Cover Page
| Cover Page - shares | 9 Months Ended | |
| Nov. 01, 2020 | Nov. 29, 2020 | |
| Cover [Abstract] | ||
| Document Type | 10-Q | |
| Document Period End Date | Nov. 1, 2020 | |
| Document Quarterly Report | true | |
| Document Transition Report | false | |
| Amendment Flag | false | |
| Document Fiscal Year Focus | 2020 | |
| Document Fiscal Period Focus | Q3 | |
| Entity Central Index Key | 0000719955 | |
| Current Fiscal Year End Date | --01-29 | |
| 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 | 76,587,716 | |
| 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 | 9 Months Ended | |||
| Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | ||
| Net revenues | [1] | $ 1,764,536 | $ 1,442,472 | $ 4,490,516 | $ 4,054,418 |
| Cost of goods sold | 1,058,953 | 924,300 | 2,819,471 | 2,608,054 | |
| Gross profit | 705,583 | 518,172 | 1,671,045 | 1,446,364 | |
| Selling, general and administrative expenses | 430,979 | 416,281 | 1,162,435 | 1,184,176 | |
| Operating income | 274,604 | 101,891 | 508,610 | 262,188 | |
| Interest expense, net | 5,344 | 2,564 | 13,967 | 7,486 | |
| Earnings before income taxes | 269,260 | 99,327 | 494,643 | 254,702 | |
| Income taxes | 67,488 | 24,614 | 122,884 | 64,685 | |
| Net earnings | $ 201,772 | $ 74,713 | $ 371,759 | $ 190,017 | |
| Basic earnings per share | $ 2.60 | $ 0.96 | $ 4.80 | $ 2.43 | |
| Diluted earnings per share | $ 2.54 | $ 0.94 | $ 4.71 | $ 2.39 | |
| Shares used in calculation of earnings per share: | |||||
| Basic | 77,487 | 77,897 | 77,511 | 78,356 | |
| Diluted | 79,332 | 79,191 | 79,012 | 79,465 | |
| [1] | Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $87.1 million and $86.2 million for the thirteen weeks ended November 1, 2020 and November 3, 2019, respectively, and approximately $219.8 million and $260.5 million for the thirty-nine weeks ended November 1, 2020 and November 3, 2019, respectively. | ||||
Condensed Consolidated Statem_2
| Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
| Net earnings | $ 201,772 | $ 74,713 | $ 371,759 | $ 190,017 |
| Other comprehensive income (loss): | ||||
| Foreign currency translation adjustments | (745) | 1,783 | 716 | (2,477) |
| Change in fair value of derivative financial instruments, net of tax (tax benefit) of $21, $97, $146 and $163 | 54 | 5 | 403 | 77 |
| Reclassification adjustment for realized gain on derivative financial instruments, net of tax of $85, $187, $136 and $221 | (231) | (8) | (375) | (235) |
| Comprehensive income | $ 200,850 | $ 76,493 | $ 372,503 | $ 187,382 |
Condensed Consolidated Statem_3
| Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
| Change in fair value of derivative financial instruments, tax | $ 21 | $ 97 | $ 146 | $ 163 |
| Reclassification adjustment for realized (gain) loss on derivative financial instruments, tax | $ 85 | $ 187 | $ 136 | $ 221 |
Condensed Consolidated Balance
| Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 01, 2020 | Feb. 02, 2020 | Nov. 03, 2019 |
| Current assets | |||
| Cash and cash equivalents | $ 773,170 | $ 432,162 | $ 155,025 |
| Accounts receivable, net | 129,782 | 111,737 | 110,131 |
| Merchandise inventories, net | 1,125,475 | 1,100,544 | 1,258,541 |
| Prepaid expenses | 84,974 | 90,426 | 115,288 |
| Other current assets | 23,556 | 20,766 | 20,260 |
| Total current assets | 2,136,957 | 1,755,635 | 1,659,245 |
| Property and equipment, net | 869,092 | 929,038 | 915,740 |
| Operating lease right-of-use assets | 1,091,649 | 1,166,383 | 1,194,061 |
| Deferred income taxes, net | 42,185 | 47,977 | 41,763 |
| Goodwill | 85,402 | 85,343 | 85,355 |
| Other long-term assets, net | 85,394 | 69,666 | 67,660 |
| Total assets | 4,310,679 | 4,054,042 | 3,963,824 |
| Current liabilities | |||
| Accounts payable | 562,294 | 521,235 | 444,279 |
| Accrued expenses | 194,985 | 175,003 | 140,789 |
| Gift card and other deferred revenue | 349,671 | 289,613 | 296,157 |
| Income taxes payable | 36,037 | 22,501 | 13,182 |
| Current debt | 299,818 | ||
| Borrowings under revolving line of credit | 100,000 | ||
| Operating lease liabilities | 217,448 | 227,923 | 225,530 |
| Other current liabilities | 99,691 | 73,462 | 68,973 |
| Total current liabilities | 1,460,126 | 1,609,555 | 1,288,910 |
| Deferred rent and lease incentives | 21,858 | 27,659 | 29,388 |
| Long-term debt | 299,173 | 299,769 | |
| Long-term operating lease liabilities | 1,027,142 | 1,094,579 | 1,127,403 |
| Other long-term liabilities | 100,478 | 86,389 | 86,461 |
| Total liabilities | 2,908,777 | 2,818,182 | 2,831,931 |
| 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; 76,697, 77,137 and 77,612 shares issued and outstanding at November 1, 2020, February 2, 2020 and November 3, 2019, respectively | 768 | 772 | 777 |
| Additional paid-in capital | 623,379 | 605,822 | 594,991 |
| Retained earnings | 792,196 | 644,794 | 550,774 |
| Accumulated other comprehensive loss | (13,843) | (14,587) | (13,708) |
| Treasury stock, at cost: 8, 14 and 14 shares as of November 1, 2020, February 2, 2020 and November 3, 2019, respectively | (598) | (941) | (941) |
| Total stockholders' equity | 1,401,902 | 1,235,860 | 1,131,893 |
| Total liabilities and stockholders' equity | $ 4,310,679 | $ 4,054,042 | $ 3,963,824 |
Condensed Consolidated Balanc_2
| Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 01, 2020 | Feb. 02, 2020 | Nov. 03, 2019 |
| 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 | 76,697,000 | 77,137,000 | 77,612,000 |
| Common stock, shares outstanding | 76,697,000 | 77,137,000 | 77,612,000 |
| Treasury stock, shares | 8,000 | 14,000 | 14,000 |
Condensed Consolidated Statem_4
| Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Adoption of accounting pronouncements | [3] | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsAdoption of accounting pronouncements | [3] | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | ||
| 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) | [1] | |||||||||
| Conversion/release of stock-based awards, shares | [2] | 571,000 | ||||||||||
| Conversion/release of stock-based awards, value | [2] | (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 | [2] | (332) | 332 | |||||||||
| Stock-based compensation expense | 18,376 | 18,376 | ||||||||||
| Dividends declared | (39,549) | (39,549) | ||||||||||
| Ending Balance (in shares) at May. 05, 2019 | 78,808,000 | |||||||||||
| Ending Balance at May. 05, 2019 | 1,121,768 | $ (3,303) | $ 788 | 571,772 | 564,127 | $ (3,303) | (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 | 190,017 | |||||||||||
| Foreign currency translation adjustments | (2,477) | |||||||||||
| Change in fair value of derivative financial instruments, net of tax | 77 | |||||||||||
| Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | (235) | |||||||||||
| Ending Balance (in shares) at Nov. 03, 2019 | 77,612,000 | |||||||||||
| Ending Balance at Nov. 03, 2019 | 1,131,893 | $ 777 | 594,991 | 550,774 | (13,708) | (941) | ||||||
