Williams-Sonoma (WSM) 10-Q 7 Sep 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 29, 2018	Aug. 26, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 29, 2018
Document Fiscal Year Focus	2,018
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	--01-28
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		80,554,866

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jul. 29, 2018	Jul. 30, 2017	Jul. 29, 2018	Jul. 30, 2017
Net revenues	[1]	$ 1,275,174	$ 1,201,606	$ 2,478,174	$ 2,313,113
Cost of goods sold		811,232	778,895	1,582,068	1,494,642
Gross profit		463,942	422,711	896,106	818,471
Selling, general and administrative expenses		389,776	341,127	755,390	674,413
Operating income	[2]	74,166	81,584	140,716	144,058
Interest (income) expense, net		1,584	483	2,785	380
Earnings before income taxes		72,582	81,101	137,931	143,678
Income taxes		20,869	28,184	41,050	51,206
Net earnings		$ 51,713	$ 52,917	$ 96,881	$ 92,472
Basic earnings per share		$ 0.63	$ 0.61	$ 1.17	$ 1.07
Diluted earnings per share		$ 0.62	$ 0.61	$ 1.16	$ 1.06
Shares used in calculation of earnings per share:
Basic		82,342	86,429	82,867	86,696
Diluted		83,167	86,848	83,519	87,238
E-commerce
Net revenues		$ 686,942	$ 630,793	$ 1,333,122	$ 1,211,303
Retail
Net revenues		$ 588,232	$ 570,813	$ 1,145,052	$ 1,101,810
[1]	Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $80.7 million and $80.6 million for the thirteen weeks ended July 29, 2018 and July 30, 2017, respectively, and $160.1 million and $150.0 million for the twenty-six weeks ended July 29, 2018 and July 30, 2017, respectively.
[2]	The thirteen and twenty-six weeks ended July 29, 2018 includes: $5.3 million of expense related to impairment and early lease termination charges which is primarily recorded in the retail segment, $5.0 million and $11.9 million of expense, respectively, 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 $3.6 million and $9.1 million, respectively, is recorded in the e-commerce segment and $1.4 million and $2.8 million, respectively, is recorded in the unallocated segment, as well as $1.9 million and $3.6 million, respectively, of employment-related expense in our corporate functions, which is recorded within the unallocated segment. The twenty-six weeks ended July 30, 2017 includes $5.7 million of severance-related charges in our corporate functions, which is recorded within the unallocated segment.

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2018	Jul. 30, 2017	Jul. 29, 2018	Jul. 30, 2017
Net earnings	$ 51,713	$ 52,917	$ 96,881	$ 92,472
Other comprehensive income (loss):
Foreign currency translation adjustments	(2,993)	3,390	(4,138)	1,824
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $333, $(422), $401 and $(185)	6	(1,166)	1,129	(511)
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax (tax benefit) of $(21), $(2), $(24) and $3		7	49	(9)
Comprehensive income	$ 48,726	$ 55,148	$ 93,921	$ 93,776

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2018	Jul. 30, 2017	Jul. 29, 2018	Jul. 30, 2017
Change in fair value of derivative financial instruments, tax	$ 333	$ (422)	$ 401	$ (185)
Reclassification adjustment for realized losses on derivative financial instruments, tax (tax benefit)	$ (21)	$ (2)	$ (24)	$ 3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 29, 2018		Jan. 28, 2018	Jul. 30, 2017
Current assets
Cash and cash equivalents	$ 174,580		$ 390,136	$ 103,109
Accounts receivable, net	106,322		90,119	78,735
Merchandise inventories, net	1,099,888		1,061,593	1,072,976
Prepaid catalog expenses			20,517	20,881
Prepaid expenses	74,811		62,204	76,611
Other current assets	21,891		11,876	12,066
Total current assets	1,477,492		1,636,445	1,364,378
Property and equipment, net	919,689		932,283	929,331
Deferred income taxes, net	60,960		67,306	130,212
Goodwill	85,673		18,838	18,773
Other long-term assets, net	64,163		130,877	37,166
Total assets	2,607,977	[1]	2,785,749	2,479,860	[1]
Current liabilities
Accounts payable	466,903		457,144	427,474
Accrued expenses	112,381		134,207	97,965
Gift card and other deferred revenue	263,546		300,607	294,694
Borrowings under revolving line of credit				115,000
Income taxes payable	35,529		56,783	35,582
Other current liabilities	69,589		59,082	49,355
Total current liabilities	947,948		1,007,823	1,020,070
Deferred rent and lease incentives	207,190		202,134	196,982
Long-term debt	299,521		299,422
Other long-term obligations	72,330		72,804	74,284
Total liabilities	1,526,989		1,582,183	1,291,336
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; 80,988, 83,726 and 85,754 shares issued and outstanding at July 29, 2018, January 28, 2018 and July 30, 2017, respectively	810		837	858
Additional paid-in capital	561,810		562,814	556,702
Retained earnings	528,368		647,422	640,368
Accumulated other comprehensive loss	(9,742)		(6,782)	(8,599)
Treasury stock, at cost: 2, 11 and 12 shares as of July 29, 2018, January 28, 2018 and July 30, 2017, respectively	(258)		(725)	(805)
Total stockholders' equity	1,080,988		1,203,566	1,188,524
Total liabilities and stockholders' equity	$ 2,607,977		$ 2,785,749	$ 2,479,860
[1]	Includes long-term assets related to our international operations of approximately $52.9 million and $61.9 million as of July 29, 2018 and July 30, 2017, respectively.

