Williams-Sonoma (WSM) 10-Q 8 Jun 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 29, 2018	May 27, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 29, 2018
Document Fiscal Year Focus	2,018
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	--01-28
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		83,104,613

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Apr. 29, 2018	Apr. 30, 2017
Net revenues	[1]	$ 1,203,000	$ 1,111,507
Cost of goods sold		770,836	715,747
Gross profit		432,164	395,760
Selling, general and administrative expenses		365,614	333,286
Operating income	[2]	66,550	62,474
Interest (income) expense, net		1,201	(103)
Earnings before income taxes		65,349	62,577
Income taxes		20,181	23,022
Net earnings		$ 45,168	$ 39,555
Basic earnings per share		$ 0.54	$ 0.45
Diluted earnings per share		$ 0.54	$ 0.45
Shares used in calculation of earnings per share:
Basic		83,392	86,962
Diluted		84,174	87,710
E-commerce
Net revenues		$ 646,180	$ 580,510
Retail
Net revenues		$ 556,820	$ 530,997
[1]	Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $79.4 million and $69.4 million for the thirteen weeks ended April 29, 2018 and April 30, 2017, respectively.
[2]	The thirteen weeks ended April 29, 2018 includes $6.9 million of expense related to our acquisition of Outward, Inc., (primarily acquisition-related compensation costs, the amortization of intangible assets acquired, and the operations of the Outward business), of which $5.5 million is recorded in the e-commerce segment and $1.4 million is recorded in the unallocated segment, as well as $1.7 million for employment-related expense in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment. The thirteen weeks ended April 30, 2017 includes $5.7 million of severance-related charges in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment.

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2018	Apr. 30, 2017
Net earnings	$ 45,168	$ 39,555
Other comprehensive income (loss):
Foreign currency translation adjustments	(1,145)	(1,566)
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $68 and $237	1,123	655
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax (tax benefit) of $(3) and $5	49	(16)
Comprehensive income	$ 45,195	$ 38,628

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2018	Apr. 30, 2017
Change in fair value of derivative financial instruments, tax	$ 68	$ 237
Reclassification adjustment for realized losses on derivative financial instruments, tax (tax benefit)	$ (3)	$ 5

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 29, 2018		Jan. 28, 2018	Apr. 30, 2017
Current assets
Cash and cash equivalents	$ 290,244		$ 390,136	$ 93,975
Accounts receivable, net	102,630		90,119	63,982
Merchandise inventories, net	1,052,892		1,061,593	1,037,107
Prepaid catalog expenses			20,517	20,341
Prepaid expenses	56,333		62,204	64,739
Other current assets	21,118		11,876	10,901
Total current assets	1,523,217		1,636,445	1,291,045
Property and equipment, net	926,320		932,283	920,531
Deferred income taxes, net	58,842		67,306	124,977
Other long-term assets, net	148,526		149,715	54,624
Total assets	2,656,905	[1]	2,785,749	2,391,177	[1]
Current liabilities
Accounts payable	393,025		457,144	397,442
Accrued expenses	99,823		134,207	87,184
Gift card and other deferred revenue	256,534		300,607	298,113
Borrowings under revolving line of credit				45,000
Income taxes payable	72,036		56,783	37,792
Other current liabilities	61,403		59,082	47,134
Total current liabilities	882,821		1,007,823	912,665
Deferred rent and lease incentives	204,599		202,134	195,201
Long-term debt	299,472		299,422
Other long-term liabilities	72,779		72,804	73,160
Total liabilities	1,459,671		1,582,183	1,181,026
Commitments and contingencies - See Note F
Stockholders' equity
Preferred stock: $.01 par value; 7,500 shares authorized; none issued
Common stock: $.01 par value; 253,125 shares authorized; 83,222, 83,726 and 86,883 shares issued and outstanding at April 29, 2018, January 28, 2018 and April 30, 2017, respectively	833		837	869
Additional paid-in capital	564,685		562,814	549,281
Retained earnings	638,774		647,422	671,758
Accumulated other comprehensive loss	(6,755)		(6,782)	(10,830)
Treasury stock, at cost: 3, 11 and 13 shares as of April 29, 2018, January 28, 2018 and April 30, 2017, respectively	(303)		(725)	(927)
Total stockholders' equity	1,197,234		1,203,566	1,210,151
Total liabilities and stockholders' equity	$ 2,656,905		$ 2,785,749	$ 2,391,177
[1]	Includes long-term assets related to our international operations of approximately $59.5 million and $57.9 million as of April 29, 2018 and April 30, 2017, respectively.

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 29, 2018	Jan. 28, 2018	Apr. 30, 2017
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	83,222,000	83,726,000	86,883,000
Common stock, shares outstanding	83,222,000	83,726,000	86,883,000
Treasury stock, shares	3,000	11,000	13,000

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2018	Apr. 30, 2017
Cash flows from operating activities:
Net earnings	$ 45,168	$ 39,555
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	47,873	44,950
Loss on disposal/impairment of assets	414	519
Amortization of deferred lease incentives	(6,724)	(6,477)
Deferred income taxes	(3,241)	(3,848)
Tax benefit related to stock-based awards	6,126	13,742
Stock-based compensation expense	12,889	9,817
Other	64	(76)
Changes in:
Accounts receivable	(9,556)	24,610
Merchandise inventories	2,388	(60,246)
Prepaid catalog expenses		(844)
Prepaid expenses and other assets	(4,399)	(11,069)
Accounts payable	(76,823)	(65,483)
Accrued expenses and other liabilities	(32,047)	(47,248)
Gift card and other deferred revenue	4,815	(4,648)
Deferred rent and lease incentives	10,004	5,806
Income taxes payable	13,818	14,564
Net cash provided by (used in) operating activities	10,769	(46,376)
Cash flows from investing activities:
Purchases of property and equipment	(34,029)	(32,153)
Other	120	5
Net cash used in investing activities	(33,909)	(32,148)
Cash flows from financing activities:
Repurchases of common stock	(37,713)	(38,350)
Payment of dividends	(34,081)	(34,189)
Tax withholdings related to stock-based awards	(7,438)	(13,780)
Borrowings under revolving line of credit		45,000
Net cash used in financing activities	(79,232)	(41,319)
Effect of exchange rates on cash and cash equivalents	2,480	105
Net decrease in cash and cash equivalents	(99,892)	(119,738)
Cash and cash equivalents at beginning of period	390,136	213,713
Cash and cash equivalents at end of period	$ 290,244	$ 93,975

