Williams-Sonoma (WSM) 10-Q 8 Sep 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 31, 2016	Aug. 28, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		88,528,172

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jul. 31, 2016	Aug. 02, 2015	Jul. 31, 2016		Aug. 02, 2015
Net revenues	[1]	$ 1,159,029	$ 1,127,028	$ 2,256,846		$ 2,157,704
Cost of goods sold		748,490	720,403	1,453,790		1,372,238
Gross profit		410,539	406,625	803,056		785,466
Selling, general and administrative expenses		327,263	323,282	656,255		630,195
Operating income		83,276	83,343	146,801	[2]	155,271
Interest (income) expense, net		167	275	99		283
Earnings before income taxes		83,109	83,068	146,702		154,988
Income taxes		31,324	29,400	55,320		56,530
Net earnings		$ 51,785	$ 53,668	$ 91,382		$ 98,458
Basic earnings per share		$ 0.58	$ 0.59	$ 1.02		$ 1.08
Diluted earnings per share		$ 0.58	$ 0.58	$ 1.01		$ 1.06
Shares used in calculation of earnings per share:
Basic		89,039	91,243	89,169		91,475
Diluted		89,736	92,564	90,098		92,969
E-commerce
Net revenues		$ 599,683	$ 569,913	$ 1,175,917		$ 1,102,486
Retail
Net revenues		$ 559,346	$ 557,115	$ 1,080,929		$ 1,055,218
[1]	Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $80.0 million and $66.9 million for the thirteen weeks ended July 31, 2016 and August 2, 2015, respectively, and $149.7 million and $121.7 million for the twenty-six weeks ended July 31, 2016 and August 2, 2015, respectively.
[2]	Includes $13.2 million of severance-related reorganization charges due to a reduction of headcount in the first quarter of fiscal 2016, 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				6 Months Ended
	Jul. 31, 2016		Aug. 02, 2015		Jul. 31, 2016	Aug. 02, 2015
Net earnings	$ 51,785		$ 53,668		$ 91,382	$ 98,458
Other comprehensive income (loss):
Foreign currency translation adjustments	(3,005)		(3,694)		2,203	(2,827)
Change in fair value of derivative financial instruments, net of tax	1,058		800		(1,107)	421
Reclassification adjustment for realized gains on derivative financial instruments, net of tax	(38)	[1]	(474)	[1]	(340)	(672)
Comprehensive income	$ 49,800		$ 50,300		$ 92,138	$ 95,380
[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.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2016		Jan. 31, 2016	Aug. 02, 2015
Current assets
Cash and cash equivalents	$ 111,122		$ 193,647	$ 119,776
Accounts receivable, net	98,053		79,304	81,753
Merchandise inventories, net	962,943		978,138	1,031,472
Prepaid catalog expenses	27,097		28,919	38,088
Prepaid expenses	68,300		44,654	56,119
Deferred income taxes, net				130,687
Other assets	11,589		11,438	12,808
Total current assets	1,279,104		1,336,100	1,470,703
Property and equipment, net	908,562		886,813	875,002
Non-current deferred income taxes, net	134,721		141,784
Other assets, net	51,177		52,730	50,266
Total assets	2,373,564	[1]	2,417,427	2,395,971	[1]
Current liabilities
Accounts payable	391,597		447,412	416,276
Accrued salaries, benefits and other	103,040		127,122	103,695
Customer deposits	283,779		296,827	288,654
Borrowings under revolving line of credit	125,000			150,000
Income taxes payable	1,670		67,052	14,678
Other liabilities	53,331		58,014	50,237
