Williams-Sonoma (WSM) 10-Q 7 Jun 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	May. 01, 2016	May. 29, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 1, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	WSM
Entity Registrant Name	WILLIAMS SONOMA INC
Entity Central Index Key	719,955
Current Fiscal Year End Date	--02-02
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		89,154,536

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		May. 01, 2016		May. 03, 2015
Net revenues	[1]	$ 1,097,817		$ 1,030,676
Cost of goods sold		705,300		651,835
Gross profit		392,517		378,841
Selling, general and administrative expenses		328,992		306,913
Operating income		63,525	[2]	71,928
Interest (income) expense, net		(68)		8
Earnings before income taxes		63,593		71,920
Income taxes		23,996		27,130
Net earnings		$ 39,597		$ 44,790
Basic earnings per share		$ 0.44		$ 0.49
Diluted earnings per share		$ 0.44		$ 0.48
Shares used in calculation of earnings per share:
Basic		89,298		91,707
Diluted		90,514		93,300
E-commerce
Net revenues		$ 576,234		$ 532,573
Retail
Net revenues		$ 521,583		$ 498,103
[1]	Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $69.7 million and $54.8 million for the thirteen weeks ended May 1, 2016 and May 3, 2015, respectively.
[2]	Includes $13.2 million of severance-related reorganization charges due to a reduction of headcount, primarily in our corporate functions, which is recorded as selling, general and administrative expense within the unallocated segment.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	May. 01, 2016	May. 03, 2015
Net earnings	$ 39,597	$ 44,790
Other comprehensive income (loss):
Foreign currency translation adjustments	5,208	867
Change in fair value of derivative financial instruments, net of tax of $768 and $134	(2,165)	(379)
Reclassification adjustment for realized gains on derivative financial instruments, net of tax of $107 and $70	(302)	(198)
Comprehensive income	$ 42,338	$ 45,080

Consolidated Statements of Com4

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	May. 01, 2016	May. 03, 2015
Change in fair value of derivative financial instruments, tax	$ 768	$ 134
Reclassification adjustment for realized losses on derivative financial instruments, tax	$ 107	$ 70

