0			$	1,500
	Contracts to sell Australian dollars and buy U.S. dollars
	Contracts not designated as cash flow hedges		$	26,000			$	10,000
	1	These contracts are no longer designated as cash flow hedges as the related inventory purchases have 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:
	In thousands		Thirteen				Thirteen
			Weeks Ended				Weeks Ended
			May 3, 2015				May 4, 2014
	Net loss recognized in OCI		$	(513	)		$	(224	)
	Net gain reclassified from OCI into cost of goods sold		$	268			$	233
	Net foreign exchange gain (loss) recognized in other income (expense):
	Instruments designated as cash flow hedges1		$	(16	)		$	(34	)
	Instruments not designated or de-designated2		$	382			$	584
	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 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.
	In thousands		Balance sheet location		May 3, 2015				May 4, 2014
	Derivatives designated as hedging instruments:
	Cash flow hedge foreign currency forward contracts		Other current assets		$	283			$	112
	Cash flow hedge foreign currency forward contracts		Other current liabilities			(426	)			(147	)
	Total, net				$	(143	)		$	(35	)
	Derivatives not designated as hedging instruments:
	Foreign currency forward contracts		Other current assets		$	262			$	72
	Total, net				$	262			$	72
Amounts Recorded within Accumulated Other Comprehensive Income Associated with Derivative Instruments	Amounts recorded within accumulated other comprehensive income (“AOCI”) associated with our derivative instruments, pre-tax, were as follows:
	In thousands		Thirteen				Thirteen
			Weeks Ended				Weeks Ended
			May 3, 2015				May 4, 2014
	AOCI beginning balance amount of gain (loss)		$	1,321			$	741
	Amounts recognized in OCI before reclassifications			(513	)			(224	)
	Amounts reclassified from OCI to cost of goods sold			(268	)			(233	)
	AOCI ending balance amount of gain (loss)		$	540			$	284

Stockbased_Compensation_Additi

Stock-based Compensation - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended
In Thousands, except Share data, unless otherwise specified	3-May-15	4-May-14	29-May-15
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term of grants of option awards, years	7 years
Stock-based compensation expense	$14,010	$12,368
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	2,737,000
Equity Award Programs | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares increased for issuance			6,550,000
Extended term of plan			2025
Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards annual grant limit	1,000,000
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%
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
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards annual grant limit	400,000
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
	3-May-15
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at February 1, 2015, shares	107,000
Granted, shares	0
Exercised, shares	-47,737
Cancelled, shares	0
Balance at May 3, 2015, shares	59,263

Summary_of_Stock_Option_Activi1

Summary of Stock Option Activity (Parenthetical) (Detail)	3 Months Ended
	3-May-15
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
	3-May-15
Stock-Settled Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at February 1, 2015 shares	1,159,948
Granted, shares	0
Converted into common stock, shares	-160,350
Cancelled, shares	-1,186
Balance at May 3, 2015 shares	998,412
Vested at May 3, 2015 shares	976,987
Vested plus expected to vest at May 3, 2015 shares	991,233

Summary_of_Restricted_Stock_Un

Summary of Restricted Stock Unit Activity (Detail) (Restricted Stock Units (RSUs))	3 Months Ended
	3-May-15
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at February 1, 2015 shares	2,313,477
Granted, shares	729,536
Released, shares	-545,484
Cancelled, shares	-16,245
Balance at May 3, 2015 shares	2,481,284
Vested plus expected to vest at May 3, 2015 shares	1,720,829

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	3-May-15	4-May-14
Earnings Per Share [Line Items]
Net Earnings, Basic	$44,790	$46,162
Net Earnings, Diluted	$44,790	$46,162
Weighted Average Shares, Basic	91,707	93,993
Weighted Average Shares, Effect of dilutive stock-based awards	1,593	1,625
Weighted Average Shares, Diluted	93,300	95,618
Earnings Per Share, Basic	$0.49	$0.49
Earnings Per Share, Diluted	$0.48	$0.48

Earnings_Per_Share_Additional_

Earnings Per Share - Additional Information (Detail)	3 Months Ended
	3-May-15	4-May-14
Earnings Per Share [Line Items]
Anti-dilutive stock-based awards excluded from the computation of diluted earnings per share	0	160,000

Segment_Reporting_Additional_I

Segment Reporting - Additional Information (Detail)	3 Months Ended
	3-May-15
	Segment
Segment Reporting Information [Line Items]
Number of reportable segments	2

