Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2016 | Mar. 24, 2016 | Jul. 31, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | URBN | ||
Entity Registrant Name | URBAN OUTFITTERS INC | ||
Entity Central Index Key | 912,615 | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 117,401,220 | ||
Entity Public Float | $ 3,014,925,747 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 265,276 | $ 154,558 |
Marketable securities | 61,061 | 104,246 |
Accounts receivable, net of allowance for doubtful accounts of $664 and $850, respectively | 75,723 | 70,458 |
Inventory | 330,223 | 358,237 |
Prepaid expenses and other current assets | 102,078 | 102,863 |
Deferred income taxes | 18,755 | |
Total current assets | 834,361 | 809,117 |
Property and equipment, net | 863,137 | 889,232 |
Marketable securities | 36,600 | 104,448 |
Deferred income taxes and other assets | 99,203 | 85,944 |
Total Assets | 1,833,301 | 1,888,741 |
Current liabilities: | ||
Accounts payable | 118,035 | 156,090 |
Accrued compensation | 41,474 | 45,007 |
Accrued expenses and other current liabilities | 169,722 | 152,643 |
Total current liabilities | 329,231 | 353,740 |
Long-term debt | 150,000 | |
Deferred rent and other liabilities | 216,843 | 207,032 |
Total Liabilities | $ 696,074 | $ 560,772 |
Commitments and contingencies (see Note 13) | ||
Shareholders' equity: | ||
Preferred shares; $.0001 par value, 10,000,000 shares authorized, none issued | ||
Common shares; $.0001 par value, 200,000,000 shares authorized, 117,321,120 and 130,502,864 shares issued and outstanding, respectively | $ 12 | $ 13 |
Additional paid-in-capital | 0 | 0 |
Retained earnings | 1,160,666 | 1,343,383 |
Accumulated other comprehensive loss | (23,451) | (15,427) |
Total Shareholders' Equity | 1,137,227 | 1,327,969 |
Total Liabilities and Shareholders' Equity | $ 1,833,301 | $ 1,888,741 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Accounts receivable, allowance for doubtful accounts | $ 664 | $ 850 |
Preferred shares, par value | $ 0.0001 | $ 0.0001 |
Preferred shares, shares authorized | 10,000,000 | 10,000,000 |
Preferred shares, shares issued | 0 | 0 |
Common shares, par value | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized | 200,000,000 | 200,000,000 |
Common shares, shares issued | 117,321,120 | 130,502,864 |
Common shares, shares outstanding | 117,321,120 | 130,502,864 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Net sales | $ 3,445,134 | $ 3,323,077 | $ 3,086,608 |
Cost of sales | 2,243,232 | 2,148,147 | 1,925,266 |
Gross profit | 1,201,902 | 1,174,930 | 1,161,342 |
Selling, general and administrative expenses | 848,323 | 809,545 | 734,511 |
Income from operations | 353,579 | 365,385 | 426,831 |
Interest income | 943 | 2,319 | 2,713 |
Other income | 958 | 580 | 1,088 |
Other expenses | (5,449) | (4,834) | (3,114) |
Income before income taxes | 350,031 | 363,450 | 427,518 |
Income tax expense | 125,542 | 131,022 | 145,158 |
Net income | $ 224,489 | $ 232,428 | $ 282,360 |
Net income per common share: | |||
Basic | $ 1.79 | $ 1.70 | $ 1.92 |
Diluted | $ 1.78 | $ 1.68 | $ 1.89 |
Weighted-average common shares outstanding: | |||
Basic | 125,232,499 | 136,651,899 | 147,014,869 |
Diluted | 126,013,414 | 138,192,734 | 149,225,906 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Net income | $ 224,489 | $ 232,428 | $ 282,360 |
Other comprehensive (loss) income: | |||
Foreign currency translation | (7,963) | (14,128) | 7,194 |
Change in unrealized (losses) gains on marketable securities, net of tax | (61) | (331) | 620 |
Net current-period total other comprehensive income/(loss) | (8,024) | (14,459) | 7,814 |
Comprehensive income | $ 216,465 | $ 217,969 | $ 290,174 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated other Comprehensive Loss |
Beginning Balances at Jan. 31, 2013 | $ 1,354,588 | $ 15 | $ 48,276 | $ 1,315,079 | $ (8,782) |
Beginning Balances (in shares) at Jan. 31, 2013 | 146,015,767 | ||||
Comprehensive income | 290,174 | 282,360 | 7,814 | ||
Share-based compensation | 15,742 | 15,742 | |||
Stock options and awards (in shares) | 1,603,628 | ||||
Stock options and awards | 35,218 | 35,218 | |||
Excess tax benefit from share-based awards | 9,540 | 9,540 | |||
Share repurchases (in shares) | (309,820) | ||||
Share repurchases | (11,092) | (11,092) | |||
Ending Balances at Jan. 31, 2014 | 1,694,170 | $ 15 | 97,684 | 1,597,439 | (968) |
Ending Balances (in shares) at Jan. 31, 2014 | 147,309,575 | ||||
Comprehensive income | 217,969 | 232,428 | (14,459) | ||
Share-based compensation | 16,736 | 16,736 | |||
Stock options and awards (in shares) | 723,083 | ||||
Stock options and awards | 10,693 | 10,693 | |||
Excess tax benefit from share-based awards | 3,822 | 3,822 | |||
Share repurchases (in shares) | (17,529,794) | ||||
Share repurchases | (615,421) | $ (2) | (128,935) | (486,484) | |
Ending Balances at Jan. 31, 2015 | $ 1,327,969 | $ 13 | 1,343,383 | (15,427) | |
Ending Balances (in shares) at Jan. 31, 2015 | 130,502,864 | 130,502,864 | |||
Comprehensive income | $ 216,465 | 224,489 | (8,024) | ||
Share-based compensation | 15,623 | 15,623 | |||
Stock options and awards (in shares) | 2,027,090 | ||||
Stock options and awards | 46,400 | 46,400 | |||
Excess tax benefit from share-based awards | 6,194 | 6,194 | |||
Share repurchases (in shares) | (15,208,834) | ||||
Share repurchases | (475,424) | $ (1) | $ (68,217) | (407,206) | |
Ending Balances at Jan. 31, 2016 | $ 1,137,227 | $ 12 | $ 1,160,666 | $ (23,451) | |
Ending Balances (in shares) at Jan. 31, 2016 | 117,321,120 | 117,321,120 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 224,489 | $ 232,428 | $ 282,360 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 142,722 | 138,110 | 132,664 |
Provision (benefit) for deferred income taxes | 13,662 | (2,221) | (28,505) |
Excess tax benefits from stock option exercises | (6,194) | (3,822) | (9,540) |
Share-based compensation expense | 15,623 | 16,736 | 15,742 |
Impairment | 8,928 | ||
Loss on disposition of property and equipment, net | 1,400 | 3,189 | 2,368 |
Changes in assets and liabilities: | |||
Receivables | (13,820) | (18,393) | (15,368) |
Inventory | 26,739 | (68,992) | (27,713) |
Prepaid expenses and other assets | 3,811 | (23,257) | 2,985 |
Payables, accrued expenses and other liabilities | (3,940) | 48,543 | 68,162 |
Net cash provided by operating activities | 413,420 | 322,321 | 423,155 |
Cash flows from investing activities: | |||
Cash paid for property and equipment | (134,950) | (229,804) | (186,101) |
Cash paid for marketable securities | (265,872) | (405,659) | (727,987) |
Sales and maturities of marketable securities | 374,057 | 830,297 | 451,866 |
Net cash (used in) provided by investing activities | (26,765) | 194,834 | (462,222) |
Cash flows from financing activities: | |||
Borrowings under long-term debt | 291,612 | ||
Repayments of long-term debt | (141,612) | ||
Proceeds from the exercise of stock options | 46,400 | 10,693 | 35,218 |
Excess tax benefits from stock option exercises | 6,194 | 3,822 | 9,540 |
Share repurchases related to share repurchase program | (465,304) | (611,475) | (10,695) |
Share repurchases related to taxes for share-based awards | (10,120) | (3,947) | (397) |
Net cash (used in) provided by financing activities | (272,830) | (600,907) | 33,666 |
Effect of exchange rate changes on cash and cash equivalents | (3,107) | (3,748) | 2,132 |
Increase (decrease) in cash and cash equivalents | 110,718 | (87,500) | (3,269) |
Cash and cash equivalents at beginning of period | 154,558 | 242,058 | 245,327 |
Cash and cash equivalents at end of period | 265,276 | 154,558 | 242,058 |
Cash paid during the year for: | |||
Income taxes | 99,359 | 144,892 | 159,628 |
Non-cash investing activities-Accrued capital expenditures | $ 11,607 | $ 18,771 | $ 20,889 |
Nature of Business
Nature of Business | 12 Months Ended |
Jan. 31, 2016 | |
Nature of Business | 1. Nature of Business Urban Outfitters, Inc. (the “Company” or “Urban Outfitters”), which was founded in 1970, was incorporated in the Commonwealth of Pennsylvania in 1976. The principal business activity of the Company is the operation of a general consumer product retail and wholesale business selling to customers through various channels including retail stores, websites, catalogs and mobile applications. As of January 31, 2016 and 2015, the Company operated 572 and 546 stores, respectively. Stores located in the United States totaled 485 as of January 31, 2016 and 464 as of January 31, 2015. Operations in Europe and Canada included 52 stores and 35 stores as of January 31, 2016, respectively, and 50 stores and 32 stores as of January 31, 2015, respectively. In addition, the Company’s Wholesale segment sold and distributed apparel to approximately 1,800 better department and specialty retailers worldwide. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2016 | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Fiscal Year-End The Company operates on a fiscal year ending January 31 of each year. All references to fiscal years of the Company refer to the fiscal years ended on January 31 in those years. For example, the Company’s fiscal 2016 ended on January 31, 2016. Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, net sales and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are defined as cash and short-term highly liquid investments with maturities of less than three months at the time of purchase. These short-term highly liquid investments are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. As of January 31, 2016 and 2015, 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. Marketable Securities All of the Company’s marketable securities as of January 31, 2016 and January 31, 2015 are classified as available-for-sale and are carried at fair value, which approximates amortized cost. Interest on these securities, as well as the amortization of discounts and premiums, is included in “Interest income” in the Consolidated Statements of Income. The Company records unrealized gains and losses on these securities (other than mutual funds held in the rabbi trust for the Urban Outfitters, Inc. Non-qualified Deferred Compensation Plan (See Note 3, “Marketable Securities”)) as a component of “Other comprehensive (loss) income” in the Consolidated Statements of Comprehensive Income and in “Accumulated other comprehensive loss” within “Shareholders’ equity” until realized, except when the Company considers declines in value to be other than temporary. Other than temporary impairment losses related to credit losses are considered to be realized losses. Mutual funds held in the rabbi trust have been accounted for under the fair value option, which results in all unrealized gains and losses being recorded in “Interest income” in the Consolidated Statements of Income. When available-for-sale securities are sold, the cost of the securities is specifically identified and is used to determine the realized gain or loss. Securities classified as current assets have maturity dates of less than or equal to one year from the balance sheet date. Securities classified as non-current assets have maturity dates greater than one year from the balance sheet date. Accounts Receivable Accounts receivable primarily consists of amounts due from our wholesale customers as well as credit card receivables outstanding with third-party credit card vendors. The activity of the allowance for doubtful accounts for the years ended January 31, 2016, 2015 and 2014 was as follows: Balance at year Additions Deductions Balance at Year ended January 31, 2016 $ 850 6,578 (6,764 ) $ 664 Year ended January 31, 2015 $ 1,711 4,666 (5,527 ) $ 850 Year ended January 31, 2014 $ 1,681 4,400 (4,370 ) $ 1,711 Inventory Inventory, which consists primarily of general consumer merchandise held for sale, is valued at the lower of cost or market. Cost is determined on the first-in, first-out method and includes the cost of merchandise and import related costs, including freight, import taxes and agent commissions. A periodic review of inventory is performed in order to determine if inventory is properly stated at the lower of cost or market. Factors the Company considers in its review, such as future expected consumer demand and fashion trends, current aging, current and anticipated retail markdowns or wholesale discounts and class or type of inventory, are analyzed to determine estimated net realizable value. Criteria that the Company considers in its review of aging trends include average selling cycle and seasonality of merchandise, the historical rate at which merchandise has sold below cost during the prior twelve months and the value and nature of merchandise currently priced below original cost. A provision is recorded to reduce the cost of inventory to its estimated net realizable value, if appropriate. The majority of inventory at January 31, 2016 and 2015 consisted of finished goods. Raw materials and work-in-process were not material to the overall inventory value. Property and Equipment Property and equipment are stated at cost and primarily consist of store leasehold improvements, furniture and fixtures, buildings, and other operating equipment. Depreciation is computed using the straight-line method over the lesser of the lease term or useful life for leasehold improvements, five years for furniture and fixtures, 39 years for buildings and three to ten years for other operating equipment. Major renovations or improvements that extend the service lives of our assets are capitalized over the extension period or life of the improvement, whichever is less. Impairment of Long-lived Assets, Goodwill and Intangible Assets The Company periodically reviews the carrying values of its long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events that result in an impairment review include plans to close a store, distribution or fulfillment center or a significant decrease in the operating results of a long-lived asset. The Company’s retail stores are reviewed for impairment at the store level, which is the lowest level at which individual cash flows can be identified. When events indicate that an asset may be impaired and the estimated undiscounted cash flows are less than the carrying amount of the asset, the impaired asset is adjusted to its estimated fair value and an impairment loss is recorded. During fiscal 2016, the Company recorded impairment charges for five retail stores, totaling $8,928, of which $7,429 is in “Cost of sales” and $1,499 is in “Selling, general and administrative expenses,” in the Consolidated Statements of Income. During the Company’s assessment of current and future performance it was determined that these stores would not be able to generate sufficient cash flow over the expected remaining lease term to recover the carrying value of the respective store assets. Impairment charges for fiscal 2015 and 2014 were immaterial. Deferred Rent Rent expense from leases is recorded on a straight-line basis over the lease period. The net excess of rent expense over the actual cash paid is recorded as deferred rent. In addition, certain store leases provide for contingent rentals when sales exceed specified break-point levels that are weighted based upon historical cyclicality. For leases where achievement of these levels is considered probable based on cumulative lease year revenue versus the established breakpoint at any given point in time, the Company accrues a contingent rent liability and a corresponding rent expense. Operating Leases The Company leases its retail stores under operating leases. Many of the lease agreements contain rent holidays, rent escalation clauses and contingent rent provisions or some combination of these items. The Company recognizes rent expense on a straight-line basis over the lease period commencing on the date that the premises are available from the landlord. The lease period includes the construction period required to make the leased space suitable for operating during which time the Company is not permitted to occupy the space. For purposes of calculating straight-line rent expense, the commencement date of the lease term reflects the date the Company takes possession of the building for initial construction and setup. The Company receives certain lease incentives, tenant improvement allowances, in conjunction with entering into operating leases. Tenant improvement allowances are recorded as deferred rent on the Consolidated Balance Sheets and are amortized on a straight-line basis as a reduction of rent expense over the term of the related lease on the Consolidated Statements of Income. Revenue Recognition The Company recognizes revenue in the Retail segment at the point-of-sale for merchandise the customer takes possession of at the store or when merchandise is shipped to the customer, in each case, net of estimated customer returns. Revenue is recognized by the Company’s Wholesale segment when merchandise is shipped to the customer, net of estimated customer returns. Revenue is presented on a net basis and does not include any tax assessed by a governmental or municipal authority. Payment for merchandise in the Company’s Retail segment is tendered by cash, check, credit card, debit card or gift card. Uncollectible accounts receivable for the Retail segment is negligible and primarily results from unauthorized credit card transactions. The Company maintains an allowance for doubtful accounts for its Wholesale segment accounts receivable, which management reviews on a regular basis and believes is sufficient to cover potential credit losses and billing adjustments. The Company accounts for a gift card transaction by recording a liability at the time the gift card is issued to the customer in exchange for consideration from the customer. A liability is established and remains on the Company’s books until the card is redeemed by the