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 29, 2018	Jan. 28, 2018	Jul. 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	80,988,000	83,726,000	85,754,000
Common stock, shares outstanding	80,988,000	83,726,000	85,754,000
Treasury stock, shares	2,000	11,000	12,000

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 29, 2018	Jul. 30, 2017
Cash flows from operating activities:
Net earnings	$ 96,881	$ 92,472
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	93,809	90,048
Loss on disposal/impairment of assets	4,466	845
Amortization of deferred lease incentives	(13,210)	(12,680)
Deferred income taxes	(4,415)	(8,937)
Tax benefit related to stock-based awards	9,711	14,511
Stock-based compensation expense	26,526	22,829
Other	166	102
Changes in:
Accounts receivable	(13,567)	10,658
Merchandise inventories	(45,159)	(92,711)
Prepaid catalog expenses		(1,384)
Prepaid expenses and other assets	(29,217)	(25,739)
Accounts payable	(1,735)	(36,917)
Accrued expenses and other liabilities	(12,209)	(34,453)
Gift card and other deferred revenue	11,927	(8,553)
Deferred rent and lease incentives	18,861	12,635
Income taxes payable	(22,712)	12,409
Net cash provided by operating activities	120,123	35,135
Cash flows from investing activities:
Purchases of property and equipment	(80,021)	(82,727)
Other	513	44
Net cash used in investing activities	(79,508)	(82,683)
Cash flows from financing activities:
Repurchases of common stock	(174,818)	(93,361)
Payment of dividends	(70,331)	(68,197)
Tax withholdings related to stock-based awards	(12,335)	(14,117)
Borrowings under revolving line of credit		115,000
Net cash used in financing activities	(257,484)	(60,675)
Effect of exchange rates on cash and cash equivalents	1,313	(2,381)
Net decrease in cash and cash equivalents	(215,556)	(110,604)
Cash and cash equivalents at beginning of period	390,136	213,713
Cash and cash equivalents at end of period	$ 174,580	$ 103,109

FINANCIAL STATEMENTS - BASIS OF

FINANCIAL STATEMENTS - BASIS OF PRESENTATION	6 Months Ended
	Jul. 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 July 29, 2018 and July 30, 2017, the Condensed Consolidated Statements of Earnings, the Condensed Consolidated Statements of Comprehensive Income for the thirteen and twenty-six twenty-six twenty-six 10-K The results of operations for the thirteen and twenty-six 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 July 30, 2017 and our Condensed Consolidated Statement of Cash Flows for the twenty-six New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, Leases, 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

BORROWING ARRANGEMENTS

BORROWING ARRANGEMENTS	6 Months Ended
	Jul. 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 second quarter and for year-to-date year-to-date As of July 29, 2018, we had $300,000,000 outstanding under our term loan (at a weighted average interest rate of 3.00%). 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 plus an applicable margin based on our leverage ratio ranging from 0.91% to 1.775% for revolver borrowings, 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 revolver borrowings, and 0% to 1.0% for the term loan. As of July 29, 2018, we are in compliance with our financial covenants under the credit facility and, based on current projections, we expect 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. On August 24, 2018, 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 24, 2019. 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 July 29, 2018, an aggregate of $6,049,000 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 21, 2020.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jul. 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 36,570,000 shares. As of July 29, 2018, there were approximately 7,404,000 shares available for future grant. 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 and twenty-six twenty-six 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 twenty-six Shares Balance at January 28, 2018 (100% vested) 167,737 Granted — Converted into common stock (134,837 ) Cancelled (1,290 ) Balance at July 29, 2018 (100% vested) 31,610 Restricted Stock Units The following table summarizes our restricted stock unit activity during the twenty-six Shares Balance at January 28, 2018 2,358,137 Granted 1,357,106 Granted, with vesting subject to performance conditions 256,350 Released (607,682 ) Cancelled (264,735 ) Balance at July 29, 2018 3,099,176 Vested plus expected to vest at July 29, 2018 2,393,642

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jul. 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 July 29, 2018 Basic $ 51,713 82,342 $ 0.63 Effect of dilutive stock-based awards 825 Diluted $ 51,713 83,167 $ 0.62 Thirteen weeks ended July 30, 2017 Basic $ 52,917 86,429 $ 0.61 Effect of dilutive stock-based awards 419 Diluted $ 52,917 86,848 $ 0.61 Twenty-six Basic $ 96,881 82,867 $ 1.17 Effect of dilutive stock-based awards 652 Diluted $ 96,881 83,519 $ 1.16 Twenty-six Basic $ 92,472 86,696 $ 1.07 Effect of dilutive stock-based awards 542 Diluted $ 92,472 87,238 $ 1.06 Stock-based awards of 17,179 and 15,986 were excluded from the computation of diluted earnings per share for the thirteen and twenty-six twenty-six