FINANCIAL STATEMENTS - BASIS OF

FINANCIAL STATEMENTS - BASIS OF PRESENTATION	3 Months Ended
	Apr. 29, 2018
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 April 29, 2018 and April 30, 2017, 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 28, 2018, presented herein, has been derived from our audited Consolidated Balance Sheet included in our Annual Report on Form 10-K The results of operations for the thirteen weeks ended April 29, 2018 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 Reclassifications Certain amounts reported in our Condensed Consolidated Balance Sheets as of January 28, 2018 and April 30, 2017 and our Condensed Consolidated Statement of Cash Flows for the thirteen weeks ended April 30, 2017 have been reclassified in order to conform to the current period presentation. These reclassifications impacted prepaid catalog expenses, prepaid expenses, accounts payable, accrued expenses, gift card and other deferred revenue and other current liabilities. There was no change to total current assets, total current liabilities, or net cash used in operating activities as a result of these reclassifications. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers 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, right-of-use In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other than Inventory In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815), both non-financial and In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220)

BORROWING ARRANGEMENTS

BORROWING ARRANGEMENTS	3 Months Ended
	Apr. 29, 2018
BORROWING ARRANGEMENTS	NOTE B. BORROWING ARRANGEMENTS Credit Facility We have a credit facility which provides for a $500,000,000 unsecured revolving line of credit (“revolver”) and a $300,000,000 unsecured term loan facility (“term loan”). The revolver 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 revolver by up to $250,000,000, at such lenders’ option, to provide for a total of $750,000,000 of unsecured revolving credit. The revolver matures on January 8, 2023, at which time all outstanding borrowings must be repaid and all outstanding letters of credit must be cash collateralized. We may, prior to the first and second anniversaries of the closing date of the amendment of the credit facility, elect to extend the maturity date for an additional year, subject to lender approval. During the first quarter of fiscal 2018, we had no borrowings under the revolver. During the first quarter of fiscal 2017, we had borrowings of $45,000,000 under the revolver (at a weighted average interest rate of 2.01%), all of which were outstanding as of April 30, 2017. Additionally, as of April 29, 2018, $12,772,000 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. As of April 29, 2018, we had $300,000,000 outstanding under our term loan (at a weighted average interest rate of 2.85%). The term loan matures on January 8, 2021, at which time all outstanding principal and any accrued interest must be repaid. The interest rates under the credit facility are variable, and may be elected by us as: (i) the London Interbank Offer Rate (“LIBOR”) plus an applicable margin based on our leverage ratio ranging from 0.91% to 1.775% for a revolver borrowing, and 1.0% to 2.0% for the term loan; or (ii) a base rate as defined in the credit facility plus an applicable margin ranging from 0% to 0.775% for a revolver borrowing, and 0% to 1% for the term loan. As of April 29, 2018, we are in compliance with our financial covenants under the credit facility and, based on current projections, we except to remain in compliance throughout the next 12 months. 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 25, 2018. The letter of credit facilities contain covenants that are consistent with our credit facility. Interest on unreimbursed amounts under the letter of credit facilities accrues at a base rate as defined in the credit facility plus an applicable margin based on our leverage ratio. As of April 29, 2018, an aggregate of $5,900,000 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 22, 2019.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Apr. 29, 2018
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 April 29, 2018, there were approximately 3,032,000 shares available for future grant. Subsequently, on May 30, 2018, our stockholders approved an amendment and restatement of the Plan to increase the number of shares issuable by 4,260,000 shares. Awards may be granted under the Plan to our officers, employees and non-employee 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 and have a maximum term of seven years. 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 Non-employee non-employee Stock-Based Compensation Expense During the thirteen weeks ended April 29, 2018 and April 30, 2017, we recognized total stock-based compensation expense, as a component of selling, general and administrative expenses, of $12,889,000 and $9,817,000, respectively. Stock-Settled Stock Appreciation Rights A stock-settled stock appreciation right is an award that allows the recipient to receive common stock equal to the appreciation in the fair market value of our common stock between the grant date and the conversion date for the number of shares converted. The following table summarizes our stock-settled stock appreciation right activity during the thirteen weeks ended April 29, 2018: Shares Balance at January 28, 2018 (100% vested) 167,737 Granted — Converted into common stock (125,787 ) Cancelled (1,290 ) Balance at April 29, 2018 (100% vested) 40,660 Restricted Stock Units The following table summarizes our restricted stock unit activity during the thirteen weeks ended April 29, 2018: Shares Balance at January 28, 2018 2,358,137 Granted 1,306,744 Granted, with vesting subject to performance conditions 256,350 Released (339,418 ) Cancelled (159,395 ) Balance at April 29, 2018 3,422,418 Vested plus expected to vest at April 29, 2018 2,649,093