customer, at which time the Company records the redemption of the card for merchandise as a sale, or when it is determined the likelihood of redemption is remote. The Company determines the probability of the gift cards being redeemed to be remote based on historical redemption patterns. Revenues attributable to the reduction of gift card liabilities for which the likelihood of redemption becomes remote are included in sales and are not material. The Company’s gift cards do not expire. Sales Return Reserve The Company records a reserve for estimated product returns where the sale has occurred during the period reported, but the return is likely to occur subsequent to the period reported. The reserve for estimated product returns is based on the Company’s most recent historical return trends. If the actual return rate is materially different than the Company’s estimate, sales returns would be adjusted in the future. The activity of the sales returns reserve for the years ended January 31, 2016, 2015 and 2014 was as follows: Balance at Additions Deductions Balance at Year ended January 31, 2016 $ 19,804 96,707 (92,126 ) $ 24,385 Year ended January 31, 2015 $ 17,089 80,390 (77,675 ) $ 19,804 Year ended January 31, 2014 $ 14,448 64,313 (61,672 ) $ 17,089 Cost of Sales Cost of sales includes the following: the cost of merchandise; merchandise markdowns; obsolescence and shrink provisions; store occupancy costs including rent and depreciation; delivery expense; inbound and outbound freight; customs related taxes and duties; inventory acquisition and purchasing costs; design costs; warehousing and handling costs and other inventory acquisition related costs. Selling, General and Administrative Expenses Selling, general and administrative expenses includes expenses such as: direct selling and selling supervisory expenses; marketing expenses; various corporate expenses such as information systems, finance, loss prevention, talent acquisition, home office and executive management expenses; share-based compensation expense; and other associated general expenses. Shipping and Handling Revenues and Costs The Company includes shipping and handling revenues in net sales and shipping and handling costs in cost of sales. The Company’s shipping and handling revenues consist of amounts billed to customers for shipping and handling merchandise. Shipping and handling costs include shipping supplies, related labor costs and third-party shipping costs. Advertising The Company expenses the costs of advertising when the advertising occurs, except for direct-to-consumer advertising, which is capitalized and amortized over its expected period of future benefit. Advertising costs primarily relate to our Retail segment marketing expenses which are comprised of web marketing, catalog printing, paper, postage and other costs related to production of photographic images used in our catalogs and on our websites and mobile applications. The catalog printing, paper, postage and other costs are amortized over the period in which the customer responds to the marketing material determined based on historical customer response trends to a similar season’s advertisement. Amortization rates are reviewed on a regular basis during the fiscal year and may be adjusted if the predicted customer response appears materially different than the historical response rate. The Company has the ability to measure the response rate to direct marketing early in the course of the advertisement based on its customers’ reference to a specific catalog or by product placed and sold. The average amortization period for a catalog and related items are typically one to two months. If there is no expected future benefit, the cost of advertising is expensed when incurred. Advertising costs reported as prepaid expenses were $3,724 and $2,146 as of January 31, 2016 and 2015, respectively. Advertising expenses were $114,104, $103,882 and $91,615 for fiscal 2016, 2015 and 2014, respectively. Store Opening Costs The Company expenses all store opening and organization costs as incurred, including travel, training, recruiting, salaries and other operating costs, and are included in “Selling, general and administrative expenses” in the Consolidated Statements of Income. Website Development Costs The Company capitalizes applicable costs incurred during the application and infrastructure development stage and expenses costs incurred during the planning and operating stage. During fiscal 2016, 2015 and 2014, the Company did not capitalize any internally generated internal-use software development costs because substantially all costs were incurred during the planning and operating stages, and costs incurred during the application and infrastructure development stage were not material. Income Taxes The Company utilizes a balance sheet approach to provide for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of net operating loss carryforwards and temporary differences between the carrying amounts and the tax bases of assets and liabilities. Investment tax credits or grants are accounted for in the period earned. The Company files a consolidated United States federal income tax return (see Note 8, “Income Taxes,” for a further discussion of income taxes). The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Net Income Per Common Share Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents include the effect of stock options, stock appreciation rights (“SAR’s”), restricted stock units (“RSU’s”) and performance stock units (“PSU’s”). Comprehensive Income and Accumulated Other Comprehensive Loss Comprehensive income is comprised of two subsets—net income and other comprehensive income/loss. Amounts included in accumulated other comprehensive loss relate to foreign currency translation adjustments and unrealized gains or losses on marketable securities. The foreign currency translation adjustments are not adjusted for income taxes because these adjustments relate to non-U.S. subsidiaries for which foreign earnings have been designated as permanently reinvested. Accumulated other comprehensive loss consisted of foreign currency translation losses of ($23,479) and ($15,516) as of January 31, 2016 and January 31, 2015, respectively, and unrealized gains, net of tax, on marketable securities of $28 and $89 as of January 31, 2016 and January 31, 2015, respectively. The tax effect of the unrealized (losses) on marketable securities recorded in comprehensive loss was $36, $201 and $378 during fiscal 2016, 2015 and 2014, respectively. Gross realized gains and losses are included in “Other income” in the Consolidated Statements of Income and were not material to the Company’s Consolidated Financial Statements for all three years presented. Foreign Currency The financial statements of the Company’s foreign operations are translated into U.S. dollars. Assets and liabilities are translated at current exchange rates as of the balance sheet date, equity accounts at historical exchange rates, while income statement accounts are translated at the average rates in effect during the year. Translation adjustments are not included in determining net income, but are included in “Accumulated other comprehensive loss” within “Shareholders’ equity.” Remeasurement gains and losses included in operating results for fiscal years 2016, 2015 and 2014 were not material. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company manages the credit risk associated with cash, cash equivalents and marketable securities by investing in high-quality securities held with reputable trustees and, by policy, limiting the amount of credit exposure to any one issuer or issue, as well as providing limitations on investment maturities. The Company’s investment policy requires that its cash, cash equivalents and marketable securities are invested in corporate and municipal bonds rated “BBB” or better, commercial paper and federally insured or guaranteed investment vehicles such as certificates of deposit, United States treasury bills and federal government agencies. Receivables from third-party credit cards are processed by financial institutions, which are monitored for financial stability. The Company regularly evaluates the financial condition of its Wholesale segment customers. The Company’s allowance for doubtful accounts reflects current market conditions and management’s assessment regarding the collectability of its accounts receivable. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks related to its cash accounts. Commitments and Contingencies From time to time, the Company is named as a defendant in legal actions arising from normal business activities. The Company records a reserve for estimated losses when information available prior to issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amends the existing accounting standards for lease accounting. This update requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than twelve months. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of twelve months or less. The update does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. The update will be effective for the Company on February 1, 2019 and early adoption of the update is permitted. The update requires a modified retrospective transition approach, which includes a number of practical expedients. The Company is currently assessing the potential effects this update may have on its consolidated financial statements and related disclosures. In November 2015, the FASB issued an accounting standards update that requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet rather than separating deferred taxes into current and noncurrent amounts. The Company elected to early adopt this update and prospectively applied the update to deferred tax assets and liabilities as of January 31, 2016. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures. In July 2015, the FASB issued an accounting standards update that clarifies the measurement of inventory. The update applies to entities which utilize the first-in, first-out (“FIFO”) and average cost methods of measuring inventory and states that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value represents the estimated selling price less costs associated with completion, disposal and transportation. The update will be effective for the Company on February 1, 2017 and early adoption is permitted. The update is to be adopted on a prospective basis. The Company is currently assessing the potential effects this update may have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued an accounting standards update that clarifies the circumstances in which a customer would account for a cloud computing arrangement as a license of internal-use software. The update will be effective for the Company on February 1, 2016. The update allows for either retrospective or prospective adoption for all new transactions entered into or materially modified after the date of the adoption. The Company has performed an assessment of its cloud computing arrangements and determined that the potential effects this update has are immaterial to its consolidated financial statements and related disclosures. In May 2014, the FASB issued an accounting standards update that clarifies the principles for recognizing revenue from contracts with customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The update states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Entities are required to apply the following steps when recognizing revenue under the update: (1) identify the contract(s) with a customer; (2) identify the performance obligation in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The update allows for a “full retrospective” adoption, meaning the update is applied to all periods presented, or a “modified retrospective” adoption, meaning the update is applied only to the most current periods presented in the financial statements. In August 2015, the FASB issued an accounting standards update which approved a one-year deferral of the effective date that allows the Company to defer the effective date to February 1, 2018, but still permits the Company to adopt the update as of the original February 1, 2017 effective date. The Company is currently evaluating the adoption method to apply and the impact that the update will have on its consolidated financial statements and related disclosures. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Jan. 31, 2016 | |
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 values of available-for-sale securities by major security type and class of security as of January 31, 2016 and 2015 are as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of January 31, 2016 Short-term Investments: Corporate bonds $ 33,885 $ 10 $ (25 ) $ 33,870 Municipal and pre-refunded municipal bonds 26,243 33 — 26,276 Certificates of deposit 915 — — 915 61,043 43 (25 ) 61,061 Long-term Investments: Corporate bonds 12,227 9 (35 ) 12,201 Municipal and pre-refunded municipal bonds 18,028 58 (2 ) 18,084 Mutual funds, held in rabbi trust 4,604 6 (247 ) 4,363 Certificates of deposit 1,952 — — 1,952 36,811 73 (284 ) 36,600 $ 97,854 $ 116 $ (309 ) $ 97,661 As of January 31, 2015 Short-term Investments: Corporate bonds $ 56,594 $ 20 $ (24 ) $ 56,590 Municipal and pre-refunded municipal bonds 30,509 41 (2 ) 30,548 Certificates of deposit 11,127 5 — 11,132 Treasury bills 2,033 3 — 2,036 Commercial paper 3,938 2 — 3,940 104,201 71 (26 ) 104,246 Long-term Investments: Corporate bonds 46,754 22 (40 ) 46,736 Municipal and pre-refunded municipal bonds 42,840 113 (6 ) 42,947 Mutual funds, held in rabbi trust 3,816 16 (54 ) 3,778 Certificates of deposit 3,066 — — 3,066 Treasury bills 7,111 9 — 7,120 Federal government agencies 799 2 — 801 104,386 162 (100 ) 104,448 $ 208,587 $ 233 $ (126 ) $ 208,694 Proceeds from the sales and maturities of available-for-sale securities were $374,057, $830,297 and $451,866 in fiscal 2016, 2015 and 2014, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, a net realized gain of $43 during fiscal 2016, a net realized gain of $237 during fiscal 2015 and a net realized loss of $101 during fiscal 2014. Amortization of discounts and premiums, net, resulted in a reduction of “Interest income” of $3,841, $6,696 and $10,932 for fiscal years 2016, 2015 and 2014, respectively. 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 “Interest income” in the Consolidated Statements of Income. The following tables show the gross unrealized losses and fair value of the Company’s marketable securities with unrealized losses that are not deemed to be other-than-temporarily impaired aggregated by the length of time that individual securities have been in a continuous unrealized loss position, at January 31, 2016 and January 31, 2015, respectively. January 31, 2016 Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate bonds $ 30,745 $ (54 ) $ 1,098 $ (6 ) $ 31,843 $ (60 ) Municipal and pre-refunded municipal bonds 997 (2 ) 434 — 1,431 (2 ) Mutual funds, held in rabbi trust 4,363 (247 ) — — 4,363 (247 ) Total $ 36,105 $ (303 ) $ 1,532 $ (6 ) $ 37,637 $ (309 ) January 31, 2015 Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate bonds $ 55,384 $ (63 ) $ 383 $ (1 ) $ 55,767 $ (64 ) Municipal and pre-refunded municipal bonds 4,672 (8 ) — — 4,672 (8 ) Mutual funds, held in rabbi trust 3,778 (54 ) — — 3,778 (54 ) Certificates of deposit 1,600 — — — 1,600 — Commercial paper 747 — — — 747 — Total $ 66,181 $ (125 ) $ 383 $ (1 ) $ 66,564 $ (126 ) As of January 31, 2016 and 2015, there were a total of 84 and 172 securities with unrealized loss positions within the Company’s portfolio, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Jan. 31, 2016 | |
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 January 31, 2016 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 46,071 $ — $ — $ 46,071 Municipal and pre-refunded municipal bonds — 44,360 — 44,360 Mutual funds, held in rabbi trust 4,363 — — 4,363 Certificates of deposit — 2,867 — 2,867 $ 50,434 $ 47,227 $ — $ 97,661 Marketable Securities Fair Value as of January 31, 2015 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 103,326 $ — $ — $ 103,326 Municipal and pre-refunded municipal bonds — 73,495 — 73,495 Mutual funds, held in rabbi trust 3,778 — — 3,778 Certificates of deposit — 14,198 — 14,198 Treasury bills 9,156 — — 9,156 Commercial paper — 3,940 — 3,940 Federal government agencies 801 — — 801 $ 117,061 $ 91,633 $ — $ 208,694 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 January 31, 2016 and January 31, 2015. 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 January 31, 2016 and 2015, 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. The fair value of debt approximates its carrying value as it is all variable rate debt. Non-financial assets The Company’s non-financial assets, primarily consisting of property and equipment, are periodically tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The fair value of the non-financial assets was determined using a discounted cash-flow model that utilized Level 3 inputs. The Company’s retail stores are reviewed for impairment at the store 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 which the store is located. During 2016, the Company determined that certain long-lived assets at the Company’s retail stores were unable to recover their carrying value. These assets were written down to a fair value resulting in an impairment charge of $8,928. Impairment amounts in 2015 and 2014 were immaterial. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 31, 2016 | |