Total current liabilities	958,417		996,427	1,023,540
Deferred rent and lease incentives	193,819		173,061	179,103
Non-current deferred income taxes, net				1,213
Other long-term obligations	66,516		49,713	50,739
Total liabilities	1,218,752		1,219,201	1,254,595
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; 88,738, 89,563 and 90,860 shares issued and outstanding at July 31, 2016, January 31, 2016 and August 2, 2015, respectively	888		896	909
Additional paid-in capital	542,711		541,307	532,835
Retained earnings	622,608		668,545	615,193
Accumulated other comprehensive loss	(9,860)		(10,616)	(5,625)
Treasury stock, at cost: 23, 29 and 30 shares as of July 31, 2016, January 31, 2016 and August 2, 2015, respectively	(1,535)		(1,906)	(1,936)
Total stockholders' equity	1,154,812		1,198,226	1,141,376
Total liabilities and stockholders' equity	$ 2,373,564		$ 2,417,427	$ 2,395,971
[1]	Includes long-term assets related to our international operations of approximately $60.7 million and $60.0 million as of July 31, 2016 and August 2, 2015, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2016	Jan. 31, 2016	Aug. 02, 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	88,738,000	89,563,000	90,860,000
Common stock, shares outstanding	88,738,000	89,563,000	90,860,000
Treasury stock, shares	23,000	29,000	30,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2016	Aug. 02, 2015
Cash flows from operating activities:
Net earnings	$ 91,382	$ 98,458
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	83,369	83,233
Loss on disposal/impairment of assets	1,520	2,074
Amortization of deferred lease incentives	(12,550)	(12,075)
Deferred income taxes	(10,472)	(8,533)
Tax benefit related to stock-based awards	21,864	25,917
Excess tax benefit related to stock-based awards	(4,727)	(11,807)
Stock-based compensation expense	27,476	24,913
Other	(866)	69
Changes in:
Accounts receivable	(19,021)	(14,854)
Merchandise inventories	18,221	(144,934)
Prepaid catalog expenses	1,822	(4,146)
Prepaid expenses and other assets	(22,724)	(19,708)
Accounts payable	(71,614)	15,625
Accrued salaries, benefits and other current and long-term liabilities	(12,867)	(30,835)
Customer deposits	(13,500)	27,243
Deferred rent and lease incentives	21,534	24,034
Income taxes payable	(65,399)	(17,869)
Net cash provided by operating activities	33,448	36,805
Cash flows from investing activities:
Purchases of property and equipment	(77,877)	(86,849)
Other	363	278
Net cash used in investing activities	(77,514)	(86,571)
Cash flows from financing activities:
Borrowings under revolving line of credit	125,000	150,000
Repurchase of common stock	(76,166)	(125,000)
Payment of dividends	(67,571)	(64,044)
Tax withholdings related to stock-based awards	(24,635)	(27,175)
Excess tax benefit related to stock-based awards	4,727	11,807
Proceeds related to stock-based awards	1,532	2,647
Repayment of long-term obligations		(1,968)
Other	(47)
Net cash used in financing activities	(37,160)	(53,733)
Effect of exchange rates on cash and cash equivalents	(1,299)	348
Net decrease in cash and cash equivalents	(82,525)	(103,151)
Cash and cash equivalents at beginning of period	193,647	222,927
Cash and cash equivalents at end of period	$ 111,122	$ 119,776

