Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Mar. 26, 2018 | Jul. 31, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 | 108,530,045 | ||
Entity Public Float | $ 1,690,134,322 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 282,220 | $ 248,140 |
Marketable securities | 165,125 | 111,067 |
Accounts receivable, net of allowance for doubtful accounts of $1,326 and $588, respectively | 76,962 | 54,505 |
Inventory | 351,395 | 338,590 |
Prepaid expenses and other current assets | 103,055 | 129,095 |
Total current assets | 978,757 | 881,397 |
Property and equipment, net | 813,768 | 867,786 |
Marketable securities | 58,688 | 44,288 |
Deferred income taxes and other assets | 101,567 | 109,166 |
Total Assets | 1,952,780 | 1,902,637 |
Current liabilities: | ||
Accounts payable | 128,246 | 119,537 |
Accrued compensation and benefits | 36,058 | 58,782 |
Accrued expenses and other current liabilities | 195,910 | 174,609 |
Total current liabilities | 360,214 | 352,928 |
Deferred rent and other liabilities | 291,663 | 236,625 |
Total Liabilities | 651,877 | 589,553 |
Commitments and contingencies (see Note 14) | ||
Shareholders’ equity: | ||
Preferred shares; $.0001 par value, 10,000,000 shares authorized, none issued | ||
Common shares; $.0001 par value, 200,000,000 shares authorized, 108,248,568 and 116,233,781 shares issued and outstanding, respectively | 11 | 12 |
Additional paid-in-capital | 684 | |
Retained earnings | 1,310,859 | 1,347,141 |
Accumulated other comprehensive loss | (10,651) | (34,069) |
Total Shareholders’ Equity | 1,300,903 | 1,313,084 |
Total Liabilities and Shareholders’ Equity | $ 1,952,780 | $ 1,902,637 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 1,326 | $ 588 |
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 | 108,248,568 | 116,233,781 |
Common shares, shares outstanding | 108,248,568 | 116,233,781 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 3,616,014 | $ 3,545,794 | $ 3,445,134 |
Cost of sales | 2,440,507 | 2,301,181 | 2,243,232 |
Gross profit | 1,175,507 | 1,244,613 | 1,201,902 |
Selling, general and administrative expenses | 915,615 | 906,086 | 848,323 |
Income from operations | 259,892 | 338,527 | 353,579 |
Interest income | 4,879 | 1,879 | 943 |
Other income | 1,435 | 2,280 | 958 |
Other expenses | (4,840) | (4,587) | (5,449) |
Income before income taxes | 261,366 | 338,099 | 350,031 |
Income tax expense | 153,103 | 119,979 | 125,542 |
Net income | $ 108,263 | $ 218,120 | $ 224,489 |
Net income per common share: | |||
Basic | $ 0.97 | $ 1.87 | $ 1.79 |
Diluted | $ 0.96 | $ 1.86 | $ 1.78 |
Weighted-average common shares outstanding: | |||
Basic | 111,887,308 | 116,873,023 | 125,232,499 |
Diluted | 112,367,924 | 117,291,117 | 126,013,414 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 108,263 | $ 218,120 | $ 224,489 |
Other comprehensive income (loss): | |||
Foreign currency translation | 23,672 | (10,533) | (7,963) |
Change in unrealized (losses) gains on marketable securities, net of tax | (254) | (85) | (61) |
Total other comprehensive income (loss) | 23,418 | (10,618) | (8,024) |
Comprehensive income | $ 131,681 | $ 207,502 | $ 216,465 |
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 Balance at Jan. 31, 2015 | $ 1,327,969 | $ 13 | $ 1,343,383 | $ (15,427) | |
Beginning Balances (in shares) at Jan. 31, 2015 | 130,502,864 | ||||
Comprehensive income | 216,465 | 224,489 | (8,024) | ||
Share-based compensation | 15,623 | $ 15,623 | |||
Share-based awards | 46,400 | 46,400 | |||
Share-based awards (in shares) | 2,027,090 | ||||
Excess tax benefit from share-based awards | 6,194 | 6,194 | |||
Share repurchases | (475,424) | $ (1) | (68,217) | (407,206) | |
Share repurchases (in shares) | (15,208,834) | ||||
Ending Balance at Jan. 31, 2016 | 1,137,227 | $ 12 | 1,160,666 | (23,451) | |
Ending Balances (in shares) at Jan. 31, 2016 | 117,321,120 | ||||
Comprehensive income | 207,502 | 218,120 | (10,618) | ||
Share-based compensation | 18,291 | 18,291 | |||
Share-based awards | 4,096 | 4,096 | |||
Share-based awards (in shares) | 293,130 | ||||
Excess tax deficiencies from share-based awards | (6,193) | (6,193) | |||
Share repurchases | (47,839) | (16,194) | (31,645) | ||
Share repurchases (in shares) | (1,380,469) | ||||
Ending Balance at Jan. 31, 2017 | $ 1,313,084 | $ 12 | 1,347,141 | (34,069) | |
Ending Balances (in shares) at Jan. 31, 2017 | 116,233,781 | 116,233,781 | |||
Comprehensive income | $ 131,681 | 108,263 | 23,418 | ||
Share-based compensation | 14,517 | 14,517 | |||
Share-based awards (in shares) | 200,148 | ||||
Cumulative effect of change in accounting pronouncement | 847 | 1,607 | (760) | ||
Share repurchases | (159,226) | $ (1) | (15,440) | (143,785) | |
Share repurchases (in shares) | (8,185,361) | ||||
Ending Balance at Jan. 31, 2018 | $ 1,300,903 | $ 11 | $ 684 | $ 1,310,859 | $ (10,651) |
Ending Balances (in shares) at Jan. 31, 2018 | 108,248,568 | 108,248,568 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 108,263 | $ 218,120 | $ 224,489 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 128,408 | 135,330 | 142,722 |
Provision (benefit) for deferred income taxes | 8,329 | (4,801) | 13,662 |
Share-based compensation expense | 14,517 | 18,291 | 15,623 |
Impairment | 11,410 | 4,341 | 8,928 |
Loss on disposition of property and equipment, net | 4,037 | 3,667 | 1,400 |
Changes in assets and liabilities: | |||
Receivables | (21,744) | 20,934 | (13,820) |
Inventory | (8,644) | (9,963) | 26,739 |
Prepaid expenses and other assets | 12,967 | (10,359) | 3,811 |
Payables, accrued expenses and other liabilities | 45,516 | 39,692 | (3,940) |
Net cash provided by operating activities | 303,059 | 415,252 | 419,614 |
Cash flows from investing activities: | |||
Cash paid for property and equipment | (83,813) | (143,714) | (134,950) |
Cash paid for marketable securities | (281,385) | (318,742) | (265,872) |
Sales and maturities of marketable securities | 243,818 | 243,159 | 374,057 |
Acquisition of business | (15,325) | ||
Net cash used in investing activities | (121,380) | (234,622) | (26,765) |
Cash flows from financing activities: | |||
Borrowings under long-term debt | 291,612 | ||
Repayments of long-term debt | (150,000) | (141,612) | |
Proceeds from the exercise of share-based awards | 4,096 | 46,400 | |
Share repurchases related to share repurchase program | (157,044) | (45,787) | (465,304) |
Share repurchases related to taxes for share-based awards | (2,182) | (2,052) | (10,120) |
Net cash used in financing activities | (159,226) | (193,743) | (279,024) |
Effect of exchange rate changes on cash and cash equivalents | 11,627 | (4,023) | (3,107) |
Increase (decrease) in cash and cash equivalents | 34,080 | (17,136) | 110,718 |
Cash and cash equivalents at beginning of period | 248,140 | 265,276 | 154,558 |
Cash and cash equivalents at end of period | 282,220 | 248,140 | 265,276 |
Cash paid during the year for: | |||
Income taxes | 83,986 | 111,958 | 99,359 |
Non-cash investing activities—Accrued capital expenditures | $ 10,144 | $ 17,020 | $ 11,607 |
Nature of Business
Nature of Business | 12 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
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 locations, websites, catalogs and mobile applications. As of January 31, 2018 and 2017, the Company operated 613 and 606 stores, respectively. Stores located in the United States totaled 520 as of January 31, 2018 and 515 as of January 31, 2017. Operations in Europe and Canada included 57 stores and 36 stores as of January 31, 2018, respectively, and 54 stores and 37 stores as of January 31, 2017, respectively. In addition, the Company’s Wholesale segment sold and distributed apparel and home goods to approximately 2,100 department and specialty stores worldwide, customer websites and to the Company’s Retail segment. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
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 2018 ended on January 31, 2018. 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 (“GAAP”), 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, 2018 and 2017, 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, 2018 and January 31, 2017 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 4, “Marketable Securities”)) as a component of “Other comprehensive income (loss)” in the Consolidated Statements of Comprehensive Income and in “Accumulated other comprehensive loss” within “Shareholders’ equity” in the Consolidated Balance Sheets 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, 2018, 2017 and 2016 was as follows: Balance at beginning of year Additions Deductions Balance at end of year Year ended January 31, 2018 $ 588 4,435 (3,697 ) $ 1,326 Year ended January 31, 2017 $ 664 4,892 (4,968 ) $ 588 Year ended January 31, 2016 $ 850 6,578 (6,764 ) $ 664 Inventory Inventory, which consists primarily of general consumer merchandise held for sale, is valued at the lower of cost or net realizable value. Cost is determined on the first-in, first-out method and includes the cost of merchandise and import related costs, including freight, import duties and 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 net realizable value. 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 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 lesser of the extension period, life of the improvement, or the remaining term of the lease. Impairment of Long-lived Assets, Goodwill and Intangible Assets The Company reviews the carrying values of its long-lived assets annually and periodically 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 retail location, distribution or fulfillment center or a significant decrease in the operating results of a long-lived asset. The Company’s retail locations are reviewed for impairment at the retail location level, which is the lowest level at which individual cash flows can be identified. 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. Goodwill has been assigned to reporting units for purposes of impairment testing. The Company evaluates goodwill to determine if the carrying value exceeds the fair value of the reporting unit. During fiscal 2018, we recorded impairment charges for ten retail locations, totaling $11,410, included in “Cost of sales” in the Consolidated Statements of Income. During fiscal 2017, the Company recorded impairment charges for three retail locations, totaling $4,341, included in “Cost of sales” in the Consolidated Statements of Income. During fiscal 2016, the Company recorded impairment charges for five retail locations, 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 retail locations would not be able to generate sufficient cash flow over the expected remaining lease term to recover the remaining carrying value of the respective retail location assets. 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 breakpoint 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 and 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 sold or services provided at stores 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 or services 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 Balance at beginning of year Additions Deductions Balance at end of year Year ended January 31, 2018 $ 24,882 115,353 (111,333 ) $ 28,902 Year ended January 31, 2017 $ 24,385 105,909 (105,412 ) $ 24,882 Year ended January 31, 2016 $ 19,804 96,707 (92,126 ) $ 24,385 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 digital channel (formerly referred to as the “direct-to-consumer” channel) advertising, which is capitalized and expensed when the catalog is mailed or the content is published on the Company’s websites and mobile applications. 