Property and Equipment | 5. Property and Equipment Property and equipment is summarized as follows: January 31, 2016 2015 Land $ 15,197 $ 15,197 Buildings 294,674 239,115 Furniture and fixtures 424,681 410,265 Leasehold improvements 860,577 794,995 Other operating equipment 249,969 180,397 Construction-in-progress 44,763 182,595 1,889,861 1,822,564 Accumulated depreciation (1,026,724 ) (933,332 ) Total $ 863,137 $ 889,232 Depreciation expense for property and equipment in fiscal 2016, 2015 and 2014 was $138,881, $131,414 and $121,732, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Jan. 31, 2016 | |
Accrued Expenses and Other Current Liabilities | 6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: January 31, 2016 2015 Gift certificates and merchandise credits $ 51,549 $ 47,943 Sales return reserves 24,385 19,804 Accrued sales taxes 17,145 12,171 Accrued construction 11,595 18,717 Accrued rents and estimated property taxes 10,411 11,121 Other current liabilities 54,637 42,887 Total $ 169,722 $ 152,643 |
Debt
Debt | 12 Months Ended |
Jan. 31, 2016 | |
Debt | 7. Debt On July 1, 2015, the Company and its domestic subsidiaries entered into a five-year asset-based revolving Credit Agreement (“Credit Agreement”) with certain lenders, including JPMorgan Chase Bank, N.A., as administrative agent, and J.P. Morgan Securities LLC and Wells Fargo Bank, National Association, as joint lead arrangers and co-book managers. The Credit Agreement replaced the Company’s unsecured $175,000 revolving line of credit with Wells Fargo Bank, National Association, which was set to expire in March 2019. The Credit Agreement provides senior secured revolving credit for loans and letters of credit up to $400,000 (the “Credit Facility”), subject to a borrowing base that is comprised of the Company’s eligible accounts receivable and inventory. The Credit Facility includes a swing-line sub-facility, a multicurrency sub-facility and the option to expand the facility by up to $150,000. The Credit Facility provides for interest on borrowings, at the Company’s option, at either (i) adjusted LIBOR, CDOR or EURIBOR plus an applicable margin ranging from 1.125% to 1.625%, or (ii) an adjusted ABR plus an applicable margin ranging from 0.125% to 0.625%, each such rate depending on the level of availability under the Credit Facility and the Company’s adjusted leverage ratio. Interest is payable either monthly or quarterly depending on the type of borrowing. A commitment fee is payable quarterly on the unused portion of the Credit Facility based on the Company’s adjusted leverage ratio. All obligations under the Credit Facility are unconditionally guaranteed by the Company and its domestic subsidiaries. The obligations under the Credit Facility are secured by a first-priority security interest in inventory, accounts receivable, and certain other assets of the borrowers and guarantors. The Credit Agreement contains customary representations and warranties, negative and affirmative covenants and provisions relating to events of default. As of January 31, 2016, the Company was in compliance with all terms of the Credit Agreement, borrowings on the Credit Facility totaled approximately $150,000 and stand-by letters of credit outstanding were $13,782. Additionally, the Company has borrowing agreements with two separate financial institutions under which the Company may borrow an aggregate of $130,000 for the purposes of trade letter of credit issuances. The availability of any future borrowings under the trade letter of credit facilities is subject to acceptance by the respective financial institutions. As of January 31, 2016, the Company had outstanding trade letters of credit of $65,047, and available trade letters of credit of $64,953 under these facilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2016 | |
Income Taxes | 8. Income Taxes The components of income before income taxes are as follows: Fiscal Year Ended January 31, 2016 2015 2014 Domestic $ 323,906 $ 328,479 $ 375,793 Foreign 26,125 34,971 51,725 $ 350,031 $ 363,450 $ 427,518 The components of the provision for income tax expense/(benefit) are as follows: Fiscal Year Ended January 31, 2016 2015 2014 Current: Federal $ 84,274 $ 109,978 $ 139,848 State 21,391 19,665 20,530 Foreign 6,215 3,600 13,285 $ 111,880 $ 133,243 $ 173,663 Deferred: Federal $ 13,985 $ (3,295 ) $ (15,171 ) State (1,218 ) 1,372 (6,225 ) Foreign 895 (298 ) (7,109 ) 13,662 (2,221 ) (28,505 ) $ 125,542 $ 131,022 $ 145,158 The following table reflects the differences between the statutory U.S. federal income tax rate and the Company’s effective tax rate: Fiscal Year Ended January 31, 2016 2015 2014 Expected provision at statutory U.S. federal tax rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal tax benefit 3.7 3.7 2.2 Foreign taxes (2.0 ) (2.4 ) (2.7 ) Federal rehabilitation tax credit (1.9 ) 0.0 (0.6 ) Other 1.1 (0.3 ) 0.1 Effective tax rate 35.9 % 36.0 % 34.0 % The significant components of deferred tax assets and liabilities as of January 31, 2016 and 2015 are as follows: January 31, 2016 2015 Deferred tax liabilities: Prepaid expense $ (4,645 ) $ (3,732 ) Depreciation (66,936 ) (51,774 ) Other temporary differences (2,604 ) (1,728 ) Gross deferred tax liabilities (74,185 ) (57,234 ) Deferred tax assets: Deferred rent 72,253 70,023 Inventory 11,031 8,137 Accounts receivable 3,953 2,844 Net operating loss carryforwards 4,941 4,003 Tax uncertainties 2,972 3,363 Accrued salaries and benefits 27,660 31,747 Income tax credits 4,287 114 Other temporary differences 7,896 5,725 Gross deferred tax assets, before valuation allowances 134,993 125,956 Valuation allowances (6,560 ) (45 ) Net deferred tax assets $ 54,248 $ 68,677 Net deferred tax assets are attributed to the jurisdictions in which the Company operates. As of January 31, 2016 and 2015, respectively, $28,249 and $43,330 were attributable to U.S. federal, $17,391 and $16,097 were attributed to state jurisdictions and $8,608 and $9,250 were attributed to foreign jurisdictions. As of January 31, 2016, certain non-U.S. subsidiaries of the Company had net operating loss carryforwards for tax purposes of approximately $244 that expire from 2017 through 2033 and approximately $19,735 that do not expire. Certain U.S. subsidiaries of the Company had state net operating loss and credit carryforwards for tax purposes of approximately $868 that expire from 2017 through 2027 and $6,524 that expire from 2017 to 2031. As of January 31, 2016, the Company had a full valuation allowance for certain foreign net operating loss carryforwards and a partial valuation allowance against state credit carryforwards where it was uncertain the carryforwards would be utilized. The Company had no valuation allowance for certain other foreign and state net operating loss carryforwards where management believes it is more-likely-than-not the tax benefit of these carryforwards will be realized. In November 2015, the FASB issued an accounting standards update that requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet rather than separating deferred taxes into current and noncurrent amounts. The Company elected to early adopt this update and prospectively applied the update to deferred tax assets and liabilities as of January 31, 2016. As of January 31, 2016 and 2015, the non-current portion of net deferred tax assets aggregated $54,248 and $49,922, respectively. The cumulative amount of the Company’s share of undistributed earnings of non-U.S. subsidiaries for which no deferred taxes have been provided was $255,467 as of January 31, 2016. These earnings are deemed to be permanently re-invested to finance growth programs. It is not practical to estimate the income tax liability that might be incurred if such earnings were remitted to the United States. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: January 31, Tax Benefit Reconciliation 2016 2015 2014 Balance at the beginning of the period $ 6,889 $ 4,835 $ 7,895 Increases in tax positions for prior years 4,053 2,518 1,026 Decreases in tax positions for prior years (891 ) (12 ) (305 ) Increases in tax positions for current year 274 352 521 Settlements (1,590 ) (620 ) (3,190 ) Lapse in statute of limitations (897 ) (184 ) (1,112 ) Balance at the end of the period $ 7,838 $ 6,889 $ 4,835 The total amount of net unrecognized tax benefits that, if recognized, would impact the Company’s effective tax rate were $5,698 and $4,952 as of January 31, 2016 and 2015, respectively. The Company accrues interest and penalties related to unrecognized tax benefits in income tax expense in the Consolidated Statements of Income, which is consistent with the recognition of these items in prior reporting periods. During the years ended January 31, 2016, 2015 and 2014, the Company recognized expense/(benefit) of ($686), $408 and ($1,922), respectively, related to interest and penalties. The Company accrued $800 and $1,486 for the payment of interest and penalties as of January 31, 2016 and 2015, respectively. The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. Certain federal, foreign and state jurisdictions are subject to audit from fiscal 2006 to 2015. It is possible that a state or foreign examination may be resolved within twelve months. Due to the potential for resolution of federal and foreign audit and state examinations, and the expiration of various statutes of limitation, it is possible that the Company’s gross unrecognized tax benefits balance may change within the next twelve months by a range of zero to $1,103. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jan. 31, 2016 | |
Share-Based Compensation | 9. Share-Based Compensation The Company’s 2008 Stock Incentive Plan can authorize up to 10,000,000 common shares, which can be granted as RSU’s, unrestricted shares, incentive stock options, nonqualified stock options, PSU’s or SAR’s. Awards under this plan generally expire seven or ten years from the date of grant, thirty days after termination of employment or six months after the date of death or termination due to disability of the grantee. As of January 31, 2016, there were 4,040,821 common shares available to grant under the 2008 Stock Incentive Plan. A lattice binomial pricing model (“the Model”) was used to estimate the fair value of stock options and SAR’s. The Model allows for assumptions such as the risk-free rate of interest, volatility and exercise rate to vary over time reflecting a more realistic pattern of economic and behavioral occurrences. The Company uses historical data on exercise timing to determine the expected life assumption. The risk-free rate of interest for periods within the contractual life of the award is based on U.S. Government Securities Treasury Constant Maturities over the expected term of the equity instrument. The expected volatility is based on a weighted-average of the implied volatility and the Company’s most recent historical volatility. Based on the Company’s historical experience, it has assumed an annualized forfeiture rate of 5% for its unvested share-based awards granted during the fiscal years ended January 31, 2016, 2015 and 2014. For share-based awards granted in previous years that remain unvested, an annualized forfeiture rate of 5% has been assumed. The Company will record additional expense if the actual forfeiture rate is lower than it estimated, and will record a recovery of prior expense if the actual forfeiture is higher than estimated. Share-based compensation expense, included in “Selling, general and administrative expenses” in the Consolidated Statements of Income, for the fiscal years ended January 31, 2016, 2015 and 2014 was as follows: Fiscal Year Ended January 31, 2016 2015 2014 Stock Options $ 841 $ 1,377 $ 2,621 Stock Appreciation Rights 1,295 2,244 2,918 Performance Stock Units (1)(2) 13,464 12,991 9,956 Restricted Stock Units 23 124 247 Total $ 15,623 $ 16,736 $ 15,742 (1) Includes the reversal of $967 of previously recognized compensation expense in fiscal 2016, related to 50,004 PSU’s that will not vest as the achievement of the related performance target is not probable. (2) Includes the reversal of $1,396 of previously recognized compensation expense in fiscal 2015, related to 163,336 PSU’s that will not vest as the achievement of the related performance target is not probable. The total tax benefit associated with share-based compensation expense for the fiscal years ended January 31, 2016, 2015 and 2014 was $6,182, $6,367 and $5,976, respectively. The tax benefit realized from share-based compensation for the fiscal years ended January 31, 2016, 2015, and 2014 was $14,512, $5,813, and $10,611, respectively. Stock Options The Company may grant stock options which generally vest over a period of one to three years. Stock options become exercisable over the vesting period in installments determined by the Company, which can vary depending upon each individual grant. Stock options granted to non-employee directors generally vest over a period of one year. The following weighted-average assumptions were used in the Model to estimate the fair value of stock options at the date of grant: Fiscal Year Ended January 31, 2016 2015 2014 Expected life, in years 3.5 3.4 3.5 Risk-free interest rate 1.2 % 1.1 % 0.6 % Volatility 32.5 % 33.0 % 36.0 % Dividend rate — — — The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2016: Shares Weighted- Weighted- Aggregate Awards outstanding at beginning of year 2,464,390 $ 32.69 1.6 $ 8,547 Granted 120,000 38.09 Exercised (1,416,990 ) 32.75 Forfeited or Expired (217,025 ) 33.24 Awards outstanding at end of year 950,375 33.17 2.9 $ 307 Awards outstanding expected to vest 944,375 33.17 2.9 $ 292 Awards exercisable at end of year 830,375 $ 32.46 2.9 $ 307 The following table summarizes other information related to stock options during the years ended January 31, 2016, 2015 and 2014: Fiscal Year Ended January 31, 2016 2015 2014 Weighted-average grant date fair value—per share $ 7.46 $ 7.02 $ 9.67 Intrinsic value of awards exercised $ 14,193 $ 4,852 $ 30,450 Net cash proceeds from the exercise of stock options $ 46,400 $ 10,693 $ 35,218 Total unrecognized compensation cost of stock options granted but not yet vested, as of January 31, 2016, was $286, which is expected to be recognized over the weighted-average period of 0.3 year. Stock Appreciation Rights The Company may grant SAR’s which generally vest over a five year period. Each vested SAR entitles the holder the right to the differential between the value of the Company’s common share price at the date of exercise and the value of the Company’s common share price at the date of grant. There were no SAR’s granted during the fiscal years ended January 31, 2016 and 2015. The following weighted-average assumptions were used in the Model to estimate the fair value of SAR’s at the date of grant: Fiscal Year Ended January 31, 2016 2015 2014 Expected life, in years — — 5.6 Risk-free interest rate — — 1.0 % Volatility — — 46.0 % Dividend rate — — — The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2016: Awards Weighted- Weighted- Aggregate Awards outstanding at beginning of year 893,408 $ 30.89 4.6 $ 3,990 Granted — — Exercised (520,358 ) 29.68 Forfeited or Expired (68,950 ) (36.25 ) Awards outstanding at end of year 304,100 31.74 3.5 $ — Awards outstanding expected to vest 302,687 31.74 3.5 $ — Awards exercisable at end of year 224,180 $ 31.25 3.5 $ — The following table summarizes other information related to SAR’s during the years ended January 31, 2016, 2015 and 2014: Fiscal Year Ended January 31, 2016 2015 2014 Weighted-average grant date fair value—per share $ — $ — $ 14.11 Intrinsic value of awards exercised $ 7,386 $ 654 $ 848 Total unrecognized compensation cost of SAR’s granted, but not yet vested, as of January 31, 2016, was $379, which is expected to be recognized over the weighted-average period of 1.6 years. Performance Stock Units The Company may grant PSU’s which vest based on the achievement of various company performance targets and external market conditions. The fair value of the PSU’s are determined using a Monte Carlo simulation. This model uses assumptions including the risk free interest rate, expected volatility of the Company’s stock price and expected life of the awards. The Company makes certain estimates about the number of awards which will vest. Once the Company determines that it is probable that the performance targets will be met, compensation expense is recorded for these awards. If any of these performance targets are not met, the awards are forfeited. Each PSU is equal to one common share with varying maximum award value limitations. PSU’s typically vest over a five year period. The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2016: Shares Weighted- Non-vested awards outstanding at beginning of year 3,992,209 $ 21.32 Granted 1,471,000 18.94 Vested (435,996 ) 17.58 Forfeited (843,915 ) 22.72 Non-vested awards outstanding at end of year 4,183,298 $ 20.64 The weighted-average grant date fair value of PSU’s awarded during the fiscal years ended January 31, 2016, 2015 and 2014 was $18.94, $23.40 and $25.13, per share, respectively. Unrecognized compensation cost related to unvested PSU’s as of January 31, 2016 was $44,682, which is expected to be recognized over a weighted-average period of 3.0 years. Restricted Stock Units The Company may grant RSU’s which vest based on the achievement of specified service and external market conditions. RSU’s typically vest over a three to five year period. The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2016: Shares Weighted- Non-vested awards outstanding at beginning of year 5,000 $ 39.06 Granted — — Vested (5,000 ) 39.06 Forfeited — — Non-vested awards outstanding at end of year — $ — There were no RSU’s granted during the fiscal year ended January 31, 2016 and January 31, 2015. The weighted-average grant date fair value of RSU’s awarded during the fiscal year ended January 31, 2014 was $39.06 per share. No RSU’s vested during the fiscal year ended January 31, 2014. There were no unrecognized compensation costs related to unvested RSU’s as of January 31, 2016. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 31, 2016 | |