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Apr. 29, 2018
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 outstanding 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 April 29, 2018 Basic $ 45,168 83,392 $ 0.54 Effect of dilutive stock-based awards 782 Diluted $ 45,168 84,174 $ 0.54 Thirteen weeks ended April 30, 2017 Basic $ 39,555 86,962 $ 0.45 Effect of dilutive stock-based awards 748 Diluted $ 39,555 87,710 $ 0.45 Stock-based awards of 29,997 and 215,595 were excluded from the computation of diluted earnings per share for the thirteen weeks ended April 29, 2018 and April 30, 2017, respectively, as their inclusion would be anti-dilutive.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Apr. 29, 2018
SEGMENT REPORTING	NOTE E. SEGMENT REPORTING We have two reportable segments, e-commerce e-commerce e-commerce e-commerce e-commerce. 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, deferred income taxes and other corporate long-lived assets. Income taxes are calculated at an entity level and are not allocated to our reportable segments. Segment Information In thousands E-commerce Retail Unallocated Total Thirteen weeks ended April 29, 2018 Net revenues 1 $ 646,180 $ 556,820 $ — $ 1,203,000 Depreciation and amortization expense 9,346 22,999 15,528 47,873 Operating income (loss) 2 142,805 22,061 (98,316 ) 66,550 Assets 3 770,187 1,115,696 771,022 2,656,905 Capital expenditures 5,794 17,195 11,040 34,029 Thirteen weeks ended April 30, 2017 Net revenues 1 $ 580,510 $ 530,997 $ — $ 1,111,507 Depreciation and amortization expense 6,967 22,342 15,641 44,950 Operating income (loss) 2 132,004 21,714 (91,244 ) 62,474 Assets 3 653,898 1,067,169 670,110 2,391,177 Capital expenditures 2,870 16,497 12,786 32,153 1 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $79.4 million and $69.4 million for the thirteen weeks ended April 29, 2018 and April 30, 2017, respectively. 2 The thirteen weeks ended April 29, 2018 includes $6.9 million of expense related to our acquisition of Outward, Inc., (primarily acquisition-related compensation costs, the amortization of intangible assets acquired, and the operations of the Outward business), of which $5.5 million is recorded in the e-commerce segment and $1.4 million is recorded in the unallocated segment, as well as $1.7 million for employment-related expense in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment. The thirteen weeks ended April 30, 2017 includes $5.7 million of severance-related charges in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment. 3 Includes long-term assets related to our international operations of approximately $59.5 million and $57.9 million as of April 29, 2018 and April 30, 2017, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Apr. 29, 2018
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. 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 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
	Apr. 29, 2018
STOCK REPURCHASE PROGRAM AND DIVIDENDS	NOTE G. STOCK REPURCHASE PROGRAM AND DIVIDENDS Stock Repurchase Program In March 2018, we announced that our Board of Directors had authorized an increase in our current stock repurchase program to $500,000,000. During the thirteen weeks ended April 29, 2018, we repurchased 731,930 shares of our common stock at an average cost of $51.53 per share for a total cost of approximately $37,713,000. As of April 29, 2018 there was $481,406,000 remaining under our current stock repurchase program. In addition, as of April 29, 2018, we held treasury stock of $303,000 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 April 30, 2017, we repurchased 764,543 shares of our common stock at an average cost of $50.16 per share for a total cost of approximately $38,350,000. As of April 30, 2017, we held treasury stock of $927,000. Stock repurchases under our 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. Dividends We declared cash dividends of $0.43 and $0.39 per common share during the thirteen weeks ended April 29, 2018 and April 30, 2017, respectively. Our quarterly cash dividend may be limited or terminated at any time.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Apr. 29, 2018
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE H. DERIVATIVE FINANCIAL INSTRUMENTS We have retail and e-commerce 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 Canadian subsidiary. These hedges have terms of up to 18 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 selling, general and administrative expenses. Based on the rates in effect as of April 29, 2018, we expect to reclassify a net pre-tax We also enter into non-designated As of April 29, 2018 and April 30, 2017, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands April 29, 2018 April 30, 2017 Contracts designated as cash flow hedges $ 28,500 $ 19,200 Contracts not designated as cash flow hedges $ 52,276 $ 48,000 Hedge effectiveness is evaluated prospectively at inception, on an ongoing basis, as well as retrospectively using regression analysis. Any measurable ineffectiveness of the hedge is recorded in selling, general and administrative expenses. 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 April 29, 2018 and April 30, 2017. The effect of derivative instruments in our Condensed Consolidated Financial Statements during the thirteen weeks ended April 29, 2018 and April 30, 2017, pre-tax, In thousands April 29, 2018 April 30, 2017 Net gain (loss) recognized in OCI $ 1,191 $ 892 Net gain (loss) reclassified from OCI to cost of goods sold $ (52 ) $ 21 Net foreign exchange gain (loss) recognized in selling, general and administrative expenses: Instruments designated as cash flow hedges 1 $ (17 ) $ 8 Instruments not designated or de-designated $ 2,760 $ 341 1 Changes in fair value of the forward contract related to interest charges (or forward points). The fair values of our derivative financial instruments are presented below according to their classification in our Condensed Consolidated Balance Sheets. All fair values were measured using Level 2 inputs as defined by the fair value hierarchy described in Note I. In thousands April 29, 2018 April 30, 2017 Derivatives designated as cash flow hedges: Other current assets $ 460 $ 925 Other long-term assets $ 79 $ 52 Other current liabilities $ (51 ) $ — Derivatives not designated as hedging instruments: Other current assets $ 36 $ — Other current liabilities $ — $ (83 ) 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	3 Months Ended
	Apr. 29, 2018
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 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. Long-term Debt As of April 29, 2018, the fair value of our long-term debt approximates its carrying value and is based on observable Level 2 inputs, primarily market interest rates for instruments with similar maturities. 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 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 Property and Equipment We review the carrying value of all long-lived assets for impairment, primarily at an individual 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 April 29, 2018 or April 30, 2017.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Apr. 29, 2018
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 28, 2018 $ (6,227 ) $ (555 ) $ (6,782 ) Foreign currency translation adjustments (1,145 ) — (1,145 ) Change in fair value of derivative financial instruments — 1,123 1,123 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — 49 49 Other comprehensive income (loss) (1,145 ) 1,172 27 Balance at April 29, 2018 $ (7,372 ) $ 617 $ (6,755 ) Balance at January 29, 2017 $ (9,957 ) $ 54 $ (9,903 ) Foreign currency translation adjustments (1,566 ) — (1,566 ) Change in fair value of derivative financial instruments — 655 655 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — (16 ) (16 ) Other comprehensive income (loss) (1,566 ) 639 (927 ) Balance at April 30, 2017 $ (11,523 ) $ 693 $ (10,830 ) 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.

