Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Mar. 06, 2017 | Jul. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 28, 2017 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | ROSS STORES INC | ||
Entity Central Index Key | 745,732 | ||
Current Fiscal Year End Date | --01-28 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding (in shares) | 391,895,145 | ||
Entity Public Float | $ 24,019,302,284 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Statement [Abstract] | |||||||||||
Sales | $ 3,510,158 | $ 3,086,687 | $ 3,180,917 | $ 3,088,995 | $ 3,250,726 | $ 2,782,855 | $ 2,968,270 | $ 2,938,148 | $ 12,866,757 | $ 11,939,999 | $ 11,041,677 |
Costs and Expenses | |||||||||||
Cost of goods sold | 2,539,563 | 2,206,092 | 2,251,845 | 2,176,205 | 2,386,591 | 2,003,347 | 2,119,480 | 2,067,455 | 9,173,705 | 8,576,873 | 7,937,956 |
Selling, general and administrative | 493,802 | 490,171 | 469,511 | 436,924 | 450,877 | 443,354 | 435,226 | 409,298 | 1,890,408 | 1,738,755 | 1,615,371 |
Interest expense, net | 3,755 | 4,156 | 4,213 | 4,364 | 4,530 | 4,427 | 1,652 | 2,003 | 16,488 | 12,612 | 2,984 |
Total costs and expenses | 3,037,120 | 2,700,419 | 2,725,569 | 2,617,493 | 2,841,998 | 2,451,128 | 2,556,358 | 2,478,756 | 11,080,601 | 10,328,240 | 9,556,311 |
Earnings before taxes | 473,038 | 386,268 | 455,348 | 471,502 | 408,728 | 331,727 | 411,912 | 459,392 | 1,786,156 | 1,611,759 | 1,485,366 |
Provision for taxes on earnings | 172,470 | 141,722 | 173,442 | 180,868 | 144,567 | 116,071 | 153,273 | 177,187 | 668,502 | 591,098 | 560,642 |
Net earnings | $ 300,568 | $ 244,546 | $ 281,906 | $ 290,634 | $ 264,161 | $ 215,656 | $ 258,639 | $ 282,205 | $ 1,117,654 | $ 1,020,661 | $ 924,724 |
Earnings per share | |||||||||||
Basic (in dollars per share) | $ 0.77 | $ 0.63 | $ 0.72 | $ 0.73 | $ 0.66 | $ 0.54 | $ 0.64 | $ 0.69 | $ 2.85 | $ 2.53 | $ 2.24 |
Diluted (in dollars per share) | $ 0.77 | $ 0.62 | $ 0.71 | $ 0.73 | $ 0.66 | $ 0.53 | $ 0.63 | $ 0.69 | $ 2.83 | $ 2.51 | $ 2.21 |
Weighted average shares outstanding (000) | |||||||||||
Basic (in shares) | 392,124 | 403,034 | 413,553 | ||||||||
Diluted (in shares) | 394,958 | 406,405 | 418,077 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 1,117,654 | $ 1,020,661 | $ 924,724 |
Other comprehensive income (loss): | |||
Change in unrealized loss on investments, net of tax | (91) | (148) | (59) |
Comprehensive income | $ 1,117,563 | $ 1,020,513 | $ 924,665 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 1,111,599 | $ 761,602 |
Short-term investments | 0 | 1,737 |
Accounts receivable | 75,154 | 73,627 |
Merchandise inventory | 1,512,886 | 1,419,104 |
Prepaid expenses and other | 113,410 | 116,125 |
Total current assets | 2,813,049 | 2,372,195 |
Property and Equipment | ||
Land and buildings | 1,101,334 | 1,084,328 |
Fixtures and equipment | 2,421,645 | 2,244,790 |
Leasehold improvements | 998,508 | 920,392 |
Construction-in-progress | 69,767 | 90,399 |
Property and equipment, gross | 4,591,254 | 4,339,909 |
Less accumulated depreciation and amortization | 2,263,206 | 1,997,003 |
Property and equipment, net | 2,328,048 | 2,342,906 |
Long-term investments | 1,288 | 1,331 |
Other long-term assets | 166,966 | 152,687 |
Total assets | 5,309,351 | 4,869,119 |
Current Liabilities | ||
Accounts payable | 1,021,735 | 945,559 |
Accrued expenses and other | 398,126 | 376,522 |
Accrued payroll and benefits | 316,492 | 280,766 |
Income taxes payable | 16,153 | 0 |
Total current liabilities | 1,752,506 | 1,602,847 |
Long-term debt | 396,493 | 396,025 |
Other long-term liabilities | 290,950 | 268,168 |
Deferred income taxes | 121,385 | 130,088 |
Commitments and contingencies | ||
Stockholders’ Equity | ||
Common stock, par value $.01 per share, Authorized 1,000,000,000 shares, issued and outstanding 391,893,000 and 402,339,000 shares, respectively | 3,919 | 4,023 |
Additional paid-in capital | 1,215,715 | 1,122,329 |
Treasury stock | (272,846) | (229,525) |
Accumulated other comprehensive income | 91 | 182 |
Retained earnings | 1,801,138 | 1,574,982 |
Total stockholders’ equity | 2,748,017 | 2,471,991 |
Total liabilities and stockholders’ equity | $ 5,309,351 | $ 4,869,119 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 28, 2017 | Jan. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares Authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 391,893,000 | 402,339,000 |
Common stock, shares outstanding (in shares) | 391,893,000 | 402,339,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
Beginning balance (in shares) at Feb. 01, 2014 | 426,840 | |||||
Beginning balance, value at Feb. 01, 2014 | $ 2,007,302 | $ 4,268 | $ 933,457 | $ (121,559) | $ 389 | $ 1,190,747 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 924,724 | 924,724 | ||||
Unrealized investment loss, net | (59) | (59) | ||||
Common stock issued under stock plans, net of shares used for tax withholding (in shares) | 2,904 | |||||
Common stock issued under stock plans, net of shares used for tax withholding, value | (17,063) | $ 29 | 21,949 | (39,041) | ||
Tax benefit from equity issuance | 29,759 | 29,759 | ||||
Stock-based compensation | $ 53,001 | 53,001 | ||||
Common stock repurchased (in shares) | (14,800) | (14,805) | ||||
Common stock repurchased | $ (550,000) | $ (148) | (24,559) | (525,293) | ||
Dividends declared | (168,454) | (168,454) | ||||
Ending balance (in shares) at Jan. 31, 2015 | 414,939 | |||||
Ending balance, value at Jan. 31, 2015 | 2,279,210 | $ 4,149 | 1,013,607 | (160,600) | 330 | 1,421,724 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 1,020,661 | 1,020,661 | ||||
Unrealized investment loss, net | (148) | (148) | ||||
Common stock issued under stock plans, net of shares used for tax withholding (in shares) | 1,053 | |||||
Common stock issued under stock plans, net of shares used for tax withholding, value | (48,739) | $ 11 | 20,175 | (68,925) | ||
Tax benefit from equity issuance | 42,382 | 42,382 | ||||
Stock-based compensation | $ 70,937 | 70,937 | ||||
Common stock repurchased (in shares) | (13,700) | (13,653) | ||||
Common stock repurchased | $ (700,000) | $ (137) | (24,772) | (675,091) | ||
Dividends declared | (192,312) | (192,312) | ||||
Ending balance (in shares) at Jan. 30, 2016 | 402,339 | |||||
Ending balance, value at Jan. 30, 2016 | 2,471,991 | $ 4,023 | 1,122,329 | (229,525) | 182 | 1,574,982 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 1,117,654 | 1,117,654 | ||||
Unrealized investment loss, net | (91) | (91) | ||||
Common stock issued under stock plans, net of shares used for tax withholding (in shares) | 1,192 | |||||
Common stock issued under stock plans, net of shares used for tax withholding, value | (24,782) | $ 12 | 18,527 | (43,321) | ||
Tax benefit from equity issuance | 23,331 | 23,331 | ||||
Stock-based compensation | $ 74,554 | 74,554 | ||||
Common stock repurchased (in shares) | (11,638) | (11,638) | ||||
Common stock repurchased | $ (700,000) | $ (116) | (23,026) | (676,858) | ||
Dividends declared | (214,640) | (214,640) | ||||
Ending balance (in shares) at Jan. 28, 2017 | 391,893 | |||||
Ending balance, value at Jan. 28, 2017 | $ 2,748,017 | $ 3,919 | $ 1,215,715 | $ (272,846) | $ 91 | $ 1,801,138 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Mar. 31, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | May 31, 2014 | Feb. 28, 2014 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||||||||||||||
Cash dividends declared per share (in dollars per share) | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1175 | $ 0.1175 | $ 0.1175 | $ 0.1175 | $ 0.1000 | $ 0.1000 | $ 0.1000 | $ 0.1000 | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1175 | $ 0.1175 | $ 0.1175 | $ 0.1175 | $ 0.54 | $ 0.470 | $ 0.400 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Cash Flows From Operating Activities | |||
Net earnings | $ 1,117,654 | $ 1,020,661 | $ 924,724 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 302,515 | 274,828 | 232,959 |
Stock-based compensation | 74,554 | 70,937 | 53,001 |
Deferred income taxes | (8,703) | 56,358 | 25,086 |
Tax benefit from equity issuance | 23,331 | 42,382 | 29,759 |
Excess tax benefit from stock-based compensation | (23,331) | (42,302) | (29,415) |
Change in assets and liabilities: | |||
Merchandise inventory | (93,782) | (46,429) | (115,520) |
Other current assets | (928) | (13,496) | (16,410) |
Accounts payable | 83,085 | (41,464) | 204,158 |
Other current liabilities | 76,676 | 7,796 | 69,568 |
Other long-term, net | 7,780 | (3,019) | (5,045) |
Net cash provided by operating activities | 1,558,851 | 1,326,252 | 1,372,865 |
Cash Flows From Investing Activities | |||
Additions to property and equipment | (297,880) | (366,960) | (646,691) |
Decrease (increase) in restricted cash and investments | 3,388 | 4,065 | (4,329) |
Purchases of investments | 0 | (718) | 0 |
Proceeds from investments | 1,729 | 1,104 | 12,021 |
Net cash used in investing activities | (292,763) | (362,509) | (638,999) |
Cash Flows From Financing Activities | |||
Excess tax benefit from stock-based compensation | 23,331 | 42,302 | 29,415 |
Net proceeds from issuance of long-term debt | 0 | 0 | 245,676 |
Issuance of common stock related to stock plans | 18,539 | 20,186 | 21,978 |
Treasury stock purchased | (43,321) | (68,925) | (39,041) |
Repurchase of common stock | (700,000) | (700,000) | (550,000) |
Dividends paid | (214,640) | (192,312) | (168,454) |
Net cash used in financing activities | (916,091) | (898,749) | (460,426) |
Net increase in cash and cash equivalents | 349,997 | 64,994 | 273,440 |
Cash and cash equivalents: | |||
Beginning of year | 761,602 | 696,608 | 423,168 |
End of year | 1,111,599 | 761,602 | 696,608 |
Supplemental Cash Flow Disclosures | |||
Interest paid | 18,105 | 18,035 | 9,668 |
Income taxes paid | $ 628,441 | $ 523,597 | $ 510,145 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business. Ross Stores, Inc. and its subsidiaries (the “Company”) is an off-price retailer of first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family. At the end of fiscal 2016 , the Company operated 1,340 Ross Dress for Less ® (“Ross”) locations in 36 states, the District of Columbia and Guam , and 193 dd’s DISCOUNTS ® stores in 15 states . The Ross and dd's DISCOUNTS stores are supported by six distribution centers. The Company’s headquarters, one buying office, three operating distribution centers, two warehouses, and 24% of its stores are located in California. Segment reporting. The Company has one reportable segment. The Company’s operations include only activities related to off-price retailing in stores throughout the United States. Basis of presentation and fiscal year. The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. Intercompany transactions and accounts have been eliminated. The Company follows the National Retail Federation fiscal calendar and utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest to January 31. The fiscal years ended January 28, 2017 , January 30, 2016 and January 31, 2015 are referred to as fiscal 2016 , fiscal 2015 , and fiscal 2014 , respectively, and were 52-week years. Stock dividend. In March 2015, the Company’s Board of Directors declared a two -for-one stock split of the Company’s common stock issued in the form of a stock dividend. Stockholders of record as of April 22, 2015 were issued one additional share of common stock on June 11, 2015 for each share held. All share and per share amounts have been adjusted to reflect the stock split. Use of accounting estimates. The preparation of consolidated financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant accounting estimates include valuation reserves for inventory shortage, packaway inventory costs, useful lives of fixed assets, insurance reserves, and reserves for uncertain tax positions. Purchase obligations. As of January 28, 2017 , the Company had purchase obligations of approximately $2,146 million . These purchase obligations primarily consist of merchandise inventory purchase orders, commitments related to construction projects, store fixtures and supplies, and information technology service, transportation, and maintenance contracts. Cash and cash equivalents. Cash equivalents consist of highly liquid, fixed income instruments purchased with an original maturity of three months or less. Restricted cash, cash equivalents, and investments. The Company has restricted cash, cash equivalents, and investments that serve as collateral for certain insurance obligations of the Company. These restricted funds are invested in bank deposits, money market mutual funds, U.S. Government and agency securities, and corporate securities and cannot be withdrawn from the Company’s account without the prior written consent of the secured parties. The following table summarizes total restricted cash, cash equivalents, and investments which were included in Prepaid expenses and other and Other long-term assets in the Consolidated Balance Sheets as of January 28, 2017 and January 30, 2016 : Restricted Assets ($000) 2016 2015 Prepaid expenses and other $ 13,642 $ 15,770 Other long-term assets 54,567 55,913 Total $ 68,209 $ 71,683 The classification between current and long-term is based on the timing of expected payments of the insurance obligations. Estimated fair value of financial instruments. The carrying value of cash and cash equivalents, short- and long-term investments, restricted cash and cash equivalents, restricted investments, accounts receivable, other long-term assets, accounts payable, and other long-term liabilities approximates their estimated fair value. See Note B and Note D for additional fair value information. Cash and cash equivalents were $1,111.6 million and $761.6 million , at January 28, 2017 and January 30, 2016 , respectively, and include bank deposits and money market funds for which the fair value was determined using quoted prices for identical assets in active markets, which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance. Investments. The Company’s investments are comprised of various debt securities. At January 28, 2017 and January 30, 2016 , these investments were classified as available-for-sale and are stated at fair value. Investments are classified as either short- or long-term based on their maturity dates and the Company’s intent. Investments with a maturity of less than one year are classified as short-term. See Note B for additional information. Merchandise inventory. Merchandise inventory is stated at the lower of cost (determined using a weighted average basis) or net realizable value. The Company purchases inventory that can either be shipped to stores or processed as packaway merchandise with the intent that it will be warehoused and released to stores at a later date. The timing of the release of packaway inventory to the stores is principally driven by the product mix and seasonality of the merchandise, and its relation to the Company’s store merchandise assortment plans. As such, the aging of packaway varies by merchandise category and seasonality of purchase, but typically packaway remains in storage less than six months . Merchandise inventory includes acquisition, processing, and storage costs related to packaway inventory. The cost of the Company’s merchandise inventory is reduced by valuation reserves for shortage based on historical shortage experience from the Company’s physical merchandise inventory counts and cycle counts. Cost of goods sold. In addition to product costs, the Company includes in cost of goods sold its buying, distribution and freight expenses as well as occupancy costs, and depreciation and amortization related to the Company’s retail stores, buying, and distribution facilities. Buying expenses include costs to procure merchandise inventories. Distribution expenses include the cost of operating the Company’s distribution centers and warehouse facilities. Property and equipment. Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful life of the asset, typically ranging from three to 12 years for equipment and information systems and 20 to 40 years for land improvements and buildings. Depreciation and amortization expense on property and equipment was $302.5 million , $274.8 million , and $233.0 million for fiscal 2016 , 2015 , and 2014 , respectively. The cost of leasehold improvements is amortized over the useful life of the asset or the applicable lease term, whichever is less. The Company capitalizes interest during the construction period. Interest capitalized was $0.0 million , $6.5 million and $10.8 million in fiscal 2016 , 2015 , and 2014 , respectively. As of January 28, 2017 , January 30, 2016 , and January 31, 2015 the Company had $25.7 million , $35.8 million , and $58.6 million , respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and Equipment and in Accounts payable and Accrued expenses and other in the accompanying Consolidated Balance Sheets. Other long-term assets. Other long-term assets as of January 28, 2017 and January 30, 2016 consisted of the following: ($000) 2016 2015 Deferred compensation (Note B) $ 100,423 $ 86,073 Restricted cash and investments 54,567 55,913 Other 11,976 10,701 Total $ 166,966 $ 152,687 Property and other long-term assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Intangible assets that are not subject to amortization, including goodwill, are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. Based on the Company’s evaluation during fiscal 2016 , 2015 , and 2014 , no impairment charges were recorded. Store closures. The Company continually reviews the operating performance of individual stores. For stores that are closed, the Company records a liability for future minimum lease payments net of estimated sublease recoveries and related ancillary costs at the time the liability is incurred. The lease loss liability was $1.2 million and $1.8 million , as of January 28, 2017 and January 30, 2016 , respectively. Operating costs, including depreciation, of stores to be closed are expensed during the period they remain in use. The Company closed six stores in both 2016 and 2015 . Accounts payable. Accounts payable represents amounts owed to third parties at the end of the period. Accounts payable includes book cash overdrafts (checks issued under zero balance accounts not yet presented for payment) in excess of cash balances in such accounts of approximately $96.3 million and $100.3 million at January 28, 2017 and January 30, 2016 , respectively. The Company includes the change in book cash overdrafts in operating cash flows. Insurance obligations. The Company uses a combination of insurance and self-insurance for a number of risk management activities, including workers’ compensation, general liability, and employee-related health care benefits. The self-insurance and deductible liability is determined actuarially, based on claims filed and an estimate of claims incurred but not yet reported. Self-insurance and deductible reserves as of January 28, 2017 and January 30, 2016 consisted of the following: ($000) 2016 2015 Workers’ compensation $ 94,920 $ 93,452 General liability 39,679 39,895 Medical plans 4,899 4,155 Total $ 139,498 $ 137,502 Workers’ compensation and self-insured medical plan liabilities are included in Accrued payroll and benefits and accruals for general liability are included in Accrued expenses and other in the accompanying Consolidated Balance Sheets. Other long-term liabilities. Other long-term liabilities as of January 28, 2017 and January 30, 2016 consisted of the following: ($000) 2016 2015 Income taxes $ 97,502 $ 94,194 Deferred compensation (Note G) 100,423 86,073 Deferred rent 67,941 63,241 Tenant improvement allowances 20,554 20,300 Other 4,530 4,360 Total $ 290,950 $ 268,168 Lease accounting. When a lease contains “rent holidays” or requires fixed escalations of the minimum lease payments, the Company records rental expense on a straight-line basis over the term of the lease and the difference between the average rental amount charged to expense and the amount payable under the lease is recorded as deferred rent. The Company begins recording rent expense on the lease possession date. Tenant improvement allowances are included in Other long-term liabilities and are amortized over the lease term. Changes in tenant improvement allowances are included as a component of operating activities in the Consolidated Statements of Cash Flows. Revenue recognition. The Company recognizes revenue at the point of sale and maintains an allowance for estimated future returns. Sales of stored value cards are deferred until they are redeemed for the purchase of Company merchandise. The Company’s stored value cards do not have expiration dates. Based upon historical redemption rates, a small percentage of stored value cards will never be redeemed, which represents breakage. The Company recognizes income from stored value card breakage as a reduction of operating expenses when redemption by a customer is considered to be remote. Income recognized from breakage was not significant in fiscal 2016 , 2015 , and 2014 . Sales tax collected is not recognized as revenue and amounts outstanding are included in Accrued expenses and other in the Consolidated Balance Sheets. Allowance for sales returns. An allowance for the gross margin loss on estimated sales returns is included in Accrued expenses and other in the Consolidated Balance Sheets. The allowance for sales returns consists of the following: ($000) Beginning Balance Additions Returns Ending Balance Year ended: January 28, 2017 $ 7,955 $ 761,350 $ (760,899 ) $ 8,406 January 30, 2016 $ 8,594 $ 737,727 $ (738,366 ) $ 7,955 January 31, 2015 $ 7,431 $ 717,040 $ (715,877 ) $ 8,594 Store pre-opening. Store pre-opening costs are expensed in the period incurred. Advertising. Advertising costs are expensed in the period incurred and are included in Selling, general and administrative expenses. Advertising costs for fiscal 2016 , 2015 , and 2014 were $73.0 million , $77.1 million , and $72.1 million , respectively. Stock-based compensation. The Company recognizes compensation expense based upon the grant date fair value of all stock-based awards, typically over the vesting period. See Note C for more information on the Company’s stock-based compensation plans. Taxes on earnings. The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Accounting for Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's consolidated financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than changes in the tax law or tax rates. ASC 740 clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company’s consolidated financial statements. ASC 740 prescribes a recognition threshold of more-likely-than-not, and a measurement standard for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the consolidated financial statements. See Note F. Treasury stock. The Company records treasury stock at cost. Treasury stock includes shares purchased from employees for tax withholding purposes related to vesting of restricted stock grants. Earnings per share (“EPS”). The Company computes and reports both basic EPS and diluted EPS. Basic EPS is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the sum of the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards, including unexercised stock options and unvested shares of both performance and non-performance based awards of restricted stock. In fiscal 2016 , 2015 , and 2014 there were 2,500 , 25,000 , and 5,100 weighted average shares, respectively, that were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for those years. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: Shares in (000s) Basic EPS Effect of dilutive common stock equivalents Diluted EPS 2016 Shares 392,124 2,834 394,958 Amount $ 2.85 $ (0.02 ) $ 2.83 2015 Shares 403,034 3,371 406,405 Amount $ 2.53 $ (0.02 ) $ 2.51 2014 Shares 413,553 4,524 418,077 Amount $ 2.24 $ (0.03 ) $ 2.21 Comprehensive income. Comprehensive income includes net earnings and components of other comprehensive income (loss), net of tax, consisting of unrealized investment gains or losses. Recently issued accounting standards. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) . The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue when the customer obtains control of promised goods or services in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for the Company’s annual and interim reporting periods beginning in fiscal 2018. The Company does not expect the adoption of this new guidance to be material to its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The ASU requires balance sheet recognition for all leases with lease terms greater than one year including a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 is effective for the Company's annual and interim reporting periods beginning in fiscal 2019. The Company is currently evaluating the effect adoption of this new guidance will have on its consolidated financial statements. Due to the substantial number of leases that it has, the Company believes this ASU will increase assets and liabilities by the same material amount on its consolidated balance sheet. See Note E for disclosure of the Company's current undiscounted minimum commitments under noncancelable operating leases. The Company does not believe adoption of this ASU will have a significant impact to its consolidated statements of earnings, stockholders’ equity, and cash flows. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting . ASU 2016-09 provides for changes to accounting for stock compensation including 1) excess tax benefits and tax deficiencies related to share based payment awards will be recognized as income tax benefit or expense in the reporting period in which they occur (previously such amounts were recognized in additional paid-in capital); 2) excess tax benefits will be classified as an operating activity in the statement of cash flows; and 3) the option to elect to estimate forfeitures or account for them when they occur. ASU 2016-09 is effective for the Company beginning in the first quarter of 2017. Upon adoption of ASU 2016-09, the Company plans to account for forfeitures as incurred and expects this adoption along with the retrospective impact on its classification of cash flows between operating and financing activities to be immaterial. The Company believes the impact of recording excess tax benefits in income taxes in its consolidated statement of earnings may be material. The magnitude of such impact is dependent upon the Company’s future stock price in relation to the fair value of awards on grant date and the Company’s future grants of stock-based compensation. See Note F for disclosure of the Company's historical accounting treatment of excess tax benefits. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . ASU 2016-18 requires restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts on the statement of cash flows. The standard also requires companies who report cash and restricted cash separately on the balance sheet to reconcile those amounts to the statement of cash flows. ASU 2016-18 is effective for the Company's annual and interim reporting periods beginning in fiscal 2018. The Company does not believe adoption of this ASU will have a significant impact to its consolidated financial statements. |
Investments and Restricted Inve
Investments and Restricted Investments | 12 Months Ended |
Jan. 28, 2017 | |
Fair Value Disclosures [Abstract] | |
Investments And Restricted Investments | Investments and Restricted Investments Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The inputs used to measure fair value include: Level 1, observable inputs such as quoted prices in active markets; Level 2, inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, unobservable inputs in which little or no market data exists. This fair value hierarchy requires the Company to develop its own assumptions and maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Corporate, U.S. government and agency, and mortgage-backed securities are classified within Level 1 or Level 2 because these securities are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. The fair value of the Company’s financial instruments as of January 28, 2017 and January 30, 2016 are as follows: ($000) 2016 2015 Cash and cash equivalents (Level 1) $ 1,111,599 $ 761,602 Investments ( Level 2) $ 1,288 $ 3,068 Restricted cash and cash equivalents (Level 1) $ 64,581 $ 67,947 Restricted investments Level 1 $ — $ 3,736 Level 2 $ 3,628 $ — Restricted investments in government bonds with a fair value of $3.6 million at January 28, 2017 were transferred from Level 1 into Level 2 due to the market for the identical bonds being inactive. The underlying assets in the Company’s non-qualified deferred compensation program as of January 28, 2017 and January 30, 2016 (included in Other long-term assets and in Other long-term liabilities) primarily consist of participant-directed money market, stable value, stock, and bond funds. The fair value measurement for funds with quoted market prices in active markets (Level 1) and for funds without quoted market prices in active markets (Level 2) are as follows: ($000) 2016 2015 Level 1 $ 84,933 $ 73,633 Level 2 15,490 12,440 Total $ 100,423 $ 86,073 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jan. 28, 2017 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation For fiscal 2016 , 2015 , and 2014 , the Company recognized stock-based compensation expense as follows: ($000) 2016 2015 2014 Restricted stock $ 38,234 $ 37,204 $ 34,729 Performance awards 33,379 31,056 16,003 ESPP 2,941 2,677 2,269 Total $ 74,554 $ 70,937 $ 53,001 Capitalized stock-based compensation cost was not significant in any year. No stock options were granted during fiscal 2016 , 2015 , and 2014 . At January 28, 2017 , the Company had one active stock-based compensation plan, which is further described in Note H. The Company recognizes expense for ESPP purchase rights equal to the value of the 15% discount given on the purchase date. Total stock-based compensation recognized in the Company's Consolidated Statements of Earnings for fiscal 2016 , 2015 , and 2014 is as follows: Statements of Earnings Classification ($000) 2016 2015 2014 Cost of goods sold $ 34,077 $ 32,922 $ 27,088 Selling, general and administrative 40,477 38,015 25,913 Total $ 74,554 $ 70,937 $ 53,001 |
Debt
Debt | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Senior notes. Unsecured senior debt, net of unamortized discounts and debt issuance costs, as of January 28, 2017 and January 30, 2016 consisted of the following: ($000) 2016 2015 6.38% Series A Senior Notes due 2018 $ 84,939 $ 84,906 6.53% Series B Senior Notes due 2021 64,902 64,882 3.375% Senior Notes due 2024 246,652 246,237 Total $ 396,493 $ 396,025 As of January 28, 2017 , the Company had outstanding unsecured 3.375% Senior Notes due September 2024 (the “2024 Notes”) with an aggregate principal amount of $250 million . Interest on the 2024 Notes is payable semi-annually. As of January 28, 2017 , the Company also had outstanding two other series of unsecured senior notes in the aggregate principal amount of $150 million , held by various institutional investors. The Series A notes totaling $85 million are due in December 2018 and bear interest at a rate of 6.38% . The Series B notes totaling $65 million are due in December 2021 and bear interest at a rate of 6.53% . Borrowings under these senior notes are subject to certain financial covenants, including interest coverage and other financial ratios. As of January 28, 2017 , the Company was in compliance with these covenants. As of January 28, 2017 and January 30, 2016 , total unamortized discount and debt issuance costs were $3.5 million and $4.0 million , respectively, and were classified as a reduction of Long-term debt. The 2024 Notes, Series A, and Series B senior notes are all subject to prepayment penalties for early payment of principal. The aggregate fair value of the three outstanding senior note issuances was approximately $419 million and $423 million as of January 28, 2017 and January 30, 2016 , respectively. The fair value is estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance. The following table shows scheduled annual principal payments on Long-term debt: ($000) 2017 $ — 2018 $ 85,000 2019 $ — 2020 $ — 2021 $ 65,000 Thereafter $ 250,000 The table below shows the components of interest expense and income for fiscal 2016 , 2015 , and 2014 : ($000) 2016 2015 2014 Interest expense on long-term debt $ 18,573 $ 18,568 $ 12,990 Other interest expense 1,022 1,252 1,230 Capitalized interest (26 ) (6,530 ) (10,825 ) Interest income (3,081 ) (678 ) (411 ) Interest expense, net $ 16,488 $ 12,612 $ 2,984 Revolving credit facility. In April 2016, the Company entered into a new $600 million unsecured revolving credit facility. This credit facility, which replaced the Company's previous $600 million unsecured revolving credit facility, expires in April 2021 and contains a $300 million sublimit for issuance of standby letters of credit (subject to increase in proportion to any increase in the size of the credit facility). The facility also contains an option allowing the Company to increase the size of its credit facility by up to an additional $200 million , with the agreement of the lenders. Interest on any borrowings under this facility is based on LIBOR plus an applicable margin (currently 100 basis points) and is payable quarterly and upon maturity. The revolving credit facility may be extended, at the Company’s option, for up to two additional one year periods, subject to customary conditions. As of January 28, 2017 the Company had no borrowings or standby letters of credit outstanding under this facility and the $600 million credit facility remains in place and available. The revolving credit facility is subject to a financial leverage ratio covenant. As of January 28, 2017 , the Company was in compliance with this covenant. Standby letters of credit and collateral trust. The Company uses standby letters of credit outside of its revolving credit facility in addition to a funded trust to collateralize its insurance obligations. As of January 28, 2017 and January 30, 2016 , the Company had $11.6 million and $15.3 million , respectively, in standby letters of credit and $56.6 million and $56.4 million , respectively, in a collateral trust. The standby letters of credit are collateralized by restricted cash and the collateral trust consists of restricted cash, cash equivalents, and investments. Trade letters of credit. The Company had $26.5 million and $32.0 million in trade letters of credit outstanding at January 28, 2017 and January 30, 2016 , respectively. |
Leases
Leases | 12 Months Ended |
Jan. 28, 2017 | |
Leases [Abstract] | |
Leases | Leases The Company currently leases all but three of its store locations with original, non-cancelable terms that in general range from three to ten years. Store leases typically contain provisions for three to four renewal options of five years each. Most store leases also provide for minimum annual rentals and for payment of certain expenses. In addition, some store leases also have provisions for additional rent based on a percentage of sales. The Company leases three warehouses. Two of the warehouses are in Carlisle, Pennsylvania with leases expiring in 2018 and 2019 . The third warehouse is in Fort Mill, South Carolina, with a lease expiring in 2019 . The leases for the two Carlisle, Pennsylvania warehouses contain renewal provisions. The Company leases approximately 87,000 square feet of office space for its Los Angeles buying office. The lease term for this facility expires in 2017 and contains renewal provisions. In addition, the Company has a ground lease related to its New York buying office. The aggregate future minimum annual lease payments under leases, including the ground lease related to the New York buying office, in effect at January 28, 2017 are as follows: ($000) Total operating leases 2017 $ 490,936 2018 507,976 2019 429,178 2020 349,362 2021 268,224 Thereafter 1,450,539 Total minimum lease payments $ 3,496,215 Rent expense, including contingent rent and net of sublease income, was $505.2 million , $473.2 million , and $451.9 million in fiscal 2016 , 2015 , and 2014 , respectively. Contingent rent and sublease income was not significant in any year. |
Taxes on Earnings
Taxes on Earnings | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Taxes on Earnings | Taxes on Earnings The provision for income taxes consisted of the following: ($000) 2016 2015 2014 Current Federal $ 632,872 $ 497,710 $ 499,009 State 44,333 37,030 36,547 677,205 534,740 535,556 Deferred Federal (8,350 ) 55,404 23,452 State (353 ) 954 1,634 (8,703 ) 56,358 25,086 Total $ 668,502 $ 591,098 $ 560,642 In fiscal 2016 , 2015 , and 2014 , the Company realized tax benefits of $23.3 million , $42.4 million and $29.8 million , respectively, related to employee equity programs that were recorded in additional paid-in capital. The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory federal income tax rate. The differences are reconciled below: 2016 2015 2014 Federal income taxes at the statutory rate 35 % 35 % 35 % State income taxes (net of federal benefit) and other, net 2 % 2 % 3 % Total 37 % 37 % 38 % The components of deferred taxes at January 28, 2017 and January 30, 2016 are as follows: ($000) 2016 2015 Deferred Tax Assets Accrued liabilities $ 71,796 $ 69,144 Deferred compensation 36,101 29,932 Stock-based compensation 44,865 41,388 Deferred rent 25,221 23,903 State taxes and credits 28,484 21,973 Employee benefits 23,987 22,156 Other 8,223 6,835 Gross Deferred Tax Assets 238,677 215,331 Less: Valuation allowance (3,730 ) — Deferred Tax Assets 234,947 215,331 Deferred Tax Liabilities Depreciation (313,526 ) (304,191 ) Merchandise inventory (28,853 ) (28,085 ) Supplies (13,418 ) (12,559 ) Other (535 ) (584 ) Deferred Tax Liabilities (356,332 ) (345,419 ) Net Deferred Tax Liabilities $ (121,385 ) $ (130,088 ) At the end of fiscal 2016 and 2015 , the Company's state tax credit carryforwards for income tax purposes were approximately $22.8 million and $16.1 million , respectively. The state tax credit carryforwards will begin to expire in fiscal 2019 . The Company has provided a valuation allowance of $3.7 million for deferred tax assets related to state tax credits that are not expected to be realized. The changes in amounts of unrecognized tax benefits (gross of federal tax benefits and excluding interest and penalties) at fiscal 2016 , 2015 , and 2014 are as follows: ($000) 2016 2015 2014 Unrecognized tax benefits - beginning of year $ 75,372 $ 78,116 $ 80,323 Gross increases: Tax positions in current period 12,394 14,990 15,441 Tax positions in prior period 2,897 — — Gross decreases: Tax positions in prior periods (3,231 ) (10,589 ) (9,432 ) Lapse of statute limitations (6,310 ) (4,216 ) (5,732 ) Settlements — (2,929 ) (2,484 ) Unrecognized tax benefits - end of year $ 81,122 $ 75,372 $ 78,116 At the end of fiscal 2016 , 2015 , and 2014 , the reserves for unrecognized tax benefits were $98.6 million , $94.2 million , and $101.7 million inclusive of $17.5 million , $18.8 million , and $23.6 million of related interest and penalties, respectively. The Company accounts for interest and penalties related to unrecognized tax benefits as a part of its provision for taxes on earnings. If recognized, $49.1 million would impact the Company’s effective tax rate. The difference between the total amount of unrecognized tax benefits and the amounts that would impact the effective tax rate relates to amounts attributable to deferred tax assets and liabilities. These amounts are net of federal and state income taxes. It is reasonably possible that certain federal and state tax matters may be concluded or statutes of limitations may lapse during the next twelve months. Accordingly, the total amount of unrecognized tax benefits may decrease, reducing the provision for taxes on earnings by up to $4.3 million . The Company is open to audit by the Internal Revenue Service under the statute of limitations for fiscal years 2013 through 2016 . The Company’s state income tax returns are generally open to audit under the various statutes of limitations for fiscal years 2012 through 2016 . Certain federal and state tax returns are currently under audit by various tax authorities. The Company does not expect the results of these audits to have a material impact on the consolidated financial statements. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 28, 2017 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company has a defined contribution plan that is available to certain employees. Under the plan, employee and Company contributions and accumulated plan earnings qualify for favorable tax treatment under Section 401(k) of the Internal Revenue Code. This plan permits employees to make contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches up to 4% of the employee’s salary up to the plan limits. Company matching contributions to the 401(k) plan were $13.9 million , $12.7 million , and $11.4 million in fiscal 2016 , 2015 , and 2014 , respectively. The Company also has an Incentive Compensation Plan which provides cash awards to key management and employees based on Company and individual performance. The Company also makes available to management a Non-qualified Deferred Compensation Plan which allows management to make payroll contributions on a pre-tax basis in addition to the 401(k) plan. Other long-term assets include $100.4 million and $86.1 million at January 28, 2017 and January 30, 2016 , respectively, of long-term plan investments, at market value, set aside or designated for the Non-qualified Deferred Compensation Plan (See Note B). Plan investments are designated by the participants, and investment returns are not guaranteed by the Company. The Company has a corresponding liability to participants of $100.4 million and $86.1 million at January 28, 2017 and January 30, 2016 , respectively, included in Other long-term liabilities in the Consolidated Balance Sheets. In addition, the Company has certain individuals who receive or will receive post-employment medical benefits. The estimated liability for these benefits of $8.0 million and $13.2 million is included in Accrued expenses and other in the accompanying Consolidated Balance Sheets as of January 28, 2017 and January 30, 2016 , respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jan. 28, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common stock. In February 2017, the Company’s Board of Directors approved a new two -year $1.75 billion stock repurchase program through fiscal 2018. The following table summarizes the Company’s stock repurchase activity in fiscal 2016 , 2015 , and 2014 : Fiscal Year Shares repurchased (in millions) Average repurchase price Repurchased (in millions) 2016 11.6 $60.15 $700 2015 13.7 $51.27 $700 2014 14.8 $37.15 $550 Preferred stock. The Company has four million shares of preferred stock authorized, with a par value of $.01 per share. No preferred stock is issued or outstanding. Dividends. On February 28, 2017 , the Company’s Board of Directors declared a quarterly cash dividend of $0.1600 per common share, payable on March 31, 2017 . The Company’s Board of Directors declared cash dividends of $0.1350 per common share in March, May, August, and November 2016 , cash dividends of $0.1175 per common share in February, May, August, and November 2015 , and cash dividends of $0.1000 per common share in February, May, August, and November 2014 . 2008 Equity Incentive Plan. The Ross Stores, Inc. 2008 Equity Incentive Plan (the “2008 Plan”) has an initial share reserve of 33.0 million shares of the Company’s common stock, of which 24.0 million shares can be issued as full value awards. The 2008 Plan provides for various types of incentive awards, which may potentially include the grant of stock options, stock appreciation rights, restricted stock purchase rights, restricted stock bonuses, restricted stock units, performance shares, performance units, and deferred compensation awards. As of January 28, 2017 , there were 12.1 million shares that remained available for grant under the 2008 Plan. A summary of the stock option activity for fiscal 2016 is presented below: Number of shares Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value ($000) Outstanding at January 30, 2016 310,066 $7.34 Granted — — Exercised (261,502 ) 7.18 Forfeited — — Outstanding at January 28, 2017, all vested 48,564 $8.19 0.32 $2,775 As of January 28, 2017 , the outstanding and exercisable options to purchase 48,564 shares of common stock had a weighted average exercise price of $8.19 and a weighted average remaining contractual life of 0.32 years. A summary of restricted stock and performance share award activity for fiscal 2016 is presented below: Number of shares (000) Weighted average grant date fair value Unvested at January 30, 2016 6,104 $34.87 Awarded 1,537 57.08 Released (1,916 ) 27.82 Forfeited (162 ) 38.14 Unvested at January 28, 2017 5,563 $43.19 The market value of shares of restricted stock and of the stock underlying restricted stock units at the date of grant is amortized to expense over the vesting period of generally three to five years. The unamortized compensation expense at January 28, 2017 and January 30, 2016 was $101.6 million and $94.5 million , respectively, which is expected to be recognized over a weighted average remaining period of 1.8 years. Intrinsic value for restricted stock, defined as the closing market value on the last business day of fiscal year 2016 (or $65.33 ), was $363.4 million . A total of 12.1 million , 12.7 million , and 13.3 million shares were available for new restricted stock awards at the end of fiscal 2016 , 2015 , and 2014 , respectively. During fiscal 2016 , 2015 , and 2014 , shares purchased by the Company for tax withholding totaled 0.7 million , 1.3 million , and 1.1 million shares, respectively, and are considered treasury shares which are available for reissuance. As of January 28, 2017 and January 30, 2016 , the Company held 11.8 million and 11.1 million shares of treasury stock, respectively. Performance share awards. The Company has a performance share award program for senior executives. A performance share award represents a right to receive shares of restricted stock or restricted stock units on a specified settlement date based on the Company’s attainment of a profitability-based performance goal during the performance period, which is the Company’s fiscal year. If attained, the restricted stock or units then vest over a service period, generally two to three years from the date the performance award was granted. The release of shares related to restricted stock units earned is deferred generally for one year from the date earned. The Company issued approximately 682,000 , 601,000 , and 607,000 shares in settlement of the fiscal 2016 , 2015 , and 2014 awards. Employee Stock Purchase Plan. Under the Employee Stock Purchase Plan (“ESPP”), eligible employees participating in the quarterly offering period can choose to have up to the lesser of 10% of their annual base earnings or the IRS annual share purchase limit of $25,000 in aggregate market value to purchase the Company’s common stock. The purchase price of the stock is 85% of the closing market price on the date of purchase. Purchases occur on a quarterly basis (on the last trading day of each calendar quarter). The Company recognizes expense for ESPP purchase rights equal to the value of the 15% discount given on the purchase date. During fiscal 2016 , 2015 , and 2014 , employees purchased approximately 0.3 million , 0.4 million , and 0.4 million shares, respectively, of the Company’s common stock under the plan at weighted average per share prices of $51.86 , $43.16 , and $32.18 , respectively. Through January 28, 2017 , approximately 39.4 million shares had been issued under this plan and 5.6 million shares remained available for future issuance. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 28, 2017 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
Related Party Transactions | Related Party Transactions The Company has a consulting agreement with Norman Ferber, its Chairman Emeritus of the Board of Directors, under which the Company pays him an annual consulting fee of $1.5 million through May 2018 . In addition, the agreement provides for administrative support and health and other benefits for him and his dependents, which totaled approximately $0.4 million , $0.3 million , and $0.3 million in fiscal 2016 , 2015 , and 2014 , respectively, along with amounts to cover premiums through May 2018 on a life insurance policy with a death benefit of $2.0 million . On termination of Mr. Ferber’s consultancy with the Company, the Company will pay Mr. Ferber $75,000 per year for a period of 10 years. Robert Ferber, the son of Norman Ferber, is a buyer with the Company. The Company paid Robert Ferber compensation including salary and bonus of approximately $148,000 , $131,000 , and $133,000 in fiscal 2016 , 2015 , and 2014 , respectively. |
Litigation, Claims, and Assessm
Litigation, Claims, and Assessments | 12 Months Ended |
Jan. 28, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Claims, and Assessments | Litigation, Claims, and Assessments Like many retailers, the Company has been named in class action lawsuits, primarily in California, alleging violation of wage and hour laws and consumer protection laws. Class action litigation remains pending as of January 28, 2017 . The Company is also party to various other legal and regulatory proceedings arising in the normal course of business. Actions filed against the Company may include commercial, product and product safety, consumer, intellectual property, and labor and employment-related claims, including lawsuits in which private plaintiffs or governmental agencies allege that the Company violated federal, state, and/or local laws. Actions against the Company are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties. In the opinion of management, the resolution of pending class action litigation and other currently pending legal and regulatory proceedings will not have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Summarized quarterly financial information for fiscal 2016 and 2015 is presented in the tables below. Year ended January 28, 2017 : Quarter Ended ($000, except per share data) April 30, 2016 July 30, 2016 October 29, 2016 January 28, 2017 Sales $ 3,088,995 $ 3,180,917 $ 3,086,687 $ 3,510,158 Cost of goods sold 2,176,205 2,251,845 2,206,092 2,539,563 Selling, general and administrative 436,924 469,511 490,171 493,802 Interest expense, net 4,364 4,213 4,156 3,755 Total costs and expenses 2,617,493 2,725,569 2,700,419 3,037,120 Earnings before taxes 471,502 455,348 386,268 473,038 Provision for taxes on earnings 180,868 173,442 141,722 172,470 Net earnings $ 290,634 $ 281,906 $ 244,546 $ 300,568 Earnings per share – basic 1 $ 0.73 $ 0.72 $ 0.63 $ 0.77 Earnings per share – diluted 1 $ 0.73 $ 0.71 $ 0.62 $ 0.77 Cash dividends declared per share on common stock $ 0.1350 $ 0.1350 $ 0.1350 $ 0.1350 Stock price High $ 59.30 $ 61.98 $ 65.06 $ 69.53 Low $ 52.56 $ 52.34 $ 60.68 $ 61.28 1 EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. Year ended January 30, 2016 : Quarter Ended ($000, except per share data) May 2, 2015 August 1, 2015 October 31, 2015 January 30, 2016 Sales $ 2,938,148 $ 2,968,270 $ 2,782,855 $ 3,250,726 Cost of goods sold 2,067,455 2,119,480 2,003,347 2,386,591 Selling, general and administrative 409,298 435,226 443,354 450,877 Interest expense, net 2,003 1,652 4,427 4,530 Total costs and expenses 2,478,756 2,556,358 2,451,128 2,841,998 Earnings before taxes 459,392 411,912 331,727 408,728 Provision for taxes on earnings 177,187 153,273 116,071 144,567 Net earnings $ 282,205 $ 258,639 $ 215,656 $ 264,161 Earnings per share – basic 1,2 $ 0.69 $ 0.64 $ 0.54 $ 0.66 Earnings per share – diluted 1,2 $ 0.69 $ 0.63 $ 0.53 $ 0.66 Cash dividends declared per share on common stock 2 $ 0.1175 $ 0.1175 $ 0.1175 $ 0.1175 Stock price 2 High $ 53.73 $ 53.28 $ 56.53 $ 56.26 Low $ 45.93 $ 47.79 $ 47.22 $ 44.81 1 EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. 2 All per share amounts have been adjusted for the two -for-one stock split effective June 11, 2015. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Business | Business. Ross Stores, Inc. and its subsidiaries (the “Company”) is an off-price retailer of first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family. At the end of fiscal 2016 , the Company operated 1,340 Ross Dress for Less ® (“Ross”) locations in 36 states, the District of Columbia and Guam , and 193 dd’s DISCOUNTS ® stores in 15 states . The Ross and dd's DISCOUNTS stores are supported by six distribution centers. The Company’s headquarters, one buying office, three operating distribution centers, two warehouses, and 24% of its stores are located in California. |
Segment reporting | Segment reporting. The Company has one reportable segment. The Company’s operations include only activities related to off-price retailing in stores throughout the United States. |
Basis of presentation and fiscal year | Basis of presentation and fiscal year. The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. Intercompany transactions and accounts have been eliminated. The Company follows the National Retail Federation fiscal calendar and utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest to January 31. The fiscal years ended January 28, 2017 , January 30, 2016 and January 31, 2015 are referred to as fiscal 2016 , fiscal 2015 , and fiscal 2014 , respectively, and were 52-week years. |
Use of accounting estimates | Use of accounting estimates. The preparation of consolidated financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant accounting estimates include valuation reserves for inventory shortage, packaway inventory costs, useful lives of fixed assets, insurance reserves, and reserves for uncertain tax positions. |
Purchase obligations | Purchase obligations. As of January 28, 2017 , the Company had purchase obligations of approximately $2,146 million . These purchase obligations primarily consist of merchandise inventory purchase orders, commitments related to construction projects, store fixtures and supplies, and information technology service, transportation, and maintenance contracts. |
Cash and cash equivalents | Cash and cash equivalents. Cash equivalents consist of highly liquid, fixed income instruments purchased with an original maturity of three months or less. |
Restricted cash, cash equivalents, and investments | Restricted cash, cash equivalents, and investments. The Company has restricted cash, cash equivalents, and investments that serve as collateral for certain insurance obligations of the Company. These restricted funds are invested in bank deposits, money market mutual funds, U.S. Government and agency securities, and corporate securities and cannot be withdrawn from the Company’s account without the prior written consent of the secured parties. |
Estimated fair value of financial instruments | Estimated fair value of financial instruments. The carrying value of cash and cash equivalents, short- and long-term investments, restricted cash and cash equivalents, restricted investments, accounts receivable, other long-term assets, accounts payable, and other long-term liabilities approximates their estimated fair value. See Note B and Note D for additional fair value information. Cash and cash equivalents were $1,111.6 million and $761.6 million , at January 28, 2017 and January 30, 2016 , respectively, and include bank deposits and money market funds for which the fair value was determined using quoted prices for identical assets in active markets, which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance. |
Investments | Investments. The Company’s investments are comprised of various debt securities. At January 28, 2017 and January 30, 2016 , these investments were classified as available-for-sale and are stated at fair value. Investments are classified as either short- or long-term based on their maturity dates and the Company’s intent. Investments with a maturity of less than one year are classified as short-term. |
Merchandise inventory | Merchandise inventory. Merchandise inventory is stated at the lower of cost (determined using a weighted average basis) or net realizable value. The Company purchases inventory that can either be shipped to stores or processed as packaway merchandise with the intent that it will be warehoused and released to stores at a later date. The timing of the release of packaway inventory to the stores is principally driven by the product mix and seasonality of the merchandise, and its relation to the Company’s store merchandise assortment plans. As such, the aging of packaway varies by merchandise category and seasonality of purchase, but typically packaway remains in storage less than six months . Merchandise inventory includes acquisition, processing, and storage costs related to packaway inventory. The cost of the Company’s merchandise inventory is reduced by valuation reserves for shortage based on historical shortage experience from the Company’s physical merchandise inventory counts and cycle counts. |
Cost of goods sold | Cost of goods sold. In addition to product costs, the Company includes in cost of goods sold its buying, distribution and freight expenses as well as occupancy costs, and depreciation and amortization related to the Company’s retail stores, buying, and distribution facilities. Buying expenses include costs to procure merchandise inventories. Distribution expenses include the cost of operating the Company’s distribution centers and warehouse facilities. |
Property and equipment | Property and equipment. Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful life of the asset, typically ranging from three to 12 years for equipment and information systems and 20 to 40 years for land improvements and buildings. Depreciation and amortization expense on property and equipment was $302.5 million , $274.8 million , and $233.0 million for fiscal 2016 , 2015 , and 2014 , respectively. The cost of leasehold improvements is amortized over the useful life of the asset or the applicable lease term, whichever is less. The Company capitalizes interest during the construction period. |
Other long-term assets | Property and other long-term assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Intangible assets that are not subject to amortization, including goodwill, are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. |
Store closures | Store closures. The Company continually reviews the operating performance of individual stores. For stores that are closed, the Company records a liability for future minimum lease payments net of estimated sublease recoveries and related ancillary costs at the time the liability is incurred. The lease loss liability was $1.2 million and $1.8 million , as of January 28, 2017 and January 30, 2016 , respectively. Operating costs, including depreciation, of stores to be closed are expensed during the period they remain in use. |
Accounts payable | Accounts payable. Accounts payable represents amounts owed to third parties at the end of the period. Accounts payable includes book cash overdrafts (checks issued under zero balance accounts not yet presented for payment) in excess of cash balances in such accounts of approximately $96.3 million and $100.3 million at January 28, 2017 and January 30, 2016 , respectively. The Company includes the change in book cash overdrafts in operating cash flows. |
Insurance obligations | Insurance obligations. The Company uses a combination of insurance and self-insurance for a number of risk management activities, including workers’ compensation, general liability, and employee-related health care benefits. The self-insurance and deductible liability is determined actuarially, based on claims filed and an estimate of claims incurred but not yet reported. |
Lease accounting | Lease accounting. When a lease contains “rent holidays” or requires fixed escalations of the minimum lease payments, the Company records rental expense on a straight-line basis over the term of the lease and the difference between the average rental amount charged to expense and the amount payable under the lease is recorded as deferred rent. The Company begins recording rent expense on the lease possession date. Tenant improvement allowances are included in Other long-term liabilities and are amortized over the lease term. Changes in tenant improvement allowances are included as a component of operating activities in the Consolidated Statements of Cash Flows. |
Revenue recognition | Revenue recognition. The Company recognizes revenue at the point of sale and maintains an allowance for estimated future returns. Sales of stored value cards are deferred until they are redeemed for the purchase of Company merchandise. The Company’s stored value cards do not have expiration dates. Based upon historical redemption rates, a small percentage of stored value cards will never be redeemed, which represents breakage. The Company recognizes income from stored value card breakage as a reduction of operating expenses when redemption by a customer is considered to be remote. Income recognized from breakage was not significant in fiscal 2016 , 2015 , and 2014 . Sales tax collected is not recognized as revenue and amounts outstanding are included in Accrued expenses and other in the Consolidated Balance Sheets. |
Allowance for sales returns | Allowance for sales returns. An allowance for the gross margin loss on estimated sales returns is included in Accrued expenses and other in the Consolidated Balance Sheets. |
Store pre-opening | Store pre-opening. Store pre-opening costs are expensed in the period incurred. |
Advertising | Advertising. Advertising costs are expensed in the period incurred and are included in Selling, general and administrative expenses. |
Share-based compensation | Stock-based compensation. The Company recognizes compensation expense based upon the grant date fair value of all stock-based awards, typically over the vesting period. |
Taxes on earnings | Taxes on earnings. The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Accounting for Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's consolidated financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than changes in the tax law or tax rates. ASC 740 clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company’s consolidated financial statements. ASC 740 prescribes a recognition threshold of more-likely-than-not, and a measurement standard for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the consolidated financial statements. |
Treasury stock | Treasury stock. The Company records treasury stock at cost. Treasury stock includes shares purchased from employees for tax withholding purposes related to vesting of restricted stock grants. |
Earnings per share (EPS) | Earnings per share (“EPS”). The Company computes and reports both basic EPS and diluted EPS. Basic EPS is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the sum of the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards, including unexercised stock options and unvested shares of both performance and non-performance based awards of restricted stock. |
Comprehensive income | Comprehensive income. Comprehensive income includes net earnings and components of other comprehensive income (loss), net of tax, consisting of unrealized investment gains or losses. |
Recently issued accounting standards | Recently issued accounting standards. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) . The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue when the customer obtains control of promised goods or services in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for the Company’s annual and interim reporting periods beginning in fiscal 2018. The Company does not expect the adoption of this new guidance to be material to its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The ASU requires balance sheet recognition for all leases with lease terms greater than one year including a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 is effective for the Company's annual and interim reporting periods beginning in fiscal 2019. The Company is currently evaluating the effect adoption of this new guidance will have on its consolidated financial statements. Due to the substantial number of leases that it has, the Company believes this ASU will increase assets and liabilities by the same material amount on its consolidated balance sheet. See Note E for disclosure of the Company's current undiscounted minimum commitments under noncancelable operating leases. The Company does not believe adoption of this ASU will have a significant impact to its consolidated statements of earnings, stockholders’ equity, and cash flows. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting . ASU 2016-09 provides for changes to accounting for stock compensation including 1) excess tax benefits and tax deficiencies related to share based payment awards will be recognized as income tax benefit or expense in the reporting period in which they occur (previously such amounts were recognized in additional paid-in capital); 2) excess tax benefits will be classified as an operating activity in the statement of cash flows; and 3) the option to elect to estimate forfeitures or account for them when they occur. ASU 2016-09 is effective for the Company beginning in the first quarter of 2017. Upon adoption of ASU 2016-09, the Company plans to account for forfeitures as incurred and expects this adoption along with the retrospective impact on its classification of cash flows between operating and financing activities to be immaterial. The Company believes the impact of recording excess tax benefits in income taxes in its consolidated statement of earnings may be material. The magnitude of such impact is dependent upon the Company’s future stock price in relation to the fair value of awards on grant date and the Company’s future grants of stock-based compensation. See Note F for disclosure of the Company's historical accounting treatment of excess tax benefits. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . ASU 2016-18 requires restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts on the statement of cash flows. The standard also requires companies who report cash and restricted cash separately on the balance sheet to reconcile those amounts to the statement of cash flows. ASU 2016-18 is effective for the Company's annual and interim reporting periods beginning in fiscal 2018. The Company does not believe adoption of this ASU will have a significant impact to its consolidated financial statements. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Restricted cash, Cash Equivalents and Investments | The following table summarizes total restricted cash, cash equivalents, and investments which were included in Prepaid expenses and other and Other long-term assets in the Consolidated Balance Sheets as of January 28, 2017 and January 30, 2016 : Restricted Assets ($000) 2016 2015 Prepaid expenses and other $ 13,642 $ 15,770 Other long-term assets 54,567 55,913 Total $ 68,209 $ 71,683 |
Schedule Of Other Long-Term Assets | Other long-term assets as of January 28, 2017 and January 30, 2016 consisted of the following: ($000) 2016 2015 Deferred compensation (Note B) $ 100,423 $ 86,073 Restricted cash and investments 54,567 55,913 Other 11,976 10,701 Total $ 166,966 $ 152,687 |
Summary Of Insurance Obligations | Self-insurance and deductible reserves as of January 28, 2017 and January 30, 2016 consisted of the following: ($000) 2016 2015 Workers’ compensation $ 94,920 $ 93,452 General liability 39,679 39,895 Medical plans 4,899 4,155 Total $ 139,498 $ 137,502 |
Schedule Of Other Long-Term Liabilities | Other long-term liabilities as of January 28, 2017 and January 30, 2016 consisted of the following: ($000) 2016 2015 Income taxes $ 97,502 $ 94,194 Deferred compensation (Note G) 100,423 86,073 Deferred rent 67,941 63,241 Tenant improvement allowances 20,554 20,300 Other 4,530 4,360 Total $ 290,950 $ 268,168 |
Schedule Of Allowance For Sales Returns | The allowance for sales returns consists of the following: ($000) Beginning Balance Additions Returns Ending Balance Year ended: January 28, 2017 $ 7,955 $ 761,350 $ (760,899 ) $ 8,406 January 30, 2016 $ 8,594 $ 737,727 $ (738,366 ) $ 7,955 January 31, 2015 $ 7,431 $ 717,040 $ (715,877 ) $ 8,594 |
Schedule Of Basic And Diluted EPS | The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations: Shares in (000s) Basic EPS Effect of dilutive common stock equivalents Diluted EPS 2016 Shares 392,124 2,834 394,958 Amount $ 2.85 $ (0.02 ) $ 2.83 2015 Shares 403,034 3,371 406,405 Amount $ 2.53 $ (0.02 ) $ 2.51 2014 Shares 413,553 4,524 418,077 Amount $ 2.24 $ (0.03 ) $ 2.21 |
Investments and Restricted In22
Investments and Restricted Investments (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, By Balance Sheet Grouping | The fair value of the Company’s financial instruments as of January 28, 2017 and January 30, 2016 are as follows: ($000) 2016 2015 Cash and cash equivalents (Level 1) $ 1,111,599 $ 761,602 Investments ( Level 2) $ 1,288 $ 3,068 Restricted cash and cash equivalents (Level 1) $ 64,581 $ 67,947 Restricted investments Level 1 $ — $ 3,736 Level 2 $ 3,628 $ — |
Schedule Of Fair Value, Assets And Liabilities Measured on Recurring Basis | The fair value measurement for funds with quoted market prices in active markets (Level 1) and for funds without quoted market prices in active markets (Level 2) are as follows: ($000) 2016 2015 Level 1 $ 84,933 $ 73,633 Level 2 15,490 12,440 Total $ 100,423 $ 86,073 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Share-based Compensation [Abstract] | |
Recognized Stock-Based Compensation | For fiscal 2016 , 2015 , and 2014 , the Company recognized stock-based compensation expense as follows: ($000) 2016 2015 2014 Restricted stock $ 38,234 $ 37,204 $ 34,729 Performance awards 33,379 31,056 16,003 ESPP 2,941 2,677 2,269 Total $ 74,554 $ 70,937 $ 53,001 |
Total Stock-Based Compensation Recognized In The Consolidated Statements Of Earnings | Total stock-based compensation recognized in the Company's Consolidated Statements of Earnings for fiscal 2016 , 2015 , and 2014 is as follows: Statements of Earnings Classification ($000) 2016 2015 2014 Cost of goods sold $ 34,077 $ 32,922 $ 27,088 Selling, general and administrative 40,477 38,015 25,913 Total $ 74,554 $ 70,937 $ 53,001 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Unsecured senior debt, net of unamortized discounts and debt issuance costs, as of January 28, 2017 and January 30, 2016 consisted of the following: ($000) 2016 2015 6.38% Series A Senior Notes due 2018 $ 84,939 $ 84,906 6.53% Series B Senior Notes due 2021 64,902 64,882 3.375% Senior Notes due 2024 246,652 246,237 Total $ 396,493 $ 396,025 |
Schedule of Maturities of Long-term Debt | The following table shows scheduled annual principal payments on Long-term debt: ($000) 2017 $ — 2018 $ 85,000 2019 $ — 2020 $ — 2021 $ 65,000 Thereafter $ 250,000 |
Interest Income and Interest Expense Disclosure | The table below shows the components of interest expense and income for fiscal 2016 , 2015 , and 2014 : ($000) 2016 2015 2014 Interest expense on long-term debt $ 18,573 $ 18,568 $ 12,990 Other interest expense 1,022 1,252 1,230 Capitalized interest (26 ) (6,530 ) (10,825 ) Interest income (3,081 ) (678 ) (411 ) Interest expense, net $ 16,488 $ 12,612 $ 2,984 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Leases [Abstract] | |
Future Minimum Annual Lease Payments | The aggregate future minimum annual lease payments under leases, including the ground lease related to the New York buying office, in effect at January 28, 2017 are as follows: ($000) Total operating leases 2017 $ 490,936 2018 507,976 2019 429,178 2020 349,362 2021 268,224 Thereafter 1,450,539 Total minimum lease payments $ 3,496,215 |
Taxes on Earnings (Tables)
Taxes on Earnings (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule for Income Tax Provision | The provision for income taxes consisted of the following: ($000) 2016 2015 2014 Current Federal $ 632,872 $ 497,710 $ 499,009 State 44,333 37,030 36,547 677,205 534,740 535,556 Deferred Federal (8,350 ) 55,404 23,452 State (353 ) 954 1,634 (8,703 ) 56,358 25,086 Total $ 668,502 $ 591,098 $ 560,642 |
Provision for Taxes Effective Rate | The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory federal income tax rate. The differences are reconciled below: 2016 2015 2014 Federal income taxes at the statutory rate 35 % 35 % 35 % State income taxes (net of federal benefit) and other, net 2 % 2 % 3 % Total 37 % 37 % 38 % |
Components of Deferred Income Taxes | The components of deferred taxes at January 28, 2017 and January 30, 2016 are as follows: ($000) 2016 2015 Deferred Tax Assets Accrued liabilities $ 71,796 $ 69,144 Deferred compensation 36,101 29,932 Stock-based compensation 44,865 41,388 Deferred rent 25,221 23,903 State taxes and credits 28,484 21,973 Employee benefits 23,987 22,156 Other 8,223 6,835 Gross Deferred Tax Assets 238,677 215,331 Less: Valuation allowance (3,730 ) — Deferred Tax Assets 234,947 215,331 Deferred Tax Liabilities Depreciation (313,526 ) (304,191 ) Merchandise inventory (28,853 ) (28,085 ) Supplies (13,418 ) (12,559 ) Other (535 ) (584 ) Deferred Tax Liabilities (356,332 ) (345,419 ) Net Deferred Tax Liabilities $ (121,385 ) $ (130,088 ) |
Unrecognized Tax Benefits | The changes in amounts of unrecognized tax benefits (gross of federal tax benefits and excluding interest and penalties) at fiscal 2016 , 2015 , and 2014 are as follows: ($000) 2016 2015 2014 Unrecognized tax benefits - beginning of year $ 75,372 $ 78,116 $ 80,323 Gross increases: Tax positions in current period 12,394 14,990 15,441 Tax positions in prior period 2,897 — — Gross decreases: Tax positions in prior periods (3,231 ) (10,589 ) (9,432 ) Lapse of statute limitations (6,310 ) (4,216 ) (5,732 ) Settlements — (2,929 ) (2,484 ) Unrecognized tax benefits - end of year $ 81,122 $ 75,372 $ 78,116 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock Repurchase Activity | The following table summarizes the Company’s stock repurchase activity in fiscal 2016 , 2015 , and 2014 : Fiscal Year Shares repurchased (in millions) Average repurchase price Repurchased (in millions) 2016 11.6 $60.15 $700 2015 13.7 $51.27 $700 2014 14.8 $37.15 $550 |
Summary of Stock Option Activity | A summary of the stock option activity for fiscal 2016 is presented below: Number of shares Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value ($000) Outstanding at January 30, 2016 310,066 $7.34 Granted — — Exercised (261,502 ) 7.18 Forfeited — — Outstanding at January 28, 2017, all vested 48,564 $8.19 0.32 $2,775 |
Summary of Unvested Restricted Stock Activity | A summary of restricted stock and performance share award activity for fiscal 2016 is presented below: Number of shares (000) Weighted average grant date fair value Unvested at January 30, 2016 6,104 $34.87 Awarded 1,537 57.08 Released (1,916 ) 27.82 Forfeited (162 ) 38.14 Unvested at January 28, 2017 5,563 $43.19 |
Quarterly Financial Data (Una28
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Data | Summarized quarterly financial information for fiscal 2016 and 2015 is presented in the tables below. Year ended January 28, 2017 : Quarter Ended ($000, except per share data) April 30, 2016 July 30, 2016 October 29, 2016 January 28, 2017 Sales $ 3,088,995 $ 3,180,917 $ 3,086,687 $ 3,510,158 Cost of goods sold 2,176,205 2,251,845 2,206,092 2,539,563 Selling, general and administrative 436,924 469,511 490,171 493,802 Interest expense, net 4,364 4,213 4,156 3,755 Total costs and expenses 2,617,493 2,725,569 2,700,419 3,037,120 Earnings before taxes 471,502 455,348 386,268 473,038 Provision for taxes on earnings 180,868 173,442 141,722 172,470 Net earnings $ 290,634 $ 281,906 $ 244,546 $ 300,568 Earnings per share – basic 1 $ 0.73 $ 0.72 $ 0.63 $ 0.77 Earnings per share – diluted 1 $ 0.73 $ 0.71 $ 0.62 $ 0.77 Cash dividends declared per share on common stock $ 0.1350 $ 0.1350 $ 0.1350 $ 0.1350 Stock price High $ 59.30 $ 61.98 $ 65.06 $ 69.53 Low $ 52.56 $ 52.34 $ 60.68 $ 61.28 1 EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. Year ended January 30, 2016 : Quarter Ended ($000, except per share data) May 2, 2015 August 1, 2015 October 31, 2015 January 30, 2016 Sales $ 2,938,148 $ 2,968,270 $ 2,782,855 $ 3,250,726 Cost of goods sold 2,067,455 2,119,480 2,003,347 2,386,591 Selling, general and administrative 409,298 435,226 443,354 450,877 Interest expense, net 2,003 1,652 4,427 4,530 Total costs and expenses 2,478,756 2,556,358 2,451,128 2,841,998 Earnings before taxes 459,392 411,912 331,727 408,728 Provision for taxes on earnings 177,187 153,273 116,071 144,567 Net earnings $ 282,205 $ 258,639 $ 215,656 $ 264,161 Earnings per share – basic 1,2 $ 0.69 $ 0.64 $ 0.54 $ 0.66 Earnings per share – diluted 1,2 $ 0.69 $ 0.63 $ 0.53 $ 0.66 Cash dividends declared per share on common stock 2 $ 0.1175 $ 0.1175 $ 0.1175 $ 0.1175 Stock price 2 High $ 53.73 $ 53.28 $ 56.53 $ 56.26 Low $ 45.93 $ 47.79 $ 47.22 $ 44.81 1 EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. 2 All per share amounts have been adjusted for the two -for-one stock split effective June 11, 2015. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Narrative) (Details) | Jun. 11, 2015 | Mar. 31, 2015 | Jan. 28, 2017USD ($)distribution_centerstoreswarehousesegmentstateofficeshares | Jan. 30, 2016USD ($)storesshares | Jan. 31, 2015USD ($)shares | Feb. 01, 2014USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of distribution centers | distribution_center | 6 | |||||
Number of reportable segments | segment | 1 | |||||
Stock dividends (splits) issued | 2 | 2 | ||||
Purchase obligations | $ 2,146,000,000 | |||||
Fair value of cash and cash equivalents considered as Level 1 inputs | $ 1,111,599,000 | $ 761,602,000 | $ 696,608,000 | $ 423,168,000 | ||
Packaway inventory, storage period, less than | 6 months | |||||
Depreciation and amortization expense on property and equipment | $ 302,515,000 | 274,828,000 | 232,959,000 | |||
Capitalized interest | 26,000 | 6,530,000 | 10,825,000 | |||
Asset impairment charges | 0 | 0 | 0 | |||
Lease loss liability | $ 1,200,000 | $ 1,800,000 | ||||
Closed stores during period | stores | 6 | 6 | ||||
Book cash overdrafts | $ 96,300,000 | $ 100,300,000 | ||||
Advertising costs | $ 73,000,000 | $ 77,100,000 | $ 72,100,000 | |||
Anti-dilutive weighted average shares excluded from EPS calculation (in shares) | shares | 2,500 | 25,000 | 5,100 | |||
Property, Plant and Equipment [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Property and equipment purchased but not yet paid | $ 25,700,000 | $ 35,800,000 | $ 58,600,000 | |||
Minimum [Member] | Equipment [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Property and equipment estimated useful life, straight-line method | 3 years | |||||
Minimum [Member] | Land Improvements and Buildings [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Property and equipment estimated useful life, straight-line method | 20 years | |||||
Maximum [Member] | Equipment [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Property and equipment estimated useful life, straight-line method | 12 years | |||||
Maximum [Member] | Land Improvements and Buildings [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Property and equipment estimated useful life, straight-line method | 40 years | |||||
Ross Dress For Less [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of stores | stores | 1,340 | |||||
Number of states company operates in | state | 36 | |||||
dd's Discounts [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of stores | stores | 193 | |||||
Number of states company operates in | state | 15 | |||||
California [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of distribution centers | distribution_center | 3 | |||||
Number of buying offices | office | 1 | |||||
Number of warehouses | warehouse | 2 | |||||
Stores as percentage of total | 24.00% |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Restricted Cash, Cash Equivalents, and Investments) (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Accounting Policies [Abstract] | ||
Prepaid expenses and other | $ 13,642 | $ 15,770 |
Other long-term assets | 54,567 | 55,913 |
Total | $ 68,209 | $ 71,683 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Schedule Of Other Long-Term Assets) (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Accounting Policies [Abstract] | ||
Deferred compensation | $ 100,423 | $ 86,073 |
Restricted cash and investments | 54,567 | 55,913 |
Other | 11,976 | 10,701 |
Total | $ 166,966 | $ 152,687 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Summary Of Insurance Obligations) (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Accounting Policies [Abstract] | ||
Workers’ compensation | $ 94,920 | $ 93,452 |
General liability | 39,679 | 39,895 |
Medical plans | 4,899 | 4,155 |
Total | $ 139,498 | $ 137,502 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Schedule Of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Accounting Policies [Abstract] | ||
Income taxes | $ 97,502 | $ 94,194 |
Deferred compensation | 100,423 | 86,073 |
Deferred rent | 67,941 | 63,241 |
Tenant improvement allowances | 20,554 | 20,300 |
Other Liabilities | 4,530 | 4,360 |
Total | $ 290,950 | $ 268,168 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Schedule Of Allowance For Sales Returns) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Allowance for Sales Returns [Roll Forward] | |||
Beginning Balance | $ 7,955 | $ 8,594 | $ 7,431 |
Additions | 761,350 | 737,727 | 717,040 |
Returns | (760,899) | (738,366) | (715,877) |
Ending Balance | $ 8,406 | $ 7,955 | $ 8,594 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Schedule Of Basic And Diluted EPS) (Details) - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Accounting Policies [Abstract] | |||||||||||
Basic (in shares) | 392,124 | 403,034 | 413,553 | ||||||||
Basic (in dollars per share) | $ 0.77 | $ 0.63 | $ 0.72 | $ 0.73 | $ 0.66 | $ 0.54 | $ 0.64 | $ 0.69 | $ 2.85 | $ 2.53 | $ 2.24 |
Effect of dilutive common stock equivalents (in shares) | 2,834 | 3,371 | 4,524 | ||||||||
Effect of dilutive common stock equivalents (in dollars per share) | $ (0.02) | $ (0.02) | $ (0.03) | ||||||||
Diluted (in shares) | 394,958 | 406,405 | 418,077 | ||||||||
Diluted (in dollars per share) | $ 0.77 | $ 0.62 | $ 0.71 | $ 0.73 | $ 0.66 | $ 0.53 | $ 0.63 | $ 0.69 | $ 2.83 | $ 2.51 | $ 2.21 |
Investments and Restricted In36
Investments and Restricted Investments - Balance Sheet Items (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 1,111,599 | $ 761,602 |
Restricted cash and cash equivalents | 64,581 | 67,947 |
Restricted investments | 0 | 3,736 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,288 | 3,068 |
Restricted investments | $ 3,628 | $ 0 |
Investments and Restricted In37
Investments and Restricted Investments - Underlying Assets in Deferred Compensation Program (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Investment [Line Items] | ||
Underlying assets in non-qualified deferred compensation program | $ 100,423 | $ 86,073 |
Level 1 [Member] | ||
Investment [Line Items] | ||
Underlying assets in non-qualified deferred compensation program | 84,933 | 73,633 |
Level 2 [Member] | ||
Investment [Line Items] | ||
Underlying assets in non-qualified deferred compensation program | $ 15,490 | $ 12,440 |
Stock-Based Compensation (Recog
Stock-Based Compensation (Recognized stock-based compensation expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 74,554 | $ 70,937 | $ 53,001 |
Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 38,234 | 37,204 | 34,729 |
Performance Awards [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 33,379 | 31,056 | 16,003 |
Employee Stock [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 2,941 | $ 2,677 | $ 2,269 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 12 Months Ended | ||
Jan. 28, 2017planshares | Jan. 30, 2016shares | Jan. 31, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted (in shares) | shares | 0 | 0 | 0 |
Discount rate under the ESPP (in percentage) | 15.00% | ||
Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock-based compensation plans | plan | 1 |
Stock-Based Compensation (Total
Stock-Based Compensation (Total Stock-Based Compensation Recognized In The Consolidated Statements Of Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 74,554 | $ 70,937 | $ 53,001 |
Cost of Sales [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 34,077 | 32,922 | 27,088 |
Selling, General and Administrative Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 40,477 | $ 38,015 | $ 25,913 |
Debt (Unsecured Senior Notes, N
Debt (Unsecured Senior Notes, Net of Unamortized Discounts and Issuance Costs) (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 396,493 | $ 396,025 |
6.38% Series A Senior Notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 84,939 | 84,906 |
6.53% Series B Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 64,902 | 64,882 |
3.375% Senior Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 246,652 | $ 246,237 |
Debt (Stated Rates) (Details)
Debt (Stated Rates) (Details) | Jan. 28, 2017 | Jan. 30, 2016 |
Series A Unsecured Senior Notes [Member] | Senior Notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes interest rate (in percentage) | 6.38% | 6.38% |
Series B Unsecured Senior Notes [Member] | Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes interest rate (in percentage) | 6.53% | 6.53% |
Senior Notes [Member] | Senior Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured senior notes interest rate (in percentage) | 3.375% | 3.375% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2016USD ($)option | Jan. 28, 2017USD ($)note | Jan. 30, 2016USD ($)note | |
Debt Instrument [Line Items] | |||
Number of unsecured senior notes held | note | 3 | 3 | |
Unamortized discount and debt issuance costs | $ 3,500,000 | $ 4,000,000 | |
Amount of borrowings outstanding | 0 | ||
Collateral trust | 56,600,000 | 56,400,000 | |
Unsecured Series A and B Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount of unsecured senior notes | $ 150,000,000 | ||
Number of unsecured senior notes held | note | 2 | ||
Unsecured Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Current borrowing capacity | $ 600,000,000 | ||
Sublimit for issuance of standby letters of credit | 300,000,000 | ||
Maximum borrowing capacity for revolving credit facility (up to) | $ 200,000,000 | ||
Basis points margin over LIBOR | 1.00% | ||
Number of renewal options (up to) | option | 2 | ||
Renewal term | 1 year | ||
Standby Letters of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Letters of credit | $ 11,600,000 | 15,300,000 | |
Trade Letters Of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Letters of credit | $ 26,500,000 | $ 32,000,000 | |
Senior Notes due 2024 [Member] | 3.375% Senior Notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured senior notes interest rate (in percentage) | 3.375% | 3.375% | |
Aggregate principal amount of unsecured senior notes | $ 250,000,000 | ||
Senior Notes due 2018 [Member] | Series A Unsecured Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured senior notes interest rate (in percentage) | 6.38% | 6.38% | |
Aggregate principal amount of unsecured senior notes | $ 85,000,000 | ||
Senior Notes due 2021 [Member] | Series B Unsecured Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured senior notes interest rate (in percentage) | 6.53% | 6.53% | |
Aggregate principal amount of unsecured senior notes | $ 65,000,000 | ||
Level 1 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured senior notes estimated fair value | $ 419,000,000 | $ 423,000,000 |
Debt (Schedule of Maturities of
Debt (Schedule of Maturities of Long-term Debt) (Details) $ in Thousands | Jan. 28, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 0 |
2,018 | 85,000 |
2,019 | 0 |
2,020 | 0 |
2,021 | 65,000 |
Thereafter | $ 250,000 |
Debt (Interest Expense_Income)
Debt (Interest Expense/Income) Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Debt Disclosure [Abstract] | |||||||||||
Interest expense on long-term debt | $ 18,573 | $ 18,568 | $ 12,990 | ||||||||
Other interest expense | 1,022 | 1,252 | 1,230 | ||||||||
Capitalized interest | (26) | (6,530) | (10,825) | ||||||||
Interest income | (3,081) | (678) | (411) | ||||||||
Interest expense, net | $ 3,755 | $ 4,156 | $ 4,213 | $ 4,364 | $ 4,530 | $ 4,427 | $ 1,652 | $ 2,003 | $ 16,488 | $ 12,612 | $ 2,984 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) ft² in Thousands, $ in Millions | 12 Months Ended | ||
Jan. 28, 2017USD ($)ft²warehousestoresoption | Jan. 30, 2016USD ($) | Jan. 31, 2015USD ($) | |
Operating Leased Assets [Line Items] | |||
Number of store sites owned | stores | 3 | ||
Number of options to renew store lease for five year period, minimum | option | 3 | ||
Number of options to renew store lease for five year period, maximum | option | 4 | ||
Renewal option term of leases | 5 years | ||
Operating leases, rent expense | $ | $ 505.2 | $ 473.2 | $ 451.9 |
Los Angeles Office [Member] | |||
Operating Leased Assets [Line Items] | |||
Facility, square foot area | ft² | 87 | ||
Warehouse [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of warehouses leased | warehouse | 3 | ||
Warehouse [Member] | Carlisle, Pennsylvania [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of warehouses leased | warehouse | 2 | ||
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Non-cancelable lease term | 3 years | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Non-cancelable lease term | 10 years |
Lease (Future Minimum Annual Le
Lease (Future Minimum Annual Lease Payments) (Details) $ in Thousands | Jan. 28, 2017USD ($) |
Leases [Abstract] | |
2,017 | $ 490,936 |
2,018 | 507,976 |
2,019 | 429,178 |
2,020 | 349,362 |
2,021 | 268,224 |
Thereafter | 1,450,539 |
Total minimum lease payments | $ 3,496,215 |
Taxes on Earnings (Provision Fo
Taxes on Earnings (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Current | |||||||||||
Federal | $ 632,872 | $ 497,710 | $ 499,009 | ||||||||
State | 44,333 | 37,030 | 36,547 | ||||||||
Current income taxes | 677,205 | 534,740 | 535,556 | ||||||||
Deferred | |||||||||||
Federal | (8,350) | 55,404 | 23,452 | ||||||||
State | (353) | 954 | 1,634 | ||||||||
Deferred income taxes | (8,703) | 56,358 | 25,086 | ||||||||
Total | $ 172,470 | $ 141,722 | $ 173,442 | $ 180,868 | $ 144,567 | $ 116,071 | $ 153,273 | $ 177,187 | $ 668,502 | $ 591,098 | $ 560,642 |
Taxes on Earnings (Narrative) (
Taxes on Earnings (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Realized tax benefits related to employee equity programs | $ 23,331 | $ 42,382 | $ 29,759 |
Valuation allowance for deferred tax asset | (3,730) | 0 | |
Reserves for unrecognized tax benefits | 98,600 | 94,200 | 101,700 |
Interest related to the reserve for unrecognized tax benefits | 17,500 | 18,800 | $ 23,600 |
Impact of recognizing taxes and interest related to unrecognized tax benefits | 49,100 | ||
Unrecognized tax benefits reduction resulting from lapse of applicable statute of limitations | $ 4,300 | ||
Internal Revenue Service [Member] | Earliest [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2,013 | ||
Internal Revenue Service [Member] | Latest [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2,016 | ||
State [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforward | $ 22,800 | $ 16,100 | |
State [Member] | Earliest [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2,012 | ||
State [Member] | Latest [Member] | |||
Income Tax Contingency [Line Items] | |||
Open tax year | 2,016 |
Taxes on Earnings (Provision 50
Taxes on Earnings (Provision For Taxes Effective Rate) (Details) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal income taxes at the statutory rate (in percentage) | 35.00% | 35.00% | 35.00% |
State income taxes (net of federal benefit) and other, net (in percentage) | 2.00% | 2.00% | 3.00% |
Total (in percentage) | 37.00% | 37.00% | 38.00% |
Taxes on Earnings (Components O
Taxes on Earnings (Components Of Deferred Income Taxes) (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Deferred Tax Assets | ||
Accrued liabilities | $ 71,796 | $ 69,144 |
Deferred compensation | 36,101 | 29,932 |
Stock-based compensation | 44,865 | 41,388 |
Deferred rent | 25,221 | 23,903 |
State taxes and credits | 28,484 | 21,973 |
Employee benefits | 23,987 | 22,156 |
Other | 8,223 | 6,835 |
Gross Deferred Tax Assets | 238,677 | 215,331 |
Less: Valuation allowance | (3,730) | 0 |
Deferred Tax Assets | 234,947 | 215,331 |
Deferred Tax Liabilities | ||
Depreciation | (313,526) | (304,191) |
Merchandise inventory | (28,853) | (28,085) |
Supplies | (13,418) | (12,559) |
Other | (535) | (584) |
Deferred tax liabilities | (356,332) | (345,419) |
Net Deferred Tax Liabilities | $ (121,385) | $ (130,088) |
Taxes on Earnings (Unrecognized
Taxes on Earnings (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefits - beginning of year | $ 75,372 | $ 78,116 | $ 80,323 |
Gross increases: | |||
Tax positions in current period | 12,394 | 14,990 | 15,441 |
Tax positions in prior period | 2,897 | 0 | 0 |
Gross decreases: | |||
Tax positions in prior periods | (3,231) | (10,589) | (9,432) |
Lapse of statute limitations | (6,310) | (4,216) | (5,732) |
Settlements | 0 | (2,929) | (2,484) |
Unrecognized tax benefits - end of year | $ 81,122 | $ 75,372 | $ 78,116 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |||
Company match of employee salary (in percentage) | 4.00% | ||
Company contributions | $ 13,900 | $ 12,700 | $ 11,400 |
Underlying assets in non-qualified deferred compensation program | 100,423 | 86,073 | |
Liability to participants | 100,423 | 86,073 | |
Estimated liability for post-employment medical benefits | $ 8,000 | $ 13,200 |
Stockholders' Equity (Common St
Stockholders' Equity (Common Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Class of Stock [Line Items] | ||||
Shares repurchased (in shares) | 11,638 | 13,700 | 14,800 | |
Average repurchase price (in dollars per share) | $ 60.15 | $ 51.27 | $ 37.15 | |
Common stock repurchased, value | $ 700,000 | $ 700,000 | $ 550,000 | |
Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Stock repurchased program period | 2 years | |||
Stock repurchase program, approved amount | $ 1,750,000 |
Stockholders' Equity (Preferred
Stockholders' Equity (Preferred Stock) (Details) | Jan. 28, 2017$ / sharesshares |
Stockholders' Equity Note [Abstract] | |
Preferred stock, shares authorized (in shares) | 4,000,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 |
Preferred stock, shares outstanding (in shares) | 0 |
Stockholders' Equity (Dividends
Stockholders' Equity (Dividends) (Details) - $ / shares | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Mar. 31, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | May 31, 2014 | Feb. 28, 2014 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 |
Class of Stock [Line Items] | ||||||||||||||||||||||||
Cash dividends declared per share (in dollars per share) | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1175 | $ 0.1175 | $ 0.1175 | $ 0.1175 | $ 0.1000 | $ 0.1000 | $ 0.1000 | $ 0.1000 | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1175 | $ 0.1175 | $ 0.1175 | $ 0.1175 | $ 0.54 | $ 0.470 | $ 0.400 | |
Subsequent Event [Member] | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Cash dividends declared per share (in dollars per share) | $ 0.1600 |
Stockholders' Equity (2008 Equi
Stockholders' Equity (2008 Equity Incentive Plan) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | Jan. 31, 2009 | |
Number of shares | ||||
Granted (in shares) | 0 | 0 | 0 | |
Employee Stock Option [Member] | ||||
Number of shares | ||||
Outstanding at beginning of period (in shares) | 310,066 | |||
Granted (in shares) | 0 | |||
Exercised (in shares) | (261,502) | |||
Forfeited (in shares) | 0 | |||
Outstanding at end of period (in shares) | 48,564 | 310,066 | ||
Weighted average exercise price | ||||
Outstanding at beginning of period, Weighted average exercise price (in dollars per share) | $ 7.34 | |||
Granted (in dollars per share) | 0 | |||
Exercised (in dollars per share) | 7.18 | |||
Forfeited (in dollars per share) | 0 | |||
Outstanding at end of period, all vested, Weighted average exercise price (in dollars per share) | $ 8.19 | $ 7.34 | ||
Weighted average remaining contractual term | 3 months 25 days | |||
Aggregate intrinsic value | $ 2,775 | |||
2008 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Initial share reserve (in shares) | 33,000,000 | |||
Full value awards (in shares) | 24,000,000 | |||
Shares available for new restricted stock awards (in shares) | 12,100,000 |
Stockholders' Equity (Outstandi
Stockholders' Equity (Outstanding and Exercisable) (Details) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding and exercisable (in shares) | 48,564 | 310,066 |
Weighted average exercise price (in dollars per share) | $ 8.19 | $ 7.34 |
Weighted average remaining contractual term | 3 months 25 days |
Stockholders' Equity (Restricte
Stockholders' Equity (Restricted Stock Activity) (Details) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Jan. 28, 2017$ / sharesshares | |
Number of shares | |
Unvested at beginning of period (in shares) | shares | 6,104 |
Awarded (in shares) | shares | 1,537 |
Released (in shares) | shares | (1,916) |
Forfeited (in shares) | shares | (162) |
Unvested at end of period (in shares) | shares | 5,563 |
Weighted average grant date fair value | |
Unvested at beginning of period, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 34.87 |
Awarded, Weighted average grant date fair value (in dollars per share) | $ / shares | 57.08 |
Released, Weighted average grant date fair value (in dollars per share) | $ / shares | 27.82 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 38.14 |
Unvested at end of period, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 43.19 |
Stockholders' Equity (Restric60
Stockholders' Equity (Restricted Stock Activity, Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unamortized compensation expense | $ 101.6 | $ 94.5 | |
Weighted average remaining period of unrecognized compensation expense | 1 year 10 months 2 days | ||
Intrinsic value per share, end of period (in dollars per share) | $ 65.33 | ||
Intrinsic value, end of period | $ 363.4 | ||
Treasury stock shares acquired (in shares) | 0.7 | 1.3 | 1.1 |
Treasury stock, number of shares held (in shares) | 11.8 | 11.1 | |
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 3 years | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting period | 5 years | ||
2008 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for new restricted stock awards (in shares) | 12.1 | ||
2008 Equity Incentive Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for new restricted stock awards (in shares) | 12.1 | 12.7 | 13.3 |
Stockholders' Equity (Performan
Stockholders' Equity (Performance Share Awards) (Details) - Performance Shares [Member] - shares shares in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferral of restricted stock unit from the time earned | 1 year | ||
Restricted stock issued in settlement of performance share awards (in shares) | 682 | 601 | 607 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
Stockholders' Equity (Employee
Stockholders' Equity (Employee Stock Purchase Plan) (Details) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |||
Plan participant's annual percentage ceiling for ESPP (in percentage) | 10.00% | ||
Plan participant's annual dollar amount ceiling for ESPP | $ 25,000 | ||
Purchase price for shares under ESPP (in percentage) | 85.00% | ||
Discount rate under the ESPP (in percentage) | 15.00% | ||
Shares purchased by employees (in shares) | 0.3 | 0.4 | 0.4 |
Shares purchased by employees, average price per share (in dollars per share) | $ 51.86 | $ 43.16 | $ 32.18 |
Shares issued under plan during period (in shares) | 39.4 | ||
Shares remaining for future issuance (in shares) | 5.6 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Chairman Emeritus of the Board of Directors, consulting fee | $ 1,500,000 | ||
Chairman Emeritus of the Board of Directors, administrative support, health, other benefits | 400,000 | $ 300,000 | $ 300,000 |
Chairman Emeritus of the Board of Directors, life insurance death benefit | 2,000,000 | ||
Chairman Emeritus of the Board of Directors, severance pay | $ 75,000 | ||
Chairman Emeritus of the Board of Directors, severance term | 10 years | ||
Son of Chairman Emeritus of the Board of Directors, compensation expense | $ 148,000 | $ 131,000 | $ 133,000 |
Quarterly Financial Data (Una64
Quarterly Financial Data (Unaudited) (Details) $ / shares in Units, $ in Thousands | Jun. 11, 2015 | Nov. 30, 2016$ / shares | Aug. 31, 2016$ / shares | May 31, 2016$ / shares | Mar. 31, 2016$ / shares | Nov. 30, 2015$ / shares | Aug. 31, 2015$ / shares | May 31, 2015$ / shares | Mar. 31, 2015 | Feb. 28, 2015$ / shares | Nov. 30, 2014$ / shares | Aug. 31, 2014$ / shares | May 31, 2014$ / shares | Feb. 28, 2014$ / shares | Jan. 28, 2017USD ($)$ / shares | Oct. 29, 2016USD ($)$ / shares | Jul. 30, 2016USD ($)$ / shares | Apr. 30, 2016USD ($)$ / shares | Jan. 30, 2016USD ($)$ / shares | Oct. 31, 2015USD ($)$ / shares | Aug. 01, 2015USD ($)$ / shares | May 02, 2015USD ($)$ / shares | Jan. 28, 2017USD ($)$ / shares | Jan. 30, 2016USD ($)$ / shares | Jan. 31, 2015USD ($)$ / shares |
Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||
Sales | $ 3,510,158 | $ 3,086,687 | $ 3,180,917 | $ 3,088,995 | $ 3,250,726 | $ 2,782,855 | $ 2,968,270 | $ 2,938,148 | $ 12,866,757 | $ 11,939,999 | $ 11,041,677 | ||||||||||||||
Cost of goods sold | 2,539,563 | 2,206,092 | 2,251,845 | 2,176,205 | 2,386,591 | 2,003,347 | 2,119,480 | 2,067,455 | 9,173,705 | 8,576,873 | 7,937,956 | ||||||||||||||
Selling, general and administrative | 493,802 | 490,171 | 469,511 | 436,924 | 450,877 | 443,354 | 435,226 | 409,298 | 1,890,408 | 1,738,755 | 1,615,371 | ||||||||||||||
Interest expense, net | 3,755 | 4,156 | 4,213 | 4,364 | 4,530 | 4,427 | 1,652 | 2,003 | 16,488 | 12,612 | 2,984 | ||||||||||||||
Total costs and expenses | 3,037,120 | 2,700,419 | 2,725,569 | 2,617,493 | 2,841,998 | 2,451,128 | 2,556,358 | 2,478,756 | 11,080,601 | 10,328,240 | 9,556,311 | ||||||||||||||
Earnings before taxes | 473,038 | 386,268 | 455,348 | 471,502 | 408,728 | 331,727 | 411,912 | 459,392 | 1,786,156 | 1,611,759 | 1,485,366 | ||||||||||||||
Provision for taxes on earnings | 172,470 | 141,722 | 173,442 | 180,868 | 144,567 | 116,071 | 153,273 | 177,187 | 668,502 | 591,098 | 560,642 | ||||||||||||||
Net earnings | $ 300,568 | $ 244,546 | $ 281,906 | $ 290,634 | $ 264,161 | $ 215,656 | $ 258,639 | $ 282,205 | $ 1,117,654 | $ 1,020,661 | $ 924,724 | ||||||||||||||
Basic (in dollars per share) | $ / shares | $ 0.77 | $ 0.63 | $ 0.72 | $ 0.73 | $ 0.66 | $ 0.54 | $ 0.64 | $ 0.69 | $ 2.85 | $ 2.53 | $ 2.24 | ||||||||||||||
Diluted (in dollars per share) | $ / shares | 0.77 | 0.62 | 0.71 | 0.73 | 0.66 | 0.53 | 0.63 | 0.69 | 2.83 | 2.51 | 2.21 | ||||||||||||||
Cash dividends declared per share on common stock (in dollars per share) | $ / shares | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1175 | $ 0.1175 | $ 0.1175 | $ 0.1175 | $ 0.1000 | $ 0.1000 | $ 0.1000 | $ 0.1000 | 0.1350 | 0.1350 | 0.1350 | 0.1350 | 0.1175 | 0.1175 | 0.1175 | 0.1175 | 0.54 | 0.470 | $ 0.400 | ||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||
Stock dividends (splits) issued | 2 | 2 | |||||||||||||||||||||||
High [Member] | |||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||
Stock price (in dollars per share) | $ / shares | 69.53 | 65.06 | 61.98 | 59.3 | 56.26 | 56.53 | 53.28 | 53.73 | 69.53 | 56.26 | |||||||||||||||
Low [Member] | |||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||
Stock price (in dollars per share) | $ / shares | $ 61.28 | $ 60.68 | $ 52.34 | $ 52.56 | $ 44.81 | $ 47.22 | $ 47.79 | $ 45.93 | $ 61.28 | $ 44.81 |