Williams-Sonoma (WSM) 10-Q 12 Sep 19 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Aug. 04, 2019	Sep. 01, 2019
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Aug. 4, 2019
Document Transition Report	false
Document Quarterly Report	true
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000719955
Current Fiscal Year End Date	--02-02
Entity Registrant Name	WILLIAMS SONOMA INC
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Trading Symbol	WSM
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		78,022,213
Entity Interactive Data Current	Yes
Entity File Number	001-14077
Entity Tax Identification Number	94-2203880
Entity Address, Address Line One	3250 Van Ness Avenue
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94109
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock
City Area Code	415
Local Phone Number	421-7900
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Aug. 04, 2019	Jul. 29, 2018	Aug. 04, 2019	Jul. 29, 2018
Net revenues	[1]	$ 1,370,814	$ 1,275,174	$ 2,611,946	$ 2,478,174
Cost of goods sold		886,953	811,232	1,683,754	1,582,068
Gross profit		483,861	463,942	928,192	896,106
Selling, general and administrative expenses		397,696	389,776	767,895	755,390
Operating income		86,165	74,166	160,297	140,716
Interest (income) expense, net		2,669	1,584	4,922	2,785
Earnings before income taxes		83,496	72,582	155,375	137,931
Income taxes		20,848	20,869	40,071	41,050
Net earnings		$ 62,648	$ 51,713	$ 115,304	$ 96,881
Basic earnings per share		$ 0.80	$ 0.63	$ 1.47	$ 1.17
Diluted earnings per share		$ 0.79	$ 0.62	$ 1.45	$ 1.16
Shares used in calculation of earnings per share:
Basic		78,488	82,342	78,586	82,867
Diluted		79,470	83,167	79,633	83,519
[1]	Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $87.7 million and $80.7 million for the thirteen weeks ended August 4, 2019 and July 29, 2018, respectively, and approximately $174.3 million and $160.1 million for the twenty-six weeks ended August 4, 2019 and July 29, 2018, respectively.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 04, 2019	Jul. 29, 2018	Aug. 04, 2019	Jul. 29, 2018
Net earnings	$ 62,648	$ 51,713	$ 115,304	$ 96,881
Other comprehensive income (loss):
Foreign currency translation adjustments	(1,251)	(2,993)	(4,260)	(4,138)
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $(8), $333, $66 and $401	(132)	6	72	1,129
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax (tax benefit) of $10, $(21), $34 and $(24)	(160)		(227)	49
Comprehensive income	$ 61,105	$ 48,726	$ 110,889	$ 93,921

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 04, 2019	Jul. 29, 2018	Aug. 04, 2019	Jul. 29, 2018
Change in fair value of derivative financial instruments, tax	$ (8)	$ 333	$ 66	$ 401
Reclassification adjustment for realized losses on derivative financial instruments, tax	$ 10	$ (21)	$ 34	$ (24)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 04, 2019	Feb. 03, 2019	Jul. 29, 2018
Current assets
Cash and cash equivalents	$ 120,467	$ 338,954	$ 174,580
Accounts receivable, net	111,114	107,102	106,322
Merchandise inventories, net	1,187,728	1,124,992	1,099,888
Prepaid expenses	117,017	101,356	74,811
Other current assets	21,693	21,939	21,891
Total current assets	1,558,019	1,694,343	1,477,492
Property and equipment, net	913,059	929,635	919,689
Operating lease right-of-use assets	1,208,528
Deferred income taxes, net	38,803	44,055	60,960
Goodwill	85,348	85,382	85,673
Other long-term assets, net	65,924	59,429	64,163
Total assets	3,869,681	2,812,844	2,607,977
Current liabilities
Accounts payable	404,337	526,702	466,903
Accrued expenses	127,137	163,559	112,381
Gift card and other deferred revenue	283,108	290,445	263,546
Borrowings under revolving line of credit	60,000
Income taxes payable	13,065	21,461	35,529
Operating lease liabilities	222,978
Other current liabilities	76,254	72,645	69,589
Total current liabilities	1,186,879	1,074,812	947,948
Deferred rent and lease incentives	28,618	201,374	207,190
Long-term debt	299,719	299,620	299,521
Long-term operating lease liabilities	1,148,031
Other long-term liabilities	84,831	81,324	72,330
Total liabilities	2,748,078	1,657,130	1,526,989
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; 78,203, 78,813 and 80,988 shares issued and outstanding at August 4, 2019, February 3, 2019 and July 29, 2018, respectively	783	789	810
Additional paid-in capital	584,828	581,900	561,810
Retained earnings	552,454	584,333	528,368
Accumulated other comprehensive loss	(15,488)	(11,073)	(9,742)
Treasury stock, at cost: 14, 2 and 2 shares as of August 4, 2019, February 3, 2019 and July 29, 2018, respectively	(974)	(235)	(258)
Total stockholders' equity	1,121,603	1,155,714	1,080,988
Total liabilities and stockholders' equity	$ 3,869,681	$ 2,812,844	$ 2,607,977