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jul. 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 since 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 July 29, 2018 Net revenues 1 $ 686,942 $ 588,232 $ — $ 1,275,174 Depreciation and amortization expense 7,651 22,494 15,791 45,936 Operating income (loss) 2 137,236 33,922 (96,992 ) 74,166 Capital expenditures 8,958 18,495 18,539 45,992 Thirteen weeks ended July 30, 2017 Net revenues 1 $ 630,793 $ 570,813 $ — $ 1,201,606 Depreciation and amortization expense 6,788 22,385 15,925 45,098 Operating income (loss) 2 135,139 34,592 (88,147 ) 81,584 Capital expenditures 8,119 23,288 19,167 50,574 Twenty-six Net revenues 1 $ 1,333,122 $ 1,145,052 $ — $ 2,478,174 Depreciation and amortization expense 16,997 45,493 31,319 93,809 Operating income (loss) 2 280,041 55,983 (195,308 ) 140,716 Assets 3 801,253 1,116,904 689,820 2,607,977 Capital expenditures 14,752 35,690 29,579 80,021 Twenty-six Net revenues 1 $ 1,211,303 $ 1,101,810 $ — $ 2,313,113 Depreciation and amortization expense 13,755 44,727 31,566 90,048 Operating income (loss) 2 267,143 56,306 (179,391 ) 144,058 Assets 3 672,522 1,129,925 677,413 2,479,860 Capital expenditures 10,989 39,785 31,953 82,727 1 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $80.7 million and $80.6 million for the thirteen weeks ended July 29, 2018 and July 30, 2017, respectively, and $160.1 million and $150.0 million for the twenty-six 2 The thirteen and twenty-six e-commerce twenty-six 3 Includes long-term assets related to our international operations of approximately $52.9 million and $61.9 million as of July 29, 2018 and July 30, 2017, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jul. 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	6 Months Ended
	Jul. 29, 2018
STOCK REPURCHASE PROGRAM AND DIVIDENDS	NOTE G. STOCK REPURCHASE PROGRAM AND DIVIDENDS Stock Repurchase Program During the thirteen weeks ended July 29, 2018, we repurchased 2,409,437 shares of our common stock at an average cost of $56.90 per share for a total cost of approximately $137,105,000. During the twenty-six During the thirteen weeks ended July 30, 2017, we repurchased 1,160,381 shares of our common stock at an average cost of $47.41 per share for a total cost of approximately $55,011,000. During the twenty-six 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 July 29, 2018 and July 30, 2017, respectively. We declared cash dividends of $0.86 and $0.78 per common share during the twenty-six

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jul. 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 July 29, 2018, we expect to reclassify a net pre-tax We also enter into non-designated As of July 29, 2018 and July 30, 2017, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands July 29, 2018 July 30, 2017 Contracts designated as cash flow hedges $ 20,800 $ 24,600 Contracts not designated as cash flow hedges $ 6,600 $ 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 and twenty-six The effect of derivative instruments in our Condensed Consolidated Financial Statements during the thirteen and twenty-six pre-tax, In thousands Thirteen Thirteen Twenty-six Twenty-six Net gain (loss) recognized in OCI $ 339 $ (1,588 ) $ 1,530 $ (696 ) Net gain (loss) reclassified from OCI into cost of goods sold $ (21 ) $ (9 ) $ (73 ) $ 12 Net foreign exchange gain (loss) recognized in selling, general and administrative expenses: Instruments designated as cash flow hedges 1 $ 50 $ 47 $ 33 $ 55 Instruments not designated or de-designated $ 1,183 $ — $ 3,943 $ 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 July 29, 2018 July 30, 2017 Derivatives designated as cash flow hedges: Other current assets $ 690 $ — Other long-term assets $ 57 $ — Other current liabilities $ — $ (704 ) Other long-term liabilities $ — $ (90 ) Derivatives not designated as hedging instruments: Other current assets $ 5 $ 6 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. 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 July 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 and twenty-six

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jul. 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 Cash Flow Accumulated Other 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 ) Foreign currency translation adjustments (2,993 ) — (2,993 ) Change in fair value of derivative financial instruments — 6 6 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — — — Other comprehensive income (loss) (2,993 ) 6 (2,987 ) Balance at July 29, 2018 $ (10,365 ) $ 623 $ (9,742 ) 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 ) Foreign currency translation adjustments 3,390 — 3,390 Change in fair value of derivative financial instruments — (1,166 ) (1,166 ) Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — 7 7 Other comprehensive income (loss) 3,390 (1,159 ) 2,231 Balance at July 30, 2017 $ (8,133 ) $ (466 ) $ (8,599 ) 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.	6 Months Ended
	Jul. 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 has been allocated based on estimates of the fair value of identifiable assets acquired and liabilities assumed, as set forth in the table below. In thousands July 29, 2018 Working capital and other assets $ 718,000 Property and equipment, net 2,049,000 Intangible assets 18,300,000 Liabilities (7,160,000 ) Total identifiable net assets acquired $ 13,907,000 Goodwill 66,905,000 Total purchase consideration $ 80,812,000 During the second quarter of fiscal 2018, we finalized the valuation of intangible assets acquired, which primarily represent 3-D 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 are insignificant to our Condensed Consolidated Financial Statements for all periods presented and would not have been significant had the acquisition occurred at the beginning of fiscal 2017.