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, on our websites, mobile applications and in our social media campaigns. If there is no expected future benefit, the cost of advertising is expensed when incurred. Advertising costs reported as prepaid expenses were $2,491 and $2,087 as of January 31, 2018, and 2017, respectively, and are included in “Prepaid expenses and other current assets” in the Consolidated Balance Sheets. Store Opening Costs The Company expenses all store opening and organization costs as incurred, including travel, training, recruiting, salaries and other operating costs, and all such costs 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 2018, 2017 and 2016, 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 9, “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. In December 2017, the U.S. enacted new federal comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Company has performed preliminary analyses of the impacts of the Tax Act in accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), which allows the Company to record provisional amounts during a measurement period not to exceed one year from the enactment date. Under these preliminary analyses, the Company recorded additional GAAP tax expense in the fourth quarter of fiscal 2018 amounting to $64,705. The impacts of the Tax Act may differ from the Company’s provisional estimates due to many factors, including, but not limited to, changes to the Company’s interpretation of the provisions in the Tax Act, U.S. Internal Revenue Service (the “IRS”) and U.S. Treasury Department guidance that may be issued, and actions the Company may take. The Company’s management is still evaluating the effects of the Tax Act’s provisions on its consolidated financial statements; however, the Company expects to complete its analyses within the measurement period, pursuant to SAB 118. 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 loss. Amounts included in accumulated other comprehensive loss relate to 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 2018, 2017 and 2016 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 Recent Accounting Pronouncements Recently Adopted In March 2016, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update that simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The Company adopted the new guidance on February 1, 2017 and recorded a cumulative effect reduction to beginning retained earnings of ($984) related to the Company’s election to record forfeitures as they occur and $224 related to the recognition of previously unrecognized excess tax benefits. In addition, the Company elected to retrospectively adopt the provision regarding the presentation of excess tax benefits (deficits) in the statement of cash flows, which resulted in an increase in net cash provided by operating activities and a decrease in net cash used in financing activities of $350 and $6,194 for fiscal 2017 and 2016, respectively. The provision requiring the inclusion of excess tax benefits (deficits) as a component of the provision for income taxes in the consolidated results of operations has been applied prospectively. The Company recorded excess tax deficits of $2,984 Recently Issued In October 2016, the FASB issued an accounting standards update that amends the existing guidance on the income tax effects of intra-entity asset transfers with the exception of transfers of inventory. The update requires the recognition of tax expense when an intra-entity asset transfer occurs as opposed to being deferred under the existing guidance. The Company will adopt the new guidance effective February 1, 2018 using the modified retrospective approach. The net cumulative effect of this change will be immaterial and will be recognized as an increase to retained earnings as of February 1, 2018. In June 2016, the FASB issued an accounting standards update that introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. This includes loan commitments, accounts receivable, trade receivables, and certain off-balance sheet credit exposures. The guidance also modifies the impairment model for available-for-sale debt securities. The update will be effective for the Company on February 1, 2020 and early adoption is permitted. The Company is currently assessing the potential effects this update may have on its consolidated financial statements and related disclosures. In February 2016, the 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 12 months. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of 12 months or less. The update will be effective for the Company on February 1, 2019 and early adoption is permitted. The update requires a modified retrospective transition approach, which includes a number of practical expedients. While the Company expects adoption to result in a significant increase in the assets and liabilities recorded on its balance sheet, the Company is currently assessing the overall impact on 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(s); (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract(s); and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company will adopt this update on February 1, 2018 using the modified retrospective approach. Adoption will result in changes in the timing of recognizing breakage income related to its gift cards and in recognizing estimated sales returns on a gross basis on its balance sheet. The net cumulative effect of these changes will be immaterial and will be recognized as an adjustment to retained earnings as of February 1, 2018. |
Acquisition
Acquisition | 12 Months Ended |
Jan. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition | 3. Acquisition On February 1, 2016, the Company acquired certain assets of the Vetri Family group of restaurants, headquartered in Philadelphia, PA, for a total aggregate purchase price of approximately $18,937, of which $15,325 was paid in cash, $2,687 was satisfied through the settlement of a note receivable and $925 was settled in fiscal 2018. No liabilities were assumed. Pro forma information related to this acquisition is not included because the impact on the Company’s Consolidated Statements of Income is not considered to be material. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Jan. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 4. 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, 2018 and 2017 are as follows: Amortized Cost Unrealized Gains Unrealized (Losses) Fair Value As of January 31, 2018 Short-term Investments: Corporate bonds $ 111,612 $ — $ (184 ) $ 111,428 Municipal and pre-refunded municipal bonds 52,474 11 (39 ) 52,446 Certificates of deposit 1,251 — — 1,251 165,337 11 (223 ) 165,125 Long-term Investments: Corporate bonds 39,853 — (228 ) 39,625 Municipal and pre-refunded municipal bonds 9,873 8 (24 ) 9,857 Mutual funds, held in rabbi trust 5,973 274 (10 ) 6,237 Certificates of deposit 2,969 — — 2,969 58,668 282 (262 ) 58,688 $ 224,005 $ 293 $ (485 ) $ 223,813 As of January 31, 2017 Short-term Investments: Corporate bonds $ 59,403 $ 7 $ (90 ) $ 59,320 Municipal and pre-refunded municipal bonds 51,731 28 (12 ) 51,747 111,134 35 (102 ) 111,067 Long-term Investments: Corporate bonds 19,102 9 (33 ) 19,078 Municipal and pre-refunded municipal bonds 19,488 35 (9 ) 19,514 Mutual funds, held in rabbi trust 4,583 91 (1 ) 4,673 Certificates of deposit 1,023 — — 1,023 44,196 135 (43 ) 44,288 $ 155,330 $ 170 $ (145 ) $ 155,355 Proceeds from the sales and maturities of available-for-sale securities were $243,818, $243,159 and $374,057 in fiscal 2018, 2017 and 2016, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, a net realized loss of $35 during fiscal 2018, a net realized loss of $83 during fiscal 2017 and a net realized gain of $43 during fiscal 2016. Amortization of discounts and premiums, net, resulted in a reduction of “Interest income” of $2,588, $2,200 and $3,841 for fiscal years 2018, 2017 and 2016, 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, 2018 and January 31, 2017, respectively. January 31, 2018 Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 151,053 $ (412 ) $ — $ — $ 151,053 $ (412 ) Municipal and pre-refunded municipal bonds 39,671 (63 ) — — 39,671 (63 ) Mutual funds, held in rabbi trust 474 (10 ) — — 474 (10 ) Total $ 191,198 $ (485 ) $ — $ — $ 191,198 $ (485 ) January 31, 2017 Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 61,612 $ (123 ) $ — $ — $ 61,612 $ (123 ) Municipal and pre-refunded municipal bonds 18,713 (21 ) — — 18,713 (21 ) Mutual funds, held in rabbi trust 316 (1 ) — — 316 (1 ) Total $ 80,641 $ (145 ) $ — $ — $ 80,641 $ (145 ) As of January 31, 2018 and 2017, there were a total of 336 and 206 securities with unrealized loss positions within the Company’s portfolio, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Jan. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 5. 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, 2018 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 151,053 $ — $ — $ 151,053 Municipal and pre-refunded municipal bonds — 62,303 — 62,303 Mutual funds, held in rabbi trust 6,237 — — 6,237 Certificates of deposit — 4,220 — 4,220 $ 157,290 $ 66,523 $ — $ 223,813 Marketable Securities Fair Value as of January 31, 2017 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 78,398 $ — $ — $ 78,398 Municipal and pre-refunded municipal bonds — 71,261 — 71,261 Mutual funds, held in rabbi trust 4,673 — — 4,673 Certificates of deposit — 1,023 — 1,023 $ 83,071 $ 72,284 $ — $ 155,355 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, 2018 and January 31, 2017. 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, 2018 and 2017, 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 and goodwill, are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable and, in the case of goodwill, an annual assessment is performed. The fair value of property and equipment was determined using a discounted cash-flow model that utilized Level 3 inputs. The Company’s retail locations are reviewed for impairment at the retail location level, which is the lowest level at which individual cash flows can be identified. In calculating future cash flows, the Company makes estimates regarding future operating results based on its experience and knowledge of market factors in which the retail location is located. Goodwill has been assigned to reporting units for purposes of impairment testing. The Company evaluates goodwill to determine if the carrying value exceeds the fair value of the reporting unit. During fiscal 2018, 2017 and 2016, the Company determined that certain long-lived assets at the Company’s retail locations were unable to recover their carrying value. These assets were written down to a fair value resulting in impairment charges of $11,410, $4,341 and $8,928 in fiscal 2018, 2017 and 2016, respectively. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment is summarized as follows: January 31, 2018 2017 Land $ 21,310 $ 21,310 Buildings 305,883 300,130 Furniture and fixtures 439,729 437,268 Leasehold improvements 921,629 896,279 Other operating equipment 300,304 280,581 Construction-in-progress 34,913 43,346 2,023,768 1,978,914 Accumulated depreciation (1,210,000 ) (1,111,128 ) Total $ 813,768 $ 867,786 Depreciation expense for property and equipment in fiscal 2018, 2017 and 2016 was $125,820, $133,130 and $138,881, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Jan. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: January 31, 2018 2017 Gift cards and merchandise credits $ 56,210 $ 55,144 Sales return reserves 28,902 24,882 Accrued sales and VAT taxes 19,193 24,794 Accrued rents, estimated property taxes and other property expenses 16,487 16,838 Federal, state and foreign income taxes 16,403 4,968 Accrued construction 10,353 17,001 Other current liabilities 48,362 30,982 Total $ 195,910 $ 174,609 |