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 04, 2019	Feb. 03, 2019	Jul. 29, 2018
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	78,203,000	78,813,000	80,988,000
Common stock, shares outstanding	78,203,000	78,813,000	80,988,000
Treasury stock, shares	14,000	2,000	2,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning Balance (in shares) at Jan. 28, 2018			83,726,000
Beginning Balance at Jan. 28, 2018		$ 1,203,566	$ 837	$ 562,814	$ 647,422	$ (6,782)	$ (725)
Net earnings		45,168			45,168
Foreign currency translation adjustments		(1,145)				(1,145)
Change in fair value of derivative financial instruments, net of tax		1,123				1,123
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		49				49
Conversion/release of stock-based awards, shares	[1]		228,000
Conversion/release of stock-based awards, value	[1]	(7,436)	$ 3	(7,213)			(226)
Repurchases of common stock, shares			(732,000)
Repurchases of common stock, value		(37,713)	$ (7)	(3,437)	(34,269)
Reissuance of treasury stock under stock-based compensation plans	[1]			(290)	(358)		648
Stock-based compensation expense		12,811		12,811
Dividends declared		(36,877)			(36,877)
Adoption of accounting pronouncements	[2]	17,688			17,688
Ending Balance (in shares) at Apr. 29, 2018			83,222,000
Ending Balance at Apr. 29, 2018		1,197,234	$ 833	564,685	638,774	(6,755)	(303)
Beginning Balance (in shares) at Jan. 28, 2018			83,726,000
Beginning Balance at Jan. 28, 2018		1,203,566	$ 837	562,814	647,422	(6,782)	(725)
Net earnings		96,881
Foreign currency translation adjustments		(4,138)
Change in fair value of derivative financial instruments, net of tax		1,129
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		49
Ending Balance (in shares) at Jul. 29, 2018			80,988,000
Ending Balance at Jul. 29, 2018		1,080,988	$ 810	561,810	528,368	(9,742)	(258)
Beginning Balance (in shares) at Apr. 29, 2018			83,222,000
Beginning Balance at Apr. 29, 2018		1,197,234	$ 833	564,685	638,774	(6,755)	(303)
Net earnings		51,713			51,713
Foreign currency translation adjustments		(2,993)				(2,993)
Change in fair value of derivative financial instruments, net of tax		6				6
Conversion/release of stock-based awards, shares	[1]		175,000
Conversion/release of stock-based awards, value	[1]	(4,899)	$ 2	(4,869)			(32)
Repurchases of common stock, shares			(2,409,000)
Repurchases of common stock, value		(137,105)	$ (25)	(11,431)	(125,649)
Reissuance of treasury stock under stock-based compensation plans	[1]			(72)	(5)		77
Stock-based compensation expense		13,497		13,497
Dividends declared		(36,465)			(36,465)
Ending Balance (in shares) at Jul. 29, 2018			80,988,000
Ending Balance at Jul. 29, 2018		1,080,988	$ 810	561,810	528,368	(9,742)	(258)
Beginning Balance (in shares) at Feb. 03, 2019			78,813,000
Beginning Balance at Feb. 03, 2019		1,155,714	$ 789	581,900	584,333	(11,073)	(235)
Net earnings		52,656			52,656
Foreign currency translation adjustments		(3,009)				(3,009)
Change in fair value of derivative financial instruments, net of tax		204				204
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		(67)				(67)
Conversion/release of stock-based awards, shares	[1]		571,000
Conversion/release of stock-based awards, value	[1]	(25,406)	$ 5	(25,298)			(113)
Repurchases of common stock, shares			(576,000)
Repurchases of common stock, value		(33,848)	$ (6)	(2,874)	(30,010)		(958)
Reissuance of treasury stock under stock-based compensation plans				(332)			332
Stock-based compensation expense		18,376		18,376
Dividends declared		(39,549)			(39,549)
Adoption of accounting pronouncements	[3]	(3,303)			(3,303)
Ending Balance (in shares) at May. 05, 2019			78,808,000
Ending Balance at May. 05, 2019		1,121,768	$ 788	571,772	564,127	(13,945)	(974)
Beginning Balance (in shares) at Feb. 03, 2019			78,813,000
Beginning Balance at Feb. 03, 2019		1,155,714	$ 789	581,900	584,333	(11,073)	(235)
Net earnings		115,304
Foreign currency translation adjustments		(4,260)
Change in fair value of derivative financial instruments, net of tax		72
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		(227)
Ending Balance (in shares) at Aug. 04, 2019			78,203,000
Ending Balance at Aug. 04, 2019		1,121,603	$ 783	584,828	552,454	(15,488)	(974)
Beginning Balance (in shares) at May. 05, 2019			78,808,000
Beginning Balance at May. 05, 2019		1,121,768	$ 788	571,772	564,127	(13,945)	(974)
Net earnings		62,648			62,648
Foreign currency translation adjustments		(1,251)				(1,251)
Change in fair value of derivative financial instruments, net of tax		(132)				(132)
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		(160)				(160)
Conversion/release of stock-based awards, shares	[1]		31,000
Conversion/release of stock-based awards, value	[1]	(481)	$ 1	(482)
Repurchases of common stock, shares			(636,000)
Repurchases of common stock, value		(38,283)	$ (6)	(3,170)	(35,107)
Stock-based compensation expense		16,708		16,708
Dividends declared		(39,214)			(39,214)
Ending Balance (in shares) at Aug. 04, 2019			78,203,000
Ending Balance at Aug. 04, 2019		$ 1,121,603	$ 783	$ 584,828	$ 552,454	$ (15,488)	$ (974)
[1]	Amounts are shown net of shares withheld for employee taxes.
[2]	Primarily relates to our adoption of ASU 2014-09, Revenue from Contracts with Customers, in fiscal 2018.
[3]	Relates to our adoption of ASU 2016-02, Leases, in fiscal 2019. See Note A.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Aug. 04, 2019	Jul. 29, 2018
Cash flows from operating activities:
Net earnings	$ 115,304	$ 96,881
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	93,744	93,809
(Gain) loss on disposal/impairment of assets	(6)	4,466
Amortization of deferred lease incentives	(4,228)	(13,210)
Non-cash lease expense	105,437
Deferred income taxes	(8,428)	(4,415)
Tax benefit related to stock-based awards	14,110	9,711
Stock-based compensation expense	35,401	26,526
Other	92	166
Changes in:
Accounts receivable	(4,430)	(13,567)
Merchandise inventories	(63,576)	(45,159)
Prepaid expenses and other assets	(24,506)	(29,217)
Accounts payable	(127,511)	(1,735)
Accrued expenses and other liabilities	(30,677)	(12,209)
Gift card and other deferred revenue	(7,173)	11,927
Deferred rent and lease incentives		18,861
Operating lease liabilities	(111,782)
Income taxes payable	(8,407)	(22,712)
Net cash (used in) provided by operating activities	(26,636)	120,123
Cash flows from investing activities:
Purchases of property and equipment	(77,189)	(80,021)
Other	470	513
Net cash used in investing activities	(76,719)	(79,508)
Cash flows from financing activities:
Payment of dividends	(75,453)	(70,331)
Repurchases of common stock	(72,131)	(174,818)
Borrowings under revolving line of credit	60,000
Tax withholdings related to stock-based awards	(25,887)	(12,335)
Net cash used in financing activities	(113,471)	(257,484)
Effect of exchange rates on cash and cash equivalents	(1,661)	1,313
Net decrease in cash and cash equivalents	(218,487)	(215,556)
Cash and cash equivalents at beginning of period	338,954	390,136
Cash and cash equivalents at end of period	$ 120,467	$ 174,580