| Beginning Balance (in shares) at May. 05, 2019 | 78,808,000 | |||||||||||
| Beginning Balance at May. 05, 2019 | 1,121,768 | $ (3,303) | $ 788 | 571,772 | 564,127 | $ (3,303) | (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) | [1] | |||||||||
| Conversion/release of stock-based awards, shares | [2] | 31,000 | ||||||||||
| Conversion/release of stock-based awards, value | [2] | (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) | ||||||
| Net earnings | 74,713 | 74,713 | ||||||||||
| Foreign currency translation adjustments | 1,783 | 1,783 | ||||||||||
| Change in fair value of derivative financial instruments, net of tax | 5 | 5 | ||||||||||
| Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | (8) | (8) | ||||||||||
| Conversion/release of stock-based awards, shares | [2] | 19,000 | ||||||||||
| Conversion/release of stock-based awards, value | [2] | (736) | (715) | (21) | ||||||||
| Repurchases of common stock, shares | (610,000) | |||||||||||
| Repurchases of common stock, value | (40,583) | $ (6) | (3,068) | (37,509) | ||||||||
| Reissuance of treasury stock under stock-based compensation plans | [2] | (54) | 54 | |||||||||
| Stock-based compensation expense | 14,000 | 14,000 | ||||||||||
| Dividends declared | (38,884) | (38,884) | ||||||||||
| Ending Balance (in shares) at Nov. 03, 2019 | 77,612,000 | |||||||||||
| Ending Balance at Nov. 03, 2019 | 1,131,893 | $ 777 | 594,991 | 550,774 | (13,708) | (941) | ||||||
| Beginning Balance (in shares) at Feb. 02, 2020 | 77,137,000 | |||||||||||
| Beginning Balance at Feb. 02, 2020 | 1,235,860 | $ 772 | 605,822 | 644,794 | (14,587) | (941) | ||||||
| Net earnings | 35,423 | 35,423 | ||||||||||
| Foreign currency translation adjustments | (5,276) | (5,276) | ||||||||||
| Change in fair value of derivative financial instruments, net of tax | 549 | 549 | ||||||||||
| Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | (37) | (37) | [1] | |||||||||
| Conversion/release of stock-based awards, shares | [2] | 622,000 | ||||||||||
| Conversion/release of stock-based awards, value | [2] | (28,912) | $ 6 | (28,747) | (171) | |||||||
| Reissuance of treasury stock under stock-based compensation plans | [2] | (499) | (14) | 513 | ||||||||
| Stock-based compensation expense | 19,608 | 19,608 | ||||||||||
| Dividends declared | (38,286) | (38,286) | ||||||||||
| Ending Balance (in shares) at May. 03, 2020 | 77,759,000 | |||||||||||
| Ending Balance at May. 03, 2020 | 1,218,929 | $ 778 | 596,184 | 641,917 | (19,351) | (599) | ||||||
| Beginning Balance (in shares) at Feb. 02, 2020 | 77,137,000 | |||||||||||
| Beginning Balance at Feb. 02, 2020 | 1,235,860 | $ 772 | 605,822 | 644,794 | (14,587) | (941) | ||||||
| Net earnings | 371,759 | |||||||||||
| Foreign currency translation adjustments | 716 | |||||||||||
| Change in fair value of derivative financial instruments, net of tax | 403 | |||||||||||
| Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | (375) | |||||||||||
| Ending Balance (in shares) at Nov. 01, 2020 | 76,697,000 | |||||||||||
| Ending Balance at Nov. 01, 2020 | 1,401,902 | $ 768 | 623,379 | 792,196 | (13,843) | (598) | ||||||
| Beginning Balance (in shares) at May. 03, 2020 | 77,759,000 | |||||||||||
| Beginning Balance at May. 03, 2020 | 1,218,929 | $ 778 | 596,184 | 641,917 | (19,351) | (599) | ||||||
| Net earnings | 134,564 | 134,564 | ||||||||||
| Foreign currency translation adjustments | 6,737 | 6,737 | ||||||||||
| Change in fair value of derivative financial instruments, net of tax | (200) | (200) | ||||||||||
| Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | (107) | (107) | [1] | |||||||||
| Conversion/release of stock-based awards, shares | [2] | 37,000 | ||||||||||
| Conversion/release of stock-based awards, value | [2] | (677) | (677) | |||||||||
| Stock-based compensation expense | 13,385 | 13,385 | ||||||||||
| Dividends declared | (39,709) | (39,709) | ||||||||||
| Ending Balance (in shares) at Aug. 02, 2020 | 77,796,000 | |||||||||||
| Ending Balance at Aug. 02, 2020 | 1,332,922 | $ 778 | 608,892 | 736,772 | (12,921) | (599) | ||||||
| Net earnings | 201,772 | 201,772 | ||||||||||
| Foreign currency translation adjustments | (745) | (745) | ||||||||||
| Change in fair value of derivative financial instruments, net of tax | 54 | 54 | ||||||||||
| Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | (231) | (231) | [1] | |||||||||
| Conversion/release of stock-based awards, shares | [2] | 20,000 | ||||||||||
| Conversion/release of stock-based awards, value | [2] | (966) | $ 1 | (968) | 1 | |||||||
| Repurchases of common stock, shares | (1,119,000) | |||||||||||
| Repurchases of common stock, value | (109,048) | $ (11) | (5,640) | (103,397) | ||||||||
| Stock-based compensation expense | 21,095 | 21,095 | ||||||||||
| Dividends declared | (42,951) | (42,951) | ||||||||||
| Ending Balance (in shares) at Nov. 01, 2020 | 76,697,000 | |||||||||||
| Ending Balance at Nov. 01, 2020 | $ 1,401,902 | $ 768 | $ 623,379 | $ 792,196 | $ (13,843) | $ (598) | ||||||
| [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. | |||||||||||
| [2] | Amounts are shown net of shares withheld for employee taxes. | |||||||||||
| [3] | Relates to our adoption of ASU 2016-02, Leases, in fiscal 2019. | |||||||||||
Condensed Consolidated Statem_5
| Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
| Nov. 01, 2020 | Nov. 03, 2019 | |
| Cash flows from operating activities: | ||
| Net earnings | $ 371,759 | $ 190,017 |
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 140,340 | 140,495 |
| (Gain) loss on disposal/impairment of assets | 26,220 | 682 |
| Amortization of deferred lease incentives | (4,538) | (5,985) |
| Non-cash lease expense | 162,767 | 160,138 |
| Deferred income taxes | (6,969) | (10,937) |
| Tax benefit related to stock-based awards | 13,143 | 13,648 |
| Stock-based compensation expense | 54,671 | 49,516 |
| Other | (9) | 14 |
| Changes in: | ||
| Accounts receivable | (18,017) | (2,842) |
| Merchandise inventories | (22,990) | (133,637) |
| Prepaid expenses and other assets | (4,807) | (24,157) |
| Accounts payable | 54,279 | (92,101) |
| Accrued expenses and other liabilities | 58,539 | (24,148) |
| Gift card and other deferred revenue | 59,953 | 5,848 |
| Operating lease liabilities | (171,245) | (168,308) |
| Income taxes payable | 13,532 | (8,293) |
| Net cash provided by operating activities | 726,628 | 89,950 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (124,885) | (121,154) |
| Other | 506 | 470 |
| Net cash used in investing activities | (124,379) | (120,684) |
| Cash flows from financing activities: | ||
| Borrowings under revolving line of credit | 487,823 | 100,000 |
| Repayments under the revolving line of credit | (487,823) | |
| Payment of dividends | (116,761) | (113,159) |
| Repurchases of common stock | (109,048) | (112,714) |