REVENUE

REVENUE	6 Months Ended
	Jul. 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 are 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 July 29, 2018, we recorded a liability for expected sales returns of approximately $30,432,000 within other current liabilities and a corresponding asset for the expected net realizable value of the merchandise inventory to be returned of approximately $11,036,000 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 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 Deferred Revenue We defer revenue when cash payments are received in advance of satisfying performance obligations, primarily associated with our stored-value cards, merchandise sales, and incentives received from credit card issuers. As of July 29, 2018, we held $263,546,000 in gift card and other deferred revenue on our Consolidated Balance Sheet, substantially all of which will be recognized into revenue within the next 12 months. 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, • an acceleration in the timing of revenue recognition for certain merchandise shipped to our customers, and • the recording of a right of return asset for merchandise we expect to receive back from customers of $11,036,000. The following summarizes the impact of adopting ASU 2014-09 twenty-six Thirteen Weeks Ended July 29, 2018 Twenty-six In thousands As ASU 2014-09 As As ASU 2014-09 As Net revenue $ 1,275,174 $ (16,831 ) $ 1,258,343 $ 2,478,174 $ (41,932 ) $ 2,436,242 Cost of goods sold 811,232 (2,257 ) 808,975 1,582,068 (8,401 ) 1,573,667 Gross profit 463,942 (14,574 ) 449,368 896,106 (33,531 ) 862,575 Selling, general and administrative expenses 389,776 (10,908 ) 378,868 755,390 (23,170 ) 732,220 Operating income $ 74,166 $ (3,666 ) $ 70,500 $ 140,716 $ (10,361 ) $ 130,355 Other than the presentation of our sales returns liability and a right of return asset, which resulted in a reclassification of liabilities into other current assets within our Condensed Consolidated Balance Sheet as of July 29, 2018, all other impacts to the Condensed Consolidated Balance Sheet from the adoption of this ASU were not material either individually or in the aggregate for the second quarter of fiscal 2018. The adoption of ASU 2014-09 twenty-six

FINANCIAL STATEMENTS - BASIS 20

FINANCIAL STATEMENTS - BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jul. 29, 2018
Reclassifications	Reclassifications Certain amounts reported in our Condensed Consolidated Balance Sheets as of January 28, 2018 and July 30, 2017 and our Condensed Consolidated Statement of Cash Flows for the twenty-six
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 February 2016, the FASB issued ASU 2016-02, Leases, 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

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jul. 29, 2018
Summary of Stock-Settled Stock Appreciation Rights Activity	The following table summarizes our stock-settled stock appreciation right activity during the twenty-six Shares Balance at January 28, 2018 (100% vested) 167,737 Granted — Converted into common stock (134,837 ) Cancelled (1,290 ) Balance at July 29, 2018 (100% vested) 31,610
Summary of Restricted Stock Units Activity	The following table summarizes our restricted stock unit activity during the twenty-six Shares Balance at January 28, 2018 2,358,137 Granted 1,357,106 Granted, with vesting subject to performance conditions 256,350 Released (607,682 ) Cancelled (264,735 ) Balance at July 29, 2018 3,099,176 Vested plus expected to vest at July 29, 2018 2,393,642

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jul. 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 July 29, 2018 Basic $ 51,713 82,342 $ 0.63 Effect of dilutive stock-based awards 825 Diluted $ 51,713 83,167 $ 0.62 Thirteen weeks ended July 30, 2017 Basic $ 52,917 86,429 $ 0.61 Effect of dilutive stock-based awards 419 Diluted $ 52,917 86,848 $ 0.61 Twenty-six Basic $ 96,881 82,867 $ 1.17 Effect of dilutive stock-based awards 652 Diluted $ 96,881 83,519 $ 1.16 Twenty-six Basic $ 92,472 86,696 $ 1.07 Effect of dilutive stock-based awards 542 Diluted $ 92,472 87,238 $ 1.06