FINANCIAL STATEMENTS - BASIS OF

FINANCIAL STATEMENTS - BASIS OF PRESENTATION	6 Months Ended
	Aug. 04, 2019
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 August 4, 2019 and July 29, 2018, the Condensed Consolidated Statements of Earnings, the Condensed Consolidated Statements of Comprehensive Income, and the Condensed Consolidated Statements of Stockholders’ Equity for the thirteen weeks and 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 New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases right-of-use right-of-use non-lease right-of-use In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815), non-financial In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. internal-use 350-40

BORROWING ARRANGEMENTS

BORROWING ARRANGEMENTS	6 Months Ended
	Aug. 04, 2019
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 (the “revolver”) and a $300,000,000 unsecured term loan facility (the “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 January 8, 2020, elect to extend the maturity date for an additional year, subject to lender approval. During the second quarter and for year-to-date fiscal 2019, we had borrowings of $ 60,000,000 As of August 4, 2019, we had $300,000,000 3.57 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 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 1.0% for the term loan. As of August 4, 2019, we were in compliance with our financial covenants under the credit facility and, based on current projections, we expect to remain in compliance throughout the next 12 months. Letter of Credit Facilities We have three unsecured letter of credit reimbursement facilities for a total of $70,000,000. 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 August 4, 2019, an aggregate of $7,356,000 was outstanding under the letter of credit facilities, which represents only a future commitment to fund inventory purchases to which we have not taken legal title. August 23, 2020. The latest expiration possible for any future letters of credit issued under the facilities is January 20, 2021.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Aug. 04, 2019
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 August 4, 2019, there were approximately 5,345,000 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. 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 event. Stock Awards Annual grants of stock awards are limited to 1,000,000 shares on a per person basis. Stock awards granted to employees generally vest evenly over a period of four years for service-based awards. Certain performance-based awards, which have variable payout conditions based on predetermined financial targets, generally vest three years from the date of grant. Certain stock awards and other agreements contain vesting acceleration clauses which are triggered upon certain events including, but not limited to, retirement, or a merger or 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 13,637,000 26,526,000 Restricted Stock Units The following table summarizes our restricted stock unit activity during the twenty-six Shares Balance at February 3, 2019 3,012,923 Granted 1,000,469 Granted, with vesting subject to performance conditions 238,786 Released 1 (954,327 ) Cancelled (299,687 ) Balance at August 4, 2019 2,998,164 Vested plus expected to vest at August 4, 2019 3,158,678 1

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Aug. 04, 2019
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 August 4, 2019 Basic $ 62,648 78,488 $ 0.80 Effect of dilutive stock-based awards 982 Diluted $ 62,648 79,470 $ 0.79 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 Twenty-six Basic $ 115,304 78,586 $ 1.47 Effect of dilutive stock-based awards 1,047 Diluted $ 115,304 79,633 $ 1.45 Twenty-six Basic $ 96,881 82,867 $ 1.17 Effect of dilutive stock-based awards 652 Diluted $ 96,881 83,519 $ 1.16 Stock-based awards of 5,259 and 16,813 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
	Aug. 04, 2019
SEGMENT REPORTING	NOTE E. SEGMENT REPORTING We identify our operating segments according to how our business activities are managed and evaluated. Prior to fiscal 2019, we managed e-commerce merchandise strategies, which included the results of Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, Pottery Barn Teen, Williams Sonoma Home, Rejuvenation and Mark and Graham, separately from our retail business. Because these merchandising strategies shared similar economic and other qualitative characteristics, they had been aggregated into the e-commerce reportable segment. Also, prior to fiscal 2019, we managed retail merchandise strategies, which included the results of our retail stores for Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm and Rejuvenation, separately from our e-commerce business. Because these merchandising strategies shared similar economic and other qualitative characteristics, they had been aggregated into the retail reportable segment. Beginning in fiscal 2019, due to the convergence of our e-commerce e-commerce The following table summarizes our net revenues by brand for the thirteen and twenty-six Thirteen Twenty-six In thousands August 4, July 29, August 4, July 29, Pottery Barn $ 524,847 $ 506,460 $ 1,016,973 $ 996,831 West Elm 357,574 301,213 667,057 574,562 Williams Sonoma 191,374 195,178 386,267 396,156 Pottery Barn Kids and Teen 227,853 213,807 404,899 394,203 Other 1 69,166 58,516 136,750 116,422 Total 2 $ 1,370,814 $ 1,275,174 $ 2,611,946 $ 2,478,174 1 Primarily consists of net revenues from our international franchise operations, Rejuvenation and Mark and Graham. 2 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $87.7 million and $80.7 million for the thirteen weeks ended August 4, 2019 and July 29, 2018, respectively, and approximately $ 174.3 twenty-six Long-lived assets by geographic location are as follows: In thousands August 4, 2019 July 29, 2018 U.S. $ 2,146,995 $ 1,077,547 International 164,667 52,938 Total $ 2,311,662 $ 1,130,485

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Aug. 04, 2019
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 Condensed Consolidated Financial Statements taken as a whole. 9

STOCK REPURCHASE PROGRAM AND DI

STOCK REPURCHASE PROGRAM AND DIVIDENDS	6 Months Ended
	Aug. 04, 2019
STOCK REPURCHASE PROGRAM AND DIVIDENDS	NOTE G. STOCK REPURCHASE PROGRAM AND DIVIDENDS Stock Repurchase Program During the thirteen weeks ended August 4, 2019, we repurchased 635,526 shares of our common stock at an average cost of $60.24 per share for a total cost of approximately $ 38,283 twenty-six 72,131 974 During the thirteen weeks ended July 29, 2018, we repurchased shares of our common stock at an average cost of $ per share for a total cost of approximately $ 137,105,000 . During the twenty-six weeks ended July 29, 2018, we repurchased shares of our common stock at an average cost of $ per share for a total cost of approximately $ 174,818,000 . In addition, as of July 29, 2018, we held treasury stock of $ 258 that represents the cost of shares available for issuance that is intended to satisfy future stock-based award settlements in certain foreign jurisdictions. 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 $ 0.48 twenty-six