| Tax withholdings related to stock-based awards | (30,555) | (26,623) |
| Debt issuance costs | (3,645) | |
| Net cash used in financing activities | (260,009) | (152,496) |
| Effect of exchange rates on cash and cash equivalents | (1,232) | (699) |
| Net increase (decrease) in cash and cash equivalents | 341,008 | (183,929) |
| Cash and cash equivalents at beginning of period | 432,162 | 338,954 |
| Cash and cash equivalents at end of period | $ 773,170 | $ 155,025 |
FINANCIAL STATEMENTS - BASIS OF
| FINANCIAL STATEMENTS - BASIS OF PRESENTATION | 9 Months Ended |
| Nov. 01, 2020 | |
| 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 November 1, 2020 and November 3, 2019, the Condensed Consolidated Statements of Earnings, the Condensed Consolidated Statements of Comprehensive Income, and the Condensed Consolidated Statements of Stockholders’ Equity for the thirteen and thirty-nine weeks then ended and the Condensed Consolidated Statements of Cash Flows for the thirty-nine weeks then ended, have been prepared by us, without audit. In our opinion, the financial statements include all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at the balance sheet dates and the results of operations for the thirteen weeks and thirty-nine weeks then ended. Intercompany transactions and accounts have been eliminated. The balance sheet as of February 2, 2020, presented herein, has been derived from our audited Consolidated Balance Sheet included in our Annual Report on Form 10-K The results of operations for the thirteen and thirty-nine weeks ended November 1, 2020 are not necessarily indicative of the operating results of the full year. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. These financial statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K COVID-19 On March 11, 2020, the World Health Organization declared a novel strain of the coronavirus (COVID-19) COVID-19 COVID-19 of our net revenues in fiscal 2019. As of November 1, 2020, all of our retail stores had reopened. However, subsequent to quarter-end, given the continued uncertainty around COVID-19 due to rising rates of infections in certain geographies, state and local officials have reinstated closures or restrictions on retail capacity, which will continue to negatively impact our store traffic and retail revenues, and may result in future store impairments. Throughout the fiscal year, we have continued to operate our e-commerce sites and distribution centers and have continued to deliver products to our customers. However, governmental mandates, illness or the absence of a substantial number of distribution center employees may require in the future that we temporarily close one or more of our distribution centers, or may prohibit or significantly limit us, or our third party logistics providers from delivering packages to our customers and our stores, which could complicate or prevent us from fulfilling e-commerce orders and could complicate or prevent our ability to supply merchandise to our stores. We also expect to incur incremental costs associated with keeping our people and customers safe during the pandemic, as well as additional supply chain employment costs and higher shipping costs due to the various surcharges that have been announced by third party shippers on retailers. These higher costs affected us in the third quarter of 2020 and will affect us more so in the fourth quarter as a result of peak surcharges during the holiday season and could continue to affect us thereafter. Further, COVID-19 related containment efforts and illnesses could also impact our vendors who manufacture or deliver our merchandise to us or our customers, which could adversely affect our ability to acquire and sell our merchandise and could negatively impact our revenues and results of operations. As a result of the COVID-19 pandemic and the prolonged impact on our retail locations , and capacity restrictions the reinstatement of or on retail capacity in certain areas. We did record any store asset impairment charges within selling, general and administrative expenses weeks ended November 1, 2020. During the related to property and equipment and related to operating lease right-of-use assets. During related to COVID-19. During the thirteen weeks ended November 1, 2020, we did not record any charges related to such inventory write-offs. We test goodwill for impairment annually (on the first day of the fourth quarter), or between annual tests whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying amount. As of November 1, 2020 and November 3, 2019, we had goodwill of $85,402,000 and $85,355,000, respectively, primarily related to our fiscal 2017 acquisition of Outward and our fiscal 2011 acquisition of Rejuvenation, Inc. As a result of the COVID-19 COVID-19 strategies As of the end of the quarter, we had finalized rent concession negotiations with a portion of our store landlords and we expect the remaining outstanding lease concession negotiations to be finalized throughout the remainder of fiscal 2020. In response to COVID-19, stimulus third These events and changes in circumstances, including a more prolonged and/or severe COVID-19 pandemic and the reinstatement of closures or restrictions on retail capacity New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use 350-40): internal-use 350-40 In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes . |
BORROWING ARRANGEMENTS
| BORROWING ARRANGEMENTS | 9 Months Ended |
| Nov. 01, 2020 | |
| 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, at such lenders’ option, to increase the revolver by up to $250,000,000 to provide for a total of $750,000,000 of unsecured revolving credit. In May 2020, we entered into an amendment to our credit facility (the “Credit Facility Amendment”), which, among other changes, extends the maturity date and amends the interest rate of the term loan, modifies covenants under the credit facility, and maintains the maturity date and interest rate of the revolver. The term loan now matures on January 8, 2022, at which time all outstanding principal and any accrued interest must be repaid. Under the Credit Facility Amendment, the interest rate applicable to the credit facility is variable, and may be elected by us as: (i) the LIBOR plus an applicable margin based on our leverage ratio ranging from 0.91% to 1.775% for a revolver borrowing, and 1.75% to 2.5% 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 0.75% to 1.5% for the term loan. We had no borrowings during the third quarter of fiscal 2020, and for year-to-date year-to-date %), all of which were repaid in the third quarter of fiscal 2020. primarily year-to-date year-to-date As of November 1, 2020, we had $300,000,000 outstanding under our term loan (at a year-to-date In addition to the Credit Facility Amendment, during the second quarter of fiscal 2020 we entered into a new agreement (the “364-Day 364-Day 364-Day During the third quarter and for year-to-date fiscal 2020, we 364-Day The Credit Facility Amendment and the 364-Day Letter of Credit Facilities On August 23 , renewed all of our and reduced the aggregate credit available under these facilities from $70,000,000 to $35,000,000 due to our lower level usage, and extended each facility’s maturity date until August 22, 2021 . 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 November 1, 2020, an aggregate of $9,075,000 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 date possible for any future letters of credit issued under the facilities is January 19, 2022. |