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jul. 29, 2018
Segment Information	Segment Information In thousands E-commerce Retail Unallocated Total Thirteen weeks ended July 29, 2018 Net revenues 1 $ 686,942 $ 588,232 $ — $ 1,275,174 Depreciation and amortization expense 7,651 22,494 15,791 45,936 Operating income (loss) 2 137,236 33,922 (96,992 ) 74,166 Capital expenditures 8,958 18,495 18,539 45,992 Thirteen weeks ended July 30, 2017 Net revenues 1 $ 630,793 $ 570,813 $ — $ 1,201,606 Depreciation and amortization expense 6,788 22,385 15,925 45,098 Operating income (loss) 2 135,139 34,592 (88,147 ) 81,584 Capital expenditures 8,119 23,288 19,167 50,574 Twenty-six Net revenues 1 $ 1,333,122 $ 1,145,052 $ — $ 2,478,174 Depreciation and amortization expense 16,997 45,493 31,319 93,809 Operating income (loss) 2 280,041 55,983 (195,308 ) 140,716 Assets 3 801,253 1,116,904 689,820 2,607,977 Capital expenditures 14,752 35,690 29,579 80,021 Twenty-six Net revenues 1 $ 1,211,303 $ 1,101,810 $ — $ 2,313,113 Depreciation and amortization expense 13,755 44,727 31,566 90,048 Operating income (loss) 2 267,143 56,306 (179,391 ) 144,058 Assets 3 672,522 1,129,925 677,413 2,479,860 Capital expenditures 10,989 39,785 31,953 82,727 1 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $80.7 million and $80.6 million for the thirteen weeks ended July 29, 2018 and July 30, 2017, respectively, and $160.1 million and $150.0 million for the twenty-six 2 The thirteen and twenty-six e-commerce twenty-six 3 Includes long-term assets related to our international operations of approximately $52.9 million and $61.9 million as of July 29, 2018 and July 30, 2017, respectively.

DERIVATIVE FINANCIAL INSTRUME24

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jul. 29, 2018
Foreign Currency Forward Contracts Outstanding with Notional Values	As of July 29, 2018 and July 30, 2017, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands July 29, 2018 July 30, 2017 Contracts designated as cash flow hedges $ 20,800 $ 24,600 Contracts not designated as cash flow hedges $ 6,600 $ 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 and twenty-six pre-tax, In thousands Thirteen Thirteen Twenty-six Twenty-six Net gain (loss) recognized in OCI $ 339 $ (1,588 ) $ 1,530 $ (696 ) Net gain (loss) reclassified from OCI into cost of goods sold $ (21 ) $ (9 ) $ (73 ) $ 12 Net foreign exchange gain (loss) recognized in selling, general and administrative expenses: Instruments designated as cash flow hedges 1 $ 50 $ 47 $ 33 $ 55 Instruments not designated or de-designated $ 1,183 $ — $ 3,943 $ 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 July 29, 2018 July 30, 2017 Derivatives designated as cash flow hedges: Other current assets $ 690 $ — Other long-term assets $ 57 $ — Other current liabilities $ — $ (704 ) Other long-term liabilities $ — $ (90 ) Derivatives not designated as hedging instruments: Other current assets $ 5 $ 6

ACCUMULATED OTHER COMPREHENSI25

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jul. 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 Cash Flow Accumulated Other 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 ) Foreign currency translation adjustments (2,993 ) — (2,993 ) Change in fair value of derivative financial instruments — 6 6 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — — — Other comprehensive income (loss) (2,993 ) 6 (2,987 ) Balance at July 29, 2018 $ (10,365 ) $ 623 $ (9,742 ) 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 ) Foreign currency translation adjustments 3,390 — 3,390 Change in fair value of derivative financial instruments — (1,166 ) (1,166 ) Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — 7 7 Other comprehensive income (loss) 3,390 (1,159 ) 2,231 Balance at July 30, 2017 $ (8,133 ) $ (466 ) $ (8,599 ) 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. (T

ACQUISITION OF OUTWARD, INC. (Tables)	6 Months Ended
	Jul. 29, 2018
Summary of Fair Value of Identifiable Assets Acquired and Liabilities Asssumed	The purchase consideration has been allocated based on estimates of the fair value of identifiable assets acquired and liabilities assumed, as set forth in the table below. In thousands July 29, 2018 Working capital and other assets $ 718,000 Property and equipment, net 2,049,000 Intangible assets 18,300,000 Liabilities (7,160,000 ) Total identifiable net assets acquired $ 13,907,000 Goodwill 66,905,000 Total purchase consideration $ 80,812,000

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jul. 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 twenty-six Thirteen Weeks Ended July 29, 2018 Twenty-six In thousands As ASU 2014-09 As As ASU 2014-09 As Net revenue $ 1,275,174 $ (16,831 ) $ 1,258,343 $ 2,478,174 $ (41,932 ) $ 2,436,242 Cost of goods sold 811,232 (2,257 ) 808,975 1,582,068 (8,401 ) 1,573,667 Gross profit 463,942 (14,574 ) 449,368 896,106 (33,531 ) 862,575 Selling, general and administrative expenses 389,776 (10,908 ) 378,868 755,390 (23,170 ) 732,220 Operating income $ 74,166 $ (3,666 ) $ 70,500 $ 140,716 $ (10,361 ) $ 130,355