Shareholders' Equity | 10. Shareholders’ Equity On February 23, 2015, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program. Under this authorization, the Company repurchased and subsequently retired a total of 12,680,241 common shares for a total cost of $382,478 during fiscal 2016. The average cost per share of these repurchases for fiscal 2016 was $30.16, including commissions. On May 27, 2014, the Company’s Board of Directors authorized the repurchase of 10,000,000 common shares under a share repurchase program. Under this authorization, the Company repurchased and subsequently retired 7,718,531 common shares at a total cost of $258,160 during fiscal 2015. The average cost per share of these repurchases for fiscal 2015 was $33.45, including commissions. During fiscal 2016, the Company repurchased and subsequently retired 2,281,469 shares at a total cost of $82,826, which completed this authorization. The average cost per share of these repurchases for fiscal 2016 was $36.30, including commissions. On August 27, 2013, the Company’s Board of Directors authorized the repurchase of 10,000,000 common shares under a share repurchase program. The Company repurchased and subsequently retired all of the remaining 9,699,700 outstanding common shares available under this authorization during the first quarter of fiscal 2015 at a total cost of $353,315 for an average cost per share of $36.43, including commissions. In addition to the common shares repurchased under the share repurchase programs, during the fiscal years ended January 31, 2016 and January 31, 2015 the Company acquired and subsequently retired 247,124 and 111,563 common shares at a total cost of $10,120 and $3,947, respectively, from employees to meet minimum statutory tax withholding requirements. As a result of the share repurchase activity during fiscal 2016, the Company reduced the balance of additional paid-in-capital to zero with subsequent share repurchase activity recorded as a reduction of retained earnings of $407,206. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jan. 31, 2016 | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | 11. Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) The following tables present the change in “Accumulated other comprehensive income (loss),” by component, net of tax, for the fiscal years ended January 31, 2016 and 2015, respectively: Fiscal Year Ended January 31, 2016 Foreign Unrealized Gains Total Beginning Balance $ (15,516 ) $ 89 $ (15,427 ) Other comprehensive income (loss) before reclassifications (7,963 ) (104 ) (8,067 ) Amounts reclassified from accumulated other comprehensive income (loss) — 43 43 Net current-period total other comprehensive income/(loss) (7,963 ) (61 ) (8,024 ) Ending Balance $ (23,479 ) $ 28 $ (23,451 ) Fiscal Year Ended January 31, 2015 Foreign Unrealized Gains Total Beginning Balance $ (1,388 ) $ 420 $ (968 ) Other comprehensive income (loss) before reclassifications (14,128 ) (568 ) (14,696 ) Amounts reclassified from accumulated other comprehensive income (loss) — 237 237 Net current-period total other comprehensive income/(loss) (14,128 ) (331 ) (14,459 ) Ending Balance $ (15,516 ) $ 89 $ (15,427 ) All unrealized gains and losses on available-for-sale securities reclassified from accumulated other comprehensive loss were recorded in “Interest income” in the Consolidated Statements of Income. |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Jan. 31, 2016 | |
Net Income Per Common Share | 12. Net Income Per Common Share The following is a reconciliation of the weighted-average common shares outstanding used for the computation of basic and diluted net income per common share: Fiscal Year Ended January 31, 2016 2015 2014 Basic weighted-average common shares outstanding 125,232,499 136,651,899 147,014,869 Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units 780,915 1,540,835 2,211,037 Diluted weighted-average shares outstanding 126,013,414 138,192,734 149,225,906 For the fiscal years ended January 31, 2016, 2015 and 2014, awards to purchase 692,942 common shares ranging in price from $25.60 to $46.02, 1,015,895 common shares ranging in price from $35.12 to $46.02 and 151,625 common shares ranging in price from $37.65 to $46.02, respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. As of January 31, 2016 and 2015, 2,957,573 and 2,216,899 contingently issuable awards, respectively, were excluded from the calculation of diluted net income per common share as they did not meet certain performance criteria. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2016 | |
Commitments and Contingencies | 13. Commitments and Contingencies Leases The Company leases its stores, certain fulfillment and distribution facilities, and offices under non-cancelable operating leases. The following is a schedule by year of the future minimum lease payments for operating leases with original terms in excess of one year: Fiscal Year 2017 $ 272,255 2018 263,876 2019 246,043 2020 228,091 2021 199,685 Thereafter 772,226 Total minimum lease payments $ 1,982,176 Amounts noted above include commitments for 37 executed leases for stores not opened as of January 31, 2016. The majority of our leases allow for renewal options between five and ten years upon expiration of the initial lease term. The store leases generally provide for payment of direct operating costs including real estate taxes. Certain store leases provide for contingent rentals when sales exceed specified levels, in lieu of a fixed minimum rent, that are not reflected in the above table. Additionally, the Company has entered into store leases that require a percentage of total sales to be paid to landlords in lieu of minimum rent. Rent expense consisted of the following: Fiscal Year Ended January 31, 2016 2015 2014 Minimum and percentage rentals $ 245,474 $ 234,982 $ 205,759 Contingent rentals 2,704 3,901 5,542 Total $ 248,178 $ 238,883 $ 211,301 The Company also has commitments for unfulfilled purchase orders for merchandise ordered from our vendors in the normal course of business, which are satisfied within twelve months, of $407,833. The majority of the Company’s merchandise commitments are cancellable with no or limited recourse available to the vendor until the merchandise shipping date. The Company also has commitments related to contracts with construction contractors, fully satisfied upon the completion of construction, which is typically within twelve months, of $1,535. Benefit Plans Full and part-time U.S. based employees who are at least 18 years of age are eligible after three months of employment to participate in the Urban Outfitters 401(k) Savings Plan (the “Plan”). Under the Plan, employees can defer 1% to 25% of compensation as defined. The Company makes matching contributions in cash of $0.25 per employee contribution dollar on the first 6% of the employee contribution. The employees’ contribution is 100% vested while the Company’s matching contribution vests at 20% per year of employee service. The Company’s contributions were $2,121, $1,708 and $1,770 for fiscal years 2016, 2015 and 2014, respectively. The NQDC provides certain employees who are limited in their participation under the Plan the opportunity to defer compensation as defined within the NQDC. The Company’s matching contributions are calculated to provide $0.25 per employee contribution dollar on the first 6% of total compensation deferred under the combination of both the Plan and the NQDC. Employee contributions are 100% vested on the contribution date and the Company’s matching contribution is 100% vested upon crediting to participants’ accounts on an annual basis. The Company made a matching contribution of $105, $100 and $0 during fiscal years 2016, 2015 and 2014, respectively. The NQDC obligation was $4,363 and $3,778 as of January 31, 2016 and 2015, respectively. The Company has purchased investments to fund the NQDC obligation. The investments had an aggregate market value of $4,363 and $3,778 as of January 31, 2016 and 2015, respectively, and are included in “Marketable securities” in the Consolidated Balance Sheets (see Note 3, “Marketable Securities”). 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 31, 2016 | |
Related Party Transactions | 14. Related Party Transactions Drinker Biddle & Reath LLP (“DBR”), a law firm, provided general legal services to the Company. Fees paid to DBR during fiscal 2016, 2015 and 2014 were $2,493, $2,752 and $2,637, respectively. Harry S. Cherken, Jr., a director of the Company, is a partner at DBR. Amounts due to DBR as of January 31, 2016 and 2015 were approximately $217 and $203, respectively. The McDevitt Company, a real estate company, acted as a broker in substantially all of the Company’s new real estate transactions during fiscal 2016 in the United States. The Company has not paid any compensation to The McDevitt Company, but the Company has been advised that The McDevitt Company has received commissions from other parties to such transactions. Wade L. McDevitt is the brother-in-law of Scott Belair, one of the Company’s directors, and is the president and the sole shareholder of The McDevitt Company. Mr. McDevitt’s wife, Wendy McDevitt, is an employee of the Company. In addition, Mr. McDevitt owns McDevitt Corporation Limited, a United Kingdom entity, and McDevitt Netherlands BV, a Dutch entity. During fiscal 2016, 2015 and 2014, the Company paid real estate commissions of $422, $295 and $518, respectively, to West Street Consultancy Limited, a United Kingdom entity owned by an employee of McDevitt Corporation Limited. The Company also paid commissions of $24, $300 and $562 during fiscal 2016, 2015 and 2014, respectively, to McDevitt Netherlands BV. The Company has been advised that West Street Consultancy Limited has entered into an arrangement to share a portion of its commissions with McDevitt Corporation Limited. The Addis Group (“Addis”), an insurance brokerage and risk management consulting company, acted as the Company’s commercial insurance broker and risk management consultant for the years ended January 31, 2016, 2015 and 2014. The Company has not paid any compensation to Addis for such services, but has been advised that Addis has received commissions from other parties to such transactions. Addis merged into BB&T Insurance Services (“BB&T”) in August 2015. Scott Addis, the brother-in-law of Richard A. Hayne and Margaret A. Hayne, was President of Addis until December 31, 2015. There were no amounts due to or from Addis or BB&T as of January 31, 2016 and January 31, 2015. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 31, 2016 | |
Segment Reporting | 15. Segment Reporting The Company is a global retailer of lifestyle-oriented general merchandise with two reportable segments—“Retail” and “Wholesale.” The Company’s Retail segment consists of the aggregation of its five brands operating through 572 stores under the retail names “Urban Outfitters,” “Anthropologie,” “Free People,” “Terrain” and “Bhldn” and includes their direct-to-consumer channels. Urban Outfitters, the Anthropologie Group, and Free People, including their retail stores and direct-to-consumer channels, are each considered an operating segment. Net sales from the Retail segment accounted for approximately 92.4%, 93.2% and 94.2% of total consolidated net sales for the fiscal years ended January 31, 2016, 2015 and 2014, respectively. The remaining net sales are derived from the Company’s Wholesale segment that distributes apparel to its Retail segment and to approximately 1,800 better department and specialty retailers worldwide. 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 evaluates the performance of the segments based on the net sales and pre-tax income from operations (excluding intercompany charges) of the segment. Corporate expenses include expenses incurred and directed by the corporate office that are not allocated to segments. The principal identifiable assets for each reporting segment are inventory and property and equipment. Other assets are comprised primarily of general corporate assets, which principally consist of cash and cash equivalents, marketable securities, deferred taxes and prepaid expenses, which are typically not allocated to the Company’s segments. The Company accounts for intersegment sales and transfers as if the sales and transfers were made to third parties making similar volume purchases. The Company’s omni-channel strategy enhances its customers’ brand experience by providing a seamless approach to the customer shopping experience. The Company has substantially integrated all available shopping channels, including stores, websites (online and through mobile devices) and catalogs. The Company’s investments in areas such as marketing campaigns and technology advancements are designed to generate demand for the omni-channel and not the separate store or direct-to-consumer channels. Store sales are primarily fulfilled from that store’s inventory, but may also be shipped from any of the Company’s fulfillment centers or from a different store location if an item is not available at the original store. Direct-to-consumer orders are primarily shipped to the Company’s customers through its fulfillment centers, but may also be shipped from any store, or a combination of fulfillment centers and stores depending on the availability of a particular item. Direct-to-consumer orders may also be picked up at a store location. Customers may also return certain merchandise purchased through direct-to-consumer channels at retail locations. As the Company’s customers continue to shop across multiple channels, the Company has adapted its approach towards meeting this demand. Due to the availability of like product in a variety of shopping channels, the Company now sources these products utilizing single stock keeping units based on the omni-channel demand rather than the demand of the separate channels. These and other technological capabilities allow the Company to better serve its customers and help it to complete a sale that otherwise may not have occurred due to out-of-stock positions. As a result of changing customer behavior and the substantial integration of the operations of the Company’s store and direct-to-consumer channels, the Company manages and analyzes its performance based on a single omni-channel rather than separate channels and believes that the omni-channel results present the most meaningful and appropriate measure of the Company’s performance. The accounting policies of the reportable segments are the same as the policies described in Note 2, “Summary of Significant Accounting Policies.” Both the Retail and Wholesale 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: Fiscal Year 2016 2015 2014 Net sales Retail operations $ 3,184,955 $ 3,097,274 $ 2,908,981 Wholesale operations 273,603 237,491 185,792 Intersegment elimination (13,424 ) (11,688 ) (8,165 ) Total net sales $ 3,445,134 $ 3,323,077 $ 3,086,608 Income from operations Retail operations $ 342,885 $ 354,326 $ 414,734 Wholesale operations 54,444 55,403 42,191 Intersegment elimination (1,096 ) (1,079 ) (837 ) Total segment operating income 396,233 408,650 456,088 General corporate expenses (42,654 ) (43,265 ) (29,257 ) Total income from operations $ 353,579 $ 365,385 $ 426,831 Depreciation expense for property and equipment Retail operations $ 137,963 $ 130,383 $ 120,960 Wholesale operations 918 1,031 772 Total depreciation expense for property and equipment $ 138,881 $ 131,414 $ 121,732 Inventory Retail operations $ 289,170 $ 314,940 Wholesale operations 41,053 43,297 Total inventory $ 330,223 $ 358,237 Property and equipment, net Retail operations $ 859,277 $ 885,200 Wholesale operations 3,860 4,032 Total property and equipment, net $ 863,137 $ 889,232 Cash paid for property and equipment Retail operations $ 134,627 $ 228,682 $ 184,255 Wholesale operations 323 1,122 1,846 Total cash paid for property and equipment $ 134,950 $ 229,804 $ 186,101 The Company has foreign operations in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: Fiscal Year 2016 2015 2014 Net Sales Domestic operations $ 3,005,595 $ 2,870,140 $ 2,685,042 Foreign operations 439,539 452,937 401,566 Total net sales $ 3,445,134 $ 3,323,077 $ 3,086,608 Property and equipment, net Domestic operations $ 742,171 $ 745,504 Foreign operations 120,966 143,728 Total property and equipment, net $ 863,137 $ 889,232 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2016 | |
Fiscal Year-End | Fiscal Year-End The Company operates on a fiscal year ending January 31 of each year. All references to fiscal years of the Company refer to the fiscal years ended on January 31 in those years. For example, the Company’s fiscal 2016 ended on January 31, 2016. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, net sales and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are defined as cash and short-term highly liquid investments with maturities of less than three months at the time of purchase. These short-term highly liquid investments are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. As of January 31, 2016 and 2015, 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. |