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Aug. 04, 2019
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE H. DERIVATIVE FINANCIAL INSTRUMENTS We have businesses in Canada, Australia and the United Kingdom, and operations throughout Asia and Europe, which expose us to market risk associated with foreign currency exchange rate fluctuations. Substantially all of our purchases and sales are denominated in U.S. dollars, which limits our exposure to this risk. However, some of our foreign operations have a functional currency other than the U.S. dollar. To mitigate this risk, we hedge a portion of our foreign currency exposure with foreign currency forward contracts in accordance with our risk management policies. We do not enter into such contracts for speculative purposes. The assets or liabilities associated with these derivative financial instruments are measured at fair value and recorded in either other current or long-term assets or other current or long-term liabilities. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on whether the derivative financial instrument is designated as a hedge and qualifies for hedge accounting in accordance with Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging Cash Flow Hedges We enter into foreign currency forward contracts designated as cash flow hedges (to sell Canadian dollars and purchase U.S. dollars) for forecasted inventory purchases in U.S. dollars by our 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 in cost of goods sold. Based on the rates in effect as of August 4, 2019, we expect to reclassify a net pre-tax We also enter into non-designated 10 As of August 4, 2019 and July 29, 2018, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands August 4, 2019 July 29, 2018 Contracts designated as cash flow hedges $ 6,000 $ 20,800 Contracts not designated as cash flow hedges $ — $ 6,600 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 weeks ended August 4, 2019 and July 29, 2018, pre-tax, was as follows: Thirteen Weeks Ended Twenty-six August 4, 2019 July 29, 2018 August 4, 2019 July 29, 2018 In thousands Cost of goods sold Selling, general and administrative expenses Cost of sold Selling, general and administrative expenses Cost of goods Selling, general and administrative expenses Cost of goods Selling, general and administrative expenses Line items presented $ 886,953 $ 397,696 $ 811,232 $ 389,776 $ 1,683,754 $ 767,895 $ 1,582,068 $ 755,390 Gain (loss) Derivatives $ 187 $ — $ (21 ) $ 50 $ 295 $ — $ (73 ) $ 33 Derivatives not $ — $ 24 $ — $ 1,183 $ — $ 18 $ — $ 3,943 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 August 4, 2019 July 29, 2018 Derivatives designated as cash flow hedges: Other current assets $ 142 $ 690 Other long-term assets $ — $ 57 Derivatives not designated as hedging instruments: Other current assets $ — $ 5 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
	Aug. 04, 2019
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 August 4, 2019, 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 Long-lived Assets 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 property and equipment at fair value on a nonrecurring basis using Level 3 inputs as defined in the fair value hierarchy. We measure right-of-use 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
	Aug. 04, 2019
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 February 3, 2019 $ (11,259 ) $ 186 $ (11,073 ) Foreign currency translation adjustments (3,009 ) (3,009 ) Change in fair value of derivative financial instruments — 204 204 Reclassification adjustment for realized (gain) loss on derivative financial instruments — (67 ) (67 ) Other comprehensive income (loss) (3,009 ) 137 (2,872 ) Balance at May 5, 2019 (14,268 ) 323 (13,945 ) Foreign currency translation adjustments (1,251 ) — (1,251 ) Change in fair value of derivative financial instruments — (132 ) (132 ) Reclassification adjustment for realized (gain) loss on derivative financial instruments — (160 ) (160 ) Other comprehensive income (loss) (1,251 ) (292 ) (1,543 ) Balance at August 4, 2019 $ (15,519 ) $ 31 $ (15,488 ) 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 — 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 Other comprehensive income (loss) (2,993 ) 6 (2,987 ) Balance at July 29, 2018 $ (10,365 ) $ 623 $ (9,742 )

ACQUISITION OF OUTWARD, INC.

ACQUISITION OF OUTWARD, INC.	6 Months Ended
	Aug. 04, 2019
ACQUISITION OF OUTWARD, INC	NOTE K. ACQUISITION OF OUTWARD, INC. On December 1, 2017, we acquired Outward, Inc., a 3-D four years 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. Working capital and other assets $ 718,000 Property and equipment, net 2,049,000 Intangible assets 18,300,000 Liabilities (6,886,000 ) Total identifiable net assets acquired $ 14,181,000 Goodwill 66,631,000 Total purchase consideration $ 80,812,000 Intangible assets acquired primarily represent 3-D four years Outward, Inc. 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.

REVENUE

REVENUE	6 Months Ended
	Aug. 04, 2019
REVENUE	NOTE L. REVENUE The majority of our revenues are generated from sales of merchandise to our customers 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 a discussion of our net revenues by operating 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 August 4, 2019 and July 29,2018, we recorded a liability for expected sales returns of approximately $28,778,000 and $ 30,432,000 11,036,000 Stored-value Cards We issue stored-value cards that may be redeemed on future merchandise purchases. Our stored-value cards have no expiration dates. Revenue from stored-value cards is recognized at a point in time upon redemption of the card and as control of the merchandise is transferred to the customer. Revenue from estimated unredeemed stored-value cards (“breakage ” ) is recognized in a manner consistent with our historical redemption patterns over the estimated period of redemption of our cards of approximately , the majority of which is recognized within one year of the card issuance. Breakage revenue is not material to our Condensed Consolidated Financial Statements. 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. This customer option is a material right and, accordingly, represents a separate performance obligation to the customer. The allocated consideration for the points earned by our loyalty program members is deferred based on the standalone selling price of the points and recorded within gift card and other deferred revenue within our Condensed Consolidated Balance Sheet. The measurement of standalone selling prices takes into consideration the discount the customer would receive in a separate transaction for the delivered item, as well as our estimate of certificates expected to be redeemed, based on historical redemption patterns. This measurement is applied to our portfolio of performance obligations for points earned, as all obligations have similar economic characteristics. We believe the impact to our Condensed Consolidated Financial Statements would not be materially different if this measurement was applied to each individual performance obligation. Revenue is recognized for these performance obligations at a point in time when certificates are redeemed by the customer. These obligations relate to contracts with terms less than one year, as our certificates generally expire within 6 months from issuance. 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 August 4, 2019, we held $288,564,000 in gift card and other deferred revenue on our Condensed Consolidated Balance Sheet, substantially all of which will be recognized as revenue within the next 12 months.