ACQUISITION OF OUTWARD, INC.

ACQUISITION OF OUTWARD, INC.	3 Months Ended
	Apr. 29, 2018
ACQUISITION OF OUTWARD, INC.	NOTE K. ACQUISITION OF OUTWARD, INC. On December 1, 2017, we acquired Outward, Inc. (“Outward”), a 3-D pre-existing The purchase consideration of $80,864,000 was allocated to identifiable assets acquired of $2,767,000, primarily property and equipment, and to liabilities assumed of $12,169,000, based on their estimated fair values on the acquisition date. The remaining consideration has been recorded within other long-term assets in our Condensed Consolidated Balance Sheet. We are currently in the process of valuing intangible assets acquired, and expect to allocate the remaining consideration between goodwill and intangible assets upon completion. Outward is a wholly-owned subsidiary of Williams-Sonoma, Inc. Results of operations for Outward have been included in our Condensed Consolidated Financial Statements from the acquisition date. Pro forma results of Outward have not been presented as the results were not material to our Condensed Consolidated Financial Statements for all years presented, and would not have been material had the acquisition occurred at the beginning of fiscal 2017.

REVENUE

REVENUE	3 Months Ended
	Apr. 29, 2018
REVENUE	NOTE L. REVENUE The majority of our revenues are generated from sales of merchandise to our customers, either in our retail stores or through our e-commerce co-branded We recognize revenue as control of promised goods or services are transferred to our customers. We record a liability at each period end where we have an obligation to transfer goods or services for which we have received consideration or have a right to consideration. We exclude from revenue any taxes assessed by governmental authorities, including value-added and other sales-related taxes, that are imposed on and concurrent with revenue-generating activities. Our payment terms are primarily at the point of sale for merchandise sales and for most services. See Note E, for disaggregation of our net revenues by reportable segment. Merchandise Sales Revenues from the sale of our merchandise through our e-commerce Revenue from the sale of merchandise is reported net of sales returns. We estimate future returns based on historical return trends together with current product sales performance. As of April 29, 2018, we recorded a liability for expected sales returns of approximately $25,158,000 within other current liabilities and a corresponding asset for the expected net realizable value of the merchandise inventory to be returned of approximately $9,395,000 within other current assets in our Condensed Consolidated Balance Sheet. Stored-value Cards We issue stored-value cards that may be redeemed on future merchandise purchases at our stores or through our e-commerce Credit Card Incentives We enter into agreements with credit card issuers in connection with our private label and co-branded We defer revenue when cash payments are received in advance of performance for unsatisfied obligations related to our stored-value cards, merchandise sales, and incentives received from credit card issuers. Deferred revenue related to these transactions was $280,557,000 as of January 28, 2018. Of this balance, $133,883,000 was recognized as revenue during the first quarter of fiscal 2018 and $49,494,000 was recorded to retained earnings due to the adoption of ASU 2014-09. As of April 29, 2018, deferred revenue related to these transactions was $235,046,000. We expect the majority of this balance to be recognized as revenue during fiscal 2018. Customer Loyalty Programs We have customer loyalty programs which allow members to earn points for each qualifying purchase. Points earned enable members to receive certificates that may be redeemed on future merchandise purchases at our stores or through our e-commerce Adoption of ASU 2014-09 The adoption of ASU 2014-09 • the reclassification from selling, general and administrative expenses into net revenues for certain incentives received from credit card issuers, • the reclassification of breakage income related to our unredeemed stored-value cards from selling, general and administrative expenses into net revenues, as well as an acceleration in the timing of recognizing breakage income, and • an acceleration in the timing of revenue recognition for certain merchandise shipped to our customers. The following summarizes the impact of adopting ASU 2014-09 2014-09 As of April 29, 2018 In thousands As ASU 2014-09 As ASSETS Accounts receivable $ 102,630 $ (3,056 ) $ 99,574 Merchandise inventories, net 1,052,892 6,385 1,059,277 Prepaid catalog expenses — 22,258 22,258 Prepaid expenses 56,333 663 56,996 Other current assets 21,118 (9,395 ) 11,723 Deferred income taxes, net 58,842 5,178 64,020 Total assets $ 2,656,905 $ 22,034 $ 2,678,939 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ 393,025 $ (2,165 ) $ 390,860 Gift card and other deferred revenue 256,534 63,824 320,358 Income taxes payable 72,036 (3,253 ) 68,783 Other current liabilities 61,403 (14,757 ) 46,646 Other long-term liabilities 72,779 874 73,653 Retained earnings 638,774 (22,489 ) 616,285 Total liabilities and stockholders’ equity $ 2,656,905 $ 22,034 $ 2,678,939 Thirteen Weeks Ended April 29, 2018 In thousands As ASU 2014-09 As Net revenues $ 1,203,000 $ (25,101 ) $ 1,177,899 Cost of goods sold 770,836 (6,144 ) 764,692 Gross profit 432,164 (18,957 ) 413,207 Selling, general and administrative expenses 365,614 (12,262 ) 353,352 Operating income $ 66,550 $ (6,695 ) $ 59,855

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 29, 2018
Reclassifications	Reclassifications Certain amounts reported in our Condensed Consolidated Balance Sheets as of January 28, 2018 and April 30, 2017 and our Condensed Consolidated Statement of Cash Flows for the thirteen weeks ended April 30, 2017 have been reclassified in order to conform to the current period presentation. These reclassifications impacted prepaid catalog expenses, prepaid expenses, accounts payable, accrued expenses, gift card and other deferred revenue and other current liabilities. There was no change to total current assets, total current liabilities, or net cash used in operating activities as a result of these reclassifications.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers 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, right-of-use In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other than Inventory In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815), both non-financial and In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220)