Marketable Securities | Marketable Securities All of the Company’s marketable securities as of January 31, 2016 and January 31, 2015 are classified as available-for-sale and are carried at fair value, which approximates amortized cost. Interest on these securities, as well as the amortization of discounts and premiums, is included in “Interest income” in the Consolidated Statements of Income. The Company records unrealized gains and losses on these securities (other than mutual funds held in the rabbi trust for the Urban Outfitters, Inc. Non-qualified Deferred Compensation Plan (See Note 3, “Marketable Securities”)) as a component of “Other comprehensive (loss) income” in the Consolidated Statements of Comprehensive Income and in “Accumulated other comprehensive loss” within “Shareholders’ equity” until realized, except when the Company considers declines in value to be other than temporary. Other than temporary impairment losses related to credit losses are considered to be realized losses. Mutual funds held in the rabbi trust have been accounted for under the fair value option, which results in all unrealized gains and losses being recorded in “Interest income” in the Consolidated Statements of Income. When available-for-sale securities are sold, the cost of the securities is specifically identified and is used to determine the realized gain or loss. Securities classified as current assets have maturity dates of less than or equal to one year from the balance sheet date. Securities classified as non-current assets have maturity dates greater than one year from the balance sheet date. |
Accounts Receivable | Accounts Receivable Accounts receivable primarily consists of amounts due from our wholesale customers as well as credit card receivables outstanding with third-party credit card vendors. The activity of the allowance for doubtful accounts for the years ended January 31, 2016, 2015 and 2014 was as follows: Balance at year Additions Deductions Balance at Year ended January 31, 2016 $ 850 6,578 (6,764 ) $ 664 Year ended January 31, 2015 $ 1,711 4,666 (5,527 ) $ 850 Year ended January 31, 2014 $ 1,681 4,400 (4,370 ) $ 1,711 |
Inventory | Inventory Inventory, which consists primarily of general consumer merchandise held for sale, is valued at the lower of cost or market. Cost is determined on the first-in, first-out method and includes the cost of merchandise and import related costs, including freight, import taxes and agent commissions. A periodic review of inventory is performed in order to determine if inventory is properly stated at the lower of cost or market. Factors the Company considers in its review, such as future expected consumer demand and fashion trends, current aging, current and anticipated retail markdowns or wholesale discounts and class or type of inventory, are analyzed to determine estimated net realizable value. Criteria that the Company considers in its review of aging trends include average selling cycle and seasonality of merchandise, the historical rate at which merchandise has sold below cost during the prior twelve months and the value and nature of merchandise currently priced below original cost. A provision is recorded to reduce the cost of inventory to its estimated net realizable value, if appropriate. The majority of inventory at January 31, 2016 and 2015 consisted of finished goods. Raw materials and work-in-process were not material to the overall inventory value. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and primarily consist of store leasehold improvements, furniture and fixtures, buildings, and other operating equipment. Depreciation is computed using the straight-line method over the lesser of the lease term or useful life for leasehold improvements, five years for furniture and fixtures, 39 years for buildings and three to ten years for other operating equipment. Major renovations or improvements that extend the service lives of our assets are capitalized over the extension period or life of the improvement, whichever is less. |
Impairment of Long-lived Assets, Goodwill and Intangible Assets | Impairment of Long-lived Assets, Goodwill and Intangible Assets The Company periodically reviews the carrying values of its long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events that result in an impairment review include plans to close a store, distribution or fulfillment center or a significant decrease in the operating results of a long-lived asset. The Company’s retail stores are reviewed for impairment at the store level, which is the lowest level at which individual cash flows can be identified. When events indicate that an asset may be impaired and the estimated undiscounted cash flows are less than the carrying amount of the asset, the impaired asset is adjusted to its estimated fair value and an impairment loss is recorded. During fiscal 2016, the Company recorded impairment charges for five retail stores, totaling $8,928, of which $7,429 is in “Cost of sales” and $1,499 is in “Selling, general and administrative expenses,” in the Consolidated Statements of Income. During the Company’s assessment of current and future performance it was determined that these stores would not be able to generate sufficient cash flow over the expected remaining lease term to recover the carrying value of the respective store assets. Impairment charges for fiscal 2015 and 2014 were immaterial. |
Deferred Rent | Deferred Rent Rent expense from leases is recorded on a straight-line basis over the lease period. The net excess of rent expense over the actual cash paid is recorded as deferred rent. In addition, certain store leases provide for contingent rentals when sales exceed specified break-point levels that are weighted based upon historical cyclicality. For leases where achievement of these levels is considered probable based on cumulative lease year revenue versus the established breakpoint at any given point in time, the Company accrues a contingent rent liability and a corresponding rent expense. |
Operating Leases | Operating Leases The Company leases its retail stores under operating leases. Many of the lease agreements contain rent holidays, rent escalation clauses and contingent rent provisions or some combination of these items. The Company recognizes rent expense on a straight-line basis over the lease period commencing on the date that the premises are available from the landlord. The lease period includes the construction period required to make the leased space suitable for operating during which time the Company is not permitted to occupy the space. For purposes of calculating straight-line rent expense, the commencement date of the lease term reflects the date the Company takes possession of the building for initial construction and setup. The Company receives certain lease incentives, tenant improvement allowances, in conjunction with entering into operating leases. Tenant improvement allowances are recorded as deferred rent on the Consolidated Balance Sheets and are amortized on a straight-line basis as a reduction of rent expense over the term of the related lease on the Consolidated Statements of Income. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in the Retail segment at the point-of-sale for merchandise the customer takes possession of at the store or when merchandise is shipped to the customer, in each case, net of estimated customer returns. Revenue is recognized by the Company’s Wholesale segment when merchandise is shipped to the customer, net of estimated customer returns. Revenue is presented on a net basis and does not include any tax assessed by a governmental or municipal authority. Payment for merchandise in the Company’s Retail segment is tendered by cash, check, credit card, debit card or gift card. Uncollectible accounts receivable for the Retail segment is negligible and primarily results from unauthorized credit card transactions. The Company maintains an allowance for doubtful accounts for its Wholesale segment accounts receivable, which management reviews on a regular basis and believes is sufficient to cover potential credit losses and billing adjustments. The Company accounts for a gift card transaction by recording a liability at the time the gift card is issued to the customer in exchange for consideration from the customer. A liability is established and remains on the Company’s books until the card is redeemed by the customer, at which time the Company records the redemption of the card for merchandise as a sale, or when it is determined the likelihood of redemption is remote. The Company determines the probability of the gift cards being redeemed to be remote based on historical redemption patterns. Revenues attributable to the reduction of gift card liabilities for which the likelihood of redemption becomes remote are included in sales and are not material. The Company’s gift cards do not expire. |
Sales Return Reserve | Sales Return Reserve The Company records a reserve for estimated product returns where the sale has occurred during the period reported, but the return is likely to occur subsequent to the period reported. The reserve for estimated product returns is based on the Company’s most recent historical return trends. If the actual return rate is materially different than the Company’s estimate, sales returns would be adjusted in the future. The activity of the sales returns reserve for the years ended January 31, 2016, 2015 and 2014 was as follows: Balance at Additions Deductions Balance at Year ended January 31, 2016 $ 19,804 96,707 (92,126 ) $ 24,385 Year ended January 31, 2015 $ 17,089 80,390 (77,675 ) $ 19,804 Year ended January 31, 2014 $ 14,448 64,313 (61,672 ) $ 17,089 |
Cost of Sales | Cost of Sales Cost of sales includes the following: the cost of merchandise; merchandise markdowns; obsolescence and shrink provisions; store occupancy costs including rent and depreciation; delivery expense; inbound and outbound freight; customs related taxes and duties; inventory acquisition and purchasing costs; design costs; warehousing and handling costs and other inventory acquisition related costs. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses includes expenses such as: direct selling and selling supervisory expenses; marketing expenses; various corporate expenses such as information systems, finance, loss prevention, talent acquisition, home office and executive management expenses; share-based compensation expense; and other associated general expenses. |
Shipping and Handling Revenues and Costs | Shipping and Handling Revenues and Costs The Company includes shipping and handling revenues in net sales and shipping and handling costs in cost of sales. The Company’s shipping and handling revenues consist of amounts billed to customers for shipping and handling merchandise. Shipping and handling costs include shipping supplies, related labor costs and third-party shipping costs. |
Advertising | Advertising The Company expenses the costs of advertising when the advertising occurs, except for direct-to-consumer advertising, which is capitalized and amortized over its expected period of future benefit. Advertising costs primarily relate to our Retail segment marketing expenses which are comprised of web marketing, catalog printing, paper, postage and other costs related to production of photographic images used in our catalogs and on our websites and mobile applications. The catalog printing, paper, postage and other costs are amortized over the period in which the customer responds to the marketing material determined based on historical customer response trends to a similar season’s advertisement. Amortization rates are reviewed on a regular basis during the fiscal year and may be adjusted if the predicted customer response appears materially different than the historical response rate. The Company has the ability to measure the response rate to direct marketing early in the course of the advertisement based on its customers’ reference to a specific catalog or by product placed and sold. The average amortization period for a catalog and related items are typically one to two months. If there is no expected future benefit, the cost of advertising is expensed when incurred. Advertising costs reported as prepaid expenses were $3,724 and $2,146 as of January 31, 2016 and 2015, respectively. Advertising expenses were $114,104, $103,882 and $91,615 for fiscal 2016, 2015 and 2014, respectively. |
Store Opening Costs | Store Opening Costs The Company expenses all store opening and organization costs as incurred, including travel, training, recruiting, salaries and other operating costs, and are included in “Selling, general and administrative expenses” in the Consolidated Statements of Income. |
Website Development Costs | Website Development Costs The Company capitalizes applicable costs incurred during the application and infrastructure development stage and expenses costs incurred during the planning and operating stage. During fiscal 2016, 2015 and 2014, the Company did not capitalize any internally generated internal-use software development costs because substantially all costs were incurred during the planning and operating stages, and costs incurred during the application and infrastructure development stage were not material. |
Income Taxes | Income Taxes The Company utilizes a balance sheet approach to provide for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of net operating loss carryforwards and temporary differences between the carrying amounts and the tax bases of assets and liabilities. Investment tax credits or grants are accounted for in the period earned. The Company files a consolidated United States federal income tax return (see Note 8, “Income Taxes,” for a further discussion of income taxes). The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. |
Net Income Per Common Share | Net Income Per Common Share Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents include the effect of stock options, stock appreciation rights (“SAR’s”), restricted stock units (“RSU’s”) and performance stock units (“PSU’s”). |
Comprehensive Income and Accumulated Other Comprehensive Loss | Comprehensive Income and Accumulated Other Comprehensive Loss Comprehensive income is comprised of two subsets—net income and other comprehensive income/loss. Amounts included in accumulated other comprehensive loss relate to foreign currency translation adjustments and unrealized gains or losses on marketable securities. The foreign currency translation adjustments are not adjusted for income taxes because these adjustments relate to non-U.S. subsidiaries for which foreign earnings have been designated as permanently reinvested. Accumulated other comprehensive loss consisted of foreign currency translation losses of ($23,479) and ($15,516) as of January 31, 2016 and January 31, 2015, respectively, and unrealized gains, net of tax, on marketable securities of $28 and $89 as of January 31, 2016 and January 31, 2015, respectively. The tax effect of the unrealized (losses) on marketable securities recorded in comprehensive loss was $36, $201 and $378 during fiscal 2016, 2015 and 2014, respectively. Gross realized gains and losses are included in “Other income” in the Consolidated Statements of Income and were not material to the Company’s Consolidated Financial Statements for all three years presented. |
Foreign Currency | Foreign Currency The financial statements of the Company’s foreign operations are translated into U.S. dollars. Assets and liabilities are translated at current exchange rates as of the balance sheet date, equity accounts at historical exchange rates, while income statement accounts are translated at the average rates in effect during the year. Translation adjustments are not included in determining net income, but are included in “Accumulated other comprehensive loss” within “Shareholders’ equity.” Remeasurement gains and losses included in operating results for fiscal years 2016, 2015 and 2014 were not material. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company manages the credit risk associated with cash, cash equivalents and marketable securities by investing in high-quality securities held with reputable trustees and, by policy, limiting the amount of credit exposure to any one issuer or issue, as well as providing limitations on investment maturities. The Company’s investment policy requires that its cash, cash equivalents and marketable securities are invested in corporate and municipal bonds rated “BBB” or better, commercial paper and federally insured or guaranteed investment vehicles such as certificates of deposit, United States treasury bills and federal government agencies. Receivables from third-party credit cards are processed by financial institutions, which are monitored for financial stability. The Company regularly evaluates the financial condition of its Wholesale segment customers. The Company’s allowance for doubtful accounts reflects current market conditions and management’s assessment regarding the collectability of its accounts receivable. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks related to its cash accounts. |