LEASES

LEASES	6 Months Ended
	Aug. 04, 2019
Leases [Abstract]
LEASES	NOTE M. LEASES We lease store locations, distribution and manufacturing facilities, corporate facilities, customer care centers and certain equipment for our U.S. and foreign operations with initial terms generally ranging from 2 to 22 years. We determine whether an arrangement is or contains a lease at inception by evaluating whether an identified asset exists that we control over the term of the arrangement. Lease commencement is determined to be when the lessor provides us access to, and the right to control, the identified asset. The rental payments for our store leases are typically structured as either: minimum rent; minimum rate with stated increases or increases based on a future index; rent based on a percentage of store sales; or rent based on a percentage of store sales if a specified store sales threshold or contractual obligation of the landlord has not been met. We consider lease payments that cannot be predicted with reasonable certainty upon lease commencement to be variable lease payments, which are recorded as incurred each period and are excluded from our calculation of lease liabilities. Our variable lease payments include: rent payments that are based on a percentage of sales; contingent payments until the resolution of the contingency is reasonably certain; and rent increases based on a future index. Upon lease commencement, we recognize the lease liability measured at the present value of the fixed future minimum lease payments. We have elected the practical expedient to not separate lease and non-lease right-of-use right-of-use Many of our leases contain renewal options and early termination options. The option periods are generally not included in the lease term used to measure our lease liabilities and right-of-use right-of-use Discount Rate Our leases do not provide information about the rate implicit in the lease. Therefore, we utilized an incremental borrowing rate to calculate the present value of our future lease obligations. The incremental borrowing rate represents the rate of interest we would have to pay on a collateralized borrowing, for an amount equal to the lease payments, over a similar term and in a similar economic environment. The components of lease costs for the thirteen and twenty-six In thousands Thirteen weeks ended August 4, 2019 Twenty-six weeks ended August 4, 2019 Operating lease costs $ 66,143 $ 131,111 Variable lease costs 5,129 9,763 Total lease costs $ 71,272 $ 140,874 Sublease income and short-term lease costs were not material to us for the thirteen and twenty-six Supplemental cash flow information related to our leases for the thirteen and twenty-six In thousands Thirteen weeks ended August 4, 2019 Twenty-six weeks ended Cash paid for amounts included in the measurement of operating lease liabilities $ 71,580 $ 141,394 Net additions to right-of-use 63,871 82,393 Weighted average remaining operating lease term and incremental borrowing rate as of August 4, 2019 are as follows: Weighted average remaining lease term (years) 7.55 Weighted average incremental borrowing rate 3.86 % As of August 4, 2019, the future minimum lease payments under our operating lease liabilities are as follows: In thousands Remaining fiscal 2019 $ 143,927 Fiscal 2020 265,375 Fiscal 2021 233,052 Fiscal 2022 201,593 Fiscal 2023 170,283 Fiscal 2024 146,808 Fiscal 2025 and thereafter 441,650 Total lease payments 1,602,688 Less interest (231,679 ) Total operating lease liability 1,371,009 Less current operating lease liability (222,978 ) Total non-current $ 1,148,031 As previously disclosed in our 2018 Annual Report on Form 10-K non-cancellable In thousands Fiscal 2019 $ 292,387 Fiscal 2020 262,429 Fiscal 2021 225,755 Fiscal 2022 190,263 Fiscal 2023 160,308 Thereafter 559,802 Total $ 1,690,944 Memphis-Based Distribution Facility In fiscal 2015, we entered into an agreement with a partnership comprised of the estate of W. Howard Lester, our former Chairman of the Board and Chief Executive Officer, and the estate of James A. McMahan, a former Director Emeritus and significant stockholder and two unrelated parties to lease a distribution facility in Memphis, Tennessee through July 2017. In fiscal 2017, we exercised the first of two one-year one-year twenty-six

FINANCIAL STATEMENTS - BASIS _2

FINANCIAL STATEMENTS - BASIS OF PRESENTATION (Policies)	6 Months Ended
	Aug. 04, 2019
New Accounting Pronouncements	New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases right-of-use right-of-use non-lease right-of-use In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815), non-financial In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. internal-use 350-40

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Aug. 04, 2019
Summary of Restricted Stock Units Activity	The following table summarizes our restricted stock unit activity during the twenty-six Shares Balance at February 3, 2019 3,012,923 Granted 1,000,469 Granted, with vesting subject to performance conditions 238,786 Released 1 (954,327 ) Cancelled (299,687 ) Balance at August 4, 2019 2,998,164 Vested plus expected to vest at August 4, 2019 3,158,678 1

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Aug. 04, 2019
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 August 4, 2019 Basic $ 62,648 78,488 $ 0.80 Effect of dilutive stock-based awards 982 Diluted $ 62,648 79,470 $ 0.79 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 Twenty-six Basic $ 115,304 78,586 $ 1.47 Effect of dilutive stock-based awards 1,047 Diluted $ 115,304 79,633 $ 1.45 Twenty-six Basic $ 96,881 82,867 $ 1.17 Effect of dilutive stock-based awards 652 Diluted $ 96,881 83,519 $ 1.16

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Aug. 04, 2019
Segment Information	The following table summarizes our net revenues by brand for the thirteen and twenty-six Thirteen Twenty-six In thousands August 4, July 29, August 4, July 29, Pottery Barn $ 524,847 $ 506,460 $ 1,016,973 $ 996,831 West Elm 357,574 301,213 667,057 574,562 Williams Sonoma 191,374 195,178 386,267 396,156 Pottery Barn Kids and Teen 227,853 213,807 404,899 394,203 Other 1 69,166 58,516 136,750 116,422 Total 2 $ 1,370,814 $ 1,275,174 $ 2,611,946 $ 2,478,174 1 Primarily consists of net revenues from our international franchise operations, Rejuvenation and Mark and Graham. 2 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $87.7 million and $80.7 million for the thirteen weeks ended August 4, 2019 and July 29, 2018, respectively, and approximately $ 174.3 twenty-six
Summary of Long-lived Assets by Geographic Areas	Long-lived assets by geographic location are as follows: In thousands August 4, 2019 July 29, 2018 U.S. $ 2,146,995 $ 1,077,547 International 164,667 52,938 Total $ 2,311,662 $ 1,130,485