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Apr. 29, 2018
Summary of Stock-Settled Stock Appreciation Rights Activity	The following table summarizes our stock-settled stock appreciation right activity during the thirteen weeks ended April 29, 2018: Shares Balance at January 28, 2018 (100% vested) 167,737 Granted — Converted into common stock (125,787 ) Cancelled (1,290 ) Balance at April 29, 2018 (100% vested) 40,660
Summary of Restricted Stock Units Activity	The following table summarizes our restricted stock unit activity during the thirteen weeks ended April 29, 2018: Shares Balance at January 28, 2018 2,358,137 Granted 1,306,744 Granted, with vesting subject to performance conditions 256,350 Released (339,418 ) Cancelled (159,395 ) Balance at April 29, 2018 3,422,418 Vested plus expected to vest at April 29, 2018 2,649,093

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Apr. 29, 2018
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 April 29, 2018 Basic $ 45,168 83,392 $ 0.54 Effect of dilutive stock-based awards 782 Diluted $ 45,168 84,174 $ 0.54 Thirteen weeks ended April 30, 2017 Basic $ 39,555 86,962 $ 0.45 Effect of dilutive stock-based awards 748 Diluted $ 39,555 87,710 $ 0.45

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Apr. 29, 2018
Segment Information	Segment Information In thousands E-commerce Retail Unallocated Total Thirteen weeks ended April 29, 2018 Net revenues 1 $ 646,180 $ 556,820 $ — $ 1,203,000 Depreciation and amortization expense 9,346 22,999 15,528 47,873 Operating income (loss) 2 142,805 22,061 (98,316 ) 66,550 Assets 3 770,187 1,115,696 771,022 2,656,905 Capital expenditures 5,794 17,195 11,040 34,029 Thirteen weeks ended April 30, 2017 Net revenues 1 $ 580,510 $ 530,997 $ — $ 1,111,507 Depreciation and amortization expense 6,967 22,342 15,641 44,950 Operating income (loss) 2 132,004 21,714 (91,244 ) 62,474 Assets 3 653,898 1,067,169 670,110 2,391,177 Capital expenditures 2,870 16,497 12,786 32,153 1 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $79.4 million and $69.4 million for the thirteen weeks ended April 29, 2018 and April 30, 2017, respectively. 2 The thirteen weeks ended April 29, 2018 includes $6.9 million of expense related to our acquisition of Outward, Inc., (primarily acquisition-related compensation costs, the amortization of intangible assets acquired, and the operations of the Outward business), of which $5.5 million is recorded in the e-commerce segment and $1.4 million is recorded in the unallocated segment, as well as $1.7 million for employment-related expense in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment. The thirteen weeks ended April 30, 2017 includes $5.7 million of severance-related charges in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment. 3 Includes long-term assets related to our international operations of approximately $59.5 million and $57.9 million as of April 29, 2018 and April 30, 2017, respectively.

DERIVATIVE FINANCIAL INSTRUME24

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Apr. 29, 2018
Foreign Currency Forward Contracts Outstanding with Notional Values	As of April 29, 2018 and April 30, 2017, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands April 29, 2018 April 30, 2017 Contracts designated as cash flow hedges $ 28,500 $ 19,200 Contracts not designated as cash flow hedges $ 52,276 $ 48,000
Effect of Derivative Instruments in Condensed Consolidated Financial Statements	The effect of derivative instruments in our Condensed Consolidated Financial Statements during the thirteen weeks ended April 29, 2018 and April 30, 2017, pre-tax, In thousands April 29, 2018 April 30, 2017 Net gain (loss) recognized in OCI $ 1,191 $ 892 Net gain (loss) reclassified from OCI to cost of goods sold $ (52 ) $ 21 Net foreign exchange gain (loss) recognized in selling, general and administrative expenses: Instruments designated as cash flow hedges 1 $ (17 ) $ 8 Instruments not designated or de-designated $ 2,760 $ 341 1 Changes in fair value of the forward contract related to interest charges (or forward points).
Fair Values of Derivative Instruments	The fair values of our derivative financial instruments are presented below according to their classification in our Condensed Consolidated Balance Sheets. All fair values were measured using Level 2 inputs as defined by the fair value hierarchy described in Note I. In thousands April 29, 2018 April 30, 2017 Derivatives designated as cash flow hedges: Other current assets $ 460 $ 925 Other long-term assets $ 79 $ 52 Other current liabilities $ (51 ) $ — Derivatives not designated as hedging instruments: Other current assets $ 36 $ — Other current liabilities $ — $ (83 )

ACCUMULATED OTHER COMPREHENSI25

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Apr. 29, 2018
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 28, 2018 $ (6,227 ) $ (555 ) $ (6,782 ) Foreign currency translation adjustments (1,145 ) — (1,145 ) Change in fair value of derivative financial instruments — 1,123 1,123 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — 49 49 Other comprehensive income (loss) (1,145 ) 1,172 27 Balance at April 29, 2018 $ (7,372 ) $ 617 $ (6,755 ) Balance at January 29, 2017 $ (9,957 ) $ 54 $ (9,903 ) Foreign currency translation adjustments (1,566 ) — (1,566 ) Change in fair value of derivative financial instruments — 655 655 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — (16 ) (16 ) Other comprehensive income (loss) (1,566 ) 639 (927 ) Balance at April 30, 2017 $ (11,523 ) $ 693 $ (10,830 ) 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.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Apr. 29, 2018
Accounting Standards Update 2014-09
Summarize Impact of Adopting ASU 2014-09 to Consolidated Financial Statements	The following summarizes the impact of adopting ASU 2014-09 2014-09 As of April 29, 2018 In thousands As ASU 2014-09 As ASSETS Accounts receivable $ 102,630 $ (3,056 ) $ 99,574 Merchandise inventories, net 1,052,892 6,385 1,059,277 Prepaid catalog expenses — 22,258 22,258 Prepaid expenses 56,333 663 56,996 Other current assets 21,118 (9,395 ) 11,723 Deferred income taxes, net 58,842 5,178 64,020 Total assets $ 2,656,905 $ 22,034 $ 2,678,939 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ 393,025 $ (2,165 ) $ 390,860 Gift card and other deferred revenue 256,534 63,824 320,358 Income taxes payable 72,036 (3,253 ) 68,783 Other current liabilities 61,403 (14,757 ) 46,646 Other long-term liabilities 72,779 874 73,653 Retained earnings 638,774 (22,489 ) 616,285 Total liabilities and stockholders’ equity $ 2,656,905 $ 22,034 $ 2,678,939 Thirteen Weeks Ended April 29, 2018 In thousands As ASU 2014-09 As Net revenues $ 1,203,000 $ (25,101 ) $ 1,177,899 Cost of goods sold 770,836 (6,144 ) 764,692 Gross profit 432,164 (18,957 ) 413,207 Selling, general and administrative expenses 365,614 (12,262 ) 353,352 Operating income $ 66,550 $ (6,695 ) $ 59,855