STOCK-BASED COMPENSATION
| STOCK-BASED COMPENSATION | 9 Months Ended |
| Nov. 01, 2020 | |
| 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 November 1, 2020, there were approximately 2,465,000 shares available for future grant. Awards may be granted under the Plan to 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 must not be less than 100% of the closing price of our stock on the day prior to the grant date. Option awards granted to employees generally vest evenly over a period of four years for service-based awards. Certain option awards contain vesting acceleration clauses resulting from events including, but not limited to, retirement, merger or a similar corporate event. Stock Awards Annual grants of stock awards are limited to 1,000,000 shares on a per person basis. Stock awards granted to employees generally vest evenly over a period of four years for service-based awards. Certain performance-based awards, which have variable payout conditions based on predetermined financial targets, generally 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, disability, death, non-employee Non-employee non-employee Stock-Based Compensation Expense During the thirteen and thirty-nine weeks ended November 1, 2020, we recognized total stock-based compensation expense, as a component of selling, general and administrative expenses, of $21,276 ,000 ,000 Restricted Stock Units The following table summarizes our restricted stock unit activity during the thirty-nine weeks ended November 1, 2020: Shares Balance at February 2, 2020 2,884,194 Granted 1,132,649 Granted, with vesting subject to performance conditions 267,000 Released 1 (1,030,199 ) Cancelled (98,603 ) Balance at November 1, 2020 3,155,041 Vested plus expected to vest at November 1, 2020 2,340,530 1 Excludes 170,308 incremental shares released due to achievement of performance conditions above target. |
EARNINGS PER SHARE
| EARNINGS PER SHARE | 9 Months Ended |
| Nov. 01, 2020 | |
| 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 November 1, 2020 Basic $ 201,772 77,487 $ 2.60 Effect of dilutive stock-based awards 1,845 Diluted $ 201,772 79,332 $ 2.54 Thirteen weeks ended November 3, 2019 Basic $ 74,713 77,897 $ 0.96 Effect of dilutive stock-based awards 1,294 Diluted $ 74,713 79,191 $ 0.94 Thirty-nine weeks ended November 1, 2020 Basic $ 371,759 77,511 $ 4.80 Effect of dilutive stock-based awards 1,501 Diluted $ 371,759 79,012 $ 4.71 Thirty-nine weeks ended November 3, 2019 Basic $ 190,017 78,356 $ 2.43 Effect of dilutive stock-based awards 1,109 Diluted $ 190,017 79,465 $ 2.39 Stock-based awards of 229 and 19,295 were excluded from the computation of diluted earnings per share for the thirteen and thirty-nine weeks ended November 1, 2020, respectively, as their inclusion would be anti-dilutive. Stock-based awards of 2,000 and 28,000 were excluded from the computation of diluted earnings per share for the thirteen and thirty-nine weeks ended November 3, 2019, respectively, as their inclusion would be anti-dilutive. |
SEGMENT REPORTING
| SEGMENT REPORTING | 9 Months Ended |
| Nov. 01, 2020 | |
| SEGMENT REPORTING | NOTE E. SEGMENT REPORTING We identify our operating segments according to how our business activities are managed and evaluated. Each of our brands are operating segments. Because they share similar economic and other qualitative characteristics, we have aggregated our operating segments into a single reportable segment. The following table summarizes our net revenues by brand for the thirteen and thirty-nine weeks ended November 1, 2020 and November 3, 2019. Thirteen Thirty-nine In thousands November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 Pottery Barn $ 684,029 $ 556,985 $ 1,726,920 $ 1,573,958 West Elm 474,959 390,341 1,170,941 1,057,398 Williams Sonoma 259,725 205,493 702,160 591,761 Pottery Barn Kids and Teen 277,598 228,051 702,137 632,950 Other 1 68,225 61,602 188,358 198,351 Total 2 $ 1,764,536 $ 1,442,472 $ 4,490,516 $ 4,054,418 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 $87.1 Long-lived assets by geographic location are as follows: In thousands November 1, 2020 November 3, 2019 U.S. $ 2,025,140 $ 2,140,505 International 148,582 164,074 Total $ 2,173,722 $ 2,304,579 |
COMMITMENTS AND CONTINGENCIES
| COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
| Nov. 01, 2020 | |
| 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. |
STOCK REPURCHASE PROGRAM AND DI
| STOCK REPURCHASE PROGRAM AND DIVIDENDS | 9 Months Ended |
| Nov. 01, 2020 | |
| STOCK REPURCHASE PROGRAM AND DIVIDENDS | NOTE G. STOCK REPURCHASE PROGRAM AND DIVIDENDS Stock Repurchase Program During the thirteen and thirty-nine weeks ended November 1, 2020, we repurchased 1,119,335 shares of our common stock at an average cost of $97.42 for a total cost of approximately $109,048 ,000 ,000 ,000 During the thirteen weeks ended November 3, 2019, we repurchased 610,349 shares of our common stock at an average cost of $66.49 per share for a total cost of approximately $40,583,000. During the thirty-nine weeks ended November 3, 2019, we repurchased 1,838,971 shares of our common stock at an average cost of $61.29 per share for a total cost of approximately $112,714,000. As of November 3, 2019, we held treasury stock of $941 ,000 that represents the cost of shares available for issuance that are 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 In October 2020, our Board of Directors authorized a $ 0.05 10.4 0.48 0.53 . Our quarterly cash dividend may be limited or terminated at any time. |
DERIVATIVE FINANCIAL INSTRUMENT
| DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended |
| Nov. 01, 2020 | |