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May. 01, 2016		Jan. 31, 2016	May. 03, 2015
Current assets
Cash and cash equivalents	$ 99,217		$ 193,647	$ 78,851
Accounts receivable, net	75,364		79,304	64,720
Merchandise inventories, net	944,632		978,138	942,800
Prepaid catalog expenses	29,916		28,919	35,648
Prepaid expenses	53,689		44,654	59,684
Deferred income taxes, net				130,889
Other assets	9,844		11,438	11,627
Total current assets	1,212,662		1,336,100	1,324,219
Property and equipment, net	893,640		886,813	876,785
Non-current deferred income taxes, net	131,597		141,784
Other assets, net	52,469		52,730	50,085
Total assets	2,290,368	[1]	2,417,427	2,251,089	[1]
Current liabilities
Accounts payable	339,392		447,412	367,525
Accrued salaries, benefits and other	96,577		127,122	87,067
Customer deposits	275,116		296,827	258,854
Borrowings under revolving line of credit	100,000			60,000
Income taxes payable	7,764		67,052	8,322
Current portion of long-term debt				1,968
Other liabilities	52,907		58,014	45,092
Total current liabilities	871,756		996,427	828,828
Deferred rent and lease incentives	188,715		173,061	170,528
Non-current deferred income taxes, net				1,958
Other long-term obligations	67,041		49,713	63,143
Total liabilities	$ 1,127,512		$ 1,219,201	$ 1,064,457
Commitments and contingencies
Stockholders' equity
Preferred stock: $.01 par value; 7,500 shares authorized; none issued
Common stock: $.01 par value; 253,125 shares authorized; 89,350, 89,563 and 91,644 shares issued and outstanding at May 1, 2016, January 31, 2016 and May 3, 2015, respectively	$ 894		$ 896	$ 917
Additional paid-in capital	534,414		541,307	527,257
Retained earnings	636,986		668,545	662,671
Accumulated other comprehensive loss	(7,875)		(10,616)	(2,257)
Treasury stock, at cost: 23, 29 and 30 shares as of May 1, 2016, January 31, 2016 and May 3, 2015, respectively	(1,563)		(1,906)	(1,956)
Total stockholders' equity	1,162,856		1,198,226	1,186,632
Total liabilities and stockholders' equity	$ 2,290,368		$ 2,417,427	$ 2,251,089
[1]	Includes long-term assets related to our international operations of approximately $64.4 million and $59.0 million as of May 1, 2016 and May 3, 2015, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	May. 01, 2016	Jan. 31, 2016	May. 03, 2015
Preferred stock, par value	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	7,500,000	7,500,000	7,500,000
Preferred stock, shares issued	0	0	0
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	253,125,000	253,125,000	253,125,000
Common stock, shares issued	89,350,000	89,563,000	91,644,000
Common stock, shares outstanding	89,350,000	89,563,000	91,644,000
Treasury stock, shares	23,000	29,000	30,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May. 01, 2016	May. 03, 2015
Cash flows from operating activities:
Net earnings	$ 39,597	$ 44,790
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	41,240	41,478
Loss on disposal/impairment of assets	880	1,694
Amortization of deferred lease incentives	(5,987)	(5,999)
Deferred income taxes	(5,796)	(5,498)
Tax benefit related to stock-based awards	20,087	20,572
Excess tax benefit related to stock-based awards	(3,824)	(8,724)
Stock-based compensation expense	15,732	14,010
Other	(418)	51
Changes in:
Accounts receivable	3,781	2,864
Merchandise inventories	37,424	(53,746)
Prepaid catalog expenses	(997)	(1,706)
Prepaid expenses and other assets	(7,683)	(21,439)
Accounts payable	(113,510)	(25,030)
Accrued salaries, benefits and other current and long-term liabilities	(20,875)	(51,387)
Customer deposits	(22,465)	(3,106)
Deferred rent and lease incentives	9,439	8,260
Income taxes payable	(59,285)	(24,155)
Net cash used in operating activities	(72,660)	(67,071)
Cash flows from investing activities:
Purchases of property and equipment	(28,149)	(40,384)
Other	294	5
Net cash used in investing activities	(27,855)	(40,379)
Cash flows from financing activities:
Borrowings under revolving line of credit	100,000	60,000
Repurchase of common stock	(40,639)	(52,562)
Payment of dividends	(34,423)	(31,934)
Tax withholdings related to stock-based awards	(22,904)	(21,734)
Excess tax benefit related to stock-based awards	3,824	8,724
Proceeds related to stock-based awards	995	1,836
Other	(48)
Net cash provided by (used in) financing activities	6,805	(35,670)
Effect of exchange rates on cash and cash equivalents	(720)	(956)
Net decrease in cash and cash equivalents	(94,430)	(144,076)
Cash and cash equivalents at beginning of period	193,647	222,927
Cash and cash equivalents at end of period	$ 99,217	$ 78,851

FINANCIAL STATEMENTS - BASIS OF

FINANCIAL STATEMENTS - BASIS OF PRESENTATION	3 Months Ended
	May. 01, 2016
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 1, 2016 and May 3, 2015, 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 January 31, 2016, presented herein, has been derived from our audited Consolidated Balance Sheet included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2016. The results of operations for the thirteen weeks ended May 1, 2016 are not necessarily indicative of the operating results of the full year. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2016. In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Balance Sheet Classification of Deferred Taxes New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers: Principal versus Agent Considerations Identifying Performance Obligations and Licensing In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting

BORROWING ARRANGEMENTS

BORROWING ARRANGEMENTS	3 Months Ended
	May. 01, 2016
BORROWING ARRANGEMENTS	NOTE B. BORROWING ARRANGEMENTS Credit Facility We have a $500,000,000 unsecured revolving line of credit (“credit facility”) that may be used to borrow revolving loans or request the issuance of letters of credit. We may, upon notice to the administrative agent, request existing or new lenders to increase the credit facility by up to $250,000,000, at such lenders’ option, to provide for a total of $750,000,000 of unsecured revolving credit. As of May 1, 2016, we were in compliance with our financial covenants under the credit facility and based on current projections, we expect to remain in compliance throughout fiscal 2016. The credit facility matures on November 19, 2019, at which time all outstanding borrowings must be repaid and all outstanding letters of credit must be cash collateralized. We may elect interest rates calculated at (i) Bank of America’s prime rate (or, if greater, the average rate on overnight federal funds plus one-half of one percent, or a rate based on LIBOR plus one percent) plus a margin based on our leverage ratio or (ii) LIBOR plus a margin based on our leverage ratio. During the first quarter of fiscal 2016, we had borrowings of $100,000,000 under the credit facility (at a weighted average interest rate of 1.45%), all of which was outstanding, as of May 1, 2016. During the first quarter of 2015, we had borrowings of $60,000,000 under the credit facility (at a weighted average interest rate of 1.09%), all of which was outstanding as of May 3, 2015. Additionally, as of May 1, 2016, $13,290,000 in issued but undrawn standby letters of credit was outstanding under the credit facility. The standby letters of credit were issued to secure the liabilities associated with workers’ compensation and other insurance programs. Letter of Credit Facilities We have three unsecured letter of credit reimbursement facilities for a total of $70,000,000, each of which matures on August 27, 2016. The letter of credit facilities contain covenants that are consistent with our unsecured revolving line of credit. Interest on unreimbursed amounts under the letter of credit facilities accrues at the lender’s prime rate (or, if greater, the average rate on overnight federal funds plus one-half of one percent) plus 2.0%. As of May 1, 2016, an aggregate of $5,026,000 was outstanding under the letter of credit facilities, which represents only a future commitment to fund inventory purchases to which we had not taken legal title. The latest expiration possible for any future letters of credit issued under the facilities is January 24, 2017.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	May. 01, 2016
STOCK-BASED COMPENSATION	NOTE C. 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 32,310,000 shares. As of May 1, 2016, there were approximately 7,441,000 shares available for future grant. Awards may be granted under the Plan to officers, employees and non-employee members of the board of directors of the company (the “Board”) or any parent or subsidiary. Shares issued as a result of award exercises or releases are primarily funded with the issuance of new shares. 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 evenly 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 1,000,000 shares on a per person basis. Stock awards granted to employees generally vest evenly over a period of four years for service-based awards. Certain performance-based awards, which have variable payout conditions based on predetermined financial targets, 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 During the thirteen weeks ended May 1, 2016 and May 3, 2015, we recognized total stock-based compensation expense, as a component of selling, general and administrative expenses, of $15,732,000 and $14,010,000, respectively. Stock Options The following table summarizes our stock option activity during the thirteen weeks ended May 1, 2016: Shares Balance at January 31, 2016 (100% vested) 38,500 Granted — Exercised (38,500 ) Cancelled — Balance at May 1, 2016 — Stock-Settled Stock Appreciation Rights The following table summarizes our stock-settled stock appreciation right activity during the thirteen weeks ended May 1, 2016: Shares Balance at January 31, 2016 (100% vested) 634,609 Granted — Converted into common stock (97,095 ) Cancelled — Balance at May 1, 2016 (100% vested) 537,514 Restricted Stock Units The following table summarizes our restricted stock unit activity during the thirteen weeks ended May 1, 2016: Shares Balance at January 31, 2016 2,288,958 Granted 1,017,858 Released (833,836 ) Cancelled (135,953 ) Balance at May 1, 2016 2,337,027 Vested plus expected to vest at May 1, 2016 1,488,811

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	May. 01, 2016
EARNINGS PER SHARE	NOTE D. 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 Average Shares Earnings Per Share Thirteen weeks ended May 1, 2016 Basic $ 39,597 89,298 $ 0.44 Effect of dilutive stock-based awards 1,216 Diluted $ 39,597 90,514 $ 0.44 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 Stock-based awards of 203,000 were excluded from the computation of diluted earnings per share for the thirteen weeks ended May 1, 2016, as their inclusion would be anti-dilutive. There were no stock-based awards excluded from the computation of diluted earnings per share for the thirteen weeks ended May 3, 2015.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	May. 01, 2016
SEGMENT REPORTING	NOTE E. 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. 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 products for the home. 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 (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, prepaid expenses, 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 1, 2016 Net revenues 1 $ 576,234 $ 521,583 $ — $ 1,097,817 Depreciation and amortization expense 7,614 20,749 12,877 41,240 Operating income (loss) 2 131,545 30,125 (98,145 ) 63,525 Assets 3 600,053 1,039,580 650,735 2,290,368 Capital expenditures 3,849 13,752 10,548 28,149 Thirteen weeks ended May 3, 2015 Net revenues 1 $ 532,573 $ 498,103 $ — $ 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 Assets 3 610,976 1,053,039 587,074 2,251,089 Capital expenditures 3,936 19,928 16,520 40,384 1 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $69.7 million and $54.8 million for the thirteen weeks ended May 1, 2016 and May 3, 2015, respectively. 2 Includes $13.2 million of severance-related reorganization charges due to a reduction of headcount, primarily in our corporate functions, which is recorded as selling, general and administrative expense within the unallocated segment. 3 Includes long-term assets related to our international operations of approximately $64.4 million and $59.0 million as of May 1, 2016 and May 3, 2015, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	May. 01, 2016
COMMITMENTS AND CONTINGENCIES	NOTE F. 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 DI