FINANCIAL STATEMENTS - BASIS OF

FINANCIAL STATEMENTS - BASIS OF PRESENTATION	6 Months Ended
	Jul. 31, 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 July 31, 2016 and August 2, 2015, the Condensed Consolidated Statements of Earnings, the Condensed Consolidated Statements of Comprehensive Income for the thirteen and twenty-six weeks then ended, and the Condensed Consolidated Statements of Cash Flows for the twenty-six weeks then ended, have been prepared by us, without audit. In our opinion, the financial statements include all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at the balance sheet dates and the results of operations for the thirteen and twenty-six 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 and twenty-six weeks ended July 31, 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	6 Months Ended
	Jul. 31, 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 July 31, 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 the next twelve months. 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 second quarter of fiscal 2016, we borrowed $25,000,000 under the credit facility. For year-to-date 2016, we borrowed $125,000,000 (at a weighted average interest rate of 1.47%), all of which was outstanding as of July 31, 2016. During the second quarter of fiscal 2015, we borrowed $90,000,000 under the credit facility. For year-to-date 2015, we borrowed $150,000,000 (at a weighted average interest rate of 1.10%), all of which was outstanding as of August 2, 2015. Additionally, as of July 31, 2016, $12,276,000 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. On August 26, 2016 we renewed all three of our letter of credit facilities for an aggregate of $70,000,000, and extended each of these facilities’ maturity dates until August 26, 2017. 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 July 31, 2016, an aggregate of $5,621,000 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 23, 2018.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jul. 31, 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 July 31, 2016, there were approximately 7,439,000 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 and twenty-six weeks ended July 31, 2016, we recognized total stock-based compensation expense, as a component of selling, general and administrative expenses, of $11,744,000 and $27,476,000, respectively. During the thirteen and twenty-six weeks ended August 2, 2015, we recognized total stock-based compensation expense of $10,903,000 and $24,913,000, respectively. Stock Options The following table summarizes our stock option activity during the twenty-six weeks ended July 31, 2016: Shares Balance at January 31, 2016 (100% vested) 38,500 Granted — Exercised (38,500 ) Cancelled — Balance at July 31, 2016 — Stock-Settled Stock Appreciation Rights The following table summarizes our stock-settled stock appreciation right activity during the twenty-six weeks ended July 31, 2016: Shares Balance at January 31, 2016 (100% vested) 634,609 Granted — Converted into common stock (149,065 ) Cancelled — Balance at July 31, 2016 (100% vested) 485,544 Restricted Stock Units The following table summarizes our restricted stock unit activity during the twenty-six weeks ended July 31, 2016: Shares Balance at January 31, 2016 2,288,958 Granted 1,058,718 Released (880,388 ) Cancelled (171,444 ) Balance at July 31, 2016 2,295,844 Vested plus expected to vest at July 31, 2016 1,480,484