| 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 in cost of goods sold. Based on the rates in effect as of November 1, 2020, we expect to reclassify a net pre-tax gain of approximately As of November 1, 2020 and November 3, 2019, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands November 1, 2020 November 3, 2019 Contracts designated as cash flow hedges $ 28,200 $ 19,700 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 thirty-nine weeks ended November 1, 2020 and November 3, 2019. The effect of derivative instruments in our Condensed Consolidated Financial Statements during the thirteen and thirty-nine weeks ended November 1, 2020 and November 3, 2019, pre-tax, Thirteen Weeks Ended Thirty-nine Weeks Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 In thousands Cost of goods sold Selling, general and administrative expenses Cost of goods 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 in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded $ 1,058,953 $ 430,979 $ 924,300 $ 416,281 $ 2,819,471 $ 1,162,435 $ 2,608,054 $ 1,184,176 Gain (loss) recognized in income Derivatives designated as cash flow hedges $ 315 $ — $ 204 $ — $ 510 $ — $ 499 $ — Derivatives not designated as hedging instruments $ — $ (22 ) $ — $ 6 $ — $ (20 ) $ — $ 24 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 November 1, 2020 November 3, 2019 Derivatives designated as cash flow hedges: Other current assets $ 181 $ 132 Other current liabilities $ (7 ) $ — 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 | 9 Months Ended |
| Nov. 01, 2020 | |
| 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. Debt As of November 1, 2020, the fair value of our debt, which consists of outstanding borrowings under our revolver and term loan, approximates its carrying value, as the instruments are relatively short-term in nature and the interest rate under the term loan is based on observable Level 2 inputs, which consist primarily of quoted 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 The significant unobservable inputs used in the fair value measurement of our store assets are sales growth/decline, gross margin, employment costs, lease escalations, market rental rates, changes in local real estate markets in which we operate, inflation and the overall economics of the retail industry. Significant fluctuations in any of these inputs individually could significantly impact our measurement of fair value. During the thirteen weeks ended November 1, 2020, no impairment charges were recognized. During the related to the impairment of property and equipment and $ related to the impairment of operating lease right-of-use assets, due to lower projected revenues and fair market values resulting from the impact of COVID-19. During the thirteen and thirty-nine weeks ended November 3, 2019, There were no transfers in and out of Level 3 categories during the thirteen and thirty-nine weeks ended November 1, 2020 or November 3, 2019. |
ACCUMULATED OTHER COMPREHENSIVE
| ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended |
| Nov. 01, 2020 | |
| 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 2, 2020 $ (14,593 ) $ 6 $ (14,587 ) Foreign currency translation adjustments (5,276 ) — (5,276 ) Change in fair value of derivative financial instruments — 549 549 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — (37 ) (37 ) Other comprehensive income (loss) (5,276 ) 512 (4,764 ) Balance at May 3, 2020 (19,869 ) 518 (19,351 ) Foreign currency translation adjustments 6,737 — 6,737 Change in fair value of derivative financial instruments — (200 ) (200 ) Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — (107 ) (107 ) Other comprehensive income (loss) 6,737 (307 ) 6,430 Balance at August 2, 2020 $ (13,132 ) $ 211 $ (12,921 ) Foreign currency translation adjustments (745 ) — (745 ) Change in fair value of derivative financial instruments — 54 54 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — (231 ) (231 ) Other comprehensive income (loss) (745 ) (177 ) (922 ) Balance at November 1, 2020 $ (13,877 ) $ 34 $ (13,843 ) 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 1 — (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 1 — (160 ) (160 ) Other comprehensive income (loss) (1,251 ) (292 ) (1,543 ) Balance at August 4, 2019 $ (15,519 ) $ 31 $ (15,488 ) Foreign currency translation adjustments 1,783 — 1,783 Change in fair value of derivative financial instruments — 5 5 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — (8 ) (8 ) Other comprehensive income (loss) 1,783 (3 ) 1,780 Balance at November 1, 2019 $ (13,736 ) $ 28 $ (13,708 ) 1 Refer to Note H for additional disclosures about reclassifications out of accumulated other comprehensive income and their corresponding effects on the respective line items in the Condensed Consolidated Statements of Earnings. |
REVENUE
| REVENUE | 9 Months Ended |
| Nov. 01, 2020 | |
| REVENUE | NOTE K. 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 the disclosure of our net revenues by operating segment. Merchandise Sales Revenues from the sale of our merchandise through our e-commerce at that 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. While the rate of estimated future returns has remained relatively flat, the increase in e-commerce ,000 , respectively, ,000 , respectively, 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 four years, 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 November 1, 2020 and November 3, 2019, we held $349,671,000 and $300,354,000 in gift card and other deferred revenue on our Condensed Consolidated Balance Sheet, substantially all of which will be recognized into revenue within the next 12 months. |
FINANCIAL STATEMENTS - BASIS _2
| FINANCIAL STATEMENTS - BASIS OF PRESENTATION (Policies) | 9 Months Ended |
| Nov. 01, 2020 | |
| New Accounting Pronouncements | New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use 350-40): internal-use 350-40 In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes . |
STOCK-BASED COMPENSATION (Table
| STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
| Nov. 01, 2020 | |
| Summary of Restricted Stock Units Activity | The following table summarizes our restricted stock unit activity during the thirty-nine weeks ended November 1, 2020: Shares Balance at February 2, 2020 2,884,194 Granted 1,132,649 Granted, with vesting subject to performance conditions 267,000 Released 1 (1,030,199 ) Cancelled (98,603 ) Balance at November 1, 2020 3,155,041 Vested plus expected to vest at November 1, 2020 2,340,530 1 Excludes 170,308 incremental shares released due to achievement of performance conditions above target. |
EARNINGS PER SHARE (Tables)
| EARNINGS PER SHARE (Tables) | 9 Months Ended |
| Nov. 01, 2020 | |
| 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 November 1, 2020 Basic $ 201,772 77,487 $ 2.60 Effect of dilutive stock-based awards 1,845 Diluted $ 201,772 79,332 $ 2.54 Thirteen weeks ended November 3, 2019 Basic $ 74,713 77,897 $ 0.96 Effect of dilutive stock-based awards 1,294 Diluted $ 74,713 79,191 $ 0.94 Thirty-nine weeks ended November 1, 2020 Basic $ 371,759 77,511 $ 4.80 Effect of dilutive stock-based awards 1,501 Diluted $ 371,759 79,012 $ 4.71 Thirty-nine weeks ended November 3, 2019 Basic $ 190,017 78,356 $ 2.43 Effect of dilutive stock-based awards 1,109 Diluted $ 190,017 79,465 $ 2.39 |
SEGMENT REPORTING (Tables)
| SEGMENT REPORTING (Tables) | 9 Months Ended |
| Nov. 01, 2020 | |