Financial Statements - Basis 27

Financial Statements - Basis of Presentation - Additional Information (Detail)	Jan. 29, 2018USD ($)
Retained Earnings | Adjustments for New Accounting Pronouncement
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect net of tax increase to retained earnings	$ 17,862,000

Borrowing Arrangements - Additi

Borrowing Arrangements - Additional Information (Detail) - USD ($)	3 Months Ended
	Apr. 29, 2018	Apr. 30, 2017
Debt Instrument [Line Items]
Amount of borrowings under revolving line during period	$ 0	$ 45,000,000
Amount outstanding under revolving line		$ 0
Interest rate description	Interest on unreimbursed amounts under the letter of credit facilities accrues at a base rate as defined in the credit facility plus an applicable margin based on our leverage ratio.
Maximum borrowing capacity under letter of credit facilities including additional borrowing capacity	$ 70,000,000
Letter of credit facilities, maturity date	Aug. 25, 2018
Outstanding letter of credit facilities	$ 5,900,000
Latest expiration date possible for future letters of credit	Jan. 22, 2019
Standby Letters of Credit
Debt Instrument [Line Items]
Amount issued but undrawn under credit facility	$ 12,772,000
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
Revolving line, maturity date	Jan. 8, 2023
Weighted average interest rate		2.01%
Interest rate description	The interest rates under the credit facility are variable, and may be elected by us as: (i) the London Interbank Offer Rate (“LIBOR”) plus an applicable margin based on our leverage ratio ranging from 0.91% to 1.775% for a revolver borrowing, and 1.0% to 2.0% for the term loan; or (ii) a base rate as defined in the credit facility plus an applicable margin ranging from 0% to 0.775% for a revolver borrowing, and 0% to 1% for the term loan.
Unsecured Revolving Line Of Credit | Maximum
Debt Instrument [Line Items]
Additional borrowing capacity	$ 250,000,000
Unsecured Revolving Line Of Credit | Margin Based On Leverage Ratio | Maximum
Debt Instrument [Line Items]
Leverage ratio	1.775%
Unsecured Revolving Line Of Credit | Margin Based On Leverage Ratio | Minimum
Debt Instrument [Line Items]
Leverage ratio	0.91%
Unsecured Revolving Line Of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Leverage ratio	0.775%
Unsecured Revolving Line Of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Leverage ratio	0.00%
Unsecured Term Loan Facility
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000,000
Long term debt	$ 300,000,000
Debt instrument, maturity date	Jan. 8, 2021
Weighted average interest rate	2.85%
Unsecured Term Loan Facility | Margin Based On Leverage Ratio | Maximum
Debt Instrument [Line Items]
Leverage ratio	2.00%
Unsecured Term Loan Facility | Margin Based On Leverage Ratio | Minimum
Debt Instrument [Line Items]
Leverage ratio	1.00%
Unsecured Term Loan Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Leverage ratio	1.00%
Unsecured Term Loan Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Leverage ratio	0.00%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 30, 2018	Apr. 29, 2018	Apr. 30, 2017
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		$ 12,889	$ 9,817
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		3,032,000
Equity Award Programs | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase or decrease in shares available for future grant	4,260,000
Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards annual grant limit		1,000,000
Option Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price as a percentage of closing price on the day prior to the grant date		100.00%
Service Based Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards granted to employees, years		4 years
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards annual grant limit		1,000,000
Maximum term of grants of stock awards, years		7 years
Service Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards granted to employees, years		4 years
Performance Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards granted to employees, years		3 years

Summary of Stock-Settled Stock

Summary of Stock-Settled Stock Appreciation Right Activity (Detail) - Stock-Settled Stock Appreciation Rights	3 Months Ended
	Apr. 29, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at January 28, 2018 (100% vested)	167,737
Granted, shares	0
Converted into common stock, shares	(125,787)
Cancelled, shares	(1,290)
Balance at April 29, 2018 (100% vested)	40,660

Summary of Stock-Settled Stoc31

Summary of Stock-Settled Stock Appreciation Right Activity (Parenthetical) (Detail)	3 Months Ended
	Apr. 29, 2018
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
	Apr. 29, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at January 28, 2018, shares	2,358,137
Granted, shares	1,306,744
Granted, with vesting subject to performance conditions, shares	256,350
Released, shares	(339,418)
Cancelled, shares	(159,395)
Balance at April 29, 2018, shares	3,422,418
Vested plus expected to vest at April 29, 2018, shares	2,649,093

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
	Apr. 29, 2018	Apr. 30, 2017
Earnings Per Share [Line Items]
Net Earnings, Basic	$ 45,168	$ 39,555
Net Earnings, Diluted	$ 45,168	$ 39,555
Weighted Average Shares, Basic	83,392	86,962
Weighted Average Shares, Effect of dilutive stock-based awards	782	748
Weighted Average Shares, Diluted	84,174	87,710
Earnings Per Share, Basic	$ 0.54	$ 0.45
Earnings Per Share, Diluted	$ 0.54	$ 0.45