STOCK REPURCHASE PROGRAM AND DIVIDENDS	3 Months Ended
	May. 01, 2016
STOCK REPURCHASE PROGRAM AND DIVIDENDS	NOTE G. STOCK REPURCHASE PROGRAM AND DIVIDENDS Stock Repurchase Program In March 2016, we announced that our Board of Directors had authorized a new stock repurchase program to purchase up to $500,000,000 of our common stock that we intend to execute over the next three years. During the thirteen weeks ended May 1, 2016, we repurchased 727,629 shares of our common stock at an average cost of $55.85 per share for a total cost of approximately $40,639,000. As of May 1, 2016, we held treasury stock of $1,563,000 that represents the cost of shares available for issuance intended to satisfy future stock-based award settlements in certain foreign jurisdictions. 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. Stock repurchases under these programs 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. The stock repurchase programs do not have an expiration date and may be limited or terminated at any time without prior notice. Dividends We declared cash dividends of $0.37 and $0.35 per common share during the thirteen weeks ended May 1, 2016 and May 3, 2015, respectively. Our quarterly cash dividend may be limited or terminated at any time.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	May. 01, 2016
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE H. DERIVATIVE FINANCIAL INSTRUMENTS We have retail and/or 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. 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 (to sell Canadian dollars and purchase U.S. dollars) 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 1, 2016, we expect to reclassify a net loss of approximately $2,171,000 from OCI to cost of goods sold over the next 12 months. We also enter into non-designated foreign currency forward contracts (to sell Australian dollars and purchase U.S. dollars) 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 1, 2016 and May 3, 2015, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands May 1, 2016 May 3, 2015 Contracts designated as cash flow hedges 27,150 $ 20,400 Contracts not designated as cash flow hedges 43,000 $ 26,000 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 1, 2016 and May 3, 2015. The effect of derivative instruments in our Condensed Consolidated Financial Statements, pre-tax, was as follows: In thousands Thirteen Thirteen Weeks Ended May 3, 2015 Net loss recognized in OCI $ (2,933 ) $ (513 ) Net gain reclassified from OCI into cost of goods sold $ 409 $ 268 Net foreign exchange gain (loss) recognized in other income (expense): Instruments designated as cash flow hedges 1 $ 23 $ (16 ) Instruments not designated or de-designated 2 $ (3,342 ) $ 382 1 Changes in fair value of the forward contract related to interest charges (or forward points). 2 Changes in fair value for instruments not designated as cash flow hedges as well as de-designated instruments. The fair values of our derivative financial instruments are presented below. All fair values were measured using Level 2 inputs as defined by the fair value hierarchy described in Note I. In thousands Balance sheet location May 1, 2016 May 3, 2015 Derivatives designated as hedging instruments: Cash flow hedge foreign currency forward contracts Other current assets $ — $ 283 Cash flow hedge foreign currency forward contracts Other current liabilities (2,160 ) (426 ) Total, net $ (2,160 ) $ (143 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ — $ 262 Foreign currency forward contracts Other current liabilities (287 ) — Total, net $ (287 ) $ 262 We record all derivative assets and liabilities on a gross basis. They do not meet the balance sheet netting criteria as discussed in Accounting Standard Codification (ASC) 210, Balance Sheet