Financial Statements - Basis 28

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	6 Months Ended
	Jul. 30, 2017	Jul. 29, 2018	Jul. 30, 2017	Aug. 24, 2018
Debt Instrument [Line Items]
Amount of borrowings under revolving line during period	$ 70,000,000	$ 0	$ 115,000,000
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. 24, 2019
Outstanding letter of credit facilities		$ 6,049,000
Latest expiration date possible for future letters of credit		Jan. 21, 2020
Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity under letter of credit facilities including additional borrowing capacity				$ 70,000,000
Standby Letters of Credit
Debt Instrument [Line Items]
Amount issued but undrawn under credit facility		$ 13,574,000
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	2.24%	2.24%	2.24%
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 plus an applicable margin based on our leverage ratio ranging from 0.91% to 1.775% for revolver borrowings, 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 revolver borrowings, and 0% to 1.0% 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		3.00%
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	3 Months Ended		6 Months Ended
	Jul. 29, 2018	Jul. 30, 2017	Jul. 29, 2018	Jul. 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	$ 13,637	$ 13,012	$ 26,526	$ 22,829
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	36,570,000		36,570,000
Shares available for future grant	7,404,000		7,404,000
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	6 Months Ended
	Jul. 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	(134,837)
Cancelled, shares	(1,290)
Balance at July 29, 2018 (100% vested)	31,610

Summary of Stock-Settled Stoc32

Summary of Stock-Settled Stock Appreciation Right Activity (Parenthetical) (Detail)	6 Months Ended
	Jul. 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)	6 Months Ended
	Jul. 29, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at January 28, 2018, shares	2,358,137
Granted, shares	1,357,106
Granted, with vesting subject to performance conditions, shares	256,350
Released, shares	(607,682)
Cancelled, shares	(264,735)
Balance at July 29, 2018, shares	3,099,176
Vested plus expected to vest at July 29, 2018, shares	2,393,642

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. 29, 2018	Jul. 30, 2017	Jul. 29, 2018	Jul. 30, 2017
Earnings Per Share [Line Items]
Net Earnings, Basic	$ 51,713	$ 52,917	$ 96,881	$ 92,472
Net Earnings, Diluted	$ 51,713	$ 52,917	$ 96,881	$ 92,472
Weighted Average Shares, Basic	82,342	86,429	82,867	86,696
Weighted Average Shares, Effect of dilutive stock-based awards	825	419	652	542
Weighted Average Shares, Diluted	83,167	86,848	83,519	87,238
Earnings Per Share, Basic	$ 0.63	$ 0.61	$ 1.17	$ 1.07
Earnings Per Share, Diluted	$ 0.62	$ 0.61	$ 1.16	$ 1.06

Earnings Per Share- Additional

Earnings Per Share- Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jul. 29, 2018	Jul. 30, 2017	Jul. 29, 2018	Jul. 30, 2017
Earnings Per Share [Line Items]
Anti-dilutive stock-based awards excluded from the computation of diluted earnings per share	17,179	1,638,306	15,986	1,048,547

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	6 Months Ended
	Jul. 29, 2018Segment
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. 29, 2018		Jul. 30, 2017		Jul. 29, 2018		Jul. 30, 2017		Jan. 28, 2018
Segment Reporting Information [Line Items]
Net revenues	[1]	$ 1,275,174		$ 1,201,606		$ 2,478,174		$ 2,313,113
Depreciation and amortization expense		45,936		45,098		93,809		90,048
Operating income (loss)	[2]	74,166		81,584		140,716		144,058
Assets		2,607,977	[3]	2,479,860	[3]	2,607,977	[3]	2,479,860	[3]	$ 2,785,749
Capital expenditures		45,992		50,574		80,021		82,727
E-commerce
Segment Reporting Information [Line Items]
Net revenues		686,942		630,793		1,333,122		1,211,303
Retail
Segment Reporting Information [Line Items]
Net revenues		588,232		570,813		1,145,052		1,101,810
Operating Segments | E-commerce
Segment Reporting Information [Line Items]
Net revenues	[1]	686,942		630,793		1,333,122		1,211,303
Depreciation and amortization expense		7,651		6,788		16,997		13,755
Operating income (loss)	[2]	137,236		135,139		280,041		267,143
Assets	[3]	801,253		672,522		801,253		672,522
Capital expenditures		8,958		8,119		14,752		10,989
Operating Segments | Retail
Segment Reporting Information [Line Items]
Net revenues	[1]	588,232		570,813		1,145,052		1,101,810
Depreciation and amortization expense		22,494		22,385		45,493		44,727
Operating income (loss)	[2]	33,922		34,592		55,983		56,306
Assets	[3]	1,116,904		1,129,925		1,116,904		1,129,925
Capital expenditures		18,495		23,288		35,690		39,785
Unallocated
Segment Reporting Information [Line Items]
Depreciation and amortization expense		15,791		15,925		31,319		31,566
Operating income (loss)	[2]	(96,992)		(88,147)		(195,308)		(179,391)
Assets	[3]	689,820		677,413		689,820		677,413
Capital expenditures		$ 18,539		$ 19,167		$ 29,579		$ 31,953
[1]	Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $80.7 million and $80.6 million for the thirteen weeks ended July 29, 2018 and July 30, 2017, respectively, and $160.1 million and $150.0 million for the twenty-six weeks ended July 29, 2018 and July 30, 2017, respectively.
[2]	The thirteen and twenty-six weeks ended July 29, 2018 includes: $5.3 million of expense related to impairment and early lease termination charges which is primarily recorded in the retail segment, $5.0 million and $11.9 million of expense, respectively, 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 $3.6 million and $9.1 million, respectively, is recorded in the e-commerce segment and $1.4 million and $2.8 million, respectively, is recorded in the unallocated segment, as well as $1.9 million and $3.6 million, respectively, of employment-related expense in our corporate functions, which is recorded within the unallocated segment. The twenty-six weeks ended July 30, 2017 includes $5.7 million of severance-related charges in our corporate functions, which is recorded within the unallocated segment.
[3]	Includes long-term assets related to our international operations of approximately $52.9 million and $61.9 million as of July 29, 2018 and July 30, 2017, respectively.