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Aug. 04, 2019
Foreign Currency Forward Contracts Outstanding with Notional Values	As of August 4, 2019 and July 29, 2018, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands August 4, 2019 July 29, 2018 Contracts designated as cash flow hedges $ 6,000 $ 20,800 Contracts not designated as cash flow hedges $ — $ 6,600
Effect of Derivative Instruments in Consolidated Financial Statements	The effect of derivative instruments in our Condensed Consolidated Financial Statements during the thirteen and twenty-six weeks ended August 4, 2019 and July 29, 2018, pre-tax, was as follows: Thirteen Weeks Ended Twenty-six August 4, 2019 July 29, 2018 August 4, 2019 July 29, 2018 In thousands Cost of goods sold Selling, general and administrative expenses Cost of sold Selling, general and administrative expenses Cost of goods Selling, general and administrative expenses Cost of goods Selling, general and administrative expenses Line items presented $ 886,953 $ 397,696 $ 811,232 $ 389,776 $ 1,683,754 $ 767,895 $ 1,582,068 $ 755,390 Gain (loss) Derivatives $ 187 $ — $ (21 ) $ 50 $ 295 $ — $ (73 ) $ 33 Derivatives not $ — $ 24 $ — $ 1,183 $ — $ 18 $ — $ 3,943
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 August 4, 2019 July 29, 2018 Derivatives designated as cash flow hedges: Other current assets $ 142 $ 690 Other long-term assets $ — $ 57 Derivatives not designated as hedging instruments: Other current assets $ — $ 5

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Aug. 04, 2019
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 February 3, 2019 $ (11,259 ) $ 186 $ (11,073 ) Foreign currency translation adjustments (3,009 ) (3,009 ) Change in fair value of derivative financial instruments — 204 204 Reclassification adjustment for realized (gain) loss on derivative financial instruments — (67 ) (67 ) Other comprehensive income (loss) (3,009 ) 137 (2,872 ) Balance at May 5, 2019 (14,268 ) 323 (13,945 ) Foreign currency translation adjustments (1,251 ) — (1,251 ) Change in fair value of derivative financial instruments — (132 ) (132 ) Reclassification adjustment for realized (gain) loss on derivative financial instruments — (160 ) (160 ) Other comprehensive income (loss) (1,251 ) (292 ) (1,543 ) Balance at August 4, 2019 $ (15,519 ) $ 31 $ (15,488 ) 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 — 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 Other comprehensive income (loss) (2,993 ) 6 (2,987 ) Balance at July 29, 2018 $ (10,365 ) $ 623 $ (9,742 )

ACQUISITION OF OUTWARD, INC. (T

ACQUISITION OF OUTWARD, INC. (Tables)	6 Months Ended
	Aug. 04, 2019
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. Working capital and other assets $ 718,000 Property and equipment, net 2,049,000 Intangible assets 18,300,000 Liabilities (6,886,000 ) Total identifiable net assets acquired $ 14,181,000 Goodwill 66,631,000 Total purchase consideration $ 80,812,000

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Aug. 04, 2019
Leases [Abstract]
Schedule of components of leases costs	The components of lease costs for the thirteen and twenty-six In thousands Thirteen weeks ended August 4, 2019 Twenty-six weeks ended August 4, 2019 Operating lease costs $ 66,143 $ 131,111 Variable lease costs 5,129 9,763 Total lease costs $ 71,272 $ 140,874
Schedule of supplemental cash flow information related to our leases	Supplemental cash flow information related to our leases for the thirteen and twenty-six In thousands Thirteen weeks ended August 4, 2019 Twenty-six weeks ended Cash paid for amounts included in the measurement of operating lease liabilities $ 71,580 $ 141,394 Net additions to right-of-use 63,871 82,393
Schedule of weighted average remaining operating lease term	Weighted average remaining operating lease term and incremental borrowing rate as of August 4, 2019 are as follows: Weighted average remaining lease term (years) 7.55 Weighted average incremental borrowing rate 3.86 %
Schedule of future minimum lease payments	As of August 4, 2019, the future minimum lease payments under our operating lease liabilities are as follows: In thousands Remaining fiscal 2019 $ 143,927 Fiscal 2020 265,375 Fiscal 2021 233,052 Fiscal 2022 201,593 Fiscal 2023 170,283 Fiscal 2024 146,808 Fiscal 2025 and thereafter 441,650 Total lease payments 1,602,688 Less interest (231,679 ) Total operating lease liability 1,371,009 Less current operating lease liability (222,978 ) Total non-current $ 1,148,031 As previously disclosed in our 2018 Annual Report on Form 10-K non-cancellable In thousands Fiscal 2019 $ 292,387 Fiscal 2020 262,429 Fiscal 2021 225,755 Fiscal 2022 190,263 Fiscal 2023 160,308 Thereafter 559,802 Total $ 1,690,944

Financial Statements - Basis _3

Financial Statements - Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	May 05, 2019	[1]	Apr. 29, 2018	[2]	Aug. 04, 2019	Feb. 03, 2019	Jul. 29, 2018
Summary Of Significant Accounting Policies [Line Items]
Liabilities					$ 2,748,078	$ 1,657,130	$ 1,526,989
Operating lease					1,371,009
Deferred rent credit and lease incentives					28,618	$ 201,374	$ 207,190
Cumulative Effect on Retained Earnings, Net of Tax	$ (3,303)		$ 17,688
Adjustments for New Accounting Pronouncement [Member]
Summary Of Significant Accounting Policies [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax					3,300
Accounting Standards Update 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Assets					1,200,000
Liabilities					1,200,000
Operating lease					1,400,000
Deferred rent credit and lease incentives					$ 200,000
[1]	Relates to our adoption of ASU 2016-02, Leases, in fiscal 2019. See Note A.
[2]	Primarily relates to our adoption of ASU 2014-09, Revenue from Contracts with Customers, in fiscal 2018.

Borrowing Arrangements - Additi

Borrowing Arrangements - Additional Information (Detail) - USD ($)	Aug. 23, 2019	Aug. 04, 2019	Jul. 29, 2018
Debt Instrument [Line Items]
Maximum borrowing capacity under letter of credit facilities including additional borrowing capacity		$ 70,000,000
Outstanding letter of credit facilities		7,356,000
Borrowings under revolving line of credit		60,000,000
Line of credit		60,000,000
Subsequent Event [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under letter of credit facilities including additional borrowing capacity	$ 70,000,000
Subsequent Event [Member] | Extended Maturity [Member]
Debt Instrument [Line Items]
Letter of credit facilities, maturity date	Aug. 23, 2020
Standby Letters of Credit
Debt Instrument [Line Items]
Amount issued but undrawn under credit facility		$ 12,400,000
Unsecured Revolving Line Of Credit
Debt Instrument [Line Items]
Letter of credit facilities, maturity date		Jan. 8, 2023
Current borrowing capacity		$ 500,000,000
Maximum borrowing capacity including additional borrowing capacity		$ 250,000,000
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 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 1.0% for the term loan.
Weighted average interest rate		3.42%
Borrowings under revolving line of credit		$ 60,000,000	$ 0
Line of credit		60,000,000
Unsecured Revolving Line Of Credit | Maximum
Debt Instrument [Line Items]
Additional borrowing capacity		$ 750,000,000
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		3.57%
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 ($)	3 Months Ended		6 Months Ended
	Aug. 04, 2019	Jul. 29, 2018	Aug. 04, 2019	Jul. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term of grants of option awards, years			7 years
Vesting period of awards granted to employees, years			4 years
Stock-based compensation expense			$ 35,401,000	$ 26,526,000
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 16,872,000	$ 13,637,000	$ 35,401,000	$ 26,526,000
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	5,345,000		5,345,000
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
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 Restricted Stock Uni

Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs)	6 Months Ended
	Aug. 04, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at February 3, 2019, shares	3,012,923
Granted, shares	1,000,469
Granted, with vesting subject to performance conditions, shares	238,786
Released, shares	(954,327)	[1]
Cancelled, shares	(299,687)
Balance at August 4, 2019	2,998,164
Vested plus expected to vest at August 4, 2019	3,158,678
[1]	Excludes 105,436 incremental shares released due to achievement of performance conditions above target.

Summary of Restricted Stock U_2

Summary of Restricted Stock Unit Activity (Parenthetical) (Detail) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Aug. 04, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental shares released due to achievement of performance conditions	954,327	[1]
Achievement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental shares released due to achievement of performance conditions	105,436
[1]	Excludes 105,436 incremental shares released due to achievement of performance conditions above target.

Earnings Per Share- Additional

Earnings Per Share- Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Aug. 04, 2019	Jul. 29, 2018	Aug. 04, 2019	Jul. 29, 2018
Earnings Per Share [Line Items]
Anti-dilutive stock-based awards excluded from the computation of diluted earnings per share	5,259	17,179	16,813	15,986

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
	Aug. 04, 2019	Jul. 29, 2018	Aug. 04, 2019	Jul. 29, 2018
Earnings Per Share [Line Items]
Net Earnings, Basic	$ 62,648	$ 51,713	$ 115,304	$ 96,881
Net Earnings, Diluted	$ 62,648	$ 51,713	$ 115,304	$ 96,881
Weighted Average Shares, Basic	78,488	82,342	78,586	82,867
Weighted Average Shares, Effect of dilutive stock-based awards	982	825	1,047	652
Weighted Average Shares, Diluted	79,470	83,167	79,633	83,519
Earnings Per Share, Basic	$ 0.80	$ 0.63	$ 1.47	$ 1.17
Earnings Per Share, Diluted	$ 0.79	$ 0.62	$ 1.45	$ 1.16

Summary of Segment Reporting In

Summary of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Aug. 04, 2019	Jul. 29, 2018	Aug. 04, 2019	Jul. 29, 2018
Segment Reporting Information [Line Items]
Net revenues	[1]	$ 1,370,814	$ 1,275,174	$ 2,611,946	$ 2,478,174
Pottery Bam [Member]
Segment Reporting Information [Line Items]
Net revenues		524,847	506,460	1,016,973	996,831
West Elm [Member]
Segment Reporting Information [Line Items]
Net revenues		357,574	301,213	667,057	574,562
Williams Sonoma [Member]
Segment Reporting Information [Line Items]
Net revenues		191,374	195,178	386,267	396,156
Pottery Bam Kids and Teen [Member]
Segment Reporting Information [Line Items]
Net revenues		227,853	213,807	404,899	394,203
Other [Member]
Segment Reporting Information [Line Items]
Net revenues	[2]	$ 69,166	$ 58,516	$ 136,750	$ 116,422
[1]	Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $87.7 million and $80.7 million for the thirteen weeks ended August 4, 2019 and July 29, 2018, respectively, and approximately $174.3 million and $160.1 million for the twenty-six weeks ended August 4, 2019 and July 29, 2018, respectively.
[2]	Primarily consists of net revenues from our international franchise operations, Rejuvenation and Mark and Graham.

Summary of Segment Reporting _2

Summary of Segment Reporting Information by Segment (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 04, 2019	Jul. 29, 2018	Aug. 04, 2019	Jul. 29, 2018
Segment Reporting Information [Line Items]
Net revenues related to foreign operations	$ 87.7	$ 80.7	$ 174.3	$ 160.1

Summary of Long-lived Assets by

Summary of Long-lived Assets by Geographic Areas (Detail) - USD ($) $ in Thousands	Aug. 04, 2019	Jul. 29, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 2,311,662	$ 1,130,485
US
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	2,146,995	1,077,547
Non-US [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 164,667	$ 52,938

Stock Repurchase Program and _2

Stock Repurchase Program and Dividends - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 04, 2019	Jul. 29, 2018	Aug. 04, 2019	Jul. 29, 2018	Feb. 03, 2019
Stock Repurchase Program and Dividend [Line Items]
Common stock repurchased, shares	635,526	2,409,437	1,228,622	3,141,367
Common stock repurchased, average cost per share	$ 60.24	$ 56.90	$ 58.71	$ 55.65
Common stock repurchased, total cost	$ 38,283,000	$ 137,105,000	$ 72,131,000	$ 174,818,000
Stock repurchase program, remaining authorized repurchase amount	651,685,000		651,685,000
Treasure stock, value	$ 974,000	$ 258,000	$ 974,000	$ 258,000	$ 235,000
Cash dividend, per common share	$ 0.48	$ 0.43
Authorized cash dividend, per common share			$ 0.96	$ 0.86

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail)	Aug. 04, 2019USD ($)
Derivative [Line Items]
Reclassification from OCI to cost of goods sold	$ 130,000

Foreign Currency Forward Contra

Foreign Currency Forward Contracts Outstanding with Notional Values (Detail) - Foreign Exchange Contract - Cash Flow Hedging - USD ($) $ in Thousands	Aug. 04, 2019	Jul. 29, 2018
Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange of foreign currency contracts	$ 6,000	$ 20,800
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange of foreign currency contracts		$ 6,600