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	May. 01, 2016
FAIR VALUE MEASUREMENTS	NOTE I. 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 • 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. Property and Equipment We review the carrying value of all long-lived assets for impairment, primarily at a store level, whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. We measure these assets at fair value on a nonrecurring basis using Level 3 inputs as defined in the fair value hierarchy. The fair value is based on the present value of estimated future cash flows using a discount rate that approximates our weighted average cost of capital. There were no transfers between Level 1, 2 or 3 categories during the thirteen weeks ended May 1, 2016 or May 3, 2015.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	May. 01, 2016
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE J. ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows: In thousands Foreign Currency Translation Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at January 31, 2016 $ (11,480 ) $ 864 $ (10,616 ) Foreign currency translation adjustments 5,208 — 5,208 Change in fair value of derivative financial instruments — (2,165 ) (2,165 ) Reclassification adjustment for realized gains on derivative financial instruments 1 — (302 ) (302 ) Other comprehensive income (loss) 5,208 (2,467 ) 2,741 Balance at May 1, 2016 $ (6,272 ) $ (1,603 ) $ (7,875 ) Balance at February 1, 2015 $ (3,522 ) $ 974 $ (2,548 ) Foreign currency translation adjustments 867 — 867 Change in fair value of derivative financial instruments — (379 ) (379 ) Reclassification adjustment for realized gains on derivative financial instruments 1 — (198 ) (198 ) Other comprehensive income (loss) 867 (577 ) 290 Balance at May 3, 2015 $ (2,655 ) $ 397 $ (2,257 ) 1 Refer to Note H for additional disclosures about reclassifications out of accumulated other comprehensive income and their corresponding effects on the respective line items in the Condensed Consolidated Statements of Earnings.

FINANCIAL STATEMENTS - BASIS 18

FINANCIAL STATEMENTS - BASIS OF PRESENTATION (Policies)	3 Months Ended
	May. 01, 2016
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers: Principal versus Agent Considerations Identifying Performance Obligations and Licensing In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	May. 01, 2016
Summary of Stock Options Activity	The following table summarizes our stock option activity during the thirteen weeks ended May 1, 2016: Shares Balance at January 31, 2016 (100% vested) 38,500 Granted — Exercised (38,500 ) Cancelled — Balance at May 1, 2016 —
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 1, 2016: Shares Balance at January 31, 2016 (100% vested) 634,609 Granted — Converted into common stock (97,095 ) Cancelled — Balance at May 1, 2016 (100% vested) 537,514
Summary of Restricted Stock Units Activity	The following table summarizes our restricted stock unit activity during the thirteen weeks ended May 1, 2016: Shares Balance at January 31, 2016 2,288,958 Granted 1,017,858 Released (833,836 ) Cancelled (135,953 ) Balance at May 1, 2016 2,337,027 Vested plus expected to vest at May 1, 2016 1,488,811

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	May. 01, 2016
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 Average Shares Earnings Per Share Thirteen weeks ended May 1, 2016 Basic $ 39,597 89,298 $ 0.44 Effect of dilutive stock-based awards 1,216 Diluted $ 39,597 90,514 $ 0.44 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

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	May. 01, 2016
Segment Information	Segment Information In thousands E-commerce Retail Unallocated Total Thirteen weeks ended May 1, 2016 Net revenues 1 $ 576,234 $ 521,583 $ — $ 1,097,817 Depreciation and amortization expense 7,614 20,749 12,877 41,240 Operating income (loss) 2 131,545 30,125 (98,145 ) 63,525 Assets 3 600,053 1,039,580 650,735 2,290,368 Capital expenditures 3,849 13,752 10,548 28,149 Thirteen weeks ended May 3, 2015 Net revenues 1 $ 532,573 $ 498,103 $ — $ 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 Assets 3 610,976 1,053,039 587,074 2,251,089 Capital expenditures 3,936 19,928 16,520 40,384 1 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $69.7 million and $54.8 million for the thirteen weeks ended May 1, 2016 and May 3, 2015, respectively. 2 Includes $13.2 million of severance-related reorganization charges due to a reduction of headcount, primarily in our corporate functions, which is recorded as selling, general and administrative expense within the unallocated segment. 3 Includes long-term assets related to our international operations of approximately $64.4 million and $59.0 million as of May 1, 2016 and May 3, 2015, respectively.