Commitments and Contingencies | Commitments and Contingencies From time to time, the Company is named as a defendant in legal actions arising from normal business activities. The Company records a reserve for estimated losses when information available prior to issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amends the existing accounting standards for lease accounting. This update requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than twelve months. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of twelve months or less. The update does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. The update will be effective for the Company on February 1, 2019 and early adoption of the update is permitted. The update requires a modified retrospective transition approach, which includes a number of practical expedients. The Company is currently assessing the potential effects this update may have on its consolidated financial statements and related disclosures. In November 2015, the FASB issued an accounting standards update that requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet rather than separating deferred taxes into current and noncurrent amounts. The Company elected to early adopt this update and prospectively applied the update to deferred tax assets and liabilities as of January 31, 2016. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures. In July 2015, the FASB issued an accounting standards update that clarifies the measurement of inventory. The update applies to entities which utilize the first-in, first-out (“FIFO”) and average cost methods of measuring inventory and states that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value represents the estimated selling price less costs associated with completion, disposal and transportation. The update will be effective for the Company on February 1, 2017 and early adoption is permitted. The update is to be adopted on a prospective basis. The Company is currently assessing the potential effects this update may have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued an accounting standards update that clarifies the circumstances in which a customer would account for a cloud computing arrangement as a license of internal-use software. The update will be effective for the Company on February 1, 2016. The update allows for either retrospective or prospective adoption for all new transactions entered into or materially modified after the date of the adoption. The Company has performed an assessment of its cloud computing arrangements and determined that the potential effects this update has are immaterial to its consolidated financial statements and related disclosures. In May 2014, the FASB issued an accounting standards update that clarifies the principles for recognizing revenue from contracts with customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The update states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Entities are required to apply the following steps when recognizing revenue under the update: (1) identify the contract(s) with a customer; (2) identify the performance obligation in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The update allows for a “full retrospective” adoption, meaning the update is applied to all periods presented, or a “modified retrospective” adoption, meaning the update is applied only to the most current periods presented in the financial statements. In August 2015, the FASB issued an accounting standards update which approved a one-year deferral of the effective date that allows the Company to defer the effective date to February 1, 2018, but still permits the Company to adopt the update as of the original February 1, 2017 effective date. The Company is currently evaluating the adoption method to apply and the impact that the update will have on its consolidated financial statements and related disclosures. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Activity of Allowance for Doubtful Accounts | The activity of the allowance for doubtful accounts for the years ended January 31, 2016, 2015 and 2014 was as follows: Balance at year Additions Deductions Balance at Year ended January 31, 2016 $ 850 6,578 (6,764 ) $ 664 Year ended January 31, 2015 $ 1,711 4,666 (5,527 ) $ 850 Year ended January 31, 2014 $ 1,681 4,400 (4,370 ) $ 1,711 |
Activity of Sales Return Reserve | The activity of the sales returns reserve for the years ended January 31, 2016, 2015 and 2014 was as follows: Balance at Additions Deductions Balance at Year ended January 31, 2016 $ 19,804 96,707 (92,126 ) $ 24,385 Year ended January 31, 2015 $ 17,089 80,390 (77,675 ) $ 19,804 Year ended January 31, 2014 $ 14,448 64,313 (61,672 ) $ 17,089 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities | The amortized cost, gross unrealized gains (losses) and fair values of available-for-sale securities by major security type and class of security as of January 31, 2016 and 2015 are as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of January 31, 2016 Short-term Investments: Corporate bonds $ 33,885 $ 10 $ (25 ) $ 33,870 Municipal and pre-refunded municipal bonds 26,243 33 — 26,276 Certificates of deposit 915 — — 915 61,043 43 (25 ) 61,061 Long-term Investments: Corporate bonds 12,227 9 (35 ) 12,201 Municipal and pre-refunded municipal bonds 18,028 58 (2 ) 18,084 Mutual funds, held in rabbi trust 4,604 6 (247 ) 4,363 Certificates of deposit 1,952 — — 1,952 36,811 73 (284 ) 36,600 $ 97,854 $ 116 $ (309 ) $ 97,661 As of January 31, 2015 Short-term Investments: Corporate bonds $ 56,594 $ 20 $ (24 ) $ 56,590 Municipal and pre-refunded municipal bonds 30,509 41 (2 ) 30,548 Certificates of deposit 11,127 5 — 11,132 Treasury bills 2,033 3 — 2,036 Commercial paper 3,938 2 — 3,940 104,201 71 (26 ) 104,246 Long-term Investments: Corporate bonds 46,754 22 (40 ) 46,736 Municipal and pre-refunded municipal bonds 42,840 113 (6 ) 42,947 Mutual funds, held in rabbi trust 3,816 16 (54 ) 3,778 Certificates of deposit 3,066 — — 3,066 Treasury bills 7,111 9 — 7,120 Federal government agencies 799 2 — 801 104,386 162 (100 ) 104,448 $ 208,587 $ 233 $ (126 ) $ 208,694 |
Gross Unrealized Losses and Fair Value of Marketable Securities | The following tables show the gross unrealized losses and fair value of the Company’s marketable securities with unrealized losses that are not deemed to be other-than-temporarily impaired aggregated by the length of time that individual securities have been in a continuous unrealized loss position, at January 31, 2016 and January 31, 2015, respectively. January 31, 2016 Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate bonds $ 30,745 $ (54 ) $ 1,098 $ (6 ) $ 31,843 $ (60 ) Municipal and pre-refunded municipal bonds 997 (2 ) 434 — 1,431 (2 ) Mutual funds, held in rabbi trust 4,363 (247 ) — — 4,363 (247 ) Total $ 36,105 $ (303 ) $ 1,532 $ (6 ) $ 37,637 $ (309 ) January 31, 2015 Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate bonds $ 55,384 $ (63 ) $ 383 $ (1 ) $ 55,767 $ (64 ) Municipal and pre-refunded municipal bonds 4,672 (8 ) — — 4,672 (8 ) Mutual funds, held in rabbi trust 3,778 (54 ) — — 3,778 (54 ) Certificates of deposit 1,600 — — — 1,600 — Commercial paper 747 — — — 747 — Total $ 66,181 $ (125 ) $ 383 $ (1 ) $ 66,564 $ (126 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
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 January 31, 2016 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 46,071 $ — $ — $ 46,071 Municipal and pre-refunded municipal bonds — 44,360 — 44,360 Mutual funds, held in rabbi trust 4,363 — — 4,363 Certificates of deposit — 2,867 — 2,867 $ 50,434 $ 47,227 $ — $ 97,661 Marketable Securities Fair Value as of January 31, 2015 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 103,326 $ — $ — $ 103,326 Municipal and pre-refunded municipal bonds — 73,495 — 73,495 Mutual funds, held in rabbi trust 3,778 — — 3,778 Certificates of deposit — 14,198 — 14,198 Treasury bills 9,156 — — 9,156 Commercial paper — 3,940 — 3,940 Federal government agencies 801 — — 801 $ 117,061 $ 91,633 $ — $ 208,694 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Schedule of Property and Equipment | Property and equipment is summarized as follows: January 31, 2016 2015 Land $ 15,197 $ 15,197 Buildings 294,674 239,115 Furniture and fixtures 424,681 410,265 Leasehold improvements 860,577 794,995 Other operating equipment 249,969 180,397 Construction-in-progress 44,763 182,595 1,889,861 1,822,564 Accumulated depreciation (1,026,724 ) (933,332 ) Total $ 863,137 $ 889,232 |
Accrued Expenses and Other Cu28
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: January 31, 2016 2015 Gift certificates and merchandise credits $ 51,549 $ 47,943 Sales return reserves 24,385 19,804 Accrued sales taxes 17,145 12,171 Accrued construction 11,595 18,717 Accrued rents and estimated property taxes 10,411 11,121 Other current liabilities 54,637 42,887 Total $ 169,722 $ 152,643 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Components of Income before Income Taxes | The components of income before income taxes are as follows: Fiscal Year Ended January 31, 2016 2015 2014 Domestic $ 323,906 $ 328,479 $ 375,793 Foreign 26,125 34,971 51,725 $ 350,031 $ 363,450 $ 427,518 |
Components of Provision for Income Tax Expense or Benefit | The components of the provision for income tax expense/(benefit) are as follows: Fiscal Year Ended January 31, 2016 2015 2014 Current: Federal $ 84,274 $ 109,978 $ 139,848 State 21,391 19,665 20,530 Foreign 6,215 3,600 13,285 $ 111,880 $ 133,243 $ 173,663 Deferred: Federal $ 13,985 $ (3,295 ) $ (15,171 ) State (1,218 ) 1,372 (6,225 ) Foreign 895 (298 ) (7,109 ) 13,662 (2,221 ) (28,505 ) $ 125,542 $ 131,022 $ 145,158 |
Reasons for Differences between Company's Effective Tax Rate and Statutory U.S. Federal Income Tax Rate | The following table reflects the differences between the statutory U.S. federal income tax rate and the Company’s effective tax rate: Fiscal Year Ended January 31, 2016 2015 2014 Expected provision at statutory U.S. federal tax rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal tax benefit 3.7 3.7 2.2 Foreign taxes (2.0 ) (2.4 ) (2.7 ) Federal rehabilitation tax credit (1.9 ) 0.0 (0.6 ) Other 1.1 (0.3 ) 0.1 Effective tax rate 35.9 % 36.0 % 34.0 % |
Significant Components of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities as of January 31, 2016 and 2015 are as follows: January 31, 2016 2015 Deferred tax liabilities: Prepaid expense $ (4,645 ) $ (3,732 ) Depreciation (66,936 ) (51,774 ) Other temporary differences (2,604 ) (1,728 ) Gross deferred tax liabilities (74,185 ) (57,234 ) Deferred tax assets: Deferred rent 72,253 70,023 Inventory 11,031 8,137 Accounts receivable 3,953 2,844 Net operating loss carryforwards 4,941 4,003 Tax uncertainties 2,972 3,363 Accrued salaries and benefits 27,660 31,747 Income tax credits 4,287 114 Other temporary differences 7,896 5,725 Gross deferred tax assets, before valuation allowances 134,993 125,956 Valuation allowances (6,560 ) (45 ) Net deferred tax assets $ 54,248 $ 68,677 |
Reconciliation of Beginning and Ending Balances of Total Amounts of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: January 31, Tax Benefit Reconciliation 2016 2015 2014 Balance at the beginning of the period $ 6,889 $ 4,835 $ 7,895 Increases in tax positions for prior years 4,053 2,518 1,026 Decreases in tax positions for prior years (891 ) (12 ) (305 ) Increases in tax positions for current year 274 352 521 Settlements (1,590 ) (620 ) (3,190 ) Lapse in statute of limitations (897 ) (184 ) (1,112 ) Balance at the end of the period $ 7,838 $ 6,889 $ 4,835 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
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 Consolidated Statements of Income, for the fiscal years ended January 31, 2016, 2015 and 2014 was as follows: Fiscal Year Ended January 31, 2016 2015 2014 Stock Options $ 841 $ 1,377 $ 2,621 Stock Appreciation Rights 1,295 2,244 2,918 Performance Stock Units (1)(2) 13,464 12,991 9,956 Restricted Stock Units 23 124 247 Total $ 15,623 $ 16,736 $ 15,742 (1) Includes the reversal of $967 of previously recognized compensation expense in fiscal 2016, related to 50,004 PSU’s that will not vest as the achievement of the related performance target is not probable. (2) Includes the reversal of $1,396 of previously recognized compensation expense in fiscal 2015, related to 163,336 PSU’s that will not vest as the achievement of the related performance target is not probable. |
Assumptions Used to Estimate Fair Value of Stock Options | The following weighted-average assumptions were used in the Model to estimate the fair value of stock options at the date of grant: Fiscal Year Ended January 31, 2016 2015 2014 Expected life, in years 3.5 3.4 3.5 Risk-free interest rate 1.2 % 1.1 % 0.6 % Volatility 32.5 % 33.0 % 36.0 % Dividend rate — — — |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2016: Shares Weighted- Weighted- Aggregate Awards outstanding at beginning of year 2,464,390 $ 32.69 1.6 $ 8,547 Granted 120,000 38.09 Exercised (1,416,990 ) 32.75 Forfeited or Expired (217,025 ) 33.24 Awards outstanding at end of year 950,375 33.17 2.9 $ 307 Awards outstanding expected to vest 944,375 33.17 2.9 $ 292 Awards exercisable at end of year 830,375 $ 32.46 2.9 $ 307 |
Summary of Information Concerning Outstanding and Exercisable Stock Options | The following table summarizes other information related to stock options during the years ended January 31, 2016, 2015 and 2014: Fiscal Year Ended January 31, 2016 2015 2014 Weighted-average grant date fair value—per share $ 7.46 $ 7.02 $ 9.67 Intrinsic value of awards exercised $ 14,193 $ 4,852 $ 30,450 Net cash proceeds from the exercise of stock options $ 46,466 $ 10,693 $ 35,218 |
Weighted Average Assumptions Used to Estimate Fair Value of Stock Appreciation Right's at Date of Grant | The following weighted-average assumptions were used in the Model to estimate the fair value of SAR’s at the date of grant: Fiscal Year Ended January 31, 2016 2015 2014 Expected life, in years — — 5.6 Risk-free interest rate — — 1.0 % Volatility — — 46.0 % Dividend rate — — — |
Summary of Stock Appreciation Right Activity | The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2016: Awards Weighted- Weighted- Aggregate Awards outstanding at beginning of year 893,408 $ 30.89 4.6 $ 3,990 Granted — — Exercised (520,358 ) 29.68 Forfeited or Expired (68,950 ) (36.25 ) Awards outstanding at end of year 304,100 31.74 3.5 $ — Awards outstanding expected to vest 302,687 31.74 3.5 $ — Awards exercisable at end of year 224,180 $ 31.25 3.5 $ — |
Summary of Other Information Related to SAR's | The following table summarizes other information related to SAR’s during the years ended January 31, 2016, 2015 and 2014: Fiscal Year Ended January 31, 2016 2015 2014 Weighted-average grant date fair value—per share $ — $ — $ 14.11 Intrinsic value of awards exercised $ 7,386 $ 654 $ 848 |
Summary of Performance Share Units Activity | The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2016: Shares Weighted- Non-vested awards outstanding at beginning of year 3,992,209 $ 21.32 Granted 1,471,000 18.94 Vested (435,996 ) 17.58 Forfeited (843,915 ) 22.72 Non-vested awards outstanding at end of year 4,183,298 $ 20.64 |
Summary of Restricted Stock Units Activity | The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2016: Shares Weighted- Non-vested awards outstanding at beginning of year 5,000 $ 39.06 Granted — — Vested (5,000 ) 39.06 Forfeited — — Non-vested awards outstanding at end of year — $ — |
Other Comprehensive Income (L31
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax | The following tables present the change in “Accumulated other comprehensive income (loss),” by component, net of tax, for the fiscal years ended January 31, 2016 and 2015, respectively: Fiscal Year Ended January 31, 2016 Foreign Unrealized Gains Total Beginning Balance $ (15,516 ) $ 89 $ (15,427 ) Other comprehensive income (loss) before reclassifications (7,963 ) (104 ) (8,067 ) Amounts reclassified from accumulated other comprehensive income (loss) — 43 43 Net current-period total other comprehensive income/(loss) (7,963 ) (61 ) (8,024 ) Ending Balance $ (23,479 ) $ 28 $ (23,451 ) Fiscal Year Ended January 31, 2015 Foreign Unrealized Gains Total Beginning Balance $ (1,388 ) $ 420 $ (968 ) Other comprehensive income (loss) before reclassifications (14,128 ) (568 ) (14,696 ) Amounts reclassified from accumulated other comprehensive income (loss) — 237 237 Net current-period total other comprehensive income/(loss) (14,128 ) (331 ) (14,459 ) Ending Balance $ (15,516 ) $ 89 $ (15,427 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
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 used for the computation of basic and diluted net income per common share: Fiscal Year Ended January 31, 2016 2015 2014 Basic weighted-average common shares outstanding 125,232,499 136,651,899 147,014,869 Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units 780,915 1,540,835 2,211,037 Diluted weighted-average shares outstanding 126,013,414 138,192,734 149,225,906 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Schedule by Year of Future Minimum Lease Payments for Operating Leases with Original Terms in Excess of One Year | The following is a schedule by year of the future minimum lease payments for operating leases with original terms in excess of one year: Fiscal Year 2017 $ 272,255 2018 263,876 2019 246,043 2020 228,091 2021 199,685 Thereafter 772,226 Total minimum lease payments $ 1,982,176 |
Rent Expense for Operating Leases | Rent expense consisted of the following: Fiscal Year Ended January 31, 2016 2015 2014 Minimum and percentage rentals $ 245,474 $ 234,982 $ 205,759 Contingent rentals 2,704 3,901 5,542 Total $ 248,178 $ 238,883 $ 211,301 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Schedule of Operations by Segment | A summary of the information about the Company’s operations by segment is as follows: Fiscal Year 2016 2015 2014 Net sales Retail operations $ 3,184,955 $ 3,097,274 $ 2,908,981 Wholesale operations 273,603 237,491 185,792 Intersegment elimination (13,424 ) (11,688 ) (8,165 ) Total net sales $ 3,445,134 $ 3,323,077 $ 3,086,608 Income from operations Retail operations $ 342,885 $ 354,326 $ 414,734 Wholesale operations 54,444 55,403 42,191 Intersegment elimination (1,096 ) (1,079 ) (837 ) Total segment operating income 396,233 408,650 456,088 General corporate expenses (42,654 ) (43,265 ) (29,257 ) Total income from operations $ 353,579 $ 365,385 $ 426,831 Depreciation expense for property and equipment Retail operations $ 137,963 $ 130,383 $ 120,960 Wholesale operations 918 1,031 772 Total depreciation expense for property and equipment $ 138,881 $ 131,414 $ 121,732 Inventory Retail operations $ 289,170 $ 314,940 Wholesale operations 41,053 43,297 Total inventory $ 330,223 $ 358,237 Property and equipment, net Retail operations $ 859,277 $ 885,200 Wholesale operations 3,860 4,032 Total property and equipment, net $ 863,137 $ 889,232 Cash paid for property and equipment Retail operations $ 134,627 $ 228,682 $ 184,255 Wholesale operations 323 1,122 1,846 Total cash paid for property and equipment $ 134,950 $ 229,804 $ 186,101 |