Earnings Per Share- Additional

Earnings Per Share- Additional Information (Detail) - shares	3 Months Ended
	Apr. 29, 2018	Apr. 30, 2017
Earnings Per Share [Line Items]
Anti-dilutive stock-based awards excluded from the computation of diluted earnings per share	29,997	215,595

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Apr. 29, 2018Segment
Segment Reporting Information [Line Items]
Number of reportable segments	2

Segment Information (Detail)

Segment Information (Detail) - USD ($) $ in Thousands		3 Months Ended
		Apr. 29, 2018		Apr. 30, 2017		Jan. 28, 2018
Segment Reporting Information [Line Items]
Net revenues	[1]	$ 1,203,000		$ 1,111,507
Depreciation and amortization expense		47,873		44,950
Operating income (loss)	[2]	66,550		62,474
Assets		2,656,905	[3]	2,391,177	[3]	$ 2,785,749
Capital expenditures		34,029		32,153
E-commerce
Segment Reporting Information [Line Items]
Net revenues		646,180		580,510
Retail
Segment Reporting Information [Line Items]
Net revenues		556,820		530,997
Operating Segments | E-commerce
Segment Reporting Information [Line Items]
Net revenues	[1]	646,180		580,510
Depreciation and amortization expense		9,346		6,967
Operating income (loss)	[2]	142,805		132,004
Assets	[3]	770,187		653,898
Capital expenditures		5,794		2,870
Operating Segments | Retail
Segment Reporting Information [Line Items]
Net revenues	[1]	556,820		530,997
Depreciation and amortization expense		22,999		22,342
Operating income (loss)	[2]	22,061		21,714
Assets	[3]	1,115,696		1,067,169
Capital expenditures		17,195		16,497
Unallocated
Segment Reporting Information [Line Items]
Depreciation and amortization expense		15,528		15,641
Operating income (loss)	[2]	(98,316)		(91,244)
Assets	[3]	771,022		670,110
Capital expenditures		$ 11,040		$ 12,786
[1]	Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $79.4 million and $69.4 million for the thirteen weeks ended April 29, 2018 and April 30, 2017, respectively.
[2]	The thirteen weeks ended April 29, 2018 includes $6.9 million of expense related to our acquisition of Outward, Inc., (primarily acquisition-related compensation costs, the amortization of intangible assets acquired, and the operations of the Outward business), of which $5.5 million is recorded in the e-commerce segment and $1.4 million is recorded in the unallocated segment, as well as $1.7 million for employment-related expense in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment. The thirteen weeks ended April 30, 2017 includes $5.7 million of severance-related charges in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment.
[3]	Includes long-term assets related to our international operations of approximately $59.5 million and $57.9 million as of April 29, 2018 and April 30, 2017, respectively.

Segment Information (Parentheti

Segment Information (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2018	Apr. 30, 2017
Segment Reporting Information [Line Items]
Net revenues related to foreign operations	$ 79.4	$ 69.4
Severance, related reorganization charges		5.7
Employee related expense	1.7
Long-term assets related to foreign operations	59.5	$ 57.9
Outward Inc.
Segment Reporting Information [Line Items]
Expense related to acquisition and other	6.9
E-commerce
Segment Reporting Information [Line Items]
Expense related to acquisition and other	5.5
Unallocated
Segment Reporting Information [Line Items]
Expense related to acquisition and other	$ 1.4

Stock Repurchase Program and 38

Stock Repurchase Program and Dividends - Additional Information (Detail) - USD ($)	3 Months Ended
	Apr. 29, 2018	Apr. 30, 2017	Mar. 31, 2018	Jan. 28, 2018
Stock Repurchase Program and Dividend [Line Items]
Common stock repurchased, shares	731,930	764,543
Common stock repurchased, average cost per share	$ 51.53	$ 50.16
Common stock repurchased, total cost	$ 37,713,000	$ 38,350,000
Stock repurchase program, authorized shares			$ 500,000,000
Stock repurchase program, remaining shares	481,406,000
Treasure stock, value	$ 303,000	$ 927,000		$ 725,000
Cash dividend, per common share	$ 0.43	$ 0.39

Derivative Financial Instrume39

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended
	Apr. 29, 2018	Apr. 30, 2017
Derivative [Line Items]
Reclassification from OCI to cost of goods sold	$ 486,000
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 ($)	Apr. 29, 2018	Apr. 30, 2017
Derivatives designated as hedging instruments | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange of foreign currency contracts	$ 28,500,000	$ 19,200,000
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange of foreign currency contracts	$ 52,276,000	$ 48,000,000

Effect of Derivative Instrument

Effect of Derivative Instruments in Condensed Consolidated Financial Statements (Detail) - USD ($) $ in Thousands		3 Months Ended
		Apr. 29, 2018	Apr. 30, 2017
Derivative [Line Items]
Net gain (loss) recognized in OCI		$ 1,191	$ 892
Net gain (loss) reclassified from OCI to cost of goods sold		(52)	21
Net foreign exchange gain (loss) recognized in selling, general and administrative expenses, Instruments designated as cash flow hedges	[1]	(17)	8
Net foreign exchange gain (loss) recognized in selling, general and administrative expenses, Instruments not designated or de-designated		$ 2,760	$ 341
[1]	Changes in fair value of the forward contract related to interest charges (or forward points).

Fair Values of Derivative Instr

Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands	Apr. 29, 2018	Apr. 30, 2017
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivatives designated as cash flow hedges, Assets	$ 460	$ 925
Derivatives not designated as hedging instruments, Assets	36
Other Long-Term Assets
Derivatives, Fair Value [Line Items]
Derivatives designated as cash flow hedges, Assets	79	52
Other Current Liabilities
Derivatives, Fair Value [Line Items]
Derivatives designated as cash flow hedges, Liabilities	$ (51)
Derivatives not designated as hedging instruments, Liabilities		$ (83)

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) - USD ($) $ in Thousands		3 Months Ended
		Apr. 29, 2018	Apr. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		$ (6,782)
Foreign currency translation adjustments		(1,145)	$ (1,566)
Change in fair value of derivative financial instruments		1,123	655
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		49	(16)
Ending Balance		(6,755)	(10,830)
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(6,227)	(9,957)
Foreign currency translation adjustments		(1,145)	(1,566)
Other comprehensive income (loss)		(1,145)	(1,566)
Ending Balance		(7,372)	(11,523)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(555)	54
Change in fair value of derivative financial instruments		1,123	655
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax	[1]	49	(16)
Other comprehensive income (loss)		1,172	639
Ending Balance		617	693
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(6,782)	(9,903)
Foreign currency translation adjustments		(1,145)	(1,566)
Change in fair value of derivative financial instruments		1,123	655
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax	[1]	49	(16)
Other comprehensive income (loss)		27	(927)
Ending Balance		$ (6,755)	$ (10,830)
[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.