Segment Information (Parentheti

Segment Information (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2018	Jul. 30, 2017	Jul. 29, 2018	Jul. 30, 2017
Segment Reporting Information [Line Items]
Net revenues related to foreign operations	$ 80.7	$ 80.6	$ 160.1	$ 150
Expense related to impairment and early lease termination charges	5.3		5.3
Long-term assets related to foreign operations	52.9	$ 61.9	52.9	61.9
E-commerce
Segment Reporting Information [Line Items]
Expense related to acquisition and other	3.6		9.1
Unallocated
Segment Reporting Information [Line Items]
Severance, related reorganization charges				$ 5.7
Expense related to acquisition and other	1.4		2.8
Employee related expense	1.9		3.6
Outward Inc.
Segment Reporting Information [Line Items]
Expense related to acquisition and other	$ 5		$ 11.9

Stock Repurchase Program and 39

Stock Repurchase Program and Dividends - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 29, 2018	Jul. 30, 2017	Jul. 29, 2018	Jul. 30, 2017	Jan. 28, 2018
Stock Repurchase Program and Dividend [Line Items]
Common stock repurchased, shares	2,409,437	1,160,381	3,141,367	1,924,924
Common stock repurchased, average cost per share	$ 56.90	$ 47.41	$ 55.65	$ 48.50
Common stock repurchased, total cost	$ 137,105,000	$ 55,011,000	$ 174,818,000	$ 93,361,000
Stock repurchase program, remaining shares	344,302,000		344,302,000
Treasure stock, value	$ 258,000	$ 805,000	$ 258,000	$ 805,000	$ 725,000
Cash dividend, per common share	$ 0.43	$ 0.39	$ 0.86	$ 0.78

Derivative Financial Instrume40

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 29, 2018	Jul. 30, 2017	Jul. 29, 2018	Jul. 30, 2017
Derivative [Line Items]
Reclassification from OCI to cost of goods sold	$ 846,000		$ 846,000
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. 29, 2018	Jul. 30, 2017
Derivatives designated as hedging instruments | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange of foreign currency contracts	$ 20,800,000	$ 24,600,000
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange of foreign currency contracts	$ 6,600,000	$ 48,000,000

Effect of Derivative Instrument

Effect of Derivative Instruments in Condensed Consolidated Financial Statements (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jul. 29, 2018	Jul. 30, 2017	Jul. 29, 2018	Jul. 30, 2017
Derivative [Line Items]
Net gain (loss) recognized in OCI		$ 339	$ (1,588)	$ 1,530	$ (696)
Net gain (loss) reclassified from OCI into cost of goods sold		(21)	(9)	(73)	12
Net foreign exchange gain (loss) recognized in selling, general and administrative expenses, instruments designated as cash flow hedges	[1]	50	$ 47	33	55
Net foreign exchange gain (loss) recognized in selling, general and administrative expenses, instruments not designated or de-designated		$ 1,183		$ 3,943	$ 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	Jul. 29, 2018	Jul. 30, 2017
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivatives designated as cash flow hedges, Assets	$ 690
Derivatives not designated as hedging instruments, Assets	5	$ 6
Other Long-Term Assets
Derivatives, Fair Value [Line Items]
Derivatives designated as cash flow hedges, Assets	$ 57
Other Current Liabilities
Derivatives, Fair Value [Line Items]
Derivatives designated as cash flow hedges, Liabilities		(704)
Other Long-Term Liabilities
Derivatives, Fair Value [Line Items]
Derivatives designated as cash flow hedges, Liabilities		$ (90)