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jul. 31, 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 July 31, 2016 Basic $ 51,785 89,039 $ 0.58 Effect of dilutive stock-based awards 697 Diluted $ 51,785 89,736 $ 0.58 Thirteen weeks ended August 2, 2015 Basic $ 53,668 91,243 $ 0.59 Effect of dilutive stock-based awards 1,321 Diluted $ 53,668 92,564 $ 0.58 Twenty-six weeks ended July 31, 2016 Basic $ 91,382 89,169 $ 1.02 Effect of dilutive stock-based awards 929 Diluted $ 91,382 90,098 $ 1.01 Twenty-six weeks ended August 2, 2015 Basic $ 98,458 91,475 $ 1.08 Effect of dilutive stock-based awards 1,494 Diluted $ 98,458 92,969 $ 1.06 Stock-based awards of 909,000 and 627,000 were excluded from the computation of diluted earnings per share for the thirteen and twenty-six weeks ended July 31, 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 or twenty-six weeks ended August 2, 2015.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jul. 31, 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 July 31, 2016 Net revenues 1 $ 599,683 $ 559,346 $ — $ 1,159,029 Depreciation and amortization expense 7,989 21,339 12,801 42,129 Operating income (loss) 132,733 33,217 (82,674 ) 83,276 Capital expenditures 4,593 25,127 20,008 49,728 Thirteen weeks ended August 2, 2015 Net revenues 1 $ 569,913 $ 557,115 $ — $ 1,127,028 Depreciation and amortization expense 8,198 20,403 13,154 41,755 Operating income (loss) 122,461 40,503 (79,621 ) 83,343 Capital expenditures 4,582 23,265 18,618 46,465 Twenty-six weeks ended July 31, 2016 Net revenues 1 $ 1,175,917 $ 1,080,929 $ — $ 2,256,846 Depreciation and amortization expense 15,603 42,088 25,678 83,369 Operating income (loss) 2 264,278 63,342 (180,819 ) 146,801 Assets 3 627,532 1,051,184 694,848 2,373,564 Capital expenditures 8,442 38,879 30,556 77,877 Twenty-six weeks ended August 2, 2015 Net revenues 1 $ 1,102,486 $ 1,055,218 $ — $ 2,157,704 Depreciation and amortization expense 16,300 40,553 26,380 83,233 Operating income (loss) 250,035 68,629 (163,393 ) 155,271 Assets 3 658,803 1,101,441 635,727 2,395,971 Capital expenditures 8,518 43,193 35,138 86,849 1 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $80.0 million and $66.9 million for the thirteen weeks ended July 31, 2016 and August 2, 2015, respectively, and $149.7 million and $121.7 million for the twenty-six weeks ended July 31, 2016 and August 2, 2015, respectively. 2 Includes $13.2 million of severance-related reorganization charges due to a reduction of headcount in the first quarter of fiscal 2016, 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 $60.7 million and $60.0 million as of July 31, 2016 and August 2, 2015, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jul. 31, 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	6 Months Ended
	Jul. 31, 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 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 July 31, 2016, we repurchased 665,517 shares of our common stock at an average cost of $53.38 per share for a total cost of approximately $35,527,000. During the twenty-six weeks ended July 31, 2016, we repurchased 1,393,146 shares of our common stock at an average cost of $54.67 per share for a total cost of approximately $76,166,000. As of July 31, 2016, we held treasury stock of $1,535,000 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 August 2, 2015, we repurchased 899,301 shares of our common stock at an average cost of $80.55 per share for a total cost of approximately $72,438,000. During the twenty-six weeks ended August 2, 2015, we repurchased 1,563,703 shares of our common stock at an average cost of $79.94 per share for a total cost of approximately $125,000,000. 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. The stock repurchase program does 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 July 31, 2016 and August 2, 2015, respectively. We declared cash dividends of $0.74 and $0.70 per common share during the twenty-six weeks ended July 31, 2016 and August 2, 2015, respectively. Our quarterly cash dividend may be limited or terminated at any time.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jul. 31, 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 FASB 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 further 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 selling, general and administrative expense, net. Based on the rates in effect as of July 31, 2016, we expect to reclassify a net loss of approximately $787,000 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 selling, general and administrative expense, net. As of July 31, 2016 and August 2, 2015, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands July 31, 2016 August 2, 2015 Contracts designated as cash flow hedges $ 28,450 $ 12,500 Contracts not designated as cash flow hedges $ 44,000 $ 35,000 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 selling, general and administrative expense, net. No gain or loss was recognized for cash flow hedges due to hedge ineffectiveness and all hedges were deemed effective for assessment purposes for the thirteen and twenty-six weeks ended July 31, 2016 and August 2, 2015. The effect of derivative instruments in our Condensed Consolidated Financial Statements, pre-tax, was as follows: In thousands Thirteen Thirteen Twenty-six Twenty-six Net gain (loss) recognized in OCI $ 1,434 $ 1,084 $ (1,499 ) $ 571 Net gain reclassified from OCI into cost of goods sold $ 50 $ 643 $ 459 $ 911 Net foreign exchange gain (loss) recognized in selling, general and administrative expense: Instruments designated as cash flow hedges 1 $ (13 ) $ (26 ) $ 10 $ (42 ) Instruments not designated or de-designated 2 $ 309 $ 2,023 $ (3,033 ) $ 2,405 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 July 31, 2016 August 2, 2015 Derivatives designated as hedging instruments: Cash flow hedge foreign currency forward contracts Other current assets $ 309 $ 610 Cash flow hedge foreign currency forward contracts Other current liabilities (695 ) — Total, net $ (386 ) $ 610 Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ 9 $ 79 Foreign currency forward contracts Other current liabilities — — Total, net $ 9 $ 79 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