Effect of Derivative Instrument

Effect of Derivative Instruments in Condensed Consolidated Financial Statements (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 04, 2019	Jul. 29, 2018	Aug. 04, 2019	Jul. 29, 2018
Derivative [Line Items]
Line items presented in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded	$ 886,953	$ 811,232	$ 1,683,754	$ 1,582,068
Line items presented in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded	397,696	389,776	767,895	755,390
Cost of Sales [Member]
Derivative [Line Items]
Line items presented in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded	886,953	811,232	1,683,754	1,582,068
Derivatives designated as cash flow hedges	187	(21)	295	(73)
Selling, General and Administrative Expenses [Member]
Derivative [Line Items]
Line items presented in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded	397,696	389,776	767,895	755,390
Derivatives designated as cash flow hedges		50		33
Derivatives not designated as hedging instruments	$ 24	$ 1,183	$ 18	$ 3,943

Fair Values of Derivative Instr

Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands	Aug. 04, 2019	Jul. 29, 2018
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivatives designated as cash flow hedges, Assets	$ 142	$ 690
Derivatives not designated as hedging instruments, Assets		5
Other Long-Term Assets
Derivatives, Fair Value [Line Items]
Derivatives designated as cash flow hedges, Assets		$ 57

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
	Aug. 04, 2019	May 05, 2019	Jul. 29, 2018	Apr. 29, 2018	Aug. 04, 2019	Jul. 29, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		$ (11,073)			$ (11,073)
Foreign currency translation adjustments	$ (1,251)	(3,009)	$ (2,993)	$ (1,145)	(4,260)	$ (4,138)
Change in fair value of derivative financial instruments	(132)	204	6	1,123	72	1,129
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax	(160)	(67)		49	(227)	49
Ending Balance	(15,488)		(9,742)		(15,488)	(9,742)
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(14,268)	(11,259)	(7,372)	(6,227)	(11,259)	(6,227)
Foreign currency translation adjustments	(1,251)	(3,009)	(2,993)	(1,145)
Other comprehensive income (loss)	(1,251)	(3,009)	(2,993)	(1,145)
Ending Balance	(15,519)	(14,268)	(10,365)	(7,372)	(15,519)	(10,365)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	323	186	617	(555)	186	(555)
Change in fair value of derivative financial instruments	(132)	204	6	1,123
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax	(160)	(67)		49
Other comprehensive income (loss)	(292)	137	6	1,172
Ending Balance	31	323	623	617	31	623
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(13,945)	(11,073)	(6,755)	(6,782)	(11,073)	(6,782)
Foreign currency translation adjustments	(1,251)	(3,009)	(2,993)	(1,145)
Change in fair value of derivative financial instruments	(132)	204	6	1,123
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax	(160)	(67)		49
Other comprehensive income (loss)	(1,543)	(2,872)	(2,987)	27
Ending Balance	$ (15,488)	$ (13,945)	$ (9,742)	$ (6,755)	$ (15,488)	$ (9,742)

Acquisition of Outward, Inc. -

Acquisition of Outward, Inc. - Additional Information (Detail) - Outward Inc. - USD ($)	Dec. 01, 2017	Aug. 04, 2019
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	Aug. 04, 2019	Feb. 03, 2019	Jul. 29, 2018
Business Acquisition [Line Items]
Goodwill	$ 85,348	$ 85,382	$ 85,673
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	(6,886,000)
Total identifiable net assets acquired	14,181,000
Goodwill	66,631,000
Total purchase consideration	$ 80,812,000

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($)	6 Months Ended
	Aug. 04, 2019	Feb. 03, 2019	Jul. 29, 2018
Customer loyalty program, expiration period	6 months
Gift card and other deferred revenue	$ 283,108,000	$ 290,445,000	$ 263,546,000
Other Current Liabilities
Expected sales return liability	28,778,000		30,432,000
Other Current Assets
Reduction in cost of goods sold for expected net realizable value of merchandise inventory to be returned	$ 10,685,000		$ 11,036,000
Stored-Value Cards
Stored value card redemption period	4 years
Stored-Value Cards, Merchandise Sales and Credit Card Incentives
Gift card and other deferred revenue	$ 288,564,000

Leases - Additional information

Leases - Additional information (Detail) - Machinery and Equipment [Member]	Aug. 04, 2019
Maximum [Member]
Lessee, Operating Lease, Term of Contract	22 years
Minimum [Member]
Lessee, Operating Lease, Term of Contract	2 years

Components of Leases Costs (Det

Components of Leases Costs (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Aug. 04, 2019	Aug. 04, 2019
Operating lease costs	$ 66,143	$ 131,111
Variable lease costs	5,129	9,763
Total lease costs	$ 71,272	$ 140,874

Supplemental Cash Flow Informat

Supplemental Cash Flow Information Related To Our Leases (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Aug. 04, 2019	Aug. 04, 2019
Cash paid for amounts included in the measurement of operating lease liabilities:	$ 71,580	$ 141,394
Net additions to right-of-use assets	$ 63,871	$ 82,393

Weighted Average Remaining Oper

Weighted Average Remaining Operating Lease Term And Incremental Borrowing Rate (Detail)	Aug. 04, 2019
Weighted average remaining lease term (years)	7 years 6 months 18 days
Weighted average incremental borrowing rate	3.86%

Future Minimum Lease Payments U

Future Minimum Lease Payments Under Our Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Aug. 04, 2019	Feb. 03, 2019
Remaining fiscal 2019	$ 143,927
Fiscal 2020	265,375	$ 262,429
Fiscal 2021	233,052	225,755
Fiscal 2022	201,593	190,263
Fiscal 2023	170,283	160,308
Fiscal 2024	146,808
Fiscal 2025 and thereafter	441,650
Total lease payments	1,602,688	$ 1,690,944
Less interest	(231,679)
Total operating lease liability	1,371,009
Less current operating lease liability	(222,978)
Total non-current operating lease liability	$ 1,148,031

Future Minimum Lease Payments_2

Future Minimum Lease Payments Under Non-cancellable Operating Leases (Detail) - USD ($) $ in Thousands	Aug. 04, 2019	Feb. 03, 2019
Accounting For Leases [Line Items]
Fiscal 2019		$ 292,387
Fiscal 2020	$ 265,375	262,429
Fiscal 2021	233,052	225,755
Fiscal 2022	201,593	190,263
Fiscal 2023	170,283	160,308
Thereafter		559,802
Total lease payments	$ 1,602,688	$ 1,690,944