DERIVATIVE FINANCIAL INSTRUME22

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	May. 01, 2016
Foreign Currency Forward Contracts Outstanding with Notional Values	As of May 1, 2016 and May 3, 2015, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands May 1, 2016 May 3, 2015 Contracts designated as cash flow hedges 27,150 $ 20,400 Contracts not designated as cash flow hedges 43,000 $ 26,000
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 May 3, 2015 Net loss recognized in OCI $ (2,933 ) $ (513 ) Net gain reclassified from OCI into cost of goods sold $ 409 $ 268 Net foreign exchange gain (loss) recognized in other income (expense): Instruments designated as cash flow hedges 1 $ 23 $ (16 ) Instruments not designated or de-designated 2 $ (3,342 ) $ 382 1 Changes in fair value of the forward contract related to interest charges (or forward points). 2 Changes in fair value for instruments not designated as cash flow hedges as well as de-designated instruments.
Fair Values of Derivative Instruments	The fair values of our derivative financial instruments are presented below. All fair values were measured using Level 2 inputs as defined by the fair value hierarchy described in Note I. In thousands Balance sheet location May 1, 2016 May 3, 2015 Derivatives designated as hedging instruments: Cash flow hedge foreign currency forward contracts Other current assets $ — $ 283 Cash flow hedge foreign currency forward contracts Other current liabilities (2,160 ) (426 ) Total, net $ (2,160 ) $ (143 ) Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ — $ 262 Foreign currency forward contracts Other current liabilities (287 ) — Total, net $ (287 ) $ 262

ACCUMULATED OTHER COMPREHENSI23

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	May. 01, 2016
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax	Changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows: In thousands Foreign Currency Translation Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at January 31, 2016 $ (11,480 ) $ 864 $ (10,616 ) Foreign currency translation adjustments 5,208 — 5,208 Change in fair value of derivative financial instruments — (2,165 ) (2,165 ) Reclassification adjustment for realized gains on derivative financial instruments 1 — (302 ) (302 ) Other comprehensive income (loss) 5,208 (2,467 ) 2,741 Balance at May 1, 2016 $ (6,272 ) $ (1,603 ) $ (7,875 ) Balance at February 1, 2015 $ (3,522 ) $ 974 $ (2,548 ) Foreign currency translation adjustments 867 — 867 Change in fair value of derivative financial instruments — (379 ) (379 ) Reclassification adjustment for realized gains on derivative financial instruments 1 — (198 ) (198 ) Other comprehensive income (loss) 867 (577 ) 290 Balance at May 3, 2015 $ (2,655 ) $ 397 $ (2,257 ) 1 Refer to Note H for additional disclosures about reclassifications out of accumulated other comprehensive income and their corresponding effects on the respective line items in the Condensed Consolidated Statements of Earnings.

Borrowing Arrangements - Additi

Borrowing Arrangements - Additional Information (Detail) - USD ($)	3 Months Ended
	May. 01, 2016	May. 03, 2015
Debt Instrument [Line Items]
Additional percentage over reference rate	2.00%
Interest rate description	Interest on unreimbursed amounts under the letter of credit facilities accrues at the lender's prime rate (or, if greater, the average rate on overnight federal funds plus one-half of one percent) plus 2.0%.
Amount of borrowings under credit facility during period	$ 100,000,000	$ 60,000,000
Maximum borrowing capacity under letter of credit facilities including additional borrowing capacity	$ 70,000,000
Letter of credit facilities, maturity date	Aug. 27, 2016
Outstanding letter of credit facilities	$ 5,026,000
Latest expiration date possible for future letters of credit	Jan. 24, 2017
Standby Letters of Credit
Debt Instrument [Line Items]
Amount issued but undrawn under credit facility	$ 13,290,000
Federal Funds
Debt Instrument [Line Items]
Additional percentage over reference rate	0.50%
Unsecured Revolving Line Of Credit
Debt Instrument [Line Items]
Current borrowing capacity	$ 500,000,000
Maximum borrowing capacity including additional borrowing capacity	$ 750,000,000
Credit facility, maturity date	Nov. 19, 2019
Interest rate description	We may elect interest rates calculated at (i) Bank of America's prime rate (or, if greater, the average rate on overnight federal funds plus one-half of one percent, or a rate based on LIBOR plus one percent) plus a margin based on our leverage ratio or (ii) LIBOR plus a margin based on our leverage ratio.
Weighted average interest rate	1.45%	1.09%
Unsecured Revolving Line Of Credit | Maximum
Debt Instrument [Line Items]
Additional borrowing capacity	$ 250,000,000
Unsecured Revolving Line Of Credit | Federal Funds
Debt Instrument [Line Items]
Additional percentage over reference rate	0.50%
Unsecured Revolving Line Of Credit | Libor
Debt Instrument [Line Items]
Additional percentage over reference rate	1.00%

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	May. 01, 2016	May. 03, 2015
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	$ 15,732	$ 14,010
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	32,310,000
Shares available for future grant	7,441,000
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards annual grant limit	1,000,000
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
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

Summary of Stock Option Activit

Summary of Stock Option Activity (Detail)	3 Months Ended
	May. 01, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at January 31, 2016, shares	38,500
Granted, shares	0
Exercised, shares	(38,500)
Cancelled, shares	0

Summary of Stock Option Activ27

Summary of Stock Option Activity (Parenthetical) (Detail)	3 Months Ended
	May. 01, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested percentage	100.00%

Summary of Stock-Settled Stock

Summary of Stock-Settled Stock Appreciation Right Activity (Detail) - Stock-Settled Stock Appreciation Rights	3 Months Ended
	May. 01, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at January 31, 2016, shares	634,609
Granted, shares	0
Converted into common stock, shares	(97,095)
Cancelled, shares	0
Balance at May 1, 2016, shares	537,514

Summary of Stock-Settled Stoc29

Summary of Stock-Settled Stock Appreciation Right Activity (Parenthetical) (Detail)	3 Months Ended
	May. 01, 2016
Stock-Settled Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested percentage	100.00%

Summary of Restricted Stock Uni

Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs)	3 Months Ended
	May. 01, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at January 31, 2016 shares	2,288,958
Granted, shares	1,017,858
Released, shares	(833,836)
Cancelled, shares	(135,953)
Balance at May 1, 2016 shares	2,337,027
Vested plus expected to vest at May 1, 2016 shares	1,488,811

Reconciliation of Net Earnings

Reconciliation of Net Earnings and Number of Shares Used in Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May. 01, 2016	May. 03, 2015
Earnings Per Share [Line Items]
Net Earnings, Basic	$ 39,597	$ 44,790
Net Earnings, Diluted	$ 39,597	$ 44,790
Weighted Average Shares, Basic	89,298	91,707
Weighted Average Shares, Effect of dilutive stock-based awards	1,216	1,593
Weighted Average Shares, Diluted	90,514	93,300
Earnings Per Share, Basic	$ 0.44	$ 0.49
Earnings Per Share, Diluted	$ 0.44	$ 0.48

Earnings Per Share- Additional

Earnings Per Share- Additional Information (Detail) - shares	3 Months Ended
	May. 01, 2016	May. 03, 2015
Earnings Per Share [Line Items]
Anti-dilutive stock-based awards excluded from the computation of diluted earnings per share	203,000	0

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	May. 01, 2016Segment
Segment Reporting Information [Line Items]
Number of reportable segments	2

Segment Information (Detail)

Segment Information (Detail) - USD ($) $ in Thousands		3 Months Ended
		May. 01, 2016		May. 03, 2015		Jan. 31, 2016
Segment Reporting Information [Line Items]
Net revenues	[1]	$ 1,097,817		$ 1,030,676
Depreciation and amortization expense		41,240		41,478
Operating income (loss)		63,525	[2]	71,928
Assets		2,290,368	[3]	2,251,089	[3]	$ 2,417,427
Capital expenditures		28,149		40,384
E-commerce
Segment Reporting Information [Line Items]
Net revenues		576,234		532,573
Retail
Segment Reporting Information [Line Items]
Net revenues		521,583		498,103
Operating Segments | E-commerce
Segment Reporting Information [Line Items]
Net revenues	[1]	576,234		532,573
Depreciation and amortization expense		7,614		8,102
Operating income (loss)		131,545	[2]	127,574
Assets	[3]	600,053		610,976
Capital expenditures		3,849		3,936
Operating Segments | Retail
Segment Reporting Information [Line Items]
Net revenues	[1]	521,583		498,103
Depreciation and amortization expense		20,749		20,150
Operating income (loss)		30,125	[2]	28,126
Assets	[3]	1,039,580		1,053,039
Capital expenditures		13,752		19,928
Unallocated
Segment Reporting Information [Line Items]
Depreciation and amortization expense		12,877		13,226
Operating income (loss)		(98,145)	[2]	(83,772)
Assets	[3]	650,735		587,074
Capital expenditures		$ 10,548		$ 16,520
[1]	Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $69.7 million and $54.8 million for the thirteen weeks ended May 1, 2016 and May 3, 2015, respectively.
[2]	Includes $13.2 million of severance-related reorganization charges due to a reduction of headcount, primarily in our corporate functions, which is recorded as selling, general and administrative expense within the unallocated segment.
[3]	Includes long-term assets related to our international operations of approximately $64.4 million and $59.0 million as of May 1, 2016 and May 3, 2015, respectively.

Segment Information (Parentheti

Segment Information (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	May. 01, 2016	May. 03, 2015
Segment Reporting Information [Line Items]
Net revenues related to foreign operations	$ 69.7	$ 54.8
Severance, related reorganization charges	13.2
Long-term assets related to foreign operations	$ 64.4	$ 59

Stock Repurchase Program and 36

Stock Repurchase Program and Dividends - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2016	May. 01, 2016	May. 03, 2015	Jan. 31, 2016
Stock Repurchase Program and Dividend [Line Items]
Common stock repurchased, shares		727,629	664,402
Common stock repurchased, average cost per share		$ 55.85	$ 79.11
Common stock repurchased, total cost		$ 40,639,000	$ 52,562,000
Treasure stock, value		$ 1,563,000	$ 1,956,000	$ 1,906,000
Stock repurchase program, authorized shares	$ 500,000,000
Stock repurchase program, execution period	3 years
Cash dividend, per common share		$ 0.37	$ 0.35

Derivative Financial Instrume37

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended
	May. 01, 2016	May. 03, 2015
Derivative [Line Items]
Reclassification from OCI to cost of goods sold	$ 2,171,000
Gain or loss recognized for cash flow hedges due to hedge ineffectiveness	$ 0	$ 0

Foreign Currency Forward Contra

Foreign Currency Forward Contracts Outstanding with Notional Values (Detail) - Foreign Exchange Contract - USD ($)	May. 01, 2016	May. 03, 2015
Derivatives designated as hedging instruments | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange of foreign currency contracts	$ 27,150,000	$ 20,400,000
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange of foreign currency contracts	$ 43,000,000	$ 26,000,000

Effect of Derivative Instrument

Effect of Derivative Instruments in Condensed Consolidated Financial Statements (Detail) - USD ($) $ in Thousands		3 Months Ended
		May. 01, 2016	May. 03, 2015
Derivative [Line Items]
Net loss recognized in OCI		$ (2,933)	$ (513)
Net gain reclassified from OCI into cost of goods sold		409	268
Net foreign exchange gain (loss) recognized in other income (expense), Instruments designated as cash flow hedges	[1]	23	(16)
Net foreign exchange gain (loss) recognized in other income (expense), Instruments not designated or de-designated	[2]	$ (3,342)	$ 382
[1]	Changes in fair value of the forward contract related to interest charges (or forward points).
[2]	Changes in fair value for instruments not designated as cash flow hedges as well as de-designated instruments.

Fair Value of Derivatives as De

Fair Value of Derivatives as Defined by Accounting Standard (Detail) - USD ($) $ in Thousands	May. 01, 2016	May. 03, 2015
Derivatives, Fair Value [Line Items]
Cash flow hedge foreign currency forward contracts - Other Current Assets		$ 283
Cash flow hedge foreign currency forward contracts - Other Current Liabilities	$ (2,160)	(426)
Total, net	(2,160)	(143)
Foreign currency forward contracts - Other Current Assets		262
Foreign currency forward contracts - Other Current liabilities	(287)
Total, net	$ (287)	$ 262

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) - USD ($) $ in Thousands		3 Months Ended
		May. 01, 2016	May. 03, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		$ (10,616)
Foreign currency translation adjustments		5,208	$ 867
Change in fair value of derivative financial instruments		(2,165)	(379)
Reclassification adjustment for realized gains on derivative financial instruments		(302)	(198)
Ending Balance		(7,875)	(2,257)
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(11,480)	(3,522)
Foreign currency translation adjustments		5,208	867
Other comprehensive income (loss)		5,208	867
Ending Balance		(6,272)	(2,655)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		864	974
Change in fair value of derivative financial instruments		(2,165)	(379)
Reclassification adjustment for realized gains on derivative financial instruments	[1]	(302)	(198)
Other comprehensive income (loss)		(2,467)	(577)
Ending Balance		(1,603)	397
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(10,616)	(2,548)
Foreign currency translation adjustments		5,208	867
Change in fair value of derivative financial instruments		(2,165)	(379)
Reclassification adjustment for realized gains on derivative financial instruments	[1]	(302)	(198)
Other comprehensive income (loss)		2,741	290
Ending Balance		$ (7,875)	$ (2,257)
[1]	Refer to Note H for additional disclosures about reclassifications out of accumulated other comprehensive income and their corresponding effects on the respective line items in the Condensed Consolidated Statements of Earnings.