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jul. 31, 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 and twenty-six weeks ended July 31, 2016 or August 2, 2015.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jul. 31, 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 Cash Flow Accumulated Other 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 ) Foreign currency translation adjustments $ (3,005 ) $ — $ (3,005 ) Change in fair value of derivative financial instruments — 1,058 1,058 Reclassification adjustment for realized gains on derivative financial instruments 1 — (38 ) (38 ) Other comprehensive income (loss) (3,005 ) 1,020 (1,985 ) Balance at July 31, 2016 $ (9,277 ) $ (583 ) $ (9,860 ) 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 ) Foreign currency translation adjustments (3,694 ) — (3,694 ) Change in fair value of derivative financial instruments — 800 800 Reclassification adjustment for realized gains on derivative financial instruments 1 — (474 ) (474 ) Other comprehensive income (loss) (3,694 ) 326 (3,368 ) Balance at August 2, 2015 $ (6,349 ) $ 723 $ (5,625 ) 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 17

FINANCIAL STATEMENTS - BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jul. 31, 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)	6 Months Ended
	Jul. 31, 2016
Summary of Stock Options Activity	The following table summarizes our stock option activity during the twenty-six weeks ended July 31, 2016: Shares Balance at January 31, 2016 (100% vested) 38,500 Granted — Exercised (38,500 ) Cancelled — Balance at July 31, 2016 —
Summary of Stock-Settled Stock Appreciation Rights Activity	The following table summarizes our stock-settled stock appreciation right activity during the twenty-six weeks ended July 31, 2016: Shares Balance at January 31, 2016 (100% vested) 634,609 Granted — Converted into common stock (149,065 ) Cancelled — Balance at July 31, 2016 (100% vested) 485,544
Summary of Restricted Stock Units Activity	The following table summarizes our restricted stock unit activity during the twenty-six weeks ended July 31, 2016: Shares Balance at January 31, 2016 2,288,958 Granted 1,058,718 Released (880,388 ) Cancelled (171,444 ) Balance at July 31, 2016 2,295,844 Vested plus expected to vest at July 31, 2016 1,480,484

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jul. 31, 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 July 31, 2016 Basic $ 51,785 89,039 $ 0.58 Effect of dilutive stock-based awards 697 Diluted $ 51,785 89,736 $ 0.58 Thirteen weeks ended August 2, 2015 Basic $ 53,668 91,243 $ 0.59 Effect of dilutive stock-based awards 1,321 Diluted $ 53,668 92,564 $ 0.58 Twenty-six weeks ended July 31, 2016 Basic $ 91,382 89,169 $ 1.02 Effect of dilutive stock-based awards 929 Diluted $ 91,382 90,098 $ 1.01 Twenty-six weeks ended August 2, 2015 Basic $ 98,458 91,475 $ 1.08 Effect of dilutive stock-based awards 1,494 Diluted $ 98,458 92,969 $ 1.06

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jul. 31, 2016
Segment Information	Segment Information In thousands E-commerce Retail Unallocated Total Thirteen weeks ended July 31, 2016 Net revenues 1 $ 599,683 $ 559,346 $ — $ 1,159,029 Depreciation and amortization expense 7,989 21,339 12,801 42,129 Operating income (loss) 132,733 33,217 (82,674 ) 83,276 Capital expenditures 4,593 25,127 20,008 49,728 Thirteen weeks ended August 2, 2015 Net revenues 1 $ 569,913 $ 557,115 $ — $ 1,127,028 Depreciation and amortization expense 8,198 20,403 13,154 41,755 Operating income (loss) 122,461 40,503 (79,621 ) 83,343 Capital expenditures 4,582 23,265 18,618 46,465 Twenty-six weeks ended July 31, 2016 Net revenues 1 $ 1,175,917 $ 1,080,929 $ — $ 2,256,846 Depreciation and amortization expense 15,603 42,088 25,678 83,369 Operating income (loss) 2 264,278 63,342 (180,819 ) 146,801 Assets 3 627,532 1,051,184 694,848 2,373,564 Capital expenditures 8,442 38,879 30,556 77,877 Twenty-six weeks ended August 2, 2015 Net revenues 1 $ 1,102,486 $ 1,055,218 $ — $ 2,157,704 Depreciation and amortization expense 16,300 40,553 26,380 83,233 Operating income (loss) 250,035 68,629 (163,393 ) 155,271 Assets 3 658,803 1,101,441 635,727 2,395,971 Capital expenditures 8,518 43,193 35,138 86,849 1 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $80.0 million and $66.9 million for the thirteen weeks ended July 31, 2016 and August 2, 2015, respectively, and $149.7 million and $121.7 million for the twenty-six weeks ended July 31, 2016 and August 2, 2015, respectively. 2 Includes $13.2 million of severance-related reorganization charges due to a reduction of headcount in the first quarter of fiscal 2016, 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 $60.7 million and $60.0 million as of July 31, 2016 and August 2, 2015, respectively.