| Segment Information | The following table summarizes our net revenues by brand for the thirteen and thirty-nine weeks ended November 1, 2020 and November 3, 2019. Thirteen Thirty-nine In thousands November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 Pottery Barn $ 684,029 $ 556,985 $ 1,726,920 $ 1,573,958 West Elm 474,959 390,341 1,170,941 1,057,398 Williams Sonoma 259,725 205,493 702,160 591,761 Pottery Barn Kids and Teen 277,598 228,051 702,137 632,950 Other 1 68,225 61,602 188,358 198,351 Total 2 $ 1,764,536 $ 1,442,472 $ 4,490,516 $ 4,054,418 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 $87.1 |
| Summary of Long-lived Assets by Geographic Areas | Long-lived assets by geographic location are as follows: In thousands November 1, 2020 November 3, 2019 U.S. $ 2,025,140 $ 2,140,505 International 148,582 164,074 Total $ 2,173,722 $ 2,304,579 |
DERIVATIVE FINANCIAL INSTRUME_2
| DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
| Nov. 01, 2020 | |
| Foreign Currency Forward Contracts Outstanding with Notional Values | As of November 1, 2020 and November 3, 2019, we had foreign currency forward contracts outstanding (in U.S. dollars) with notional values as follows: In thousands November 1, 2020 November 3, 2019 Contracts designated as cash flow hedges $ 28,200 $ 19,700 |
| Effect of Derivative Instruments in Consolidated Financial Statements | The effect of derivative instruments in our Condensed Consolidated Financial Statements during the thirteen and thirty-nine weeks ended November 1, 2020 and November 3, 2019, pre-tax, Thirteen Weeks Ended Thirty-nine Weeks Ended November 1, 2020 November 3, 2019 November 1, 2020 November 3, 2019 In thousands Cost of goods sold Selling, general and administrative expenses Cost of goods 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 in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded $ 1,058,953 $ 430,979 $ 924,300 $ 416,281 $ 2,819,471 $ 1,162,435 $ 2,608,054 $ 1,184,176 Gain (loss) recognized in income Derivatives designated as cash flow hedges $ 315 $ — $ 204 $ — $ 510 $ — $ 499 $ — Derivatives not designated as hedging instruments $ — $ (22 ) $ — $ 6 $ — $ (20 ) $ — $ 24 |
| 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 November 1, 2020 November 3, 2019 Derivatives designated as cash flow hedges: Other current assets $ 181 $ 132 Other current liabilities $ (7 ) $ — |
ACCUMULATED OTHER COMPREHENSI_2
| ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
| Nov. 01, 2020 | |
| 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 2, 2020 $ (14,593 ) $ 6 $ (14,587 ) Foreign currency translation adjustments (5,276 ) — (5,276 ) Change in fair value of derivative financial instruments — 549 549 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — (37 ) (37 ) Other comprehensive income (loss) (5,276 ) 512 (4,764 ) Balance at May 3, 2020 (19,869 ) 518 (19,351 ) Foreign currency translation adjustments 6,737 — 6,737 Change in fair value of derivative financial instruments — (200 ) (200 ) Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — (107 ) (107 ) Other comprehensive income (loss) 6,737 (307 ) 6,430 Balance at August 2, 2020 $ (13,132 ) $ 211 $ (12,921 ) Foreign currency translation adjustments (745 ) — (745 ) Change in fair value of derivative financial instruments — 54 54 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — (231 ) (231 ) Other comprehensive income (loss) (745 ) (177 ) (922 ) Balance at November 1, 2020 $ (13,877 ) $ 34 $ (13,843 ) 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 1 — (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 1 — (160 ) (160 ) Other comprehensive income (loss) (1,251 ) (292 ) (1,543 ) Balance at August 4, 2019 $ (15,519 ) $ 31 $ (15,488 ) Foreign currency translation adjustments 1,783 — 1,783 Change in fair value of derivative financial instruments — 5 5 Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 — (8 ) (8 ) Other comprehensive income (loss) 1,783 (3 ) 1,780 Balance at November 1, 2019 $ (13,736 ) $ 28 $ (13,708 ) 1 Refer to Note H for additional disclosures about reclassifications out of accumulated other comprehensive income and their corresponding effects on the respective line items in the Condensed Consolidated Statements of Earnings. |
Financial Statements - Basis _3
| Financial Statements - Basis of Presentation - Additional Information (Detail) - USD ($) | Mar. 11, 2020 | Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | Feb. 02, 2020 |
| Summary Of Significant Accounting Policies [Line Items] | ||||||
| Impairment of property and equipment | $ 0 | $ 0 | $ 16,514,000 | $ 0 | ||
| Impairment of operating lease right-of-use assets | 0 | 5,461,000 | 0 | |||
| Goodwill | 85,402,000 | 85,355,000 | 85,402,000 | 85,355,000 | $ 85,343,000 | |
| COVID19 [Member] | ||||||
| Summary Of Significant Accounting Policies [Line Items] | ||||||
| WSM Retail Netrevenues Percentage of Consolidated Net Revenue From Contracts With Customers | 44.00% | |||||
| Impairment of property and equipment | 0 | 16,514,000 | ||||
| Impairment of operating lease right-of-use assets | 5,461,000 | |||||
| Inventory, Write Offs | 0 | 11,378,000 | ||||
| Goodwill | $ 85,402,000 | $ 85,355,000 | $ 85,402,000 | $ 85,355,000 |
Borrowing Arrangements - Additi
| Borrowing Arrangements - Additional Information (Detail) - USD ($) | Aug. 23, 2020 | Nov. 01, 2020 | Aug. 02, 2020 | Nov. 03, 2019 | Aug. 02, 2020 | Nov. 01, 2020 | Nov. 03, 2019 |
| Debt Instrument [Line Items] | |||||||
| Maximum borrowing capacity under letter of credit facilities including additional borrowing capacity | $ 70,000,000 | $ 70,000,000 | |||||
| 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 | ||||||
| Outstanding letter of credit facilities | 9,075,000 | $ 9,075,000 | |||||
| Latest expiration date possible for future letters of credit | Jan. 19, 2022 | ||||||
| Borrowings under revolving line of credit | $ 487,823,000 | $ 100,000,000 | |||||
| Standby Letters of Credit | |||||||
| Debt Instrument [Line Items] | |||||||
| Amount issued but undrawn under credit facility | 12,486,000 | 12,486,000 | |||||
| Revolving Credit Facility [Member] | 364-Day Credit Agreement [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Current borrowing capacity | $ 200,000,000 | $ 200,000,000 | |||||
| Revolving line, maturity date | May 10, 2021 | ||||||
| Interest rate description | Under the 364-Day Credit Agreement, the interest rate is variable and may be elected by us as: (i) LIBOR plus an applicable margin based on our leverage ratio ranging from 1.75% to 2.5% or (ii) a base rate as defined in the agreement, plus an applicable margin ranging from 0.75% to 1.5%. The 364-Day Credit Agreement matures on May 10, 2021. | ||||||
| Letter Of Credit Facility Renewed And Extended [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Letter of credit facilities, maturity date | Aug. 22, 2021 | ||||||
| Maximum borrowing capacity of letter of credit after renewal | $ 35,000,000 | ||||||