Acquisition of Outward, Inc. -

Acquisition of Outward, Inc. - Additional Information (Detail) - Outward Inc.	Dec. 01, 2017USD ($)
Business Acquisition [Line Items]
Contractual purchase price	$ 112,000,000
Purchase consideration	80,864,000
Consideration owed to former owners of an acquired business, contingent upon continued future service	$ 26,690,000
Acquisition payment period	4 years
Cash paid to settle pre-existing obligations as part of a business combination, excluded from consideration transferred	$ 4,446,000
Consideration owed to certain key employees of an acquired business, contingent upon continued future service and certain financial targets	20,000,000
Amount allocated to identifiable assets acquired primarily property and equipment	2,767,000
Amount allocated to identifiable liabilities acquired	$ 12,169,000

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($)	3 Months Ended
	Apr. 29, 2018	Jan. 28, 2018
Revenues [Line Items]
Customer loyalty program, expiration period	6 months
Other Current Liabilities
Revenues [Line Items]
Expected sales return liability	$ 25,158,000
Other Current Assets
Revenues [Line Items]
Reduction in cost of goods sold for expected net realizable value of merchandise inventory to be returned	$ 9,395,000
Stored-Value Cards
Revenues [Line Items]
Stored value card redemption period	4 years
Stored-Value Cards, Merchandise Sales and Credit Card Incentives
Revenues [Line Items]
Deferred revenue	$ 235,046,000	$ 280,557,000
Deferred revenue recognized	133,883,000
Stored-Value Cards, Merchandise Sales and Credit Card Incentives | Accounting Standards Update 2014-09
Revenues [Line Items]
Cumulative effect of change on retained earnings	$ 49,494,000

Summarize Impact of Adopting AS

Summarize Impact of Adopting ASU 2014-09 to Consolidated Financial Statements (Detail) - USD ($) $ in Thousands		3 Months Ended
		Apr. 29, 2018		Apr. 30, 2017		Jan. 28, 2018
ASSETS
Accounts receivable		$ 102,630		$ 63,982		$ 90,119
Merchandise inventories, net		1,052,892		1,037,107		1,061,593
Prepaid catalog expenses				20,341		20,517
Prepaid expenses		56,333		64,739		62,204
Other current assets		21,118		10,901		11,876
Deferred income taxes, net		58,842		124,977		67,306
Total assets		2,656,905	[1]	2,391,177	[1]	2,785,749
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		393,025		397,442		457,144
Gift card and other deferred revenue		256,534		298,113		300,607
Income taxes payable		72,036		37,792		56,783
Other current liabilities		61,403		47,134		59,082
Other long-term liabilities		72,779		73,160		72,804
Retained earnings		638,774		671,758		647,422
Total liabilities and stockholders' equity		2,656,905		2,391,177		$ 2,785,749
Net revenues	[2]	1,203,000		1,111,507
Cost of goods sold		770,836		715,747
Gross profit		432,164		395,760
Selling, general and administrative expenses		365,614		333,286
Operating income	[3]	66,550		$ 62,474
Accounting Standards Update 2014-09 | ASU 2014-09 Adjustment
ASSETS
Accounts receivable		(3,056)
Merchandise inventories, net		6,385
Prepaid catalog expenses		22,258
Prepaid expenses		663
Other current assets		(9,395)
Deferred income taxes, net		5,178
Total assets		22,034
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		(2,165)
Gift card and other deferred revenue		63,824
Income taxes payable		(3,253)
Other current liabilities		(14,757)
Other long-term liabilities		874
Retained earnings		(22,489)
Total liabilities and stockholders' equity		22,034
Net revenues		(25,101)
Cost of goods sold		(6,144)
Gross profit		(18,957)
Selling, general and administrative expenses		(12,262)
Operating income		(6,695)
Accounting Standards Update 2014-09 | As Adjusted
ASSETS
Accounts receivable		99,574
Merchandise inventories, net		1,059,277
Prepaid catalog expenses		22,258
Prepaid expenses		56,996
Other current assets		11,723
Deferred income taxes, net		64,020
Total assets		2,678,939
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		390,860
Gift card and other deferred revenue		320,358
Income taxes payable		68,783
Other current liabilities		46,646
Other long-term liabilities		73,653
Retained earnings		616,285
Total liabilities and stockholders' equity		2,678,939
Net revenues		1,177,899
Cost of goods sold		764,692
Gross profit		413,207
Selling, general and administrative expenses		353,352
Operating income		$ 59,855
[1]	Includes long-term assets related to our international operations of approximately $59.5 million and $57.9 million as of April 29, 2018 and April 30, 2017, respectively.
[2]	Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $79.4 million and $69.4 million for the thirteen weeks ended April 29, 2018 and April 30, 2017, respectively.
[3]	The thirteen weeks ended April 29, 2018 includes $6.9 million of expense related to our acquisition of Outward, Inc., (primarily acquisition-related compensation costs, the amortization of intangible assets acquired, and the operations of the Outward business), of which $5.5 million is recorded in the e-commerce segment and $1.4 million is recorded in the unallocated segment, as well as $1.7 million for employment-related expense in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment. The thirteen weeks ended April 30, 2017 includes $5.7 million of severance-related charges in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment.