Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 31, 2024 | Sep. 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Urban Outfitters, Inc. | |
Entity Central Index Key | 0000912615 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Shares, par value $.0001 per share | |
Trading Symbol | URBN | |
Security Exchange Name | NASDAQ | |
Entity File Number | 000-22754 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-2003332 | |
Entity Address, Address Line One | 5000 South Broad Street | |
Entity Address, City or Town | Philadelphia | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19112-1495 | |
City Area Code | 215 | |
Local Phone Number | 454-5500 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 92,260,283 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2024 | Jan. 31, 2024 | Jul. 31, 2023 |
Current assets: | |||
Cash and cash equivalents | $ 209,129 | $ 178,321 | $ 224,744 |
Marketable securities | 352,360 | 286,744 | 250,832 |
Accounts receivable, net of allowance for doubtful accounts of $1,429, $1,465 and $1,481, respectively | 78,749 | 67,008 | 79,118 |
Inventory | 604,667 | 550,242 | 586,514 |
Prepaid expenses and other current assets | 228,966 | 200,188 | 224,254 |
Total current assets | 1,473,871 | 1,282,503 | 1,365,462 |
Property and equipment, net | 1,314,923 | 1,286,541 | 1,222,343 |
Operating lease right-of-use assets | 941,404 | 920,396 | 961,458 |
Marketable securities | 209,469 | 314,152 | 122,356 |
Other assets | 319,156 | 307,617 | 298,317 |
Total Assets | 4,258,823 | 4,111,209 | 3,969,936 |
Current liabilities: | |||
Accounts payable | 299,351 | 253,342 | 270,464 |
Current portion of operating lease liabilities | 227,987 | 226,645 | 227,669 |
Accrued expenses, accrued compensation and other current liabilities | 483,080 | 514,218 | 459,343 |
Total current liabilities | 1,010,418 | 994,205 | 957,476 |
Non-current portion of operating lease liabilities | 875,174 | 851,853 | 882,841 |
Other non-current liabilities | 131,798 | 152,611 | 162,228 |
Total Liabilities | 2,017,390 | 1,998,669 | 2,002,545 |
Commitments and contingencies (see Note 11) | |||
Shareholders’ equity: | |||
Preferred shares; $.0001 par value, 10,000,000 shares authorized, none issued | 0 | 0 | 0 |
Common shares; $.0001 par value, 200,000,000 shares authorized, 92,260,283, 92,787,522 and 92,773,249 shares issued and outstanding, respectively | 9 | 9 | 9 |
Additional paid-in-capital | 0 | 37,943 | 23,214 |
Retained earnings | 2,279,856 | 2,113,735 | 1,982,970 |
Accumulated other comprehensive loss | (38,432) | (39,147) | (38,802) |
Total Shareholders’ Equity | 2,241,433 | 2,112,540 | 1,967,391 |
Total Liabilities and Shareholders’ Equity | $ 4,258,823 | $ 4,111,209 | $ 3,969,936 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2024 | Jan. 31, 2024 | Jul. 31, 2023 |
Statement of Financial Position [Abstract] | |||
Accounts receivable, allowance for doubtful accounts | $ 1,429 | $ 1,465 | $ 1,481 |
Preferred shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred shares, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred shares, shares issued | 0 | 0 | 0 |
Common shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common shares, shares issued | 92,260,283 | 92,787,522 | 92,773,249 |
Common shares, shares outstanding | 92,260,283 | 92,787,522 | 92,773,249 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,351,959 | $ 1,272,195 | $ 2,552,691 | $ 2,385,869 |
Cost of sales (excluding store impairment and lease abandonment charges) | 858,674 | 816,614 | 1,646,420 | 1,559,057 |
Store impairment and lease abandonment charges | 0 | 0 | 4,601 | 0 |
Gross profit | 493,285 | 455,581 | 901,670 | 826,812 |
Selling, general and administrative expenses | 348,150 | 323,483 | 681,911 | 623,331 |
Income from operations | 145,135 | 132,098 | 219,759 | 203,481 |
Other income, net | 7,429 | 3,399 | 13,675 | 4,418 |
Income before income taxes | 152,564 | 135,497 | 233,434 | 207,899 |
Income tax expense | 35,079 | 31,405 | 54,184 | 50,990 |
Net income | $ 117,485 | $ 104,092 | $ 179,250 | $ 156,909 |
Net income per common share: | ||||
Basic | $ 1.26 | $ 1.12 | $ 1.93 | $ 1.69 |
Diluted | $ 1.24 | $ 1.1 | $ 1.89 | $ 1.67 |
Weighted-average common shares outstanding: | ||||
Basic | 93,071,401 | 92,741,888 | 93,097,694 | 92,610,499 |
Diluted | 94,684,003 | 94,228,185 | 94,842,065 | 94,026,950 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ 117,485 | $ 104,092 | $ 179,250 | $ 156,909 |
Other comprehensive income: | ||||
Foreign currency translation | 3,760 | 4,515 | 462 | 7,692 |
Change in unrealized gains on marketable securities, net of tax | 2,555 | 21 | 253 | 2,141 |
Total other comprehensive income | 6,315 | 4,536 | 715 | 9,833 |
Comprehensive income | $ 123,800 | $ 108,628 | $ 179,965 | $ 166,742 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Jan. 31, 2023 | $ 1,792,683 | $ 9 | $ 15,248 | $ 1,826,061 | $ (48,635) |
Beginning Balances (in shares) at Jan. 31, 2023 | 92,180,709 | ||||
Comprehensive income | 166,742 | 156,909 | 9,833 | ||
Share-based compensation | 15,556 | 15,556 | |||
Share-based awards | 594 | 594 | |||
Share-based awards (in shares) | 896,119 | ||||
Share repurchases, inclusive of excise tax | (8,184) | (8,184) | |||
Share repurchases, inclusive of excise tax (in shares) | (303,579) | ||||
Ending Balance at Jul. 31, 2023 | $ 1,967,391 | $ 9 | 23,214 | 1,982,970 | (38,802) |
Ending Balances (in shares) at Jul. 31, 2023 | 92,773,249 | 92,773,249 | |||
Beginning Balance at Apr. 30, 2023 | $ 1,850,682 | $ 9 | 15,133 | 1,878,878 | (43,338) |
Beginning Balances (in shares) at Apr. 30, 2023 | 92,677,835 | ||||
Comprehensive income | 108,628 | 104,092 | 4,536 | ||
Share-based compensation | 7,821 | 7,821 | |||
Share-based awards | 594 | 594 | |||
Share-based awards (in shares) | 105,731 | ||||
Share repurchases, inclusive of excise tax | (334) | (334) | |||
Share repurchases, inclusive of excise tax (in shares) | (10,317) | ||||
Ending Balance at Jul. 31, 2023 | $ 1,967,391 | $ 9 | 23,214 | 1,982,970 | (38,802) |
Ending Balances (in shares) at Jul. 31, 2023 | 92,773,249 | 92,773,249 | |||
Beginning Balance at Jan. 31, 2024 | $ 2,112,540 | $ 9 | 37,943 | 2,113,735 | (39,147) |
Beginning Balances (in shares) at Jan. 31, 2024 | 92,787,522 | 92,787,522 | |||
Comprehensive income | $ 179,965 | 179,250 | 715 | ||
Share-based compensation | 15,556 | 15,556 | |||
Share-based awards | 851 | 851 | |||
Share-based awards (in shares) | 1,028,200 | ||||
Share repurchases, inclusive of excise tax | (67,479) | (54,350) | (13,129) | ||
Share repurchases, inclusive of excise tax (in shares) | (1,555,439) | ||||
Ending Balance at Jul. 31, 2024 | $ 2,241,433 | $ 9 | 0 | 2,279,856 | (38,432) |
Ending Balances (in shares) at Jul. 31, 2024 | 92,260,283 | 92,260,283 | |||
Beginning Balance at Apr. 30, 2024 | $ 2,162,334 | $ 9 | 31,572 | 2,175,500 | (44,747) |
Beginning Balances (in shares) at Apr. 30, 2024 | 93,379,211 | ||||
Comprehensive income | 123,800 | 117,485 | 6,315 | ||
Share-based compensation | 7,957 | 7,957 | |||
Share-based awards | 376 | 376 | |||
Share-based awards (in shares) | 93,666 | ||||
Share repurchases, inclusive of excise tax | (53,034) | (39,905) | (13,129) | ||
Share repurchases, inclusive of excise tax (in shares) | (1,212,594) | ||||
Ending Balance at Jul. 31, 2024 | $ 2,241,433 | $ 9 | $ 0 | $ 2,279,856 | $ (38,432) |
Ending Balances (in shares) at Jul. 31, 2024 | 92,260,283 | 92,260,283 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 179,250 | $ 156,909 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 56,552 | 47,471 |
Non-cash lease expense | 103,146 | 101,277 |
Provision for deferred income taxes | 9,208 | 526 |
Share-based compensation expense | 15,556 | 15,556 |
Amortization of tax credit investment | 8,760 | 7,953 |
Store impairment and lease abandonment charges | 4,601 | 0 |
Loss on disposition of property and equipment, net | 420 | 146 |
Changes in assets and liabilities: | ||
Receivables | (11,606) | (8,160) |
Inventory | (54,050) | 3,299 |
Prepaid expenses and other assets | (48,318) | (48,256) |
Payables, accrued expenses and other liabilities | 16,858 | 54,573 |
Operating lease liabilities | (116,563) | (120,047) |
Net cash provided by operating activities | 163,814 | 211,247 |
Cash flows from investing activities: | ||
Cash paid for property and equipment | (98,854) | (78,517) |
Cash paid for marketable securities | (166,428) | (229,446) |
Sales and maturities of marketable securities | 204,145 | 149,921 |
Initial cash payment for tax credit investment | 0 | (20,000) |
Net cash used in investing activities | (61,137) | (178,042) |
Cash flows from financing activities: | ||
Proceeds from the exercise of stock options | 851 | 594 |
Share repurchases related to share repurchase program | (52,262) | 0 |
Share repurchases related to taxes for share-based awards | (14,977) | (8,184) |
Tax credit investment liability payments | (2,713) | (1,724) |
Net cash used in financing activities | (69,101) | (9,314) |
Effect of exchange rate changes on cash and cash equivalents | (2,768) | (407) |
Increase in cash and cash equivalents | 30,808 | 23,484 |
Cash and cash equivalents at beginning of period | 178,321 | 201,260 |
Cash and cash equivalents at end of period | 209,129 | 224,744 |
Supplemental cash flow information: | ||
Cash paid during the year for income taxes | 39,763 | 24,801 |
Non-cash investing activities—Accrued capital expenditures | 17,641 | 16,011 |
Right-of-use assets obtained in exchange for operating lease liabilities | 148,099 | 113,184 |
Non-cash investing activities-Accrued tax credit investment installments | $ 0 | $ 62,120 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 117,485 | $ 104,092 | $ 179,250 | $ 156,909 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jul. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non-Rule 10b5-1 Arrangement Modified | false |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed financial statements should be read in conjunction with Urban Outfitters, Inc.’s (the “Company’s”) Annual Report on Form 10-K for the fiscal year ended January 31, 2024, filed with the United States Securities and Exchange Commission on April 1, 2024. The Company’s business experiences seasonal fluctuations in net sales and net income, with a more significant portion of net sales typically realized in the second half of each year predominantly due to the year-end holiday period. Historically, and consistent with the retail industry, this seasonality also impacts our working capital requirements, particularly with regard to inventory. Accordingly, the results of operations for the three and six months ended July 31, 2024 are not necessarily indicative of the results to be expected for the full year. The Company’s fiscal year ends on January 31. All references in these notes to the Company’s fiscal years refer to the fiscal years ended on January 31 in those years. For example, the Company’s fiscal year 2025 will end on January 31, 2025. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued an accounting standards update which includes amendments that further enhance income tax disclosures. The update requires disaggregated information about an entity's effective tax rate reconciliation and income taxes paid by jurisdiction, among other changes. The update will be effective for the Company in its annual consolidated financial statements for the fiscal year ending January 31, 2026, and can be applied prospectively or retrospectively. The Company is currently assessing this update and the additional disclosures that will be required within the notes to its consolidated financial statements. In November 2023, the FASB issued an accounting standards update that introduces additional segment disclosure requirements. The update requires entities to quantitatively disclose significant segment expenses that are regularly provided to the chief operating decision maker for each reportable segment as well as an amount for other segment items for each reportable segment and a description of their composition. Entities are also required to disclose how reported measures of segment profit or loss are used in assessing segment performance and deciding how to allocate resources. The update will be effective for the Company in its annual consolidated financial statements for the fiscal year ending January 31, 2025, and interim periods thereafter. The Company is currently assessing this update and expects adoption of this update to result in additional disclosures in the notes to its consolidated financial statements. The update will be applied retrospectively to all prior periods presented. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jul. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customers | 2. Revenue from Contracts with Customers Contract receivables occur when the Company satisfies all of its performance obligations under a contract and recognizes revenue prior to billing or receiving consideration from a customer for which it has an unconditional right to payment. Contract receivables arise from credit card and other electronic payment transactions and sales to the Company's wholesale segment customers and franchisees. For the six month period ended July 31, 2024, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, were $ 67,008 and $ 78,749 , respectively. For the six month period ended July 31, 2023, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, were $ 70,339 and $ 79,118 , respectively. Contract receivables are included in “Accounts receivable, net of allowance for doubtful accounts” in the Condensed Consolidated Balance Sheets. Contract liabilities represent unearned revenue and result from the Company receiving consideration in a contract with a customer for which it has not satisfied all of its performance obligations. The Company’s contract liabilities result from the issuance of gift cards, customer deposits, Nuuly Rent deferred subscription fee revenue and customer loyalty programs. Gift cards are expected to be redeemed within two years of issuance, with the majority of redemptions occurring in the first year. For the six month period ended July 31, 2024, the opening and closing balances of contract liabilities were $ 91,408 and $ 86,160 , respectively. For the six month period ended July 31, 2023, the opening and closing balances of contract liabilities were $ 82,867 and $ 73,065 , respectively. Contract liabilities are included in “Accrued expenses, accrued compensation and other current liabilities” in the Condensed Consolidated Balance Sheets. During the six month period ended July 31, 2024, the Company recognized $ 37,981 of revenue that was included in the contract liability balance at the beginning of the period. During the six month period ended July 31, 2023, the Company recognized $ 27,085 of revenue that was included in the contract liability balance at the beginning of the period. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jul. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities During all periods shown, marketable securities are classified as available-for-sale. The amortized cost, gross unrealized gains (losses) and fair value of available-for-sale securities by major security type and class of security as of July 31, 2024, January 31, 2024 and July 31, 2023 were as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of July 31, 2024 Short-term Investments: Corporate bonds $ 179,538 $ 26 $ ( 567 ) $ 178,997 Federal government agencies 73,850 7 ( 115 ) 73,742 US Treasury securities 29,150 — ( 59 ) 29,091 Municipal and pre-refunded municipal bonds 47,174 17 ( 65 ) 47,126 Certificates of deposit 20,499 — — 20,499 Commercial paper 2,905 — — 2,905 353,116 50 ( 806 ) 352,360 Long-term Investments: Corporate bonds 79,873 147 ( 87 ) 79,933 Federal government agencies 35,635 7 ( 105 ) 35,537 US Treasury securities 49,951 200 ( 45 ) 50,106 Municipal and pre-refunded municipal bonds 25,250 19 ( 69 ) 25,200 Certificates of deposit 1,000 — — 1,000 Mutual funds, held in rabbi trust 16,011 1,682 — 17,693 207,720 2,055 ( 306 ) 209,469 $ 560,836 $ 2,105 $ ( 1,112 ) $ 561,829 As of January 31, 2024 Short-term Investments: Corporate bonds $ 123,418 $ 27 $ ( 883 ) $ 122,562 Federal government agencies 68,730 35 ( 94 ) 68,671 US Treasury securities 27,231 — ( 36 ) 27,195 Municipal and pre-refunded municipal bonds 47,915 9 ( 414 ) 47,510 Certificates of deposit 10,249 — — 10,249 Commercial paper 10,557 — — 10,557 288,100 71 ( 1,427 ) 286,744 Long-term Investments: Corporate bonds 147,924 441 ( 388 ) 147,977 Federal government agencies 65,698 138 ( 94 ) 65,742 US Treasury securities 34,604 169 ( 26 ) 34,747 Municipal and pre-refunded municipal bonds 39,243 160 ( 35 ) 39,368 Certificates of deposit 11,250 — — 11,250 Mutual funds, held in rabbi trust 13,817 1,344 ( 93 ) 15,068 312,536 2,252 ( 636 ) 314,152 $ 600,636 $ 2,323 $ ( 2,063 ) $ 600,896 Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of July 31, 2023 Short-term Investments: Corporate bonds $ 96,902 $ 1 $ ( 1,239 ) $ 95,664 Federal government agencies 47,287 — ( 163 ) 47,124 US Treasury securities 18,661 — ( 16 ) 18,645 Municipal and pre-refunded municipal bonds 48,350 — ( 670 ) 47,680 Commercial paper 41,719 — — 41,719 252,919 1 ( 2,088 ) 250,832 Long-term Investments: Corporate bonds 47,835 — ( 1,745 ) 46,090 Federal government agencies 44,914 — ( 464 ) 44,450 US Treasury securities 2,969 — ( 61 ) 2,908 Municipal and pre-refunded municipal bonds 13,980 — ( 469 ) 13,511 Certificates of deposit 1,499 — — 1,499 Mutual funds, held in rabbi trust 12,941 1,027 ( 70 ) 13,898 124,138 1,027 ( 2,809 ) 122,356 $ 377,057 $ 1,028 $ ( 4,897 ) $ 373,188 Proceeds from the sales and maturities of available-for-sale securities were $ 204,145 and $ 149,921 for the six months ended July 31, 2024 and 2023, respectively. The Company included in “Other income, net,” in the Condensed Consolidated Statements of Income, a net realized loss of $ 56 and $ 79 for the three and six months ended July 31, 2024, respectively, and a net realized loss of $ 7 and $ 6 for the three and six months ended July 31, 2023, respectively. Amortization of discounts and premiums, net, resulted in a benefit of $ 2,066 and $ 4,221 for the three and six months ended July 31, 2024, respectively, and a benefit of $ 894 and $ 1,172 for the three and six months ended July 31, 2023, respectively. Amortization of discounts and premiums, net, is included in “Other income, net” in the Condensed Consolidated Statements of Income. Mutual funds represent assets held in an irrevocable rabbi trust for the Company’s Non-qualified Deferred Compensation Plan (“NQDC”). These assets are a source of funds to match the funding obligations to participants in the NQDC but are subject to the Company’s general creditors. The Company elected the fair value option for financial assets for the mutual funds held in the rabbi trust resulting in all unrealized gains and losses being recorded in “Other income, net” in the Condensed Consolidated Statements of Income. |
Fair Value
Fair Value | 6 Months Ended |
Jul. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 4. Fair Value The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach that relate to its financial assets and financial liabilities). The levels of the hierarchy are described as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the Company’s own assumptions. Management’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and liabilities and their placement within the fair value hierarchy. The Company’s financial assets that are accounted for at fair value on a recurring basis are presented in the tables below: Marketable Securities Fair Value as of July 31, 2024 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 258,930 $ — $ 258,930 Federal government agencies — 109,279 — 109,279 US Treasury securities — 79,197 — 79,197 Municipal and pre-refunded municipal bonds — 72,326 — 72,326 Certificates of deposit — 21,499 — 21,499 Mutual funds, held in rabbi trust 17,693 — — 17,693 Commercial paper — 2,905 — 2,905 $ 17,693 $ 544,136 $ — $ 561,829 Marketable Securities Fair Value as of January 31, 2024 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 270,539 $ — $ 270,539 Federal government agencies — 134,413 — 134,413 US Treasury securities — 61,942 — 61,942 Municipal and pre-refunded municipal bonds — 86,878 — 86,878 Certificates of deposit — 21,499 — 21,499 Mutual funds, held in rabbi trust 15,068 — — 15,068 Commercial paper — 10,557 — 10,557 $ 15,068 $ 585,828 $ — $ 600,896 Marketable Securities Fair Value as of July 31, 2023 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 141,754 $ — $ 141,754 Federal government agencies — 91,574 — 91,574 US Treasury securities — 21,553 — 21,553 Municipal and pre-refunded municipal bonds — 61,191 — 61,191 Certificates of deposit — 1,499 — 1,499 Mutual funds, held in rabbi trust 13,898 — — 13,898 Commercial paper — 41,719 — 41,719 $ 13,898 $ 359,290 $ — $ 373,188 Financial assets Level 1 assets consist of financial instruments whose value has been based on inputs that use, as their basis, readily observable market data that are actively quoted and are validated through external sources, including third-party pricing services and brokers. Level 2 assets consist of financial instruments whose value has been based on quoted prices for similar assets and liabilities in active markets as well as quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 assets consist of financial instruments where there has been no active market. The Company held no Level 3 financial instruments as of July 31, 2024, January 31, 2024 and July 31, 2023. The fair value of cash and cash equivalents (Level 1) approximates carrying value since cash and cash equivalents consist of short-term highly liquid investments with maturities of less than three months at the time of purchase. As of July 31, 2024, January 31, 2024 and July 31, 2023, cash and cash equivalents included cash on hand, cash in banks, money market accounts and marketable securities with maturities of less than three months at the time of purchase. Non-financial assets The Company’s non-financial assets, primarily consisting of property and equipment and lease-related right-of-use assets are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The fair value of property and equipment was determined using a discounted cash-flow model that utilized Level 3 inputs. The Company’s retail locations are reviewed for impairment at the retail location level, which is the lowest level at which individual cash flows can be identified. In calculating future cash flows, the Company makes estimates regarding future operating results based on its experience and knowledge of market factors in its retail locations. Right-of-use assets are tested for impairment in the same manner as property and equipment. For lease right-of-use assets, the Company determines the estimated fair value of the assets by comparing the discounted contractual rent payments to estimated market rent using an acceptable valuation methodology. During the three months ended April 30, 2024, the Company determined that certain long-lived assets at the Company's retail locations were unable to recover their carrying values and were written down to their fair values. During the three months ended April 30, 2024, the Company recorded impairment charges of $ 815 for one retail location, with a carrying value after impairment of $ 1,500 related to the right-of-use asset. Additionally, during the fourth quarter of fiscal 2024, the Company committed to a cease-use date of February 29, 2024 at one retail location for which the lease was not terminated, resulting in lease abandonment charges of $ 3,786 during the three months ended April 30, 2024. During the three months ended July 31, 2024, and six months ended July 31, 2023, impairment charges were zero . |
Debt
Debt | 6 Months Ended |
Jul. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt On February 10, 2023, the Company and certain of its subsidiaries entered into the fourth amendment (the “Fourth Amendment”) to the Company’s amended and restated credit agreement (the “Amended Credit Agreement”), amending the Company’s asset-based revolving credit facility with its lenders, including JPMorgan Chase Bank, N.A., as administrative agent, joint lead arranger and co-book managers along with Wells Fargo Bank, National Association (the "Amended Credit Facility"). The Fourth Amendment permits the Company to purchase an equity membership interest in a federal low-income housing tax credit entity. See Note 6, "Tax Credit Investment," for further discussion of the investment. The Amended Credit Facility provides for loans and letters of credit up to $ 350,000 , subject to a borrowing base that is comprised of the Company’s eligible accounts receivable and inventory and includes a swing-line sub-facility, a multicurrency sub-facility and the option to expand the facility by up to $ 150,000 . Borrowings under the Amended Credit Facility may be used for working capital and other general corporate purposes. The Amended Credit Facility matures in June 2027. The Amended Credit Facility provides for interest on borrowings, at the Company’s option, at either (i) adjusted SOFR, CDOR, SONIA or EURIBOR plus an applicable margin ranging from 1.125 % to 1.375 %, or (ii) an adjusted ABR plus an applicable margin ranging from 0.125 % to 0.375 %, each such applicable margin depending on the level of availability under the Amended Credit Facility. Depending on the type of borrowing, interest on the Amended Credit Facility is payable monthly, quarterly or at the end of the applicable interest period. A commitment fee of 0.20 % is payable quarterly on the unused portion of the Amended Credit Facility. All obligations under the Amended Credit Facility are unconditionally guaranteed by the Company and certain of its U.S. subsidiaries. The obligations under the Amended Credit Facility are secured by a first-priority security interest in inventory, accounts receivable and certain other assets of the Company and certain of its U.S. subsidiaries. The obligations of URBN Canada Retail, Inc. are secured by a first-priority security interest in its inventory, accounts receivable and certain other assets. The Amended Credit Agreement contains customary representations and warranties, negative and affirmative covenants and provisions relating to events of default. As of July 31, 2024, the Company had $ 0 in borrowings under the Amended Credit Facility. As of July 31, 2024, the Company was in compliance with the terms of the Amended Credit Agreement and expects to remain in compliance with all terms, including covenants, of the Amended Credit Agreement. Outstanding stand-by letters of credit, which reduce the funds available under the Amended Credit Facility, were $ 9,001 . Interest expense for the Amended Credit Facility was $ 485 and $ 483 for the six months ended July 31, 2024 and 2023, respectively, which was included in “Other income, net” in the Condensed Consolidated Statements of Income. |
Tax Credit Investments
Tax Credit Investments | 6 Months Ended |
Jul. 31, 2024 | |
Investment Owned, Balance [Abstract] | |
Tax Credit Investments | 6. Tax Credit Investment On February 10, 2023, the Company committed $ 100,000 to purchase an equity membership interest in a federal low-income housing tax credit entity. An initial payment of $ 20,000 was paid at closing with the remaining balance payable in quarterly installments over a five-year period beginning in fiscal 2024. The present value of such payments was $ 62,120 and was recorded as an increase to the initial tax credit investment asset and liability. In exchange for the total payments of $ 100,000 , the Company expects to realize a comparable amount of tax credits and other tax benefits that will reduce its future federal income tax payments. Although the investment vehicle is considered a variable interest entity, the Company is not the primary beneficiary, and therefore, the investment is not consolidated. The Company has elected to use the practical expedient method of amortization, which approximates the proportional amortization method, to amortize the investment to income tax expense in proportion to the tax credits received over an estimated 10-year tax credit period beginning in the first quarter of fiscal 2024. The Company included in "Other income, net" in the Condensed Consolidated Statements of Income, interest expense related to the accretion of the liability of $ 1,256 and $ 2,542 for the three and six months ended July 31, 2024, respectively, and $ 1,372 and $ 3,531 for the three and six months ended July 31, 2023, respectively. Included in "Income tax expense" in the Condensed Consolidated Statements of Income was amortization of the investment of $ 4,380 and $ 8,760 for the three and six months ended July 31, 2024, respectively, and $ 3,977 and $ 7,953 for the three and six months ended July 31, 2023, respectively. Also included in "Income tax expense" in the Condensed Consolidated Statements of Income were income tax credits and other income tax benefits of $ 6,122 and $ 12,250 for the three and six months ended July 31, 2024, respectively, and $ 5,607 and $ 11,379 for the three and six months ended July 31, 2023, respectively. The carrying value of the investment is recorded in "Other assets" in the Condensed Consolidated Balance Sheets. The liabilities for the present value of the estimated future capital contributions are recorded in "Accrued expenses, accrued compensation and other current liabilities" and "Other non-current liabilities" in the Condensed Consolidated Balance Sheets. The following table summarizes the balances related to the investment at July 31, 2024, January 31, 2024 and July 31, 2023: July 31, January 31, July 31, 2024 2024 2023 Other assets $ 57,454 $ 66,214 $ 74,167 Accrued expenses, accrued compensation and other current liabilities 16,231 10,507 5,308 Other non-current liabilities 38,857 47,293 55,088 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jul. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 7. Share-Based Compensation The Company maintains stock incentive plans pursuant to which it can grant restricted shares, unrestricted shares, incentive stock options, non-qualified stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”) or stock appreciation rights. The fair value of PSUs and RSUs is equal to the stock price on the date of the grant. Share-based compensation expense included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Income, for the three and six months ended July 31, 2024 and 2023, was as follows: Three Months Ended Six Months Ended July 31, July 31, 2024 2023 2024 2023 Performance Stock Units $ 1,186 $ 1,231 $ 2,423 $ 2,551 Restricted Stock Units 6,771 6,590 13,133 13,005 Total $ 7,957 $ 7,821 $ 15,556 $ 15,556 Share-based awards granted and the weighted-average fair value of such awards for the six months ended July 31, 2024 was as follows: Six Months Ended July 31, 2024 Weighted- Awards Average Fair Granted Value Performance Stock Units 107,345 $ 41.92 Restricted Stock Units 696,123 $ 41.84 Total 803,468 During the six months ended July 31, 2024, 60,000 stock options were exercised, 157,082 PSUs vested and 820,101 RSUs vested. The total unrecognized compensation cost related to outstanding share-based awards and the weighted-average period in which the cost is expected to be recognized as of July 31, 2024 was as follows: July 31, 2024 Unrecognized Weighted- Compensation Average Cost Years Performance Stock Units $ 7,346 2.1 Restricted Stock Units 43,498 2.2 Total $ 50,844 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jul. 31, 2024 | |
Equity [Abstract] | |
Shareholders' Equity | 8 . Shareholders’ Equity Share repurchase activity under the Company's share repurchase program was as follows: Three Months Ended Six Months Ended July 31, July 31, 2024 2023 2024 2023 Number of common shares repurchased and subsequently retired 1,200,000 — 1,200,000 — Total cost (1) $ 52,262 $ — $ 52,262 $ — Average cost per share, including commissions $ 43.55 $ — $ 43.55 $ — (1) Under the Inflation Reduction Act, the Company's share repurchases, net of issuances, are subject to a 1 % excise tax. The total cost of share repurchases during the three and six months ended July 31, 2024 excludes excise tax incurred of $ 240 . On June 4, 2019, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program. As of July 31, 2024, 17,956,390 common shares were remaining under the program. During the six months ended July 31, 2024, the Company acquired and subsequently retired 355,439 common shares at a total cost of $ 14,977 from employees to meet payroll tax withholding requirements on vested share-based awards. During the six months ended July 31, 2023, the Company acquired and subsequently retired 303,579 common shares at a total cost of $ 8,184 from employees to meet payroll tax withholding requirements on vested share-based awards. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 6 Months Ended |
Jul. 31, 2024 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 9 . Other Comprehensive Income and Accumulated Other Comprehensive Loss The following tables present the changes in “Accumulated other comprehensive loss,” by component, net of tax, for the three and six months ended July 31, 2024 and 2023: Three Months Ended July 31, 2024 Six Months Ended July 31, 2024 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ ( 41,674 ) $ ( 3,073 ) $ ( 44,747 ) $ ( 38,376 ) $ ( 771 ) $ ( 39,147 ) Other comprehensive 3,760 2,611 6,371 462 332 794 Amounts reclassified — ( 56 ) ( 56 ) — ( 79 ) ( 79 ) Net current-period other 3,760 2,555 6,315 462 253 715 Balance at end of period $ ( 37,914 ) $ ( 518 ) $ ( 38,432 ) $ ( 37,914 ) $ ( 518 ) $ ( 38,432 ) Three Months Ended July 31, 2023 Six Months Ended July 31, 2023 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ ( 39,647 ) $ ( 3,691 ) $ ( 43,338 ) $ ( 42,824 ) $ ( 5,811 ) $ ( 48,635 ) Other comprehensive 4,515 28 4,543 7,692 2,147 9,839 Amounts reclassified — ( 7 ) ( 7 ) — ( 6 ) ( 6 ) Net current-period other 4,515 21 4,536 7,692 2,141 9,833 Balance at end of period $ ( 35,132 ) $ ( 3,670 ) $ ( 38,802 ) $ ( 35,132 ) $ ( 3,670 ) $ ( 38,802 ) All unrealized gains and losses on available-for-sale securities reclassified from accumulated other comprehensive loss were recorded in “Other income, net” in the Condensed Consolidated Statements of Income. |
Net Income per Common Share
Net Income per Common Share | 6 Months Ended |
Jul. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | 10. Net Income per Common Share Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is calculated by dividing net income by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method for the Company's stock options, performance stock units and restricted stock units. The following is a reconciliation of the weighted-average common shares outstanding and calculation of basic and diluted net income per common share: Three Months Ended Six Months Ended July 31, July 31, 2024 2023 2024 2023 Net income $ 117,485 $ 104,092 $ 179,250 $ 156,909 Basic weighted-average common shares 93,071,401 92,741,888 93,097,694 92,610,499 Effect of dilutive options, performance stock units 1,612,602 1,486,297 1,744,371 1,416,451 Diluted weighted-average shares outstanding 94,684,003 94,228,185 94,842,065 94,026,950 Net income per common share: Basic $ 1.26 $ 1.12 $ 1.93 $ 1.69 Diluted $ 1.24 $ 1.10 $ 1.89 $ 1.67 For both the three months ended July 31, 2024 and 2023, awards to purchase 40,000 common shares at a price of $ 46.42 were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. For the six months ended July 31, 2024 and 2023, awards to purchase 40,000 common shares at a price of $ 46.42 and 80,000 common shares ranging in price from $ 28.47 to $ 46.42 , respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. Excluded from the calculation of diluted net income per common share as of July 31, 2024 and July 31, 2023, were 270,441 and 272,554 performance-based equity awards, respectively, because they did not meet the required performance criteria. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies The Company is party to various legal proceedings arising from normal business activities. Management believes that the ultimate resolution of these matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jul. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. Segment Reporting The Company offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands. The Company operates three reportable segments – “Retail,” “Nuuly” and “Wholesale.” The Company’s Retail segment includes Anthropologie (which includes the Anthropologie and Terrain brands), Free People (which includes the Free People and FP Movement brands), Urban Outfitters and Menus & Venues. The Company has aggregated its brands into the Retail segment based upon their shared management, customer base and economic characteristics. Reporting in this format provides management with the financial information necessary to evaluate the success of the segments and the overall business. The Company’s Retail segment omni-channel strategy enhances its customers’ brand experience by providing a seamless approach to the customer shopping experience. All Company-owned Retail segment shopping channels are closely integrated, including retail locations, websites, mobile applications, catalogs and customer contact centers. The Nuuly segment includes the Nuuly brand, which offers customers a more sustainable way to explore fashion through a monthly women’s apparel subscription rental service. The Company’s Wholesale segment includes the Free People, FP Movement and Urban Outfitters brands. The Wholesale segment sells through department and specialty stores worldwide, digital businesses and the Retail segment. The Company evaluates the performance of each segment based on the net sales and income from operations (excluding intercompany charges) of the segment. The Company accounts for intersegment sales and transfers as if the sales and transfers were made to third parties making similar volume purchases. Corporate expenses include expenses incurred and directed by the corporate office that are not allocated to segments. The principal identifiable assets for the Retail and Wholesale segments are inventory and property and equipment. The principal identifiable assets for the Nuuly segment are rental product and property and equipment. The accounting policies of the reportable segments are the same as the policies described in Note 2, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024. All of the Company’s segments are highly diversified. No one customer constitutes more than 10% of the Company’s total consolidated net sales. A summary of the information about the Company’s operations by segment is as follows: Three Months Ended Six Months Ended July 31, July 31, 2024 2023 2024 2023 Net sales Retail operations $ 1,196,456 $ 1,160,089 $ 2,259,141 $ 2,164,190 Nuuly operations 90,696 55,793 168,638 107,263 Wholesale operations 66,769 60,768 130,021 124,183 Intersegment elimination ( 1,962 ) ( 4,455 ) ( 5,109 ) ( 9,767 ) Total net sales $ 1,351,959 $ 1,272,195 $ 2,552,691 $ 2,385,869 Income from operations Retail operations $ 139,199 $ 144,034 $ 227,086 $ 227,264 Nuuly operations 5,320 ( 2,439 ) 4,094 ( 2,710 ) Wholesale operations 13,444 6,726 24,752 13,385 Intersegment elimination ( 6 ) ( 66 ) ( 58 ) ( 412 ) Total segment operating income 157,957 148,255 255,874 237,527 General corporate expenses ( 12,822 ) ( 16,157 ) ( 36,115 ) ( 34,046 ) Total income from operations $ 145,135 $ 132,098 $ 219,759 $ 203,481 July 31, January 31, July 31, 2024 2024 2023 Inventory Retail operations $ 552,345 $ 505,271 $ 535,940 Wholesale operations 52,322 44,971 50,574 Total inventory $ 604,667 $ 550,242 $ 586,514 Rental product, net (1) Nuuly operations $ 193,115 $ 163,119 $ 119,079 Total rental product, net $ 193,115 $ 163,119 $ 119,079 (1) Rental product, net is included in "Other assets" in the Condensed Consolidated Balance Sheets. Property and equipment, net Retail operations $ 1,185,279 $ 1,182,084 $ 1,153,705 Nuuly operations 126,544 102,102 67,757 Wholesale operations 3,100 2,355 881 Total property and equipment, net $ 1,314,923 $ 1,286,541 $ 1,222,343 The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category and by segment: Three Months Ended July 31, 2024 2023 Net sales Apparel $ 832,428 70 % $ 797,235 69 % Home 162,258 14 % 169,403 14 % Accessories 148,845 12 % 138,928 12 % Other 52,925 4 % 54,523 5 % Retail operations 1,196,456 100 % 1,160,089 100 % Nuuly operations 90,696 55,793 Apparel 60,502 94 % 52,436 93 % Accessories 4,042 6 % 2,698 5 % Other 263 0 % 1,179 2 % Wholesale operations (1) 64,807 100 % 56,313 100 % Total net sales $ 1,351,959 $ 1,272,195 Six Months Ended July 31, 2024 2023 Net sales Apparel $ 1,575,383 70 % $ 1,482,320 68 % Home 304,357 13 % 319,627 15 % Accessories 278,109 12 % 260,639 12 % Other 101,292 5 % 101,604 5 % Retail operations 2,259,141 100 % 2,164,190 100 % Nuuly operations 168,638 107,263 Apparel 117,043 94 % 105,057 92 % Accessories 7,390 6 % 8,019 7 % Other 479 0 % 1,340 1 % Wholesale operations (1) 124,912 100 % 114,416 100 % Total net sales $ 2,552,691 $ 2,385,869 (1) Net of intersegment elimination. The Apparel category includes intimates and activewear. The Home category includes home furnishings, electronics, gifts and decorative items. The Accessories category includes footwear, jewelry and handbags. The Other category includes beauty and shipping and handling. The Company has foreign operations primarily in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: July 31, January 31, July 31, 2024 2024 2023 Property and equipment, net Domestic operations $ 1,162,995 $ 1,130,332 $ 1,064,868 Foreign operations 151,928 156,209 157,475 Total property and equipment, net $ 1,314,923 $ 1,286,541 $ 1,222,343 Three Months Ended Six Months Ended July 31, July 31, 2024 2023 2024 2023 Net Sales Domestic operations $ 1,175,450 $ 1,104,399 $ 2,234,373 $ 2,084,005 Foreign operations 176,509 167,796 318,318 301,864 Total net sales $ 1,351,959 $ 1,272,195 $ 2,552,691 $ 2,385,869 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jul. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities | The amortized cost, gross unrealized gains (losses) and fair value of available-for-sale securities by major security type and class of security as of July 31, 2024, January 31, 2024 and July 31, 2023 were as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of July 31, 2024 Short-term Investments: Corporate bonds $ 179,538 $ 26 $ ( 567 ) $ 178,997 Federal government agencies 73,850 7 ( 115 ) 73,742 US Treasury securities 29,150 — ( 59 ) 29,091 Municipal and pre-refunded municipal bonds 47,174 17 ( 65 ) 47,126 Certificates of deposit 20,499 — — 20,499 Commercial paper 2,905 — — 2,905 353,116 50 ( 806 ) 352,360 Long-term Investments: Corporate bonds 79,873 147 ( 87 ) 79,933 Federal government agencies 35,635 7 ( 105 ) 35,537 US Treasury securities 49,951 200 ( 45 ) 50,106 Municipal and pre-refunded municipal bonds 25,250 19 ( 69 ) 25,200 Certificates of deposit 1,000 — — 1,000 Mutual funds, held in rabbi trust 16,011 1,682 — 17,693 207,720 2,055 ( 306 ) 209,469 $ 560,836 $ 2,105 $ ( 1,112 ) $ 561,829 As of January 31, 2024 Short-term Investments: Corporate bonds $ 123,418 $ 27 $ ( 883 ) $ 122,562 Federal government agencies 68,730 35 ( 94 ) 68,671 US Treasury securities 27,231 — ( 36 ) 27,195 Municipal and pre-refunded municipal bonds 47,915 9 ( 414 ) 47,510 Certificates of deposit 10,249 — — 10,249 Commercial paper 10,557 — — 10,557 288,100 71 ( 1,427 ) 286,744 Long-term Investments: Corporate bonds 147,924 441 ( 388 ) 147,977 Federal government agencies 65,698 138 ( 94 ) 65,742 US Treasury securities 34,604 169 ( 26 ) 34,747 Municipal and pre-refunded municipal bonds 39,243 160 ( 35 ) 39,368 Certificates of deposit 11,250 — — 11,250 Mutual funds, held in rabbi trust 13,817 1,344 ( 93 ) 15,068 312,536 2,252 ( 636 ) 314,152 $ 600,636 $ 2,323 $ ( 2,063 ) $ 600,896 Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of July 31, 2023 Short-term Investments: Corporate bonds $ 96,902 $ 1 $ ( 1,239 ) $ 95,664 Federal government agencies 47,287 — ( 163 ) 47,124 US Treasury securities 18,661 — ( 16 ) 18,645 Municipal and pre-refunded municipal bonds 48,350 — ( 670 ) 47,680 Commercial paper 41,719 — — 41,719 252,919 1 ( 2,088 ) 250,832 Long-term Investments: Corporate bonds 47,835 — ( 1,745 ) 46,090 Federal government agencies 44,914 — ( 464 ) 44,450 US Treasury securities 2,969 — ( 61 ) 2,908 Municipal and pre-refunded municipal bonds 13,980 — ( 469 ) 13,511 Certificates of deposit 1,499 — — 1,499 Mutual funds, held in rabbi trust 12,941 1,027 ( 70 ) 13,898 124,138 1,027 ( 2,809 ) 122,356 $ 377,057 $ 1,028 $ ( 4,897 ) $ 373,188 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jul. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Measured at Fair Value on Recurring Basis | The Company’s financial assets that are accounted for at fair value on a recurring basis are presented in the tables below: Marketable Securities Fair Value as of July 31, 2024 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 258,930 $ — $ 258,930 Federal government agencies — 109,279 — 109,279 US Treasury securities — 79,197 — 79,197 Municipal and pre-refunded municipal bonds — 72,326 — 72,326 Certificates of deposit — 21,499 — 21,499 Mutual funds, held in rabbi trust 17,693 — — 17,693 Commercial paper — 2,905 — 2,905 $ 17,693 $ 544,136 $ — $ 561,829 Marketable Securities Fair Value as of January 31, 2024 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 270,539 $ — $ 270,539 Federal government agencies — 134,413 — 134,413 US Treasury securities — 61,942 — 61,942 Municipal and pre-refunded municipal bonds — 86,878 — 86,878 Certificates of deposit — 21,499 — 21,499 Mutual funds, held in rabbi trust 15,068 — — 15,068 Commercial paper — 10,557 — 10,557 $ 15,068 $ 585,828 $ — $ 600,896 Marketable Securities Fair Value as of July 31, 2023 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 141,754 $ — $ 141,754 Federal government agencies — 91,574 — 91,574 US Treasury securities — 21,553 — 21,553 Municipal and pre-refunded municipal bonds — 61,191 — 61,191 Certificates of deposit — 1,499 — 1,499 Mutual funds, held in rabbi trust 13,898 — — 13,898 Commercial paper — 41,719 — 41,719 $ 13,898 $ 359,290 $ — $ 373,188 |
Tax Credit Investments (Tables)
Tax Credit Investments (Tables) | 6 Months Ended |
Jul. 31, 2024 | |
Investment Owned, Balance [Abstract] | |
Tax credit investment balances measured on recurring basis | The following table summarizes the balances related to the investment at July 31, 2024, January 31, 2024 and July 31, 2023: July 31, January 31, July 31, 2024 2024 2023 Other assets $ 57,454 $ 66,214 $ 74,167 Accrued expenses, accrued compensation and other current liabilities 16,231 10,507 5,308 Other non-current liabilities 38,857 47,293 55,088 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jul. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Consolidated Statements of Income | Share-based compensation expense included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Income, for the three and six months ended July 31, 2024 and 2023, was as follows: Three Months Ended Six Months Ended July 31, July 31, 2024 2023 2024 2023 Performance Stock Units $ 1,186 $ 1,231 $ 2,423 $ 2,551 Restricted Stock Units 6,771 6,590 13,133 13,005 Total $ 7,957 $ 7,821 $ 15,556 $ 15,556 |
Schedule of Share Based Awards Issued and Weighted Average Fair Value | Share-based awards granted and the weighted-average fair value of such awards for the six months ended July 31, 2024 was as follows: Six Months Ended July 31, 2024 Weighted- Awards Average Fair Granted Value Performance Stock Units 107,345 $ 41.92 Restricted Stock Units 696,123 $ 41.84 Total 803,468 |
Schedule of Unrecognized Compensation Cost and Weighted Average Period of Recognition | The total unrecognized compensation cost related to outstanding share-based awards and the weighted-average period in which the cost is expected to be recognized as of July 31, 2024 was as follows: July 31, 2024 Unrecognized Weighted- Compensation Average Cost Years Performance Stock Units $ 7,346 2.1 Restricted Stock Units 43,498 2.2 Total $ 50,844 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jul. 31, 2024 | |
Equity [Abstract] | |
Share Repurchase Activity | Share repurchase activity under the Company's share repurchase program was as follows: Three Months Ended Six Months Ended July 31, July 31, 2024 2023 2024 2023 Number of common shares repurchased and subsequently retired 1,200,000 — 1,200,000 — Total cost (1) $ 52,262 $ — $ 52,262 $ — Average cost per share, including commissions $ 43.55 $ — $ 43.55 $ — (1) Under the Inflation Reduction Act, the Company's share repurchases, net of issuances, are subject to a 1 % excise tax. The total cost of share repurchases during the three and six months ended July 31, 2024 excludes excise tax incurred of $ 240 . |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jul. 31, 2024 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax | The following tables present the changes in “Accumulated other comprehensive loss,” by component, net of tax, for the three and six months ended July 31, 2024 and 2023: Three Months Ended July 31, 2024 Six Months Ended July 31, 2024 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ ( 41,674 ) $ ( 3,073 ) $ ( 44,747 ) $ ( 38,376 ) $ ( 771 ) $ ( 39,147 ) Other comprehensive 3,760 2,611 6,371 462 332 794 Amounts reclassified — ( 56 ) ( 56 ) — ( 79 ) ( 79 ) Net current-period other 3,760 2,555 6,315 462 253 715 Balance at end of period $ ( 37,914 ) $ ( 518 ) $ ( 38,432 ) $ ( 37,914 ) $ ( 518 ) $ ( 38,432 ) Three Months Ended July 31, 2023 Six Months Ended July 31, 2023 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ ( 39,647 ) $ ( 3,691 ) $ ( 43,338 ) $ ( 42,824 ) $ ( 5,811 ) $ ( 48,635 ) Other comprehensive 4,515 28 4,543 7,692 2,147 9,839 Amounts reclassified — ( 7 ) ( 7 ) — ( 6 ) ( 6 ) Net current-period other 4,515 21 4,536 7,692 2,141 9,833 Balance at end of period $ ( 35,132 ) $ ( 3,670 ) $ ( 38,802 ) $ ( 35,132 ) $ ( 3,670 ) $ ( 38,802 ) |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 6 Months Ended |
Jul. 31, 2024 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding Used for Computation of Basic and Diluted Net Income per Common Share | The following is a reconciliation of the weighted-average common shares outstanding and calculation of basic and diluted net income per common share: Three Months Ended Six Months Ended July 31, July 31, 2024 2023 2024 2023 Net income $ 117,485 $ 104,092 $ 179,250 $ 156,909 Basic weighted-average common shares 93,071,401 92,741,888 93,097,694 92,610,499 Effect of dilutive options, performance stock units 1,612,602 1,486,297 1,744,371 1,416,451 Diluted weighted-average shares outstanding 94,684,003 94,228,185 94,842,065 94,026,950 Net income per common share: Basic $ 1.26 $ 1.12 $ 1.93 $ 1.69 Diluted $ 1.24 $ 1.10 $ 1.89 $ 1.67 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jul. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Operations by Segment | A summary of the information about the Company’s operations by segment is as follows: Three Months Ended Six Months Ended July 31, July 31, 2024 2023 2024 2023 Net sales Retail operations $ 1,196,456 $ 1,160,089 $ 2,259,141 $ 2,164,190 Nuuly operations 90,696 55,793 168,638 107,263 Wholesale operations 66,769 60,768 130,021 124,183 Intersegment elimination ( 1,962 ) ( 4,455 ) ( 5,109 ) ( 9,767 ) Total net sales $ 1,351,959 $ 1,272,195 $ 2,552,691 $ 2,385,869 Income from operations Retail operations $ 139,199 $ 144,034 $ 227,086 $ 227,264 Nuuly operations 5,320 ( 2,439 ) 4,094 ( 2,710 ) Wholesale operations 13,444 6,726 24,752 13,385 Intersegment elimination ( 6 ) ( 66 ) ( 58 ) ( 412 ) Total segment operating income 157,957 148,255 255,874 237,527 General corporate expenses ( 12,822 ) ( 16,157 ) ( 36,115 ) ( 34,046 ) Total income from operations $ 145,135 $ 132,098 $ 219,759 $ 203,481 July 31, January 31, July 31, 2024 2024 2023 Inventory Retail operations $ 552,345 $ 505,271 $ 535,940 Wholesale operations 52,322 44,971 50,574 Total inventory $ 604,667 $ 550,242 $ 586,514 Rental product, net (1) Nuuly operations $ 193,115 $ 163,119 $ 119,079 Total rental product, net $ 193,115 $ 163,119 $ 119,079 (1) Rental product, net is included in "Other assets" in the Condensed Consolidated Balance Sheets. Property and equipment, net Retail operations $ 1,185,279 $ 1,182,084 $ 1,153,705 Nuuly operations 126,544 102,102 67,757 Wholesale operations 3,100 2,355 881 Total property and equipment, net $ 1,314,923 $ 1,286,541 $ 1,222,343 |
Schedule of Net Sales and Percentage of Net Sales by Merchandise Category | The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category and by segment: Three Months Ended July 31, 2024 2023 Net sales Apparel $ 832,428 70 % $ 797,235 69 % Home 162,258 14 % 169,403 14 % Accessories 148,845 12 % 138,928 12 % Other 52,925 4 % 54,523 5 % Retail operations 1,196,456 100 % 1,160,089 100 % Nuuly operations 90,696 55,793 Apparel 60,502 94 % 52,436 93 % Accessories 4,042 6 % 2,698 5 % Other 263 0 % 1,179 2 % Wholesale operations (1) 64,807 100 % 56,313 100 % Total net sales $ 1,351,959 $ 1,272,195 Six Months Ended July 31, 2024 2023 Net sales Apparel $ 1,575,383 70 % $ 1,482,320 68 % Home 304,357 13 % 319,627 15 % Accessories 278,109 12 % 260,639 12 % Other 101,292 5 % 101,604 5 % Retail operations 2,259,141 100 % 2,164,190 100 % Nuuly operations 168,638 107,263 Apparel 117,043 94 % 105,057 92 % Accessories 7,390 6 % 8,019 7 % Other 479 0 % 1,340 1 % Wholesale operations (1) 124,912 100 % 114,416 100 % Total net sales $ 2,552,691 $ 2,385,869 |
Schedule of Revenues and Long-Lived Assets, by Domestic and Foreign Operations Segment | The Company has foreign operations primarily in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: July 31, January 31, July 31, 2024 2024 2023 Property and equipment, net Domestic operations $ 1,162,995 $ 1,130,332 $ 1,064,868 Foreign operations 151,928 156,209 157,475 Total property and equipment, net $ 1,314,923 $ 1,286,541 $ 1,222,343 Three Months Ended Six Months Ended July 31, July 31, 2024 2023 2024 2023 Net Sales Domestic operations $ 1,175,450 $ 1,104,399 $ 2,234,373 $ 2,084,005 Foreign operations 176,509 167,796 318,318 301,864 Total net sales $ 1,351,959 $ 1,272,195 $ 2,552,691 $ 2,385,869 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |||
Jul. 31, 2024 | Jul. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract receivables, net of allowance for doubtful accounts | $ 78,749 | $ 79,118 | $ 67,008 | $ 70,339 |
Gift cards expected redemption period | 2 years | |||
Contract liabilities | $ 86,160 | 73,065 | $ 91,408 | $ 82,867 |
Revenue recognized included in contract liability | $ 37,981 | $ 27,085 |
Marketable Securities - Amortiz
Marketable Securities - Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities (Detail) - USD ($) $ in Thousands | Jul. 31, 2024 | Jan. 31, 2024 | Jul. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | |||
Short-term Investments, Fair Value | $ 352,360 | $ 286,744 | $ 250,832 |
Long-term Investments, Fair Value | 209,469 | 314,152 | 122,356 |
Amortized Cost | 560,836 | 600,636 | 377,057 |
Unrealized Gains | 2,105 | 2,323 | 1,028 |
Unrealized (Losses) | (1,112) | (2,063) | (4,897) |
Fair Value | 561,829 | 600,896 | 373,188 |
Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 353,116 | 288,100 | 252,919 |
Unrealized Gains | 50 | 71 | 1 |
Unrealized (Losses) | (806) | (1,427) | (2,088) |
Fair Value | 352,360 | 286,744 | 250,832 |
Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 207,720 | 312,536 | 124,138 |
Unrealized Gains | 2,055 | 2,252 | 1,027 |
Unrealized (Losses) | (306) | (636) | (2,809) |
Fair Value | 209,469 | 314,152 | 122,356 |
Corporate Bonds | Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 179,538 | 123,418 | 96,902 |
Unrealized Gains | 26 | 27 | 1 |
Unrealized (Losses) | (567) | (883) | (1,239) |
Fair Value | 178,997 | 122,562 | 95,664 |
Corporate Bonds | Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 79,873 | 147,924 | 47,835 |
Unrealized Gains | 147 | 441 | 0 |
Unrealized (Losses) | (87) | (388) | (1,745) |
Fair Value | 79,933 | 147,977 | 46,090 |
Municipal and Pre-Refunded Municipal Bonds | Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 47,174 | 47,915 | 48,350 |
Unrealized Gains | 17 | 9 | 0 |
Unrealized (Losses) | (65) | (414) | (670) |
Fair Value | 47,126 | 47,510 | 47,680 |
Municipal and Pre-Refunded Municipal Bonds | Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 25,250 | 39,243 | 13,980 |
Unrealized Gains | 19 | 160 | 0 |
Unrealized (Losses) | (69) | (35) | (469) |
Fair Value | 25,200 | 39,368 | 13,511 |
Commercial Paper | Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,905 | 10,557 | 41,719 |
Unrealized Gains | 0 | 0 | 0 |
Unrealized (Losses) | 0 | 0 | 0 |
Fair Value | 2,905 | 10,557 | 41,719 |
US Treasury Securities | Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 29,150 | 27,231 | 18,661 |
Unrealized Gains | 0 | 0 | 0 |
Unrealized (Losses) | (59) | (36) | (16) |
Fair Value | 29,091 | 27,195 | 18,645 |
US Treasury Securities | Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 49,951 | 34,604 | 2,969 |
Unrealized Gains | 200 | 169 | 0 |
Unrealized (Losses) | (45) | (26) | (61) |
Fair Value | 50,106 | 34,747 | 2,908 |
Federal Government Agencies | Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 73,850 | 68,730 | 47,287 |
Unrealized Gains | 7 | 35 | 0 |
Unrealized (Losses) | (115) | (94) | (163) |
Fair Value | 73,742 | 68,671 | 47,124 |
Federal Government Agencies | Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 35,635 | 65,698 | 44,914 |
Unrealized Gains | 7 | 138 | 0 |
Unrealized (Losses) | (105) | (94) | (464) |
Fair Value | 35,537 | 65,742 | 44,450 |
Mutual Funds, Held in Rabbi Trust | Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 16,011 | 13,817 | 12,941 |
Unrealized Gains | 1,682 | 1,344 | 1,027 |
Unrealized (Losses) | 0 | (93) | (70) |
Fair Value | 17,693 | 15,068 | 13,898 |
Certificates of Deposit | Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 20,499 | 10,249 | |
Unrealized Gains | 0 | 0 | |
Unrealized (Losses) | 0 | 0 | |
Fair Value | 20,499 | 10,249 | |
Certificates of Deposit | Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,000 | 11,250 | 1,499 |
Unrealized Gains | 0 | 0 | 0 |
Unrealized (Losses) | 0 | 0 | 0 |
Fair Value | $ 1,000 | $ 11,250 | $ 1,499 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Sales and maturities of marketable securities | $ 204,145 | $ 149,921 | ||
Other (Loss) Income, Net | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Net realized gain (loss) | $ 56 | $ 7 | 79 | 6 |
Amortization of discounts and premiums, net | $ 2,066 | $ 894 | $ 4,221 | $ 1,172 |
Fair Value - Financial Assets M
Fair Value - Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jul. 31, 2024 | Jan. 31, 2024 | Jul. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | $ 561,829 | $ 600,896 | $ 373,188 |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 561,829 | 600,896 | 373,188 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 17,693 | 15,068 | 13,898 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 544,136 | 585,828 | 359,290 |
Fair Value, Measurements, Recurring | Corporate Bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 258,930 | 270,539 | 141,754 |
Fair Value, Measurements, Recurring | Corporate Bonds | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 258,930 | 270,539 | 141,754 |
Fair Value, Measurements, Recurring | Federal Government Agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 109,279 | 134,413 | 91,574 |
Fair Value, Measurements, Recurring | Federal Government Agencies | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 109,279 | 134,413 | 91,574 |
Fair Value, Measurements, Recurring | US Treasury Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 79,197 | 61,942 | 21,553 |
Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 79,197 | 61,942 | 21,553 |
Fair Value, Measurements, Recurring | Municipal and Pre-Refunded Municipal Bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 72,326 | 86,878 | 61,191 |
Fair Value, Measurements, Recurring | Municipal and Pre-Refunded Municipal Bonds | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 72,326 | 86,878 | 61,191 |
Fair Value, Measurements, Recurring | Certificates of Deposit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 21,499 | 21,499 | 1,499 |
Fair Value, Measurements, Recurring | Certificates of Deposit | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 21,499 | 21,499 | 1,499 |
Fair Value, Measurements, Recurring | Mutual Funds, Held in Rabbi Trust | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 17,693 | 15,068 | 13,898 |
Fair Value, Measurements, Recurring | Mutual Funds, Held in Rabbi Trust | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 17,693 | 15,068 | 13,898 |
Fair Value, Measurements, Recurring | Commercial Paper | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 2,905 | 10,557 | 41,719 |
Fair Value, Measurements, Recurring | Commercial Paper | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | $ 2,905 | $ 10,557 | $ 41,719 |
Fair Value (Additional Informat
Fair Value (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2024 | Jul. 31, 2023 | Jul. 31, 2023 | Jul. 31, 2024 | Jan. 31, 2024 | |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Store impairment charges | $ 815 | $ 0 | $ 0 | ||
Operating lease right-of-use assets | $ 961,458 | $ 961,458 | $ 941,404 | $ 920,396 | |
Lease Abandonment Charges | 3,786 | ||||
Impairment [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Operating lease right-of-use assets | $ 1,500 |
Debt - Additional Information (
Debt - Additional Information (Detail) - Third Amended Credit Agreement - USD ($) $ in Thousands | 6 Months Ended | ||
Feb. 10, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Line Of Credit Facility [Line Items] | |||
Line of credit outstanding | $ 0 | ||
Stand-by letters of credit | |||
Line Of Credit Facility [Line Items] | |||
Letter of credit outstanding | 9,001 | ||
JPMorgan Chase Bank N. A. | Revolving Credit Facility | |||
Line Of Credit Facility [Line Items] | |||
Credit facility maximum borrowing capacity | $ 350,000 | ||
Additional line of credit facility | $ 150,000 | ||
Commitment fee percentage | 0.20% | ||
Interest Expense | $ 485 | $ 483 | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted SOFR, CDOR,SONIA or EURIBOR | Minimum | |||
Line Of Credit Facility [Line Items] | |||
Applicable margin | 1.125% | ||
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted SOFR, CDOR,SONIA or EURIBOR | Maximum | |||
Line Of Credit Facility [Line Items] | |||
Applicable margin | 1.375% | ||
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted Bounce Rate | Minimum | |||
Line Of Credit Facility [Line Items] | |||
Applicable margin | 0.125% | ||
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted Bounce Rate | Maximum | |||
Line Of Credit Facility [Line Items] | |||
Applicable margin | 0.375% |
Tax Credit Investments (Additio
Tax Credit Investments (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | Feb. 10, 2023 | |
Summary of Investment Holdings [Line Items] | |||||
Investments description | An initial payment of $20,000 was paid at closing with the remaining balance payable in quarterly installments over a five-year period beginning in fiscal 2024. | ||||
Accrued Tax Credit Investment Installments | $ 0 | $ 62,120 | |||
Amortization of tax credit investment | 8,760 | 7,953 | |||
Income tax expense | $ 35,079 | $ 31,405 | 54,184 | 50,990 | |
Tax Credit Investment [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Membership interest amount | 100,000 | 100,000 | $ 100,000 | ||
Payments to acquire investments | 20,000 | ||||
Accrued Tax Credit Investment Installments | $ 62,120 | ||||
Tax credit investment period | 10 years | ||||
Interest expense | 1,256 | 1,372 | $ 2,542 | 3,531 | |
Amortization of tax credit investment | 4,380 | 3,977 | 8,760 | 7,953 | |
Income tax expense | $ (6,122) | $ (5,607) | $ (12,250) | $ (11,379) |
Tax Credit Investments - Summar
Tax Credit Investments - Summary of balances related to Investment (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Jan. 31, 2024 | Jul. 31, 2023 |
Tax Credit Carryforward [Line Items] | |||
Other assets | $ 319,156 | $ 307,617 | $ 298,317 |
Accrued expenses, accrued compensation and other current liabilities | 483,080 | 514,218 | 459,343 |
Other non-current liabilities | 131,798 | 152,611 | 162,228 |
Tax Credit Investment [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Other assets | 57,454 | 66,214 | 74,167 |
Accrued expenses, accrued compensation and other current liabilities | 16,231 | 10,507 | 5,308 |
Other non-current liabilities | $ 38,857 | $ 47,293 | $ 55,088 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 7,957 | $ 7,821 | $ 15,556 | $ 15,556 |
Performance Stock Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,186 | 1,231 | 2,423 | 2,551 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 6,771 | $ 6,590 | $ 13,133 | $ 13,005 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share Based Awards Issued and Weighted Average Fair Value (Detail) | 6 Months Ended |
Jul. 31, 2024 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 803,468 |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 107,345 |
Weighted Average Fair Value | $ / shares | $ 41.92 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 696,123 |
Weighted Average Fair Value | $ / shares | $ 41.84 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Unrecognized Compensation Cost and Weighted Average Period of Recognition (Detail) $ in Thousands | 6 Months Ended |
Jul. 31, 2024 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation on Cost | $ 50,844 |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation on Cost | $ 7,346 |
Weighted Average Years | 2 years 1 month 6 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation on Cost | $ 43,498 |
Weighted Average Years | 2 years 2 months 12 days |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 6 Months Ended |
Jul. 31, 2024 shares | |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options exercised | 60,000 |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units vested | 157,082 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units vested | 820,101 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchase Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | ||
Equity, Class of Treasury Stock [Line Items] | |||||
Total cost | $ 53,034 | $ 334 | $ 67,479 | $ 8,184 | |
Share Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Number of common shares repurchased and subsequently retired | 1,200,000 | 0 | 1,200,000 | 0 | |
Total cost | [1] | $ 52,262 | $ 0 | $ 52,262 | $ 0 |
Average cost per share, including commissions | $ 43.55 | $ 0 | $ 43.55 | $ 0 | |
[1] Under the Inflation Reduction Act, the Company's share repurchases, net of issuances, are subject to a 1 % excise tax. The total cost of share repurchases during the three and six months ended July 31, 2024 excludes excise tax incurred of $ 240 . |
Shareholders' Equity - Share _2
Shareholders' Equity - Share Repurchase Activity (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 31, 2024 | Jul. 31, 2024 | |
Equity [Abstract] | ||
Excise tax incurred | $ 240 | $ 240 |
Excise tax rate | 1% |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | Jun. 04, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Common shares authorized for repurchase, shares | 20,000,000 | ||||
Remaining common shares authorized for repurchase, shares | 17,956,390 | 17,956,390 | |||
Stock Repurchased and Retired During Period, Value | $ 53,034 | $ 334 | $ 67,479 | $ 8,184 | |
Employee Stock | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchased and Retired During Period, Shares | 355,439 | 303,579 | |||
Stock Repurchased and Retired During Period, Value | $ 14,977 | $ 8,184 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | $ 2,162,334 | $ 1,850,682 | $ 2,112,540 | $ 1,792,683 |
Net current-period other comprehensive income | (6,315) | (4,536) | (715) | (9,833) |
Ending Balance | 2,241,433 | 1,967,391 | 2,241,433 | 1,967,391 |
Foreign Currency Translation | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | (41,674) | (39,647) | (38,376) | (42,824) |
Other comprehensive income before reclassifications | 3,760 | 4,515 | 462 | 7,692 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income | (3,760) | (4,515) | (462) | (7,692) |
Ending Balance | (37,914) | (35,132) | (37,914) | (35,132) |
Unrealized Gains and (Losses) on available- for-Sale Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | (3,073) | (3,691) | (771) | (5,811) |
Other comprehensive income before reclassifications | 2,611 | 28 | 332 | 2,147 |
Amounts reclassified from accumulated other comprehensive income | (56) | (7) | (79) | (6) |
Net current-period other comprehensive income | (2,555) | (21) | (253) | (2,141) |
Ending Balance | (518) | (3,670) | (518) | (3,670) |
Accumulated Other Comprehensive Loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | (44,747) | (43,338) | (39,147) | (48,635) |
Other comprehensive income before reclassifications | 6,371 | 4,543 | 794 | 9,839 |
Amounts reclassified from accumulated other comprehensive income | (56) | (7) | (79) | (6) |
Net current-period other comprehensive income | (6,315) | (4,536) | (715) | (9,833) |
Ending Balance | $ (38,432) | $ (38,802) | $ (38,432) | $ (38,802) |
Net Income per Common Share - R
Net Income per Common Share - Reconciliation of Weighted Average Common Shares Outstanding Used for Computation of Basic and Diluted Net Income per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Earnings Per Share [Abstract] | ||||
Net Income (Loss) | $ 117,485 | $ 104,092 | $ 179,250 | $ 156,909 |
Basic weighted-average common shares outstanding | 93,071,401 | 92,741,888 | 93,097,694 | 92,610,499 |
Effect of dilutive options, performance stock units and restricted stock units | 1,612,602 | 1,486,297 | 1,744,371 | 1,416,451 |
Diluted weighted-average shares outstanding | 94,684,003 | 94,228,185 | 94,842,065 | 94,026,950 |
Basic | $ 1.26 | $ 1.12 | $ 1.93 | $ 1.69 |
Diluted | $ 1.24 | $ 1.1 | $ 1.89 | $ 1.67 |
Net Income per Common Share - A
Net Income per Common Share - Additional Information (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common shares | 40,000 | 40,000 | 40,000 | 80,000 |
Anti-dilutive common shares exercise price, minimum | $ 28.47 | |||
Anti-dilutive common shares exercise price, maximum | $ 46.42 | $ 46.42 | $ 46.42 | $ 46.42 |
Performance Stock Units (PSUs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common shares | 270,441 | 272,554 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Jul. 31, 2024 Customer Segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | Segment | 3 |
Number of major customers exceeding ten percentage thresholds | Customer | 0 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Operations by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | Jan. 31, 2024 | ||
Segment Reporting Information [Line Items] | ||||||
Total net sales | $ 1,351,959 | $ 1,272,195 | $ 2,552,691 | $ 2,385,869 | ||
Total income from operations | 145,135 | 132,098 | 219,759 | 203,481 | ||
General corporate expenses | (12,822) | (16,157) | (36,115) | (34,046) | ||
Total inventory | 604,667 | 586,514 | 604,667 | 586,514 | $ 550,242 | |
Total rental product, net | [1] | 193,115 | 119,079 | 193,115 | 119,079 | 163,119 |
Total property and equipment, net | 1,314,923 | 1,222,343 | 1,314,923 | 1,222,343 | 1,286,541 | |
Retail Operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | 1,196,456 | 1,160,089 | 2,259,141 | 2,164,190 | ||
Total inventory | 552,345 | 535,940 | 552,345 | 535,940 | 505,271 | |
Total property and equipment, net | 1,185,279 | 1,153,705 | 1,185,279 | 1,153,705 | 1,182,084 | |
Nuuly operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | 90,696 | 55,793 | 168,638 | 107,263 | ||
Total rental product, net | [1] | 193,115 | 119,079 | 193,115 | 119,079 | 163,119 |
Total property and equipment, net | 126,544 | 67,757 | 126,544 | 67,757 | 102,102 | |
Wholesale Operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | [2] | 64,807 | 56,313 | 124,912 | 114,416 | |
Total inventory | 52,322 | 50,574 | 52,322 | 50,574 | 44,971 | |
Total property and equipment, net | 3,100 | 881 | 3,100 | 881 | $ 2,355 | |
Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | 1,351,959 | 1,272,195 | 2,552,691 | 2,385,869 | ||
Total income from operations | 157,957 | 148,255 | 255,874 | 237,527 | ||
Operating Segments | Retail Operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | 1,196,456 | 1,160,089 | 2,259,141 | 2,164,190 | ||
Total income from operations | 139,199 | 144,034 | 227,086 | 227,264 | ||
Operating Segments | Nuuly operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | 90,696 | 55,793 | 168,638 | 107,263 | ||
Total income from operations | 5,320 | (2,439) | 4,094 | (2,710) | ||
Operating Segments | Wholesale Operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | 66,769 | 60,768 | 130,021 | 124,183 | ||
Total income from operations | 13,444 | 6,726 | 24,752 | 13,385 | ||
Intersegment Elimination | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | (1,962) | (4,455) | (5,109) | (9,767) | ||
Total income from operations | $ (6) | $ (66) | $ (58) | $ (412) | ||
[1] Rental product, net is included in "Other assets" in the Condensed Consolidated Balance Sheets. Net of intersegment elimination. |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of Net Sales and Percentage of Net Sales by Merchandise Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | ||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 1,351,959 | $ 1,272,195 | $ 2,552,691 | $ 2,385,869 | |
Retail Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 1,196,456 | $ 1,160,089 | $ 2,259,141 | $ 2,164,190 | |
Total net sales, percentage | 100% | 100% | 100% | 100% | |
Wholesale Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | [1] | $ 64,807 | $ 56,313 | $ 124,912 | $ 114,416 |
Total net sales, percentage | [1] | 100% | 100% | 100% | 100% |
Nuuly operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 90,696 | $ 55,793 | $ 168,638 | $ 107,263 | |
Apparel | Retail Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 832,428 | $ 797,235 | $ 1,575,383 | $ 1,482,320 | |
Total net sales, percentage | 70% | 69% | 70% | 68% | |
Apparel | Wholesale Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 60,502 | $ 52,436 | $ 117,043 | $ 105,057 | |
Total net sales, percentage | 94% | 93% | 94% | 92% | |
Home | Retail Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 162,258 | $ 169,403 | $ 304,357 | $ 319,627 | |
Total net sales, percentage | 14% | 14% | 13% | 15% | |
Accessories | Retail Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 148,845 | $ 138,928 | $ 278,109 | $ 260,639 | |
Total net sales, percentage | 12% | 12% | 12% | 12% | |
Accessories | Wholesale Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 4,042 | $ 2,698 | $ 7,390 | $ 8,019 | |
Total net sales, percentage | 6% | 5% | 6% | 7% | |
Other | Retail Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 52,925 | $ 54,523 | $ 101,292 | $ 101,604 | |
Total net sales, percentage | 4% | 5% | 5% | 5% | |
Other | Wholesale Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 263 | $ 1,179 | $ 479 | $ 1,340 | |
Total net sales, percentage | 0% | 2% | 0% | 1% | |
[1] Net of intersegment elimination. |
Segment Reporting - Schedule _3
Segment Reporting - Schedule of Revenues and Long-Lived Assets, by Domestic and Foreign Operations Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | Jan. 31, 2024 | |
Segment Reporting Information [Line Items] | |||||
Total property and equipment, net | $ 1,314,923 | $ 1,222,343 | $ 1,314,923 | $ 1,222,343 | $ 1,286,541 |
Total net sales | 1,351,959 | 1,272,195 | 2,552,691 | 2,385,869 | |
Domestic Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total property and equipment, net | 1,162,995 | 1,064,868 | 1,162,995 | 1,064,868 | 1,130,332 |
Total net sales | 1,175,450 | 1,104,399 | 2,234,373 | 2,084,005 | |
Foreign Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total property and equipment, net | 151,928 | 157,475 | 151,928 | 157,475 | $ 156,209 |
Total net sales | $ 176,509 | $ 167,796 | $ 318,318 | $ 301,864 |