| Base Rate | Maximum | Revolving Credit Facility [Member] | 364-Day Credit Agreement [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Leverage ratio | 1.50% | ||||||
| Base Rate | Minimum | Revolving Credit Facility [Member] | 364-Day Credit Agreement [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Leverage ratio | 0.75% | ||||||
| London Interbank Offered Rate (LIBOR) [Member] | Maximum | Revolving Credit Facility [Member] | 364-Day Credit Agreement [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Leverage ratio | 2.50% | ||||||
| London Interbank Offered Rate (LIBOR) [Member] | Minimum | Revolving Credit Facility [Member] | 364-Day Credit Agreement [Member] | |||||||
| Debt Instrument [Line Items] | |||||||
| Leverage ratio | 1.75% | ||||||
| Unsecured Revolving Line Of Credit | |||||||
| Debt Instrument [Line Items] | |||||||
| Current borrowing capacity | $ 500,000,000 | $ 500,000,000 | |||||
| Revolving line, maturity date | May 10, 2021 | ||||||
| Weighted average interest rate | 2.47% | 3.12% | 2.47% | 3.12% | |||
| Interest rate description | Under the Credit Facility Amendment, the interest rate applicable to the credit facility is variable, and may be elected by us as: (i) the LIBOR plus an applicable margin based on our leverage ratio ranging from 0.91% to 1.775% for a revolver borrowing, and 1.75% to 2.5% 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 0.75% to 1.5% for the term loan. | ||||||
| Maximum borrowing capacity including additional borrowing capacity | $ 250,000,000 | $ 250,000,000 | |||||
| Borrowings under revolving line of credit | 487,823,000,000 | $ 100,000,000,000 | |||||
| Unsecured Revolving Line Of Credit | Maximum | |||||||
| Debt Instrument [Line Items] | |||||||
| Additional borrowing capacity | 750,000,000 | $ 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 | $ 300,000,000 | |||||
| Weighted average interest rate | 2.88% | 2.88% | |||||
| Long term debt | $ 300,000,000 | $ 300,000,000 | |||||
| Debt instrument, maturity date | Jan. 8, 2023 | ||||||
| Unsecured Term Loan Facility | Margin Based On Leverage Ratio | Maximum | |||||||
| Debt Instrument [Line Items] | |||||||
| Leverage ratio | 2.50% | ||||||
| Unsecured Term Loan Facility | Margin Based On Leverage Ratio | Minimum | |||||||
| Debt Instrument [Line Items] | |||||||
| Leverage ratio | 1.75% | ||||||
| Unsecured Term Loan Facility | Base Rate | Maximum | |||||||
| Debt Instrument [Line Items] | |||||||
| Leverage ratio | 1.50% | ||||||
| Unsecured Term Loan Facility | Base Rate | Minimum | |||||||
| Debt Instrument [Line Items] | |||||||
| Leverage ratio | 0.75% |
Stock-Based Compensation - Addi
| Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Vesting period of awards granted to employees, years | 4 years | |||
| Stock-based compensation expense | $ 54,671 | $ 49,516 | ||
| Selling, General and Administrative Expenses | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Stock-based compensation expense | $ 21,276 | $ 14,115 | $ 54,671 | $ 49,516 |
| 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 | 2,465,000 | 2,465,000 | ||
| 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) | 9 Months Ended | |
| Nov. 01, 2020shares | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Balance at February 2, 2020 | 2,884,194 | |
| Granted | 1,132,649 | |
| Granted, with vesting subject to performance conditions | 267,000 | |
| Released | (1,030,199) | [1] |
| Cancelled | (98,603) | |
| Balance at November 1, 2020 | 3,155,041 | |
| Vested plus expected to vest at November 1, 2020 | 2,340,530 | |
| [1] | Excludes 170,308 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] | 9 Months Ended | |
| Nov. 01, 2020shares | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Incremental shares released due to achievement of performance conditions | 1,030,199 | [1] |
| Achievement [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Incremental shares released due to achievement of performance conditions | 170,308 | |
| [1] | Excludes 170,308 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 | 9 Months Ended | ||
| Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
| Earnings Per Share [Line Items] | ||||
| Anti-dilutive stock-based awards excluded from the computation of diluted earnings per share | 229 | 2,000 | 19,295 | 28,000 |
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 | 9 Months Ended | ||
| Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
| Earnings Per Share [Line Items] | ||||
| Net Earnings, Basic | $ 201,772 | $ 74,713 | $ 371,759 | $ 190,017 |
| Net Earnings, Diluted | $ 201,772 | $ 74,713 | $ 371,759 | $ 190,017 |
| Weighted Average Shares, Basic | 77,487 | 77,897 | 77,511 | 78,356 |
| Weighted Average Shares, Effect of dilutive stock-based awards | 1,845 | 1,294 | 1,501 | 1,109 |
| Weighted Average Shares, Diluted | 79,332 | 79,191 | 79,012 | 79,465 |
| Earnings Per Share, Basic | $ 2.60 | $ 0.96 | $ 4.80 | $ 2.43 |
| Earnings Per Share, Diluted | $ 2.54 | $ 0.94 | $ 4.71 | $ 2.39 |
Summary of Segment Reporting In
| Summary of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
| Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | ||
| Segment Reporting Information [Line Items] | |||||
| Net revenues | [1] | $ 1,764,536 | $ 1,442,472 | $ 4,490,516 | $ 4,054,418 |
| Pottery Bam [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Net revenues | 684,029 | 556,985 | 1,726,920 | 1,573,958 | |
| West Elm [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Net revenues | 474,959 | 390,341 | 1,170,941 | 1,057,398 | |
| Williams Sonoma [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Net revenues | 259,725 | 205,493 | 702,160 | 591,761 | |
| Pottery Bam Kids and Teen [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Net revenues | 277,598 | 228,051 | 702,137 | 632,950 | |
| Other [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Net revenues | [2] | $ 68,225 | $ 61,602 | $ 188,358 | $ 198,351 |
| [1] | Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $87.1 million and $86.2 million for the thirteen weeks ended November 1, 2020 and November 3, 2019, respectively, and approximately $219.8 million and $260.5 million for the thirty-nine weeks ended November 1, 2020 and November 3, 2019, respectively. | ||||
| [2] | Primarily consists of net revenues from our international franchise operations, Rejuvenation and Mark and Graham. | ||||
Summary of Segment Reporting _2
| Summary of Segment Reporting Information by Segment (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
| Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
| Segment Reporting Information [Line Items] | ||||
| Net revenues related to foreign operations | $ 87.1 | $ 86.2 | $ 219.8 | $ 260.5 |
Summary of Long-lived Assets by
| Summary of Long-lived Assets by Geographic Areas (Detail) - USD ($) $ in Thousands | Nov. 01, 2020 | Nov. 03, 2019 |
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | $ 2,173,722 | $ 2,304,579 |
| US | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | 2,025,140 | 2,140,505 |
| Non-US [Member] | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Long-lived assets | $ 148,582 | $ 164,074 |
Stock Repurchase Program and _2
| Stock Repurchase Program and Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
| Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | Feb. 02, 2020 | |
| Stock Repurchase Program and Dividend [Line Items] | |||||
| Common stock repurchased, shares | 1,119,335 | 610,349 | 1,119,335 | 1,838,971 | |
| Common stock repurchased, average cost per share | $ 97.42 | $ 66.49 | $ 97.42 | $ 61.29 | |
| Common stock repurchased, total cost | $ 109,048 | $ 40,583 | $ 109,048 | $ 112,714 | |
| Stock repurchase program, remaining authorized repurchase amount | 465,934 | 465,934 | |||
| Treasure stock, value | $ 598 | $ 941 | $ 598 | $ 941 | $ 941 |
| Cash dividends declared per common share | $ 0.53 | $ 0.48 | $ 1.49 | $ 1.44 | |
Derivative Financial Instrume_3
| Derivative Financial Instruments - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
| Nov. 01, 2020USD ($) | Nov. 01, 2020USD ($) | |
| Derivative [Line Items] | ||
| Reclassification from OCI to cost of goods sold | $ 46,000 | $ 46,000 |
| Gain or loss recognized for cash flow hedges due to hedge ineffectiveness | $ 0 | $ 0 |
Foreign Currency Forward Contra
| Foreign Currency Forward Contracts Outstanding with Notional Values (Detail) - USD ($) $ in Thousands | Nov. 01, 2020 | Nov. 03, 2019 |
| Foreign Exchange Contract | Derivatives designated as hedging instruments | Cash Flow Hedging | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Exchange of foreign currency contracts | $ 28,200 | $ 19,700 |
Effect of Derivative Instrument
| Effect of Derivative Instruments in Condensed Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
| Derivative [Line Items] | ||||
| Line items presented in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded | $ 1,058,953 | $ 924,300 | $ 2,819,471 | $ 2,608,054 |
| Line items presented in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded | 430,979 | 416,281 | 1,162,435 | 1,184,176 |
| 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 | 1,058,953 | 924,300 | 2,819,471 | 2,608,054 |
| Derivatives designated as cash flow hedges | 315 | 204 | 510 | 499 |
| 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 | 430,979 | 416,281 | 1,162,435 | 1,184,176 |
| Derivatives not designated as hedging instruments | $ (22) | $ 6 | $ (20) | $ 24 |
Fair Values of Derivative Instr
| Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands | Nov. 01, 2020 | Nov. 03, 2019 |
| Other Current Assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivatives designated as cash flow hedges, Assets | $ 181 | $ 132 |
| Other Current Liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivatives designated as cash flow hedges, Liabilities | $ (7) |
Fair Value Measurements - Addit
| Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Nov. 01, 2020 | Nov. 03, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | |
| Tangible Asset Impairment Charges [Abstract] | ||||
| Impairment of property and equipment | $ 0 | $ 0 | $ 16,514,000 | $ 0 |
| Impairment of operating lease right-of-use assets | $ 0 | $ 5,461,000 | $ 0 | |
Changes in Accumulated Other Co
| Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||||||
| Nov. 01, 2020 | Aug. 02, 2020 | May 03, 2020 | Nov. 03, 2019 | Nov. 01, 2019 | Aug. 04, 2019 | May 05, 2019 | Nov. 01, 2020 | Nov. 03, 2019 | ||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
| Beginning Balance | $ (14,587) | $ (14,587) | ||||||||||||||
| Foreign currency translation adjustments | $ (745) | $ 6,737 | (5,276) | $ 1,783 | $ (1,251) | $ (3,009) | 716 | $ (2,477) | ||||||||
| Change in fair value of derivative financial instruments | 54 | (200) | 549 | 5 | (132) | 204 | 403 | 77 | ||||||||
| Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | (231) | (107) | (37) | (8) | (160) | (67) | (375) | (235) | ||||||||
| Ending Balance | (13,843) | (13,708) | (13,843) | (13,708) | ||||||||||||
| Accumulated Foreign Currency Adjustment Attributable to Parent | ||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
| Beginning Balance | (13,132) | (19,869) | (14,593) | (15,519) | $ (15,519) | (14,268) | (11,259) | (14,593) | (11,259) | |||||||
| Foreign currency translation adjustments | (745) | 6,737 | (5,276) | 1,783 | (1,251) | (3,009) | ||||||||||
| Other comprehensive income (loss) | (745) | 6,737 | (5,276) | 1,783 | (1,251) | (3,009) | ||||||||||
| Ending Balance | (13,877) | (13,132) | (19,869) | (13,736) | (15,519) | (14,268) | (13,877) | |||||||||
| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
| Beginning Balance | 211 | 518 | 6 | 31 | 31 | 323 | 186 | 6 | 186 | |||||||
| Change in fair value of derivative financial instruments | 54 | (200) | 549 | 5 | (132) | 204 | ||||||||||
| Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | [1] | (231) | (107) | (37) | (8) | (160) | (67) | |||||||||
| Other comprehensive income (loss) | (177) | (307) | 512 | (3) | (292) | 137 | ||||||||||
| Ending Balance | 34 | 211 | 518 | 28 | 31 | 323 | 34 | |||||||||
| Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
| Beginning Balance | (12,921) | (19,351) | (14,587) | (15,488) | (15,488) | (13,945) | (11,073) | (14,587) | $ (11,073) | |||||||
| Foreign currency translation adjustments | (745) | 6,737 | (5,276) | 1,783 | 1,783 | (1,251) | (3,009) | |||||||||
| Change in fair value of derivative financial instruments | 54 | (200) | 549 | 5 | 5 | (132) | 204 | |||||||||
| Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | (231) | [1] | (107) | [1] | (37) | [1] | $ (8) | (8) | [1] | (160) | [1] | (67) | [1] | |||
| Other comprehensive income (loss) | (922) | 6,430 | (4,764) | 1,780 | (1,543) | (2,872) | ||||||||||
| Ending Balance | $ (13,843) | $ (12,921) | $ (19,351) | $ (13,708) | $ (15,488) | $ (13,945) | $ (13,843) | |||||||||
| [1] | Refer to Note H for additional disclosures about reclassifications out of accumulated other comprehensive income and their corresponding effects on the respective line items in the Condensed Consolidated Statements of Earnings. | |||||||||||||||
Revenue - Additional Informatio
| Revenue - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
| Nov. 01, 2020 | Feb. 02, 2020 | Nov. 03, 2019 | |
| Customer loyalty program, expiration period | 6 months | ||
| Gift card and other deferred revenue | $ 349,671 | $ 289,613 | $ 296,157 |
| Other Current Liabilities | |||
| Expected sales return liability | 37,678 | 23,447 | |
| Other Current Assets | |||
| Reduction in cost of goods sold for expected net realizable value of merchandise inventory to be returned | $ 12,347 | 9,221 | |
| 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 | $ 349,671 | $ 300,354 |