Segment_Information_Detail

Segment Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-15		4-May-14		Feb. 01, 2015
Segment Reporting Information [Line Items]
Net revenues	$1,030,676	[1]	$974,330	[1]
Depreciation and amortization expense	41,478		38,630
Operating income (loss)	71,928		74,326
Assets	2,251,089	[2]	2,168,100	[2]	2,330,277
Capital expenditures	40,384		38,119
Operating Segments | E-commerce
Segment Reporting Information [Line Items]
Net revenues	532,573	[1]	491,289	[1]
Depreciation and amortization expense	8,102		7,407
Operating income (loss)	127,574		121,136
Assets	610,976	[2]	547,077	[2]
Capital expenditures	3,936		9,477
Operating Segments | Retail
Segment Reporting Information [Line Items]
Net revenues	498,103	[1]	483,041	[1]
Depreciation and amortization expense	20,150		19,360
Operating income (loss)	28,126		30,196
Assets	1,053,039	[2]	988,659	[2]
Capital expenditures	19,928		14,700
Unallocated
Segment Reporting Information [Line Items]
Net revenues	0	[1]	0	[1]
Depreciation and amortization expense	13,226		11,863
Operating income (loss)	-83,772		-77,006
Assets	587,074	[2]	632,364	[2]
Capital expenditures	$16,520		$13,942
[1]	Includes net revenues of approximately $54.8 million and $51.1 million for the thirteen weeks ended May 3, 2015 and May 4, 2014, respectively, related to our foreign operations.
[2]	Includes long-term assets of approximately $59.0 million and $59.8 million as of May 3, 2015 and May 4, 2014, respectively, related to our foreign operations.

Segment_Information_Parentheti

Segment Information (Parenthetical) (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	3-May-15	4-May-14
Segment Reporting Information [Line Items]
Net revenues	$54.80	$51.10
Long-term assets	$59	$59.80

Stock_Repurchase_Programs_and_

Stock Repurchase Programs and Dividends - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	3-May-15	4-May-14	Feb. 01, 2015
Stock Repurchase Program and Dividend [Line Items]
Common stock repurchased, shares	664,402	840,761
Common stock repurchased, average cost per share	$79.11	$63.41
Common stock repurchased, total cost	$52,562	$53,309
Treasure stock, value	$1,956	$2,889	$2,140
Cash dividend, per common share	$0.35	$0.33

Recovered_Sheet1

Derivative Financial Instruments - Additional Information (Detail) (USD $)	3 Months Ended
	3-May-15	4-May-14
Derivative [Line Items]
Reclassification from OCI to cost of goods sold	$540,000
Gain or loss recognized for cash flow hedges due to hedge ineffectiveness	$0	$0

Foreign_Currency_Forward_Contr

Foreign Currency Forward Contracts Outstanding (Detail) (Foreign Exchange Contract, USD $)	3-May-15		4-May-14
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	$20,400		$23,000
Not Designated as Hedging Instrument | Canada, Dollars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange of foreign currency contracts	0	[1]	1,500	[1]
Not Designated as Hedging Instrument | Australia, Dollars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange of foreign currency contracts	$26,000		$10,000
[1]	These contracts are no longer designated as cash flow hedges as the related inventory purchases have occurred.

Effect_of_Derivative_Instrumen

Effect of Derivative Instruments in Condensed Consolidated Financial Statements (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-15		4-May-14
Derivative [Line Items]
Net loss recognized in OCI	($513)		($224)
Net gain reclassified from OCI into cost of goods sold	268		233
Net foreign exchange gain (loss) recognized in other income (expense), Instruments designated as cash flow hedges	-16	[1]	-34	[1]
Net foreign exchange gain (loss) recognized in other income (expense), Instruments not designated or de-designated	$382	[2]	$584	[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 $)	3-May-15	4-May-14
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]
Cash flow hedge foreign currency forward contracts - Other Current Assets	$283	$112
Cash flow hedge foreign currency forward contracts - Other Current Liabilities	-426	-147
Total, net	-143	-35
Foreign currency forward contracts - Other Current Assets	262	72
Total, net	$262	$72

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	3-May-15	4-May-14
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)	$1,321	$741
Amounts recognized in OCI before reclassifications	-513	-224
Amounts reclassified from OCI to cost of goods sold	-268	-233
AOCI ending balance amount of gain (loss)	$540	$284