Schedule of Revenues and Long-Lived Assets, by Domestic and Foreign Operations Segment | The Company has foreign operations in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: Fiscal Year 2016 2015 2014 Net Sales Domestic operations $ 3,005,595 $ 2,870,140 $ 2,685,042 Foreign operations 439,539 452,937 401,566 Total net sales $ 3,445,134 $ 3,323,077 $ 3,086,608 Property and equipment, net Domestic operations $ 742,171 $ 745,504 Foreign operations 120,966 143,728 Total property and equipment, net $ 863,137 $ 889,232 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) | 12 Months Ended | |
Jan. 31, 2016StoreCustomer | Jan. 31, 2015Store | |
Nature Of Business [Line Items] | ||
Number of stores for operations | 572 | 546 |
Number of department and specialty retailers worldwide, sold and distributed apparel to | Customer | 1,800 | |
United States | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 485 | 464 |
Europe | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 52 | 50 |
Canada | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 35 | 32 |
Activity of Allowance for doubt
Activity of Allowance for doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of year | $ 850 | $ 1,711 | $ 1,681 |
Additions | 6,578 | 4,666 | 4,400 |
Deductions | (6,764) | (5,527) | (4,370) |
Balance at end of year | $ 664 | $ 850 | $ 1,711 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Impairment charges | $ 8,928 | ||
Advertising costs reported as prepaid expenses | 3,724 | $ 2,146 | |
Advertising expense | 114,104 | 103,882 | $ 91,615 |
Foreign currency translation losses | (7,963) | (14,128) | 7,194 |
Cost of Sales | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Impairment charges | 7,429 | ||
Selling, General and Administrative Expenses | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Impairment charges | 1,499 | ||
Accumulated Other Comprehensive Income (Loss) | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Foreign currency translation losses | (23,479) | (15,516) | |
Unrealized gains / (losses) on marketable securities, net of tax | 28 | 89 | |
Change in unrealized gains / (losses) on marketable securities, tax | $ 36 | $ 201 | $ 378 |
Furniture and Fixtures | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Average useful life (in years) | 5 years | ||
Leasehold Improvements | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Depreciable life (in years) | Lesser of the lease term or useful life for leasehold improvements | ||
Equipment | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Average useful life (in years) | 3 years | ||
Equipment | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Average useful life (in years) | 10 years | ||
Building | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Average useful life (in years) | 39 years |
Activity of Sales Return Reserv
Activity of Sales Return Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Revenue Recognition, Allowances [Line Items] | |||
Balance at beginning of year | $ 19,804 | $ 17,089 | $ 14,448 |
Additions | 96,707 | 80,390 | 64,313 |
Deductions | (92,126) | (77,675) | (61,672) |
Balance at end of year | $ 24,385 | $ 19,804 | $ 17,089 |
Amortized Cost, Gross Unrealize
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 97,854 | $ 208,587 |
Unrealized Gains | 116 | 233 |
Unrealized (Losses) | (309) | (126) |
Fair Value | 97,661 | 208,694 |
Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 61,043 | 104,201 |
Unrealized Gains | 43 | 71 |
Unrealized (Losses) | (25) | (26) |
Fair Value | 61,061 | 104,246 |
Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 36,811 | 104,386 |
Unrealized Gains | 73 | 162 |
Unrealized (Losses) | (284) | (100) |
Fair Value | 36,600 | 104,448 |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 46,071 | 103,326 |
Corporate Bonds | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 33,885 | 56,594 |
Unrealized Gains | 10 | 20 |
Unrealized (Losses) | (25) | (24) |
Fair Value | 33,870 | 56,590 |
Corporate Bonds | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,227 | 46,754 |
Unrealized Gains | 9 | 22 |
Unrealized (Losses) | (35) | (40) |
Fair Value | 12,201 | 46,736 |
Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 44,360 | 73,495 |
Municipal And Pre-Refunded Municipal Bonds | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 26,243 | 30,509 |
Unrealized Gains | 33 | 41 |
Unrealized (Losses) | (2) | |
Fair Value | 26,276 | 30,548 |
Municipal And Pre-Refunded Municipal Bonds | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 18,028 | 42,840 |
Unrealized Gains | 58 | 113 |
Unrealized (Losses) | (2) | (6) |
Fair Value | 18,084 | 42,947 |
Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 2,867 | 14,198 |
Certificates of Deposit | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 915 | 11,127 |
Unrealized Gains | 5 | |
Fair Value | 915 | 11,132 |
Certificates of Deposit | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,952 | 3,066 |
Fair Value | 1,952 | 3,066 |
Treasury Bills | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 9,156 | |
Treasury Bills | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,033 | |
Unrealized Gains | 3 | |
Fair Value | 2,036 | |
Treasury Bills | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,111 | |
Unrealized Gains | 9 | |
Fair Value | 7,120 | |
Commercial Paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 3,940 | |
Commercial Paper | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,938 | |
Unrealized Gains | 2 | |
Fair Value | 3,940 | |
Mutual Funds, Held in Rabbi Trust | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 4,363 | 3,778 |
Mutual Funds, Held in Rabbi Trust | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,604 | 3,816 |
Unrealized Gains | 6 | 16 |
Unrealized (Losses) | (247) | (54) |
Fair Value | $ 4,363 | 3,778 |
Federal Government Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 801 | |
Federal Government Agencies | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 799 | |
Unrealized Gains | 2 | |
Fair Value | $ 801 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016USD ($)Securities | Jan. 31, 2015USD ($)Securities | Jan. 31, 2014USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales and maturities of available-for-sale securities | $ 374,057 | $ 830,297 | $ 451,866 |
Amortization of discounts and premiums, net | $ 3,841 | $ 6,696 | 10,932 |
Total number of securities with unrealized loss positions within the Company's portfolio | Securities | 84 | 172 | |
Other (Expense) Income, Net | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Net realized gain (loss) | $ 43 | $ 237 | $ (101) |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Value of Marketable Securities (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 36,105 | $ 66,181 |
Less Than 12 Months, Unrealized Losses | (303) | (125) |
12 Months or Greater, Fair Value | 1,532 | 383 |
12 Months or Greater, Unrealized Losses | (6) | (1) |
Total, Fair Value | 37,637 | 66,564 |
Total, Unrealized Losses | (309) | (126) |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 30,745 | 55,384 |
Less Than 12 Months, Unrealized Losses | (54) | (63) |
12 Months or Greater, Fair Value | 1,098 | 383 |
12 Months or Greater, Unrealized Losses | (6) | (1) |
Total, Fair Value | 31,843 | 55,767 |
Total, Unrealized Losses | (60) | (64) |
Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 997 | 4,672 |
Less Than 12 Months, Unrealized Losses | (2) | (8) |
12 Months or Greater, Fair Value | 434 | |
Total, Fair Value | 1,431 | 4,672 |
Total, Unrealized Losses | (2) | (8) |
Mutual Funds, Held in Rabbi Trust | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 4,363 | 3,778 |
Less Than 12 Months, Unrealized Losses | (247) | (54) |
Total, Fair Value | 4,363 | 3,778 |
Total, Unrealized Losses | $ (247) | (54) |
Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 1,600 | |
Total, Fair Value | 1,600 | |
Commercial Paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 747 | |
Total, Fair Value | $ 747 |
Financial Assets Measured at Fa
Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | $ 97,661 | $ 208,694 |
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 | 46,071 | 103,326 |
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 | 44,360 | 73,495 |
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 | 4,363 | 3,778 |
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 | 2,867 | 14,198 |
Treasury Bills | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 9,156 | |
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 | 3,940 | |
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 | 801 | |
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 | 50,434 | 117,061 |
Fair Value, Inputs, Level 1 | 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 | 46,071 | 103,326 |
Fair Value, Inputs, Level 1 | 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 | 4,363 | 3,778 |
Fair Value, Inputs, Level 1 | Treasury Bills | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 9,156 | |
Fair Value, Inputs, Level 1 | 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 | 801 | |
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 | 47,227 | 91,633 |
Fair Value, Inputs, Level 2 | 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 | 44,360 | 73,495 |
Fair Value, Inputs, Level 2 | 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 | $ 2,867 | 14,198 |
Fair Value, Inputs, Level 2 | 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 | $ 3,940 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Jan. 31, 2016USD ($) | |
Fair Value Disclosures [Line Items] | |
Impairment charges | $ 8,928 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 15,197 | $ 15,197 |
Buildings | 294,674 | 239,115 |
Furniture and fixtures | 424,681 | 410,265 |
Leasehold improvements | 860,577 | 794,995 |
Other operating equipment | 249,969 | 180,397 |
Construction-in-progress | 44,763 | 182,595 |
Property, Plant and Equipment, Gross, Total | 1,889,861 | 1,822,564 |
Accumulated depreciation | (1,026,724) | (933,332) |
Total | $ 863,137 | $ 889,232 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense for property and equipment | $ 138,881 | $ 131,414 | $ 121,732 |
Accrued Expenses and Other Cu46
Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Accrued Expenses and Other Current Liabilities [Line Items] | ||||
Gift certificates and merchandise credits | $ 51,549 | $ 47,943 | ||
Sales return reserves | 24,385 | 19,804 | $ 17,089 | $ 14,448 |
Accrued sales taxes | 17,145 | 12,171 | ||
Accrued construction | 11,595 | 18,717 | ||
Accrued rents and estimated property taxes | 10,411 | 11,121 | ||
Other current liabilities | 54,637 | 42,887 | ||
Total | $ 169,722 | $ 152,643 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jul. 01, 2015USD ($)Financial_Institution | Jan. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | ||
Line of credit outstanding | $ 150,000,000 | |
Stand-by letters of credit | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding | 13,782,000 | |
Trade Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding | 65,047,000 | |
Number of financial institutions with borrowing agreements | Financial_Institution | 2 | |
Line of credit facility available for purposes of trade of letter of credit | $ 130,000,000 | |
Line of credit facility, available amount | $ 64,953,000 | |
JPmorgan Chase Bank N. A. | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, period | 5 years | |
Credit facility maximum borrowing capacity | $ 400,000,000 | |
Additional line of credit facility | $ 150,000,000 | |
JPmorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted LIBOR, CDOR or EURIBOR | Minimum | ||
Line of Credit Facility [Line Items] | ||
Applicable margin | 1.125% | |
JPmorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted LIBOR, CDOR or EURIBOR | Maximum | ||
Line of Credit Facility [Line Items] | ||
Applicable margin | 1.625% | |
JPmorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted ABR | Minimum | ||
Line of Credit Facility [Line Items] | ||
Applicable margin | 0.125% | |
JPmorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted ABR | Maximum | ||
Line of Credit Facility [Line Items] | ||
Applicable margin | 0.625% | |
Wells Fargo Bank National Association | Unsecured revolving line of credit | ||
Line of Credit Facility [Line Items] | ||
Credit facility maximum borrowing capacity | $ 175,000,000 | |
Line of credit facility, expire date | 2019-03 |
Components of Income before Inc
Components of Income before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Schedule Of Income Loss From Continuing Operations [Line Items] | |||
Domestic | $ 323,906 | $ 328,479 | $ 375,793 |
Foreign | 26,125 | 34,971 | 51,725 |
Income before income taxes | $ 350,031 | $ 363,450 | $ 427,518 |
Components of Provision for Inc
Components of Provision for Income Tax Expense or Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Schedule Of Income Loss From Continuing Operations [Line Items] | |||
Current, Federal | $ 84,274 | $ 109,978 | $ 139,848 |
Current, State | 21,391 | 19,665 | 20,530 |
Current, Foreign | 6,215 | 3,600 | 13,285 |
Current income tax expense, total | 111,880 | 133,243 | 173,663 |
Deferred, Federal | 13,985 | (3,295) | (15,171) |
Deferred, State | (1,218) | 1,372 | (6,225) |
Deferred, Foreign | 895 | (298) | (7,109) |
Deferred income tax expense (benefit), total | 13,662 | (2,221) | (28,505) |
Income tax expense (benefit), total | $ 125,542 | $ 131,022 | $ 145,158 |
Differences Between the Statuto
Differences Between the Statutory U.S. Federal Income Tax Rate and the Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Schedule of Effective Tax Rate Reconciliation [Line Items] | |||
Expected provision at statutory U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal tax benefit | 3.70% | 3.70% | 2.20% |
Foreign taxes | (2.00%) | (2.40%) | (2.70%) |
Federal rehabilitation tax credit | (1.90%) | (0.00%) | (0.60%) |
Other | 1.10% | (0.30%) | 0.10% |
Effective tax rate | 35.90% | 36.00% | 34.00% |
Significant Components of Defer
Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Prepaid expense | $ (4,645) | $ (3,732) |
Depreciation | (66,936) | (51,774) |
Other temporary differences | (2,604) | (1,728) |
Gross deferred tax liabilities | (74,185) | (57,234) |
Deferred rent | 72,253 | 70,023 |
Inventory | 11,031 | 8,137 |
Accounts receivable | 3,953 | 2,844 |
Net operating loss carryforwards | 4,941 | 4,003 |
Tax uncertainties | 2,972 | 3,363 |
Accrued salaries and benefits | 27,660 | 31,747 |
Income tax credits | 4,287 | 114 |
Other temporary differences | 7,896 | 5,725 |
Gross deferred tax assets, before valuation allowances | 134,993 | 125,956 |
Valuation allowances | (6,560) | (45) |
Net deferred tax assets | $ 54,248 | $ 68,677 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Income Taxes [Line Items] | |||
Net deferred tax assets | $ 54,248 | $ 68,677 | |
Net deferred tax assets, non-current | 54,248 | 49,922 | |
Unrecognized tax benefit that, if recognized, would impact the effective tax rate | 5,698 | 4,952 | |
Recognized (benefit)/expense in interest and penalties | (686) | 408 | $ (1,922) |
Accrued amounts for payment of interest and penalties | 800 | 1,486 | |
Unrecognized tax benefits, lower bound | 0 | ||
Unrecognized tax benefits, upper bound | 1,103 | ||
U.S. Federal | |||
Income Taxes [Line Items] | |||
Net deferred tax assets | 28,249 | 43,330 | |
Net operating loss carryforwards | 868 | ||
Tax credit carryforwards | $ 6,524 | ||
U.S. Federal | Earliest Tax Year | |||
Income Taxes [Line Items] | |||
Expiration date | 2,017 | ||
Tax credit expiration date | 2,017 | ||
U.S. Federal | Latest Tax Year | |||
Income Taxes [Line Items] | |||
Expiration date | 2,027 | ||
Tax credit expiration date | 2,031 | ||
State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
Net deferred tax assets | $ 17,391 | 16,097 | |
Foreign Jurisdictions | |||
Income Taxes [Line Items] | |||
Net deferred tax assets | 8,608 | $ 9,250 | |
Net operating loss carryforwards, expire 2017 through 2033 | 244 | ||
Net operating loss carryforwards, do not expire | 19,735 | ||
Undistributed earnings | $ 255,467 | ||
Foreign Jurisdictions | Earliest Tax Year | |||
Income Taxes [Line Items] | |||
Expiration date | 2,017 | ||
Foreign Jurisdictions | Latest Tax Year | |||
Income Taxes [Line Items] | |||
Expiration date | 2,033 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Balances of Total Amounts of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Reconciliation Of Income Taxes [Line Items] | |||
Balance at the beginning of the period | $ 6,889 | $ 4,835 | $ 7,895 |
Increases in tax positions for prior years | 4,053 | 2,518 | 1,026 |
Decreases in tax positions for prior years | (891) | (12) | (305) |
Increases in tax positions for current year | 274 | 352 | 521 |
Settlements | (1,590) | (620) | (3,190) |
Lapse in statute of limitations | (897) | (184) | (1,112) |
Balance at the end of the period | $ 7,838 | $ 6,889 | $ 4,835 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Assumed annualized forfeiture rate | 5.00% | 5.00% | 5.00% |
Tax benefit associated with share-based compensation expense | $ 6,182,000 | $ 6,367,000 | $ 5,976,000 |
Tax benefit realized from share-based compensation | $ 14,512,000 | $ 5,813,000 | $ 10,611,000 |
Common shares per PSU | 100.00% | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 7 years | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 10 years | ||
Two Thousand Eight Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares authorized | 10,000,000 | ||
Common shares available to grant | 4,040,821 | ||
Share based awards granted in previous years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Assumed annualized forfeiture rate | 5.00% | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost of stock options granted but not yet vested | $ 286,000 | ||