DERIVATIVE FINANCIAL INSTRUME21

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jul. 31, 2016
Foreign Currency Forward Contracts Outstanding with Notional Values	As of July 31, 2016 and August 2, 2015, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands July 31, 2016 August 2, 2015 Contracts designated as cash flow hedges $ 28,450 $ 12,500 Contracts not designated as cash flow hedges $ 44,000 $ 35,000
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 Twenty-six Twenty-six Net gain (loss) recognized in OCI $ 1,434 $ 1,084 $ (1,499 ) $ 571 Net gain reclassified from OCI into cost of goods sold $ 50 $ 643 $ 459 $ 911 Net foreign exchange gain (loss) recognized in selling, general and administrative expense: Instruments designated as cash flow hedges 1 $ (13 ) $ (26 ) $ 10 $ (42 ) Instruments not designated or de-designated 2 $ 309 $ 2,023 $ (3,033 ) $ 2,405 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 July 31, 2016 August 2, 2015 Derivatives designated as hedging instruments: Cash flow hedge foreign currency forward contracts Other current assets $ 309 $ 610 Cash flow hedge foreign currency forward contracts Other current liabilities (695 ) — Total, net $ (386 ) $ 610 Derivatives not designated as hedging instruments: Foreign currency forward contracts Other current assets $ 9 $ 79 Foreign currency forward contracts Other current liabilities — — Total, net $ 9 $ 79

ACCUMULATED OTHER COMPREHENSI22

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jul. 31, 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 Cash Flow Accumulated Other 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 ) Foreign currency translation adjustments $ (3,005 ) $ — $ (3,005 ) Change in fair value of derivative financial instruments — 1,058 1,058 Reclassification adjustment for realized gains on derivative financial instruments 1 — (38 ) (38 ) Other comprehensive income (loss) (3,005 ) 1,020 (1,985 ) Balance at July 31, 2016 $ (9,277 ) $ (583 ) $ (9,860 ) 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 ) Foreign currency translation adjustments (3,694 ) — (3,694 ) Change in fair value of derivative financial instruments — 800 800 Reclassification adjustment for realized gains on derivative financial instruments 1 — (474 ) (474 ) Other comprehensive income (loss) (3,694 ) 326 (3,368 ) Balance at August 2, 2015 $ (6,349 ) $ 723 $ (5,625 ) 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		6 Months Ended
	Jul. 31, 2016	Aug. 02, 2015	Jul. 31, 2016	Aug. 02, 2015	Aug. 26, 2016
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	$ 25,000,000	$ 90,000,000	$ 125,000,000	$ 150,000,000
Maximum borrowing capacity under letter of credit facilities including additional borrowing capacity	70,000,000		70,000,000
Outstanding letter of credit facilities	5,621,000		$ 5,621,000
Latest expiration date possible for future letters of credit			Jan. 23, 2018
Standby Letters of Credit
Debt Instrument [Line Items]
Amount issued but undrawn under credit facility	12,276,000		$ 12,276,000
Renewal Facilities | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity under letter of credit facilities including additional borrowing capacity					$ 70,000,000
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		$ 500,000,000
Maximum borrowing capacity including additional borrowing capacity	$ 750,000,000		$ 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	1.47%	1.10%	1.47%	1.10%
Unsecured Revolving Line Of Credit | Maximum
Debt Instrument [Line Items]
Additional borrowing capacity	$ 250,000,000		$ 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		6 Months Ended
	Jul. 31, 2016	Aug. 02, 2015	Jul. 31, 2016	Aug. 02, 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	$ 11,744	$ 10,903	$ 27,476	$ 24,913
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		32,310,000
Shares available for future grant	7,439,000		7,439,000
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)	6 Months Ended
	Jul. 31, 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
Balance at July 31, 2016

Summary of Stock Option Activ26

Summary of Stock Option Activity (Parenthetical) (Detail)	6 Months Ended
	Jul. 31, 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	6 Months Ended
	Jul. 31, 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	(149,065)
Cancelled, shares	0
Balance at July 31, 2016, shares	485,544

Summary of Stock-Settled Stoc28

Summary of Stock-Settled Stock Appreciation Right Activity (Parenthetical) (Detail)	6 Months Ended
	Jul. 31, 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)	6 Months Ended
	Jul. 31, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at January 31, 2016 shares	2,288,958
Granted, shares	1,058,718
Released, shares	(880,388)
Cancelled, shares	(171,444)
Balance at July 31, 2016 shares	2,295,844
Vested plus expected to vest at July 31, 2016 shares	1,480,484