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. 29, 2018	Apr. 29, 2018	Jul. 30, 2017	Apr. 30, 2017	Jul. 29, 2018	Jul. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			$ (6,782)			$ (6,782)
Foreign currency translation adjustments		$ (2,993)		$ 3,390		(4,138)	$ 1,824
Change in fair value of derivative financial instruments		6		(1,166)		1,129	(511)
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax				7		49	(9)
Ending Balance		(9,742)		(8,599)		(9,742)	(8,599)
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(7,372)	(6,227)	(11,523)	$ (9,957)	(6,227)	(9,957)
Foreign currency translation adjustments		(2,993)	(1,145)	3,390	(1,566)
Other comprehensive income (loss)		(2,993)	(1,145)	3,390	(1,566)
Ending Balance		(10,365)	(7,372)	(8,133)	(11,523)	(10,365)	(8,133)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		617	(555)	693	54	(555)	54
Change in fair value of derivative financial instruments		6	1,123	(1,166)	655
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax	[1]		49	7	(16)
Other comprehensive income (loss)		6	1,172	(1,159)	639
Ending Balance		623	617	(466)	693	623	(466)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(6,755)	(6,782)	(10,830)	(9,903)	(6,782)	(9,903)
Foreign currency translation adjustments		(2,993)	(1,145)	3,390	(1,566)
Change in fair value of derivative financial instruments		6	1,123	(1,166)	655
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax	[1]		49	7	(16)
Other comprehensive income (loss)		(2,987)	27	2,231	(927)
Ending Balance		$ (9,742)	$ (6,755)	$ (8,599)	$ (10,830)	$ (9,742)	$ (8,599)
[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. - USD ($)	Dec. 01, 2017	Jul. 29, 2018
Business Acquisition [Line Items]
Contractual purchase price	$ 112,000,000
Purchase consideration	80,812,000
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	$ 4,498,000
Consideration owed to certain key employees of an acquired business, contingent upon continued future service and certain financial targets	$ 20,000,000
3-D Imaging Data and Intellectual Property
Business Acquisition [Line Items]
Finite lived intangible asset useful life		4 years

Summary of Fair Value of Identi

Summary of Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jul. 29, 2018	Jan. 28, 2018	Jul. 30, 2017
Business Acquisition [Line Items]
Goodwill	$ 85,673	$ 18,838	$ 18,773
Outward Inc.
Business Acquisition [Line Items]
Working capital and other assets	718,000
Property and equipment, net	2,049,000
Intangible assets	18,300,000
Liabilities	(7,160,000)
Total identifiable net assets acquired	13,907,000
Goodwill	66,905,000
Total purchase consideration	$ 80,812,000

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jul. 29, 2018	Jul. 29, 2018	Jan. 28, 2018	Jul. 30, 2017
Revenues [Line Items]
Customer loyalty program, expiration period		6 months
Gift card and other deferred revenue	$ 263,546,000	$ 263,546,000	$ 300,607,000	$ 294,694,000
Other Current Liabilities
Revenues [Line Items]
Expected sales return liability	30,432,000	$ 30,432,000
Other Current Assets
Revenues [Line Items]
Reduction in cost of goods sold for expected net realizable value of merchandise inventory to be returned	11,036,000
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]
Gift card and other deferred revenue	$ 263,546,000	$ 263,546,000

Summarize Impact of Adopting AS

Summarize Impact of Adopting ASU 2014-09 to Consolidated Financial Statements (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jul. 29, 2018	Jul. 30, 2017	Jul. 29, 2018	Jul. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net revenue	[1]	$ 1,275,174	$ 1,201,606	$ 2,478,174	$ 2,313,113
Cost of goods sold		811,232	778,895	1,582,068	1,494,642
Gross profit		463,942	422,711	896,106	818,471
Selling, general and administrative expenses		389,776	341,127	755,390	674,413
Operating income	[2]	74,166	$ 81,584	140,716	$ 144,058
Accounting Standards Update 2014-09 | ASU 2014-09 Adjustment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net revenue		(16,831)		(41,932)
Cost of goods sold		(2,257)		(8,401)
Gross profit		(14,574)		(33,531)
Selling, general and administrative expenses		(10,908)		(23,170)
Operating income		(3,666)		(10,361)
Accounting Standards Update 2014-09 | As Adjusted
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net revenue		1,258,343		2,436,242
Cost of goods sold		808,975		1,573,667
Gross profit		449,368		862,575
Selling, general and administrative expenses		378,868		732,220
Operating income		$ 70,500		$ 130,355
[1]	Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $80.7 million and $80.6 million for the thirteen weeks ended July 29, 2018 and July 30, 2017, respectively, and $160.1 million and $150.0 million for the twenty-six weeks ended July 29, 2018 and July 30, 2017, respectively.
[2]	The thirteen and twenty-six weeks ended July 29, 2018 includes: $5.3 million of expense related to impairment and early lease termination charges which is primarily recorded in the retail segment, $5.0 million and $11.9 million of expense, respectively, 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 $3.6 million and $9.1 million, respectively, is recorded in the e-commerce segment and $1.4 million and $2.8 million, respectively, is recorded in the unallocated segment, as well as $1.9 million and $3.6 million, respectively, of employment-related expense in our corporate functions, which is recorded within the unallocated segment. The twenty-six weeks ended July 30, 2017 includes $5.7 million of severance-related charges in our corporate functions, which is recorded within the unallocated segment.