Weighted average period of recognition (in years) | 3 months 18 days | ||
Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 1 year | ||
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 3 years | ||
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 5 years | ||
Compensation cost of stock options granted but not yet vested | $ 379,000 | ||
Weighted average period of recognition (in years) | 1 year 7 months 6 days | ||
Awards granted | 0 | 0 | |
Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 5 years | ||
Compensation cost of stock options granted but not yet vested | $ 44,682,000 | ||
Weighted average period of recognition (in years) | 3 years | ||
Weighted average grant date fair value | $ 18.94 | $ 23.40 | $ 25.13 |
Granted, Shares | 1,471,000 | 163,336 | |
Vested, Shares | 435,996 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost of stock options granted but not yet vested | $ 0 | ||
Weighted average grant date fair value | $ 0 | $ 39.06 | |
Granted, Shares | 0 | 0 | |
Vested, Shares | 5,000 | 0 | |
Restricted Stock Units (RSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 3 years | ||
Restricted Stock Units (RSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 5 years |
Schedule of Share-Based Compens
Schedule of Share-Based Compensation Expense (Income) Included in Selling, General and Administrative Expenses in Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 15,623 | $ 16,736 | $ 15,742 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 841 | 1,377 | 2,621 | |
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,295 | 2,244 | 2,918 | |
Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | [1],[2] | 13,464 | 12,991 | 9,956 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 23 | $ 124 | $ 247 | |
[1] | Includes the reversal of $1,396 of previously recognized compensation expense in fiscal 2015, related to 163,336 PSU's that will not vest as the achievement of the related performance target is not probable. | |||
[2] | Includes the reversal of $967 of previously recognized compensation expense in fiscal 2016, related to 50,004 PSU's that will not vest as the achievement of the related performance target is not probable. |
Schedule of Share-Based Compe56
Schedule of Share-Based Compensation Expense (Income) Included in Selling, General and Administrative Expenses in Condensed Consolidated Statements of Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Reversal of share-based compensation expense | $ 967 | $ 1,396 |
Performance Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, granted | 1,471,000 | 163,336 |
Performance Stock Units | Deferred Compensation, Share-based Payments | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, granted | 50,004 |
Weighted Average Assumptions Us
Weighted Average Assumptions Used to Estimate Fair Value of Stock Options at Date of Grant (Detail) - Stock Options | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life, in years | 3 years 6 months | 3 years 4 months 24 days | 3 years 6 months |
Risk-free interest rate | 1.20% | 1.10% | 0.60% |
Volatility | 32.50% | 33.00% | 36.00% |
Dividend rate | 0.00% | 0.00% | 0.00% |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards outstanding at beginning of year, Shares | 2,464,390 | |
Granted, Shares | 120,000 | |
Exercised, Shares | (1,416,990) | |
Forfeited or Expired, Shares | (217,025) | |
Awards outstanding at end of year, Shares | 950,375 | 2,464,390 |
Awards outstanding expected to vest, Shares | 944,375 | |
Awards exercisable at end of year, Shares | 830,375 | |
Awards outstanding at beginning of year, Weighted Average Exercise Price | $ 32.69 | |
Granted, Weighted Average Exercise Price | 38.09 | |
Exercised, Weighted Average Exercise Price | 32.75 | |
Forfeited or Expired, Weighted Average Exercise Price | 33.24 | |
Awards outstanding at end of year, Weighted Average Exercise Price | 33.17 | $ 32.69 |
Awards outstanding expected to vest, Weighted Average Exercise Price | 33.17 | |
Awards exercisable at end of year, Weighted Average Exercise Price | $ 32.46 | |
Awards outstanding at end of year, Weighted Average Remaining Contractual Term (years) | 2 years 10 months 24 days | 1 year 7 months 6 days |
Awards outstanding expected to vest, Weighted Average Remaining Contractual Term (years) | 2 years 10 months 24 days | |
Awards exercisable at end of year, Weighted Average Remaining Contractual Term (years) | 2 years 10 months 24 days | |
Awards outstanding at beginning of year, Aggregate Intrinsic Value | $ 8,547 | |
Awards outstanding at end of year, Aggregate Intrinsic Value | 307 | $ 8,547 |
Awards outstanding expected to vest, Aggregate Intrinsic Value | 292 | |
Awards exercisable at end of year, Aggregate Intrinsic Value | $ 307 |
Summary of Other Information Re
Summary of Other Information Related to Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Net cash proceeds from the exercise of stock options | $ 46,400 | $ 10,693 | $ 35,218 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value-per share | $ 7.46 | $ 7.02 | $ 9.67 |
Intrinsic value of awards exercised | $ 14,193 | $ 4,852 | $ 30,450 |
Net cash proceeds from the exercise of stock options | $ 46,400 | $ 10,693 | $ 35,218 |
Weighted Average Assumptions 60
Weighted Average Assumptions Used to Estimate Fair Value of Stock Appreciation Right's at Date of Grant (Detail) - Stock Appreciation Rights (SARs) | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life, in years | 0 years | 0 years | 5 years 7 months 6 days |
Risk-free interest rate | 1.00% | ||
Volatility | 46.00% | ||
Dividend rate | 0.00% | 0.00% | 0.00% |
Summary of Stock Appreciation R
Summary of Stock Appreciation Right Activity (Detail) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards outstanding at beginning of year, Shares | 893,408 | |
Granted, Shares | 0 | |
Exercised, Shares | (520,358) | |
Forfeited or Expired, Shares | (68,950) | |
Awards outstanding at end of year, Shares | 304,100 | 893,408 |
Awards outstanding expected to vest, Shares | 302,687 | |
Awards outstanding at end of year, Shares | 224,180 | |
Awards outstanding at beginning of year, Weighted Average Exercise Price | $ 30.89 | |
Granted, Weighted Average Exercise Price | 0 | |
Exercised, Weighted Average Exercise Price | 29.68 | |
Forfeited or Expired, Weighted Average Exercise Price | (36.25) | |
Awards outstanding at end of year, Weighted Average Exercise Price | 31.74 | $ 30.89 |
Awards outstanding expected to vest, Weighted Average Exercise Price | 31.74 | |
Awards exercisable at end of year, Weighted Average Exercise Price | $ 31.25 | |
Awards outstanding at end of year, Weighted Average Remaining Contractual Term (years) | 3 years 6 months | 4 years 7 months 6 days |
Awards outstanding expected to vest, Weighted Average Remaining Contractual Term (years) | 3 years 6 months | |
Awards exercisable at end of year, Weighted Average Remaining Contractual Term (years) | 3 years 6 months | |
Awards outstanding at beginning of year, Aggregate Intrinsic Value | $ 3,990 | |
Awards outstanding at end of year, Aggregate Intrinsic Value | $ 3,990 | |
Awards outstanding expected to vest, Aggregate Intrinsic Value | 0 | |
Awards exercisable at end of year, Aggregate Intrinsic Value | $ 0 |
Summary of Other Information 62
Summary of Other Information Related to SAR's (Detail) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value-per share | $ 14.11 | ||
Intrinsic value of awards exercised | $ 7,386 | $ 654 | $ 848 |
Summary of Performance Share Un
Summary of Performance Share Units Activity (Detail) - Performance Stock Units - $ / shares | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested awards outstanding at beginning of year, Shares | 3,992,209 | ||
Granted, Shares | 1,471,000 | 163,336 | |
Vested, Shares | (435,996) | ||
Forfeited, Shares | (843,915) | ||
Non-vested awards outstanding at end of year, Shares | 4,183,298 | 3,992,209 | |
Non-vested awards outstanding at beginning of year, Weighted average fair value | $ 21.32 | ||
Granted, Weighted average fair value | 18.94 | $ 23.40 | $ 25.13 |
Vested, Weighted average fair value | 17.58 | ||
Forfeited, Weighted average fair value | 22.72 | ||
Non-vested awards outstanding at end of year, Weighted average fair value | $ 20.64 | $ 21.32 |
Summary of Restricted Stock Uni
Summary of Restricted Stock Unit's Activity (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested awards outstanding at beginning of year, Shares | 5,000 | ||
Granted, Shares | 0 | 0 | |
Vested, Shares | (5,000) | 0 | |
Forfeited, Shares | 0 | ||
Non-vested awards outstanding at end of year, Shares | 5,000 | ||
Non-vested awards outstanding at beginning of year, Weighted average fair value | $ 39.06 | ||
Granted, Weighted average fair value | 0 | $ 39.06 | |
Vested, Weighted average fair value | 39.06 | ||
Forfeited, Weighted average fair value | $ 0 | ||
Non-vested awards outstanding at end of year, Weighted average fair value | $ 39.06 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | Feb. 23, 2015 | May. 27, 2014 | Aug. 27, 2013 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Common shares authorized for repurchase, shares | 20,000,000 | 10,000,000 | 10,000,000 | |||
Stock repurchased and retired during period, common shares | 9,699,700 | 12,680,241 | ||||
Stock repurchased and retired during period, total cost | $ 353,315 | $ 382,478 | ||||
Average cost per share | $ 36.43 | $ 30.16 | ||||
Additional paid-in-capital reduction related to shares repurchased | $ 0 | |||||
Retained earnings reduction related to shares repurchased | $ (407,206) | |||||
Employee Stock | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchased and retired during period, common shares | 247,124 | 111,563 | ||||
Stock repurchased and retired during period, total cost | $ 10,120 | $ 3,947 | ||||
New Share Repurchase Program | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchased and retired during period, common shares | 2,281,469 | 7,718,531 | ||||
Stock repurchased and retired during period, total cost | $ 82,826 | $ 258,160 | ||||
Average cost per share | $ 36.30 | $ 33.45 |
Change in Accumulated Other Com
Change in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | $ (15,427) | $ (968) | |
Other comprehensive income (loss) before reclassifications | (8,067) | (14,696) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 43 | 237 | |
Net current-period total other comprehensive income/(loss) | (8,024) | (14,459) | $ 7,814 |
Ending Balance | (23,451) | (15,427) | (968) |
Foreign Currency Translation | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | (15,516) | (1,388) | |
Other comprehensive income (loss) before reclassifications | (7,963) | (14,128) | |
Net current-period total other comprehensive income/(loss) | (7,963) | (14,128) | |
Ending Balance | (23,479) | (15,516) | (1,388) |
Unrealized Gains and (Losses) on available- for-Sale Securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | 89 | 420 | |
Other comprehensive income (loss) before reclassifications | (104) | (568) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 43 | 237 | |
Net current-period total other comprehensive income/(loss) | (61) | (331) | |
Ending Balance | $ 28 | $ 89 | $ 420 |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Common Shares Outstanding Used for Computation of Basic and Diluted Net Income Per Common Share (Detail) - shares | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Earnings Per Share [Line Items] | |||
Basic weighted-average common shares outstanding | 125,232,499 | 136,651,899 | 147,014,869 |
Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units | 780,915 | 1,540,835 | 2,211,037 |
Diluted weighted-average shares outstanding | 126,013,414 | 138,192,734 | 149,225,906 |
Net Income per Common Share - A
Net Income per Common Share - Additional Information (Detail) - $ / shares | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common shares | 692,942 | 1,015,895 | 151,625 |
Anti-dilutive common shares exercise price, minimum | $ 25.60 | $ 35.12 | $ 37.65 |
Anti-dilutive common shares exercise price, maximum | $ 46.02 | $ 46.02 | $ 46.02 |
Performance Stock Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common shares | 2,957,573 | 2,216,899 |
Schedule by Year of Future Mini
Schedule by Year of Future Minimum Lease Payments for Operating Leases with Original Terms in Excess of One Year (Detail) $ in Thousands | Jan. 31, 2016USD ($) |
Schedule of Operating Leases [Line Items] | |
2,017 | $ 272,255 |
2,018 | 263,876 |
2,019 | 246,043 |
2,020 | 228,091 |
2,021 | 199,685 |
Thereafter | 772,226 |
Total minimum lease payments | $ 1,982,176 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2016USD ($)Store | Jan. 31, 2015USD ($) | Jan. 31, 2014USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |||
Number of lease commitment not opened | Store | 37 | ||
Commitments for un-fulfilled purchase orders | $ 407,833,000 | ||
Commitments with construction contractors | $ 1,535,000 | ||
U.S. based employees age limit to participate in 401(k) Saving Plan | 18 years | ||
Employer matching contribution per employee | $ 0.25 | ||
Percentage of employee contribution for first threshold limit of employer contribution | 6.00% | ||
Employees contribution percentage vested | 100.00% | ||
Percentage of employers contribution per year vested | 20.00% | ||
Company's contribution to Savings Plan | $ 2,121,000 | $ 1,708,000 | $ 1,770,000 |
Nonqualified Deferred Compensation Plan | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Employer matching contribution per employee | $ 0.25 | ||
Percentage of employee contribution for first threshold limit of employer contribution | 6.00% | ||
Employees contribution percentage vested | 100.00% | ||
Percentage of employers contribution per year vested | 100.00% | ||
Company's contribution to Savings Plan | $ 105,000 | 100,000 | $ 0 |
Deferred compensation obligation | 4,363,000 | 3,778,000 | |
Aggregate market value of investments | $ 4,363,000 | $ 3,778,000 | |
Minimum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Operating lease, renewal option | 5 years | ||
Percentage of compensation deferred by employees under Saving Plan | 1.00% | ||
Maximum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Operating lease, renewal option | 10 years | ||
Percentage of compensation deferred by employees under Saving Plan | 25.00% |
Rent Expense for Operating Leas
Rent Expense for Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Lease and Rental Expense [Line Items] | |||
Minimum and percentage rentals | $ 245,474 | $ 234,982 | $ 205,759 |
Contingent rentals | 2,704 | 3,901 | 5,542 |
Total | $ 248,178 | $ 238,883 | $ 211,301 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Fees paid | $ 2,493 | $ 2,752 | $ 2,637 |
Fees due | 217 | 203 | |
West Street Consultancy Limited | |||
Related Party Transaction [Line Items] | |||
Real estate commission paid | 422 | 295 | 518 |
HED Real Estate BV | |||
Related Party Transaction [Line Items] | |||
Real estate commission paid | $ 24 | $ 300 | $ 562 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2016StoreCustomerOutletBrandSegment | Jan. 31, 2015Store | Jan. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Number of stores | 572 | 546 | |
Number of major customers exceeding ten percentage thresholds | Customer | 0 | ||
Retail Operations | |||
Segment Reporting Information [Line Items] | |||
Number of reporting segments | Segment | 2 | ||
Number of brands | Brand | 5 | ||
Number of stores | 572 | ||
Percentage of net sales | 92.40% | 93.20% | 94.20% |
Wholesale Operations | |||
Segment Reporting Information [Line Items] | |||
Number of stores | Outlet | 1,800 |
Schedule of Operations by Segme
Schedule of Operations by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 3,445,134 | $ 3,323,077 | $ 3,086,608 |
General corporate expenses | (42,654) | (43,265) | (29,257) |
Total income from operations | 353,579 | 365,385 | 426,831 |
Total depreciation expense for property and equipment | 138,881 | 131,414 | 121,732 |
Total inventory | 330,223 | 358,237 | |
Total property and equipment, net | 863,137 | 889,232 | |
Total cash paid for property and equipment | 134,950 | 229,804 | 186,101 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total income from operations | 396,233 | 408,650 | 456,088 |
Operating Segments | Retail Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 3,184,955 | 3,097,274 | 2,908,981 |
Total income from operations | 342,885 | 354,326 | 414,734 |
Total depreciation expense for property and equipment | 137,963 | 130,383 | 120,960 |
Total inventory | 289,170 | 314,940 | |
Total property and equipment, net | 859,277 | 885,200 | |
Total cash paid for property and equipment | 134,627 | 228,682 | 184,255 |
Operating Segments | Wholesale Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 273,603 | 237,491 | 185,792 |
Total income from operations | 54,444 | 55,403 | 42,191 |
Total depreciation expense for property and equipment | 918 | 1,031 | 772 |
Total inventory | 41,053 | 43,297 | |
Total property and equipment, net | 3,860 | 4,032 | |
Total cash paid for property and equipment | 323 | 1,122 | 1,846 |
Intersegment Elimination | |||
Segment Reporting Information [Line Items] | |||
Total net sales | (13,424) | (11,688) | (8,165) |
Total income from operations | $ (1,096) | $ (1,079) | $ (837) |
Schedule of Revenues and Long-L
Schedule of Revenues and Long-Lived Assets, by Domestic and Foreign Operations Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 3,445,134 | $ 3,323,077 | $ 3,086,608 |
Total property and equipment, net | 863,137 | 889,232 | |
Domestic Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 3,005,595 | 2,870,140 | 2,685,042 |
Total property and equipment, net | 742,171 | 745,504 | |
Foreign Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 439,539 | 452,937 | $ 401,566 |
Total property and equipment, net | $ 120,966 | $ 143,728 |