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		6 Months Ended
	Jul. 31, 2016	Aug. 02, 2015	Jul. 31, 2016	Aug. 02, 2015
Earnings Per Share [Line Items]
Net Earnings, Basic	$ 51,785	$ 53,668	$ 91,382	$ 98,458
Net Earnings, Diluted	$ 51,785	$ 53,668	$ 91,382	$ 98,458
Weighted Average Shares, Basic	89,039	91,243	89,169	91,475
Weighted Average Shares, Effect of dilutive stock-based awards	697	1,321	929	1,494
Weighted Average Shares, Diluted	89,736	92,564	90,098	92,969
Earnings Per Share, Basic	$ 0.58	$ 0.59	$ 1.02	$ 1.08
Earnings Per Share, Diluted	$ 0.58	$ 0.58	$ 1.01	$ 1.06

Earnings Per Share- Additional

Earnings Per Share- Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jul. 31, 2016	Aug. 02, 2015	Jul. 31, 2016	Aug. 02, 2015
Earnings Per Share [Line Items]
Anti-dilutive stock-based awards excluded from the computation of diluted earnings per share	909,000	0	627,000	0

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	6 Months Ended
	Jul. 31, 2016Segment
Segment Reporting Information [Line Items]
Number of reportable segments	2

Segment Information (Detail)

Segment Information (Detail) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jul. 31, 2016		Aug. 02, 2015		Jul. 31, 2016		Aug. 02, 2015		Jan. 31, 2016
Segment Reporting Information [Line Items]
Net revenues	[1]	$ 1,159,029		$ 1,127,028		$ 2,256,846		$ 2,157,704
Depreciation and amortization expense		42,129		41,755		83,369		83,233
Operating income (loss)		83,276		83,343		146,801	[2]	155,271
Capital expenditures		49,728		46,465		77,877		86,849
Assets		2,373,564	[3]	2,395,971	[3]	2,373,564	[3]	2,395,971	[3]	$ 2,417,427
E-commerce
Segment Reporting Information [Line Items]
Net revenues		599,683		569,913		1,175,917		1,102,486
Retail
Segment Reporting Information [Line Items]
Net revenues		559,346		557,115		1,080,929		1,055,218
Operating Segments | E-commerce
Segment Reporting Information [Line Items]
Net revenues	[1]	599,683		569,913		1,175,917		1,102,486
Depreciation and amortization expense		7,989		8,198		15,603		16,300
Operating income (loss)		132,733		122,461		264,278	[2]	250,035
Capital expenditures		4,593		4,582		8,442		8,518
Assets	[3]	627,532		658,803		627,532		658,803
Operating Segments | Retail
Segment Reporting Information [Line Items]
Net revenues	[1]	559,346		557,115		1,080,929		1,055,218
Depreciation and amortization expense		21,339		20,403		42,088		40,553
Operating income (loss)		33,217		40,503		63,342	[2]	68,629
Capital expenditures		25,127		23,265		38,879		43,193
Assets	[3]	1,051,184		1,101,441		1,051,184		1,101,441
Unallocated
Segment Reporting Information [Line Items]
Depreciation and amortization expense		12,801		13,154		25,678		26,380
Operating income (loss)		(82,674)		(79,621)		(180,819)	[2]	(163,393)
Capital expenditures		20,008		18,618		30,556		35,138
Assets	[3]	$ 694,848		$ 635,727		$ 694,848		$ 635,727
[1]	Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $80.0 million and $66.9 million for the thirteen weeks ended July 31, 2016 and August 2, 2015, respectively, and $149.7 million and $121.7 million for the twenty-six weeks ended July 31, 2016 and August 2, 2015, respectively.
[2]	Includes $13.2 million of severance-related reorganization charges due to a reduction of headcount in the first quarter of fiscal 2016, 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 $60.7 million and $60.0 million as of July 31, 2016 and August 2, 2015, respectively.

Segment Information (Parentheti

Segment Information (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jul. 31, 2016	May 01, 2016	Aug. 02, 2015	Jul. 31, 2016	Aug. 02, 2015
Segment Reporting Information [Line Items]
Net revenues related to foreign operations	$ 80		$ 66.9	$ 149.7	$ 121.7
Severance, related reorganization charges		$ 13.2
Long-term assets related to foreign operations	$ 60.7		$ 60	$ 60.7	$ 60

Stock Repurchase Program and 35

Stock Repurchase Program and Dividends - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Jul. 31, 2016	Aug. 02, 2015	Jul. 31, 2016	Aug. 02, 2015	Jan. 31, 2016
Stock Repurchase Program and Dividend [Line Items]
Common stock repurchased, shares		665,517	899,301	1,393,146	1,563,703
Common stock repurchased, average cost per share		$ 53.38	$ 80.55	$ 54.67	$ 79.94
Common stock repurchased, total cost		$ 35,527,000	$ 72,438,000	$ 76,166,000	$ 125,000,000
Treasure stock, value		$ 1,535,000	$ 1,936,000	$ 1,535,000	$ 1,936,000	$ 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	$ 0.74	$ 0.70

Derivative Financial Instrume36

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2016	Aug. 02, 2015	Jul. 31, 2016	Aug. 02, 2015
Derivative [Line Items]
Reclassification from OCI to cost of goods sold	$ 787,000		$ 787,000
Gain or loss recognized for cash flow hedges due to hedge ineffectiveness	$ 0	$ 0	$ 0	$ 0

Foreign Currency Forward Contra

Foreign Currency Forward Contracts Outstanding with Notional Values (Detail) - Foreign Exchange Contract - USD ($)	Jul. 31, 2016	Aug. 02, 2015
Derivatives designated as hedging instruments | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange of foreign currency contracts	$ 28,450,000	$ 12,500,000
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange of foreign currency contracts	$ 44,000,000	$ 35,000,000

Effect of Derivative Instrument

Effect of Derivative Instruments in Condensed Consolidated Financial Statements (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jul. 31, 2016	Aug. 02, 2015	Jul. 31, 2016	Aug. 02, 2015
Derivative [Line Items]
Net gain (loss) recognized in OCI		$ 1,434	$ 1,084	$ (1,499)	$ 571
Net gain reclassified from OCI into cost of goods sold		50	643	459	911
Net foreign exchange gain (loss) recognized in selling, general and administrative expense, Instruments designated as cash flow hedges	[1]	(13)	(26)	10	(42)
Net foreign exchange gain (loss) recognized in selling, general and administrative expense, Instruments not designated or de-designated	[2]	$ 309	$ 2,023	$ (3,033)	$ 2,405
[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	Jul. 31, 2016	Aug. 02, 2015
Derivatives, Fair Value [Line Items]
Cash flow hedge foreign currency forward contracts - Other Current Assets	$ 309	$ 610
Cash flow hedge foreign currency forward contracts - Other Current Liabilities	(695)
Total, net	(386)	610
Foreign currency forward contracts - Other Current Assets	9	79
Foreign currency forward contracts - Other Current liabilities	0	0
Total, net	$ 9	$ 79

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) - USD ($) $ in Thousands		3 Months Ended								6 Months Ended
		Jul. 31, 2016		May 01, 2016		Aug. 02, 2015		May 03, 2015		Jul. 31, 2016	Aug. 02, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance				$ (10,616)						$ (10,616)
Foreign currency translation adjustments		$ (3,005)		5,208		$ (3,694)		$ 867		2,203	$ (2,827)
Change in fair value of derivative financial instruments		1,058		(2,165)		800		(379)		(1,107)	421
Reclassification adjustment for realized gains on derivative financial instruments		(38)	[1]	(302)	[1]	(474)	[1]	(198)	[1]	(340)	(672)
Other comprehensive income (loss)		(1,985)		2,741		(3,368)		290
Ending Balance		(9,860)				(5,625)				(9,860)	(5,625)
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(6,272)		(11,480)		(2,655)		(3,522)		(11,480)	(3,522)
Foreign currency translation adjustments		(3,005)		5,208		(3,694)		867
Other comprehensive income (loss)		(3,005)		5,208		(3,694)		867
Ending Balance		(9,277)		(6,272)		(6,349)		(2,655)		(9,277)	(6,349)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(1,603)		864		397		974		864	974
Change in fair value of derivative financial instruments		1,058		(2,165)		800		(379)
Reclassification adjustment for realized gains on derivative financial instruments	[1]	(38)		(302)		(474)		(198)
Other comprehensive income (loss)		1,020		(2,467)		326		(577)
Ending Balance		(583)		(1,603)		723		397		(583)	723
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(7,875)		(10,616)		(2,257)		(2,548)		(10,616)	(2,548)
Ending Balance		$ (9,860)		$ (7,875)		$ (5,625)		$ (2,257)		$ (9,860)	$ (5,625)
[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.