Debt
Debt | 12 Months Ended |
Jan. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 8. 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 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 funds available under the Credit Facility may be used for working capital and other general corporate purposes. 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 based 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 Urban Outfitters, Inc. 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, 2018, the Company was in compliance with all terms of the Credit Agreement and borrowings under the Credit Facility totaled $0. Outstanding stand-by letters of credit, which reduce the funds available under the Credit Facility, were $10,843. 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, 2018, the Company had outstanding trade letters of credit of $64,032, and available trade letters of credit of $65,968 under these facilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes On December 22, 2017, the U.S. government enacted the Tax Act, which, except for certain provisions, is effective for tax years beginning on or after January 1, 2018. The Tax Act significantly changes existing U.S. tax law that affected our fiscal year ended January 31, 2018, including, but not limited to: (i) reducing the U.S. federal corporate tax rate from 35% to 21%; (ii) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that is payable over eight years; and, (iii) bonus depreciation that will allow for full expensing of qualified property. Section 15 of the IRC stipulates that our fiscal year ended January 31, 2018 had a blended corporate tax rate of 33.8%, which was based on the applicable tax rates before and after the Tax Act and the number of days in the fiscal year. The Tax Act reduces the federal corporate tax rate to 21% in the fiscal year ending January 31, 2019. The Tax act also establishes new tax laws that will affect our fiscal year ending January 31, 2019, including, but not limited to (i) generally eliminating U.S. federal income taxes on certain dividends from foreign subsidiaries; (ii) creating the base erosion anti-abuse tax, a new minimum tax; (iii) creating a new limitation on deductible interest expense; and (iv) creating the global intangibles low-tax income (“GILTI”) inclusions. The Company’s accounting for the following elements of the Tax Act is incomplete, however, management was able to make reasonable estimates of certain effects and, therefore, recorded the provisional adjustments set forth below. Reduction of U.S. Federal Corporate Tax Rate The Tax Act reduces the U.S. corporate tax rate to 21%, effective January 1, 2018. For certain of the Company’s U.S. deferred tax assets and liabilities, it has recorded a provisional tax expense of $12,022. While the Company is able to make a reasonable estimate of the impact of the reduction in its U.S. corporate rate, it may be affected by other analyses related to the Tax Act, including, but not limited to, the Company’s calculation of deemed repatriation of deferred foreign earnings and profits (“E&P”) and the state tax effect of adjustments made to federal temporary differences. Deemed Repatriation Transition Tax The Deemed Repatriation Transition Tax (“Transition Tax”) is a tax on previously untaxed accumulated and current E&P of certain of the Company’s foreign subsidiaries. To determine the amount of the Transition Tax, the Company must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. The Company is able to make a reasonable estimate of the Transition Tax and recorded a provisional Transition Tax obligation of $52,683 on $458,221 of historic unremitted foreign E&P. The Company continues to gather additional information to more-precisely compute the amount of the Transition Tax. Global Intangibles Low-tax Income The Tax Act creates a new requirement that certain income (i.e., GILTI) earned by controlled foreign corporations (“CFCs”) must be included currently in the gross income of the CFCs’ U.S. shareholder. GILTI is the excess of the shareholder’s net CFC-tested income over the net deemed tangible income return, which is currently defined as the excess of (i) 10% of the aggregate of the U.S. shareholder’s pro rata share of the qualified business asset investment of each CFC with respect to which it is a U.S. shareholder over, (ii) the amount of certain interest expense taken into account in the determination of net CFC-tested income. Because of the complexity of the new GILTI tax rules, the Company continues to evaluate this provision of the Tax Act and the application of Accounting Standard Codification 740. Under GAAP, the Company is allowed to make an accounting policy choice of either (i) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred (i.e., the period cost method), or (ii) factoring such amounts into the Company’s measurement of its deferred taxes (i.e., the deferred method). The Company’s selection of an accounting policy with respect to the new GILTI tax rules will depend, in part, on analyzing its global income to determine whether it expects to have future U.S. inclusions in taxable income related to GILTI and, if so, what the impact is expected to be. Because whether the Company expects to have future U.S. inclusions in taxable income related to GILTI depends on not only its current structure and estimated future results of global operations, but also its intent and ability to modify its structure and/or its business, management is not yet able to reasonably estimate the effect of this provision of the Tax Act. Therefore, the Company has not made any adjustments related to potential GILTI tax in its consolidated financial statements and has not made a policy decision regarding whether to record deferred taxes on GILTI. The components of income before income taxes are as follows: Fiscal Year Ended January 31, 2018 2017 2016 Domestic $ 208,787 $ 297,347 $ 323,906 Foreign 52,579 40,752 26,125 $ 261,366 $ 338,099 $ 350,031 The components of the provision for income tax expense/(benefit) are as follows: Fiscal Year Ended January 31, 2018 2017 2016 Current: Federal $ 124,988 $ 103,951 $ 84,274 State 10,772 15,130 21,391 Foreign 9,014 5,699 6,215 $ 144,774 $ 124,780 $ 111,880 Deferred: Federal $ 10,270 $ (5,765 ) $ 13,985 State (1,914 ) 1,029 (1,218 ) Foreign (27 ) (65 ) 895 8,329 (4,801 ) 13,662 $ 153,103 $ 119,979 $ 125,542 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, 2018 2017 2016 Expected provision at statutory U.S. federal tax rate 33.8 % 35.0 % 35.0 % State and local income taxes, net of federal tax benefit 2.3 3.1 3.7 Foreign taxes (3.4 ) (2.9 ) (2.0 ) Federal rehabilitation tax credit — — (1.9 ) Net impact of U.S. tax reform 24.7 — — Other 1.2 0.3 1.1 Effective tax rate 58.6 % 35.5 % 35.9 % The significant components of deferred tax assets and liabilities as of January 31, 2018 and 2017 are as follows: January 31, 2018 2017 Deferred tax liabilities: Prepaid expense $ (2,358 ) $ (3,460 ) Depreciation (38,662 ) (70,944 ) Other temporary differences (1,017 ) (2,024 ) Gross deferred tax liabilities (42,037 ) (76,428 ) Deferred tax assets: Deferred rent 54,958 79,675 Inventory 9,726 9,760 Accounts receivable 1,240 3,241 Net operating loss carryforwards 2,364 2,859 Tax uncertainties 1,033 1,949 Accrued salaries and benefits 14,437 28,234 Income tax credits 5,399 4,550 Other temporary differences 8,533 5,512 Gross deferred tax assets, before valuation allowances 97,690 135,780 Valuation allowances (9,451 ) (6,688 ) Net deferred tax assets $ 46,202 $ 52,664 Net deferred tax assets are attributed to the jurisdictions in which the Company operates. As of January 31, 2018 and 2017, respectively, $19,061 and $28,549 were attributable to U.S. federal, $16,848 and $14,798 were attributed to state jurisdictions and $10,293 and $9,317 were attributed to foreign jurisdictions. As of January 31, 2018, certain non-U.S. subsidiaries of the Company had net operating loss carryforwards for tax purposes of approximately $477 that expire from 2018 through 2028 and approximately $7,941 that do not expire. Certain U.S. subsidiaries of the Company had state net operating loss and credit carryforwards for tax purposes of approximately $5,875 that expire from 2021 through 2038 and $6,448 that expire from 2019 through 2031. As of January 31, 2018, 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, 2018, approximately $308,520 of cash and cash equivalents were held by the Company’s non-U.S. subsidiaries for which no deferred taxes have been provided. Additionally, the Company has cumulative undistributed earnings of $458,221 that were subject to the one-time deemed repatriation transition tax required by the Tax Act. The Company continues to believe that certain foreign earnings are indefinitely reinvested; however, as the Company continues to evaluate the impacts of the Tax Act, the Company may change this assertion in a future period. Since under the Tax Act there will be no additional federal income taxes when these amounts are repatriated, and the relevant foreign jurisdictions do not impose a withholding tax on dividends, the Company would only be subject to state income tax on these earnings. A change in this assertion in a future period would not have a material impact on the Company’s financial statements. 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 2018 2017 2016 Balance at the beginning of the period $ 5,798 $ 7,838 $ 6,889 Increases in tax positions for prior years 45 21 4,053 Decreases in tax positions for prior years (511 ) (725 ) (891 ) Increases in tax positions for current year 128 187 274 Settlements — (590 ) (1,590 ) Lapse in statute of limitations (914 ) (933 ) (897 ) Balance at the end of the period $ 4,546 $ 5,798 $ 7,838 The total amount of net unrecognized tax benefits that, if recognized, would impact the Company’s effective tax rate were $4,127 and $4,466 as of January 31, 2018 and 2017, 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, 2018, 2017 and 2016, the Company recognized expense/(benefit) of ($209), ($218) and ($686), respectively, related to interest and penalties. The Company accrued $568 and $582 for the payment of interest and penalties as of January 31, 2018 and 2017, respectively. The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In November 2017, the Company received notification that the Company’s U.S. income tax return for the period ended January 31, 2016 was selected for examination. The Company is also under audit in certain foreign jurisdictions. Certain federal, foreign and state jurisdictions are subject to audit from fiscal 2008 to 2017. It is possible that a state or foreign examination may be resolved within 12 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 12 months by a range of zero to $3,656. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 10. Share-Based Compensation The Company’s 2017 Stock Incentive Plan (the “2017 Plan”) authorized up to 10,000,000 common shares, which can be granted as restricted stock, RSU’s, PSU’s, incentive stock options, nonqualified stock options, SAR’s and stock grant awards. As of January 31, 2018, no awards have been made under the 2017 Plan. The Company’s 2008 Stock Incentive Plan (the “2008 Plan”) authorized 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. As of January 31, 2018, there were 3,903,823 common shares available to grant under the 2008 Plan. Pursuant to the terms of the 2008 Plan, certain awards may not be granted after February 25, 2018. Awards under the 2017 Plan and the 2008 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. 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. During the fiscal year ended January 31, 2018, the Company elected to account for forfeitures as they occur rather than estimate expected forfeitures. During the fiscal years ended January 31, 2017 and 2016, based on the Company’s historical experience, it assumed an annualized forfeiture rate of 5% for its unvested share-based awards granted during the respective years. Share-based compensation expense, included in “Selling, general and administrative expenses” in the Consolidated Statements of Income, for the fiscal years ended January 31, 2018, 2017 and 2016 was as follows: Fiscal Year Ended January 31, 2018 2017 2016 Stock Options $ 897 $ 1,002 $ 841 Stock Appreciation Rights 142 240 1,295 Performance Stock Units (1)(2)(3) 3,562 12,349 13,464 Restricted Stock Units 9,916 4,700 23 Total $ 14,517 $ 18,291 $ 15,623 (1) Includes the reversal of $11,515 of previously recognized compensation expense in fiscal 2018, related to 871,779 PSU’s that will not vest as the achievement of the related performance target is not probable. (2) Includes the reversal of $7,908 of previously recognized compensation expense in fiscal 2017, related to 505,510 PSU’s that will not vest as the achievement of the related performance target is not probable. (3) 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. The total tax benefit associated with share-based compensation expense for the fiscal years ended January 31, 2018, 2017 and 2016 was $5,438, $7,132 and $6,182, respectively. The tax benefit realized from share-based compensation for the fiscal years ended January 31, 2018, 2017 and 2016 was $1,753, $2,272 and $14,512, 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, 2018 2017 2016 Expected life, in years 3.4 3.4 3.5 Risk-free interest rate 1.6 % 0.9 % 1.2 % Volatility 40.2 % 34.2 % 32.5 % Dividend rate — — — The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2018: Shares Weighted- Average Exercise Price Weighted- Average Contractual Terms (years) Aggregate Intrinsic Value Awards outstanding at beginning of year 908,250 $ 34.45 3.1 $ 75 Granted 160,000 18.89 Exercised — — Forfeited or Expired (168,250 ) 32.74 Awards outstanding at end of year 900,000 32.01 3.4 $ 3,933 Awards outstanding fully vested and expected to vest 900,000 32.01 3.4 $ 3,933 Awards exercisable at end of year 740,000 $ 34.84 2.7 $ 1,498 The following table summarizes other information related to stock options during the years ended January 31, 2018, 2017 and 2016: Fiscal Year Ended January 31, 2018 2017 2016 Weighted-average grant date fair value—per share $ 5.37 $ 7.31 $ 7.46 Intrinsic value of awards exercised $ — $ 1,566 $ 14,193 Net cash proceeds from the exercise of stock options $ — $ 4,096 $ 46,400 Total unrecognized compensation cost of stock options granted but not yet vested, as of January 31, 2018, was $278, 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, 2018, 2017, and 2016. The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2018: Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Awards outstanding at beginning of year 231,325 $ 32.69 2.5 $ — Granted — — Exercised (3,175 ) 32.80 Forfeited or Expired (13,175 ) 32.80 Awards outstanding at end of year 214,975 32.69 1.6 $ 493 Awards outstanding fully vested and expected to vest 214,975 32.69 1.6 $ 493 Awards exercisable at end of year 203,849 $ 32.45 1.5 $ 493 The following table summarizes other information related to SAR’s during the years ended January 31, 2018, 2017 and 2016: Fiscal Year Ended January 31, 2018 2017 2016 Intrinsic value of awards exercised $ 5 $ 566 $ 7,386 Total unrecognized compensation cost of SAR’s granted, but not yet vested, as of January 31, 2018, was $4, which is expected to be recognized over the weighted-average period of 0.1 year. 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 three to five-year period. The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2018: Shares Weighted- Average Fair Value Non-vested awards outstanding at beginning of year 3,050,734 $ 17.98 Granted 390,000 23.38 Vested (200,000 ) 29.58 Forfeited (573,473 ) 22.47 Non-vested awards outstanding at end of year 2,667,261 $ 21.84 The weighted-average grant date fair value of PSU’s awarded during the fiscal years ended January 31, 2018, 2017 and 2016 was $23.38, $27.30 and $18.94, per share, respectively. Unrecognized compensation cost related to unvested PSU’s as of January 31, 2018, was $11,249, which is expected to be recognized over a weighted-average period of 1.9 years. Restricted Stock Units The Company may grant RSU’s which vest based on the achievement of specified service 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, 2018: Shares Weighted- Average Fair Value Non-vested awards outstanding at beginning of year 531,500 $ 28.17 Granted 621,500 26.01 Vested — — Forfeited (61,500 ) 27.49 Non-vested awards outstanding at end of year 1,091,500 $ 26.92 The weighted-average grant date fair value of RSU’s awarded during the fiscal year ended January 31, 2018 and 2017 was $26.01 and $28.10, per share, respectively. There were no RSU’s granted during the fiscal year ended January 31, 2016. No RSU’s vested during the fiscal years ended January 31, 2018 and January 31, 2017. The aggregate grant date fair value of RSU’s vested during the fiscal year ended January 31, 2016 was $39.06. Unrecognized compensation costs related to unvested RSU’s as of January 31, 2018, was $14,207, which is expected to be recognized over a weighted-average period of 2.1 years. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 31, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | 11. Shareholders’ Equity Share repurchase activity under the Company’s share repurchase programs is as follows: Fiscal Year Ended January 31, 2018 2017 Number of common shares repurchased and subsequently retired 8,092,906 1,324,700 Total cost $ 157,044 $ 45,787 Average cost per share, including commissions $ 19.41 $ 34.56 On February 23, 2015, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program; all shares were repurchased by the end of August 2017. On August 22, 2017, the Company’s Board of Directors authorized the repurchase of an additional 20,000,000 common shares under a share repurchase program, of which 17,902,153 common shares were remaining as of January 31, 2018. In addition to the common shares repurchased under the share repurchase programs, during the fiscal years ended January 31, 2018 and 2017, the Company acquired and subsequently retired 92,455 and 55,769 common shares at a total cost of $2,182 and $2,052, respectively, from employees to meet minimum statutory tax withholding requirements. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 12 Months Ended |
Jan. 31, 2018 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 12. Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss The following tables present the changes in “Accumulated other comprehensive loss,” by component, net of tax, for the fiscal years ended January 31, 2018 and 2017, respectively: Fiscal Year Ended January 31, 2018 Foreign Currency Translation Unrealized Gains and (Losses) on Available-for- Sale Securities Total Beginning Balance $ (34,012 ) $ (57 ) $ (34,069 ) Other comprehensive income (loss) before reclassifications 23,672 (219 ) 23,453 Amounts reclassified from accumulated other comprehensive income (loss) — (35 ) (35 ) Net current-period total other comprehensive income (loss) 23,672 (254 ) 23,418 Ending Balance $ (10,340 ) $ (311 ) $ (10,651 ) Fiscal Year Ended January 31, 2017 Foreign Currency Translation Unrealized Gains and (Losses) on Available-for- Sale Securities Total Beginning Balance $ (23,479 ) $ 28 $ (23,451 ) Other comprehensive income (loss) before reclassifications (10,533 ) (2 ) (10,535 ) Amounts reclassified from accumulated other comprehensive income (loss) — (83 ) (83 ) Net current-period total other comprehensive income (loss) (10,533 ) (85 ) (10,618 ) Ending Balance $ (34,012 ) $ (57 ) $ (34,069 ) 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, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | 13. 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, 2018 2017 2016 Basic weighted-average common shares outstanding 111,887,308 116,873,023 125,232,499 Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units 480,616 418,094 780,915 Diluted weighted-average shares outstanding 112,367,924 117,291,117 126,013,414 For the fiscal years ended January 31, 2018, 2017 and 2016, awards to purchase 906,294 common shares ranging in price from $25.60 to $46.02, awards to purchase 812,957 common shares ranging in price from $28.10 to $46.02 and awards to purchase 692,942 common shares ranging in price from $25.60 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, 2018 and 2017, 2,509,536 and 3,165,152 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, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies Leases The Company leases its stores, certain fulfillment and distribution centers, 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 2019 $ 295,468 2020 274,338 2021 244,532 2022 210,338 2023 184,521 Thereafter 702,112 Total minimum lease payments $ 1,911,309 Amounts noted above include commitments for 13 executed leases for stores not opened as of January 31, 2018 as well as one ground lease with Waterloo Devon, LP, a related party (See Note 15, “Related Party Transactions”). 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 breakpoint 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, 2018 2017 2016 Minimum and percentage rentals $ 269,107 $ 260,421 $ 245,474 Contingent rentals 694 2,244 2,704 Total $ 269,801 $ 262,665 $ 248,178 Purchase Commitments As of January 31, 2018, 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 12 months, as well as commitments for products and services including information technology contracts, of $486,394. The majority of the Company’s merchandise commitments are cancellable with no or limited recourse available to the vendor until the merchandise shipping date. As of January 31, 2018, the Company also has commitments related to contracts with construction contractors, fully satisfied upon the completion of construction, which is typically within 12 months, of $14,577. 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 $2,602, $2,455 and $2,121 for fiscal years 2018, 2017 and 2016, 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 $52, $84 and $105 during fiscal years 2018, 2017 and 2016, respectively. The NQDC obligation was $6,237 and $4,673 as of January 31, 2018 and 2017, respectively. The Company has purchased investments to fund the NQDC obligation. The investments had an aggregate market value of $6,237 and $4,673 as of January 31, 2018 and 2017, respectively, and are included in “Marketable securities” in the Consolidated Balance Sheets (see Note 4, “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, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. Related Party Transactions Drinker Biddle & Reath LLP (“DBR”), a law firm, provided general legal services to the Company. Fees paid to DBR during fiscal 2018, 2017 and 2016 were $2,652, $2,420 and $2,493, respectively. Harry S. Cherken, Jr., a director of the Company, is a partner at DBR. Amounts due to DBR as of January 31, 2018 and 2017 were approximately $87 and $102, 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 2018, 2017 and 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 2018, 2017 and 2016, the Company paid real estate commissions of $249, $157 and $422, respectively, to West Street Consultancy Limited, a United Kingdom entity owned by an employee of McDevitt Corporation Limited. The Company also paid commissions of $735, $144 and $24 during fiscal 2018, 2017 and 2016, 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. On September 20, 2016, the Company, through its wholly-owned subsidiary, Anthropologie, Inc., entered into a ground lease (the “Lease”) with Waterloo Devon, L.P. (the “Landlord”). Wade L. McDevitt is a minority owner of the Landlord and its general partner and the brother-in-law of Scott Belair, one of the Company’s directors. Pursuant to the Lease, the Company rented approximately 6 acres located in Devon, Pennsylvania to develop a lifestyle center, which will include an expanded format Anthropologie store, a Terrain store, several URBN restaurant concepts, and a boutique event space. The Lease, which commenced on June 14, 2017, has an initial term of 40 years with two options to extend, each for an additional ten-year term. The initial rental rate is $1,087 per year and rent increases 10% every five years during the initial term. The aggregate amount of rental payments payable under the initial term of the Lease is approximately 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 year ended January 31, 2016. 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, 2018 and January 31, 2017. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | 16. Segment Reporting The Company offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands. The Company operates two reportable segments—“Retail” and “Wholesale.” The Company’s Retail segment consists of the “Anthropologie,” “Bhldn,” “Free People,” “Terrain” and “Urban Outfitters” brands, as well as the Food and Beverage division. The Anthropologie, Bhldn and Terrain brands make up the “Anthropologie Group.” As of January 31, 2018, there were 245 Urban Outfitters stores, 226 Anthropologie Group stores, 132 Free People stores and ten restaurants under the Food and Beverage division. Each of Urban Outfitters, the Anthropologie Group and Free People, including their stores and digital channels, and the restaurants operated under the Company’s Food and Beverage division, are considered an operating segment. Net sales from the Retail segment accounted for approximately 91.3%, 91.9% and 92.4% of total consolidated net sales for the fiscal years ended January 31, 2018, 2017 and 2016, respectively. The remaining net sales are derived from the Company’s Wholesale segment that consists of the Free People and Anthropologie brands that sell through approximately 2,100 department and specialty stores worldwide, customer websites and the Retail segment. The Wholesale segment primarily designs, develops and markets young women’s contemporary casual wear (including intimates and activewear) and shoes under the Free People brand and home goods under the Anthropologie brand. The Anthropologie wholesale division was established in the third quarter of fiscal 2018. 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 The Company’s omni-channel strategy enhances its customers’ brand experience by providing a seamless approach to the customer shopping experience. All available shopping channels are fully integrated, including stores, websites, mobile applications, catalogs and customer contact centers. 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 digital 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. We also allow customers to view in-store inventory from our websites and mobile applications. Digital 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. In addition, customers can pick up digital orders and return certain merchandise purchased through digital 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 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. We manage and analyze our performance based on a single omni-channel rather than separate channels and believe that the omni-channel results present the most meaningful and appropriate measure of our performance. Over the next several years we plan to continue to shift investment to the digital channel to align with changing customer preferences and focus on improving our speed-to-customer capabilities. 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 2018 2017 2016 Net sales Retail operations $ 3,299,714 $ 3,256,890 $ 3,184,955 Wholesale operations 327,539 298,566 273,603 Intersegment elimination (11,239 ) (9,662 ) (13,424 ) Total net sales $ 3,616,014 $ 3,545,794 $ 3,445,134 Income from operations Retail operations $ 233,844 $ 325,666 $ 342,885 Wholesale operations 71,877 58,169 54,444 Intersegment elimination 151 (614 ) (1,096 ) Total segment operating income 305,872 383,221 396,233 General corporate expenses (45,980 ) (44,694 ) (42,654 ) Total income from operations $ 259,892 $ 338,527 $ 353,579 Depreciation expense for property and equipment Retail operations $ 124,935 $ 132,150 $ 137,963 Wholesale operations 885 980 918 Total depreciation expense for property and equipment $ 125,820 $ 133,130 $ 138,881 Inventory Retail operations $ 300,493 $ 301,519 Wholesale operations 50,902 37,071 Total inventory $ 351,395 $ 338,590 Property and equipment, net Retail operations $ 811,128 $ 864,396 Wholesale operations 2,640 3,390 Total property and equipment, net $ 813,768 $ 867,786 Cash paid for property and equipment Retail operations $ 83,768 $ 142,872 $ 134,627 Wholesale operations 45 842 323 Total cash paid for property and equipment $ 83,813 $ 143,714 $ 134,950 The following table summarizes the percentage of net sales by merchandise category for the Company: Fiscal Year 2018 2017 2016 Net sales Apparel (1) 67 % 66 % 68 % Home (2) 16 % 16 % 15 % Accessories (3) 12 % 13 % 13 % Other (4) 5 % 5 % 4 % Total net sales 100 % 100 % 100 % (1) Apparel includes intimates and activewear (2) Home includes home furnishings, electronics, gifts and decorative items (3) Accessories includes footwear, jewelry and handbags (4) Other includes beauty, shipping and handling revenues and the Food and Beverage division The Company has foreign operations primarily in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: Fiscal Year 2018 2017 2016 Net Sales Domestic operations $ 3,163,074 $ 3,114,014 $ 3,005,595 Foreign operations 452,940 431,780 439,539 Total net sales $ 3,616,014 $ 3,545,794 $ 3,445,134 Property and equipment, net Domestic operations $ 720,890 $ 766,419 Foreign operations 92,878 101,367 Total property and equipment, net $ 813,768 $ 867,786 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
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 2018 ended on January 31, 2018. |
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 (“GAAP”), 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, 2018 and 2017, 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, 2018 and January 31, 2017 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 4, “Marketable Securities”)) as a component of “Other comprehensive income (loss)” in the Consolidated Statements of Comprehensive Income and in “Accumulated other comprehensive loss” within “Shareholders’ equity” in the Consolidated Balance Sheets 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, 2018, 2017 and 2016 was as follows: Balance at beginning of year Additions Deductions Balance at end of year Year ended January 31, 2018 $ 588 4,435 (3,697 ) $ 1,326 Year ended January 31, 2017 $ 664 4,892 (4,968 ) $ 588 Year ended January 31, 2016 $ 850 6,578 (6,764 ) $ 664 |
Inventory | Inventory Inventory, which consists primarily of general consumer merchandise held for sale, is valued at the lower of cost or net realizable value. Cost is determined on the first-in, first-out method and includes the cost of merchandise and import related costs, including freight, import duties and 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 net realizable value. 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 |
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 lesser of the extension period, life of the improvement, or the remaining term of the lease. |
Impairment of Long-lived Assets, Goodwill and Intangible Assets | Impairment of Long-lived Assets, Goodwill and Intangible Assets The Company reviews the carrying values of its long-lived assets annually and periodically 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 retail location, distribution or fulfillment center or a significant decrease in the operating results of a long-lived asset. The Company’s retail locations are reviewed for impairment at the retail location level, which is the lowest level at which individual cash flows can be identified. 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. Goodwill has been assigned to reporting units for purposes of impairment testing. The Company evaluates goodwill to determine if the carrying value exceeds the fair value of the reporting unit. During fiscal 2018, we recorded impairment charges for ten retail locations, totaling $11,410, included in “Cost of sales” in the Consolidated Statements of Income. During fiscal 2017, the Company recorded impairment charges for three retail locations, totaling $4,341, included in “Cost of sales” in the Consolidated Statements of Income. During fiscal 2016, the Company recorded impairment charges for five retail locations, 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 retail locations would not be able to generate sufficient cash flow over the expected remaining lease term to recover the remaining carrying value of the respective retail location assets. |
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 breakpoint 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 and 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 sold or services provided at stores 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 or services 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 Balance at beginning of year Additions Deductions Balance at end of year Year ended January 31, 2018 $ 24,882 115,353 (111,333 ) $ 28,902 Year ended January 31, 2017 $ 24,385 105,909 (105,412 ) $ 24,882 Year ended January 31, 2016 $ 19,804 96,707 (92,126 ) $ 24,385 |
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 digital channel (formerly referred to as the “direct-to-consumer” channel) advertising, which is capitalized and expensed when the catalog is mailed or the content is published on the Company’s websites and mobile applications. 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, on our websites, mobile applications and in our social media campaigns. If there is no expected future benefit, the cost of advertising is expensed when incurred. Advertising costs reported as prepaid expenses were $2,491 and $2,087 as of January 31, 2018, and 2017, respectively, and are included in “Prepaid expenses and other current assets” in the Consolidated Balance Sheets. |
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 all such costs 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 2018, 2017 and 2016, 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 9, “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. In December 2017, the U.S. enacted new federal comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Company has performed preliminary analyses of the impacts of the Tax Act in accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), which allows the Company to record provisional amounts during a measurement period not to exceed one year from the enactment date. Under these preliminary analyses, the Company recorded additional GAAP tax expense in the fourth quarter of fiscal 2018 amounting to $64,705. The impacts of the Tax Act may differ from the Company’s provisional estimates due to many factors, including, but not limited to, changes to the Company’s interpretation of the provisions in the Tax Act, U.S. Internal Revenue Service (the “IRS”) and U.S. Treasury Department guidance that may be issued, and actions the Company may take. The Company’s management is still evaluating the effects of the Tax Act’s provisions on its consolidated financial statements; however, the Company expects to complete its analyses within the measurement period, pursuant to SAB 118. |
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 loss. Amounts included in accumulated other comprehensive loss relate to foreign currency |
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 2018, 2017 and 2016 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 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted In March 2016, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update that simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The Company adopted the new guidance on February 1, 2017 and recorded a cumulative effect reduction to beginning retained earnings of ($984) related to the Company’s election to record forfeitures as they occur and $224 related to the recognition of previously unrecognized excess tax benefits. In addition, the Company elected to retrospectively adopt the provision regarding the presentation of excess tax benefits (deficits) in the statement of cash flows, which resulted in an increase in net cash provided by operating activities and a decrease in net cash used in financing activities of $350 and $6,194 for fiscal 2017 and 2016, respectively. The provision requiring the inclusion of excess tax benefits (deficits) as a component of the provision for income taxes in the consolidated results of operations has been applied prospectively. The Company recorded excess tax deficits of $2,984 Recently Issued In October 2016, the FASB issued an accounting standards update that amends the existing guidance on the income tax effects of intra-entity asset transfers with the exception of transfers of inventory. The update requires the recognition of tax expense when an intra-entity asset transfer occurs as opposed to being deferred under the existing guidance. The Company will adopt the new guidance effective February 1, 2018 using the modified retrospective approach. The net cumulative effect of this change will be immaterial and will be recognized as an increase to retained earnings as of February 1, 2018. In June 2016, the FASB issued an accounting standards update that introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. This includes loan commitments, accounts receivable, trade receivables, and certain off-balance sheet credit exposures. The guidance also modifies the impairment model for available-for-sale debt securities. The update will be effective for the Company on February 1, 2020 and early adoption is permitted. The Company is currently assessing the potential effects this update may have on its consolidated financial statements and related disclosures. In February 2016, the 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 12 months. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of 12 months or less. The update will be effective for the Company on February 1, 2019 and early adoption is permitted. The update requires a modified retrospective transition approach, which includes a number of practical expedients. While the Company expects adoption to result in a significant increase in the assets and liabilities recorded on its balance sheet, the Company is currently assessing the overall impact on 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(s); (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract(s); and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company will adopt this update on February 1, 2018 using the modified retrospective approach. Adoption will result in changes in the timing of recognizing breakage income related to its gift cards and in recognizing estimated sales returns on a gross basis on its balance sheet. The net cumulative effect of these changes will be immaterial and will be recognized as an adjustment to retained earnings as of February 1, 2018. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Activity of Allowance for Doubtful Accounts | The activity of the allowance for doubtful accounts for the years ended January 31, 2018, 2017 and 2016 was as follows: Balance at beginning of year Additions Deductions Balance at end of year Year ended January 31, 2018 $ 588 4,435 (3,697 ) $ 1,326 Year ended January 31, 2017 $ 664 4,892 (4,968 ) $ 588 Year ended January 31, 2016 $ 850 6,578 (6,764 ) $ 664 |
Activity of Sales Return Reserve | The activity of the sales returns reserve for the years ended January 31, 2018, 2017 and 2016 was as follows: Balance at beginning of year Additions Deductions Balance at end of year Year ended January 31, 2018 $ 24,882 115,353 (111,333 ) $ 28,902 Year ended January 31, 2017 $ 24,385 105,909 (105,412 ) $ 24,882 Year ended January 31, 2016 $ 19,804 96,707 (92,126 ) $ 24,385 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities | The amortized cost, gross unrealized gains (losses) and fair values of available-for-sale securities by major security type and class of security as of January 31, 2018 and 2017 are as follows: Amortized Cost Unrealized Gains Unrealized (Losses) Fair Value As of January 31, 2018 Short-term Investments: Corporate bonds $ 111,612 $ — $ (184 ) $ 111,428 Municipal and pre-refunded municipal bonds 52,474 11 (39 ) 52,446 Certificates of deposit 1,251 — — 1,251 165,337 11 (223 ) 165,125 Long-term Investments: Corporate bonds 39,853 — (228 ) 39,625 Municipal and pre-refunded municipal bonds 9,873 8 (24 ) 9,857 Mutual funds, held in rabbi trust 5,973 274 (10 ) 6,237 Certificates of deposit 2,969 — — 2,969 58,668 282 (262 ) 58,688 $ 224,005 $ 293 $ (485 ) $ 223,813 As of January 31, 2017 Short-term Investments: Corporate bonds $ 59,403 $ 7 $ (90 ) $ 59,320 Municipal and pre-refunded municipal bonds 51,731 28 (12 ) 51,747 111,134 35 (102 ) 111,067 Long-term Investments: Corporate bonds 19,102 9 (33 ) 19,078 Municipal and pre-refunded municipal bonds 19,488 35 (9 ) 19,514 Mutual funds, held in rabbi trust 4,583 91 (1 ) 4,673 Certificates of deposit 1,023 — — 1,023 44,196 135 (43 ) 44,288 $ 155,330 $ 170 $ (145 ) $ 155,355 |
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, 2018 and January 31, 2017, respectively. January 31, 2018 Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 151,053 $ (412 ) $ — $ — $ 151,053 $ (412 ) Municipal and pre-refunded municipal bonds 39,671 (63 ) — — 39,671 (63 ) Mutual funds, held in rabbi trust 474 (10 ) — — 474 (10 ) Total $ 191,198 $ (485 ) $ — $ — $ 191,198 $ (485 ) January 31, 2017 Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 61,612 $ (123 ) $ — $ — $ 61,612 $ (123 ) Municipal and pre-refunded municipal bonds 18,713 (21 ) — — 18,713 (21 ) Mutual funds, held in rabbi trust 316 (1 ) — — 316 (1 ) Total $ 80,641 $ (145 ) $ — $ — $ 80,641 $ (145 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Measured at Fair Value on Recurring Basis | The Company’s financial assets that are accounted for at fair value on a recurring basis are presented in the tables below: Marketable Securities Fair Value as of January 31, 2018 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 151,053 $ — $ — $ 151,053 Municipal and pre-refunded municipal bonds — 62,303 — 62,303 Mutual funds, held in rabbi trust 6,237 — — 6,237 Certificates of deposit — 4,220 — 4,220 $ 157,290 $ 66,523 $ — $ 223,813 Marketable Securities Fair Value as of January 31, 2017 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 78,398 $ — $ — $ 78,398 Municipal and pre-refunded municipal bonds — 71,261 — 71,261 Mutual funds, held in rabbi trust 4,673 — — 4,673 Certificates of deposit — 1,023 — 1,023 $ 83,071 $ 72,284 $ — $ 155,355 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment is summarized as follows: January 31, 2018 2017 Land $ 21,310 $ 21,310 Buildings 305,883 300,130 Furniture and fixtures 439,729 437,268 Leasehold improvements 921,629 896,279 Other operating equipment 300,304 280,581 Construction-in-progress 34,913 43,346 2,023,768 1,978,914 Accumulated depreciation (1,210,000 ) (1,111,128 ) Total $ 813,768 $ 867,786 |
Accrued Expenses and Other Cu29
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: January 31, 2018 2017 Gift cards and merchandise credits $ 56,210 $ 55,144 Sales return reserves 28,902 24,882 Accrued sales and VAT taxes 19,193 24,794 Accrued rents, estimated property taxes and other property expenses 16,487 16,838 Federal, state and foreign income taxes 16,403 4,968 Accrued construction 10,353 17,001 Other current liabilities 48,362 30,982 Total $ 195,910 $ 174,609 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Income before Income Taxes | The components of income before income taxes are as follows: Fiscal Year Ended January 31, 2018 2017 2016 Domestic $ 208,787 $ 297,347 $ 323,906 Foreign 52,579 40,752 26,125 $ 261,366 $ 338,099 $ 350,031 |
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, 2018 2017 2016 Current: Federal $ 124,988 $ 103,951 $ 84,274 State 10,772 15,130 21,391 Foreign 9,014 5,699 6,215 $ 144,774 $ 124,780 $ 111,880 Deferred: Federal $ 10,270 $ (5,765 ) $ 13,985 State (1,914 ) 1,029 (1,218 ) Foreign (27 ) (65 ) 895 8,329 (4,801 ) 13,662 $ 153,103 $ 119,979 $ 125,542 |
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, 2018 2017 2016 Expected provision at statutory U.S. federal tax rate 33.8 % 35.0 % 35.0 % State and local income taxes, net of federal tax benefit 2.3 3.1 3.7 Foreign taxes (3.4 ) (2.9 ) (2.0 ) Federal rehabilitation tax credit — — (1.9 ) Net impact of U.S. tax reform 24.7 — — Other 1.2 0.3 1.1 Effective tax rate 58.6 % 35.5 % 35.9 % |
Significant Components of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities as of January 31, 2018 and 2017 are as follows: January 31, 2018 2017 Deferred tax liabilities: Prepaid expense $ (2,358 ) $ (3,460 ) Depreciation (38,662 ) (70,944 ) Other temporary differences (1,017 ) (2,024 ) Gross deferred tax liabilities (42,037 ) (76,428 ) Deferred tax assets: Deferred rent 54,958 79,675 Inventory 9,726 9,760 Accounts receivable 1,240 3,241 Net operating loss carryforwards 2,364 2,859 Tax uncertainties 1,033 1,949 Accrued salaries and benefits 14,437 28,234 Income tax credits 5,399 4,550 Other temporary differences 8,533 5,512 Gross deferred tax assets, before valuation allowances 97,690 135,780 Valuation allowances (9,451 ) (6,688 ) Net deferred tax assets $ 46,202 $ 52,664 |
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 2018 2017 2016 Balance at the beginning of the period $ 5,798 $ 7,838 $ 6,889 Increases in tax positions for prior years 45 21 4,053 Decreases in tax positions for prior years (511 ) (725 ) (891 ) Increases in tax positions for current year 128 187 274 Settlements — (590 ) (1,590 ) Lapse in statute of limitations (914 ) (933 ) (897 ) Balance at the end of the period $ 4,546 $ 5,798 $ 7,838 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Consolidated Statements of Income | Share-based compensation expense, included in “Selling, general and administrative expenses” in the Consolidated Statements of Income, for the fiscal years ended January 31, 2018, 2017 and 2016 was as follows: Fiscal Year Ended January 31, 2018 2017 2016 Stock Options $ 897 $ 1,002 $ 841 Stock Appreciation Rights 142 240 1,295 Performance Stock Units (1)(2)(3) 3,562 12,349 13,464 Restricted Stock Units 9,916 4,700 23 Total $ 14,517 $ 18,291 $ 15,623 (1) Includes the reversal of $11,515 of previously recognized compensation expense in fiscal 2018, related to 871,779 PSU’s that will not vest as the achievement of the related performance target is not probable. (2) Includes the reversal of $7,908 of previously recognized compensation expense in fiscal 2017, related to 505,510 PSU’s that will not vest as the achievement of the related performance target is not probable. (3) 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. |
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, 2018 2017 2016 Expected life, in years 3.4 3.4 3.5 Risk-free interest rate 1.6 % 0.9 % 1.2 % Volatility 40.2 % 34.2 % 32.5 % Dividend rate — — — |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2018: Shares Weighted- Average Exercise Price Weighted- Average Contractual Terms (years) Aggregate Intrinsic Value Awards outstanding at beginning of year 908,250 $ 34.45 3.1 $ 75 Granted 160,000 18.89 Exercised — — Forfeited or Expired (168,250 ) 32.74 Awards outstanding at end of year 900,000 32.01 3.4 $ 3,933 Awards outstanding fully vested and expected to vest 900,000 32.01 3.4 $ 3,933 Awards exercisable at end of year 740,000 $ 34.84 2.7 $ 1,498 |
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, 2018, 2017 and 2016: Fiscal Year Ended January 31, 2018 2017 2016 Weighted-average grant date fair value—per share $ 5.37 $ 7.31 $ 7.46 Intrinsic value of awards exercised $ — $ 1,566 $ 14,193 Net cash proceeds from the exercise of stock options $ — $ 4,096 $ 46,400 |
Summary of Stock Appreciation Right Activity | The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2018: Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Awards outstanding at beginning of year 231,325 $ 32.69 2.5 $ — Granted — — Exercised (3,175 ) 32.80 Forfeited or Expired (13,175 ) 32.80 Awards outstanding at end of year 214,975 32.69 1.6 $ 493 Awards outstanding fully vested and expected to vest 214,975 32.69 1.6 $ 493 Awards exercisable at end of year 203,849 $ 32.45 1.5 $ 493 |
Summary of Other Information Related to SAR's | The following table summarizes other information related to SAR’s during the years ended January 31, 2018, 2017 and 2016: Fiscal Year Ended January 31, 2018 2017 2016 Intrinsic value of awards exercised $ 5 $ 566 $ 7,386 |
Summary of Performance Share Units Activity | The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2018: Shares Weighted- Average Fair Value Non-vested awards outstanding at beginning of year 3,050,734 $ 17.98 Granted 390,000 23.38 Vested (200,000 ) 29.58 Forfeited (573,473 ) 22.47 Non-vested awards outstanding at end of year 2,667,261 $ 21.84 |
Summary of Restricted Stock Units Activity | The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2018: Shares Weighted- Average Fair Value Non-vested awards outstanding at beginning of year 531,500 $ 28.17 Granted 621,500 26.01 Vested — — Forfeited (61,500 ) 27.49 Non-vested awards outstanding at end of year 1,091,500 $ 26.92 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Equity [Abstract] | |
Share Repurchase Activity | Share repurchase activity under the Company’s share repurchase programs is as follows: Fiscal Year Ended January 31, 2018 2017 Number of common shares repurchased and subsequently retired 8,092,906 1,324,700 Total cost $ 157,044 $ 45,787 Average cost per share, including commissions $ 19.41 $ 34.56 |
Other Comprehensive Income (L33
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax | The following tables present the changes in “Accumulated other comprehensive loss,” by component, net of tax, for the fiscal years ended January 31, 2018 and 2017, respectively: Fiscal Year Ended January 31, 2018 Foreign Currency Translation Unrealized Gains and (Losses) on Available-for- Sale Securities Total Beginning Balance $ (34,012 ) $ (57 ) $ (34,069 ) Other comprehensive income (loss) before reclassifications 23,672 (219 ) 23,453 Amounts reclassified from accumulated other comprehensive income (loss) — (35 ) (35 ) Net current-period total other comprehensive income (loss) 23,672 (254 ) 23,418 Ending Balance $ (10,340 ) $ (311 ) $ (10,651 ) Fiscal Year Ended January 31, 2017 Foreign Currency Translation Unrealized Gains and (Losses) on Available-for- Sale Securities Total Beginning Balance $ (23,479 ) $ 28 $ (23,451 ) Other comprehensive income (loss) before reclassifications (10,533 ) (2 ) (10,535 ) Amounts reclassified from accumulated other comprehensive income (loss) — (83 ) (83 ) Net current-period total other comprehensive income (loss) (10,533 ) (85 ) (10,618 ) Ending Balance $ (34,012 ) $ (57 ) $ (34,069 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding Used for Computation of Basic and Diluted Net Income Per Common Share | The following is a reconciliation of the weighted-average common shares outstanding used for the computation of basic and diluted net income per common share: Fiscal Year Ended January 31, 2018 2017 2016 Basic weighted-average common shares outstanding 111,887,308 116,873,023 125,232,499 Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units 480,616 418,094 780,915 Diluted weighted-average shares outstanding 112,367,924 117,291,117 126,013,414 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
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 2019 $ 295,468 2020 274,338 2021 244,532 2022 210,338 2023 184,521 Thereafter 702,112 Total minimum lease payments $ 1,911,309 |
Rent Expense for Operating Leases | Rent expense consisted of the following: Fiscal Year Ended January 31, 2018 2017 2016 Minimum and percentage rentals $ 269,107 $ 260,421 $ 245,474 Contingent rentals 694 2,244 2,704 Total $ 269,801 $ 262,665 $ 248,178 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Operations by Segment | A summary of the information about the Company’s operations by segment is as follows: Fiscal Year 2018 2017 2016 Net sales Retail operations $ 3,299,714 $ 3,256,890 $ 3,184,955 Wholesale operations 327,539 298,566 273,603 Intersegment elimination (11,239 ) (9,662 ) (13,424 ) Total net sales $ 3,616,014 $ 3,545,794 $ 3,445,134 Income from operations Retail operations $ 233,844 $ 325,666 $ 342,885 Wholesale operations 71,877 58,169 54,444 Intersegment elimination 151 (614 ) (1,096 ) Total segment operating income 305,872 383,221 396,233 General corporate expenses (45,980 ) (44,694 ) (42,654 ) Total income from operations $ 259,892 $ 338,527 $ 353,579 Depreciation expense for property and equipment Retail operations $ 124,935 $ 132,150 $ 137,963 Wholesale operations 885 980 918 Total depreciation expense for property and equipment $ 125,820 $ 133,130 $ 138,881 Inventory Retail operations $ 300,493 $ 301,519 Wholesale operations 50,902 37,071 Total inventory $ 351,395 $ 338,590 Property and equipment, net Retail operations $ 811,128 $ 864,396 Wholesale operations 2,640 3,390 Total property and equipment, net $ 813,768 $ 867,786 Cash paid for property and equipment Retail operations $ 83,768 $ 142,872 $ 134,627 Wholesale operations 45 842 323 Total cash paid for property and equipment $ 83,813 $ 143,714 $ 134,950 |
Schedule of Percentage of Net Sales by Merchandise Category | The following table summarizes the percentage of net sales by merchandise category for the Company: Fiscal Year 2018 2017 2016 Net sales Apparel (1) 67 % 66 % 68 % Home (2) 16 % 16 % 15 % Accessories (3) 12 % 13 % 13 % Other (4) 5 % 5 % 4 % Total net sales 100 % 100 % 100 % (1) Apparel includes intimates and activewear (2) Home includes home furnishings, electronics, gifts and decorative items (3) Accessories includes footwear, jewelry and handbags (4) Other includes beauty, shipping and handling revenues and the Food and Beverage division |
Schedule of Revenues and Long-Lived Assets, by Domestic and Foreign Operations Segment | The Company has foreign operations primarily in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: Fiscal Year 2018 2017 2016 Net Sales Domestic operations $ 3,163,074 $ 3,114,014 $ 3,005,595 Foreign operations 452,940 431,780 439,539 Total net sales $ 3,616,014 $ 3,545,794 $ 3,445,134 Property and equipment, net Domestic operations $ 720,890 $ 766,419 Foreign operations 92,878 101,367 Total property and equipment, net $ 813,768 $ 867,786 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) | 12 Months Ended | |
Jan. 31, 2018StoreCustomer | Jan. 31, 2017Store | |
Nature Of Business [Line Items] | ||
Number of stores for operations | 613 | 606 |
Number of department and specialty stores worldwide, sold and distributed apparel and home goods to | Customer | 2,100 | |
United States | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 520 | 515 |
Europe | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 57 | 54 |
Canada | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 36 | 37 |
Activity of Allowance for doubt
Activity of Allowance for doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |||
Balance at beginning of year | $ 588 | $ 664 | $ 850 |
Additions | 4,435 | 4,892 | 6,578 |
Deductions | (3,697) | (4,968) | (6,764) |
Balance at end of year | $ 1,326 | $ 588 | $ 664 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 02, 2017 | Jan. 31, 2018 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 |
Summary Of Significant Accounting Policies [Line Items] | |||||
Impairment charges | $ 11,410 | $ 4,341 | $ 8,928 | ||
Additional GAAP tax expense | $ 64,705,000 | ||||
Foreign currency translation losses | 23,672 | (10,533) | (7,963) | ||
Cumulative reduction to beginning retained earning | $ (984) | ||||
Recognition of previously unrecognized excess tax benefit | $ 224 | ||||
Decrease in net cash used in financing activities | (350) | (6,194) | |||
Increase in net cash used in operating activities | 350 | 6,194 | |||
Excess tax deficit | (2,984) | ||||
Accumulated Other Comprehensive Income (Loss) | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Foreign currency translation losses | 10,340 | 34,012 | |||
Unrealized losses on marketable securities, net of tax | 311 | 57 | |||
Change in unrealized losses on marketable securities, tax | 137 | 28 | 36 | ||
Prepaid Expense And Other Current Assets | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Advertising costs reported as prepaid expenses | $ 2,491 | 2,491 | 2,087 | ||
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 | ||||
Advertising expense | 134,632 | 127,159 | 114,104 | ||
Web creative expenses | $ 37,099 | $ 31,237 | $ 32,003 | ||
Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Measurement period to record provisional amounts | 1 year | ||||
Leasehold Improvements | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Depreciable life (in years) | Lesser of the lease term or useful life for leasehold improvements | ||||
Furniture and Fixtures | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Average useful life (in years) | 5 years | ||||
Building | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Average useful life (in years) | 39 years | ||||
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 |
Activity of sales Return Reserv
Activity of sales Return Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Revenue Recognition Allowances [Abstract] | |||
Balance at beginning of year | $ 24,882 | $ 24,385 | $ 19,804 |
Additions | 115,353 | 105,909 | 96,707 |
Deductions | (111,333) | (105,412) | (92,126) |
Balance at end of year | $ 28,902 | $ 24,882 | $ 24,385 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) | Feb. 01, 2016 | Jan. 31, 2018 | Jan. 31, 2017 |
Business Acquisition [Line Items] | |||
Payment to acquire business, gross | $ 15,325,000 | ||
Vetri Family Group of Restaurants | |||
Business Acquisition [Line Items] | |||
Total aggregate purchase price | $ 18,937,000 | ||
Payment to acquire business, gross | 15,325,000 | $ 925,000 | |
Settlement of note receivable | 2,687,000 | ||
Liabilities assumed | $ 0 |
Amortized Cost, Gross Unrealize
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities (Detail) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 224,005 | $ 155,330 |
Unrealized Gains | 293 | 170 |
Unrealized (Losses) | (485) | (145) |
Fair Value | 223,813 | 155,355 |
Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 165,337 | 111,134 |
Unrealized Gains | 11 | 35 |
Unrealized (Losses) | (223) | (102) |
Fair Value | 165,125 | 111,067 |
Short-term Investments | Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 111,612 | 59,403 |
Unrealized Gains | 7 | |
Unrealized (Losses) | (184) | (90) |
Fair Value | 111,428 | 59,320 |
Short-term Investments | Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 52,474 | 51,731 |
Unrealized Gains | 11 | 28 |
Unrealized (Losses) | (39) | (12) |
Fair Value | 52,446 | 51,747 |
Short-term Investments | Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,251 | |
Fair Value | 1,251 | |
Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 58,668 | 44,196 |
Unrealized Gains | 282 | 135 |
Unrealized (Losses) | (262) | (43) |
Fair Value | 58,688 | 44,288 |
Long Term Investments | Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 39,853 | 19,102 |
Unrealized Gains | 9 | |
Unrealized (Losses) | (228) | (33) |
Fair Value | 39,625 | 19,078 |
Long Term Investments | Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,873 | 19,488 |
Unrealized Gains | 8 | 35 |
Unrealized (Losses) | (24) | (9) |
Fair Value | 9,857 | 19,514 |
Long Term Investments | Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,969 | 1,023 |
Fair Value | 2,969 | 1,023 |
Long Term Investments | Mutual Funds, Held in Rabbi Trust | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,973 | 4,583 |
Unrealized Gains | 274 | 91 |
Unrealized (Losses) | (10) | (1) |
Fair Value | $ 6,237 | $ 4,673 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018USD ($)Security | Jan. 31, 2017USD ($)Security | Jan. 31, 2016USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Sales and maturities of marketable securities | $ 243,818 | $ 243,159 | $ 374,057 |
Amortization of discounts and premiums, net | $ 2,588 | $ 2,200 | 3,841 |
Total number of securities with unrealized loss positions within the Company's portfolio | Security | 336 | 206 | |
Other ( Expense ) Income, Net | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Net realized gain (loss) | $ (35) | $ (83) | $ 43 |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Value of Marketable Securities (Detail) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 191,198 | $ 80,641 |
Less Than 12 Months, Unrealized Losses | (485) | (145) |
Total, Fair Value | 191,198 | 80,641 |
Total, Unrealized Losses | (485) | (145) |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 151,053 | 61,612 |
Less Than 12 Months, Unrealized Losses | (412) | (123) |
Total, Fair Value | 151,053 | 61,612 |
Total, Unrealized Losses | (412) | (123) |
Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 39,671 | 18,713 |
Less Than 12 Months, Unrealized Losses | (63) | (21) |
Total, Fair Value | 39,671 | 18,713 |
Total, Unrealized Losses | (63) | (21) |
Mutual Funds, Held in Rabbi Trust | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 474 | 316 |
Less Than 12 Months, Unrealized Losses | (10) | (1) |
Total, Fair Value | 474 | 316 |
Total, Unrealized Losses | $ (10) | $ (1) |
Financial Assets Measured at Fa
Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | $ 223,813 | $ 155,355 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 223,813 | 155,355 |
Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 151,053 | 78,398 |
Fair Value, Measurements, Recurring | Municipal And Pre-Refunded Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 62,303 | 71,261 |
Fair Value, Measurements, Recurring | Mutual Funds, Held in Rabbi Trust | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 6,237 | 4,673 |
Fair Value, Measurements, Recurring | Certificates of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 4,220 | 1,023 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 157,290 | 83,071 |
Fair Value, Measurements, Recurring | 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 | 151,053 | 78,398 |
Fair Value, Measurements, Recurring | 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 | 6,237 | 4,673 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 66,523 | 72,284 |
Fair Value, Measurements, Recurring | 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 | 62,303 | 71,261 |
Fair Value, Measurements, Recurring | 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 | $ 4,220 | $ 1,023 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Fair Value Disclosures [Abstract] | |||
Impairment charges | $ 11,410 | $ 4,341 | $ 8,928 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Property Plant And Equipment [Abstract] | ||
Land | $ 21,310 | $ 21,310 |
Buildings | 305,883 | 300,130 |
Furniture and fixtures | 439,729 | 437,268 |
Leasehold improvements | 921,629 | 896,279 |
Other operating equipment | 300,304 | 280,581 |
Construction-in-progress | 34,913 | 43,346 |
Property, Plant and Equipment, Gross, Total | 2,023,768 | 1,978,914 |
Accumulated depreciation | (1,210,000) | (1,111,128) |
Total | $ 813,768 | $ 867,786 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense for property and equipment | $ 125,820 | $ 133,130 | $ 138,881 |
Accrued Expenses and Other Cu49
Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 |
Payables And Accruals [Abstract] | ||||
Gift cards and merchandise credits | $ 56,210 | $ 55,144 | ||
Sales return reserves | 28,902 | 24,882 | $ 24,385 | $ 19,804 |
Accrued sales and VAT taxes | 19,193 | 24,794 | ||
Accrued rents, estimated property taxes and other property expenses | 16,487 | 16,838 | ||
Federal, state and foreign income taxes | 16,403 | 4,968 | ||
Accrued construction | 10,353 | 17,001 | ||
Other current liabilities | 48,362 | 30,982 | ||
Total | $ 195,910 | $ 174,609 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jul. 01, 2015USD ($)Financial_Institution | Jan. 31, 2018USD ($) |
Line of Credit Facility [Line Items] | ||
Line of credit outstanding | $ 0 | |
Stand-by letters of credit | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding | 10,843,000 | |
Trade Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding | 64,032,000 | |
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 | $ 65,968,000 | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, period | 5 years | |
Credit agreement initiation date | Jul. 1, 2015 | |
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% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Jan. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Taxes [Line Items] | |||||||
Corporate tax rate | 21.00% | 35.00% | 33.80% | 35.00% | 35.00% | ||
One-time transition tax on certain unrepatriated earnings of foreign subsidiaries payable period | 8 years | ||||||
Provisional tax expense | $ 12,022,000 | ||||||
Provisional Transition Tax obligation | 52,683,000 | ||||||
Unremitted foreign E&P | $ 458,221,000 | $ 458,221,000 | |||||
Percentage of U.S. shareholder’s pro rata share | 10.00% | ||||||
Net deferred tax assets | 46,202,000 | $ 46,202,000 | $ 52,664,000 | ||||
Valuation allowance for certain other foreign and state net operating loss carryforwards | 0 | 0 | |||||
Cash and cash equivalents | 282,220,000 | 282,220,000 | 248,140,000 | $ 265,276,000 | $ 154,558,000 | ||
Unrecognized tax benefit that, if recognized, would impact the effective tax rate | 4,127,000 | 4,127,000 | 4,466,000 | ||||
Recognized (benefit)/expense in interest and penalties | (209,000) | (218,000) | $ (686,000) | ||||
Accrued amounts for payment of interest and penalties | 568,000 | 568,000 | 582,000 | ||||
Unrecognized tax benefits, lower bound | 0 | 0 | |||||
Unrecognized tax benefits, upper bound | 3,656,000 | 3,656,000 | |||||
U.S. Federal | |||||||
Income Taxes [Line Items] | |||||||
Net deferred tax assets | 19,061,000 | 19,061,000 | 28,549,000 | ||||
Net operating loss carryforwards | 5,875,000 | 5,875,000 | |||||
Tax credit carryforwards | 6,448,000 | $ 6,448,000 | |||||
U.S. Federal | Earliest Tax Year | |||||||
Income Taxes [Line Items] | |||||||
Expiration date | 2,021 | ||||||
Tax credit expiration date | 2,019 | ||||||
U.S. Federal | Latest Tax Year | |||||||
Income Taxes [Line Items] | |||||||
Expiration date | 2,038 | ||||||
Tax credit expiration date | 2,031 | ||||||
State and Local Jurisdiction | |||||||
Income Taxes [Line Items] | |||||||
Net deferred tax assets | 16,848,000 | $ 16,848,000 | 14,798,000 | ||||
Foreign Jurisdictions | |||||||
Income Taxes [Line Items] | |||||||
Net deferred tax assets | 10,293,000 | 10,293,000 | $ 9,317,000 | ||||
Net operating loss carryforwards, expire 2018 through 2028 | 477,000 | 477,000 | |||||
Net operating loss carryforwards, do not expire | 7,941,000 | 7,941,000 | |||||
Cash and cash equivalents | 308,520,000 | 308,520,000 | |||||
Cumulative undistributed earnings | $ 458,221,000 | 458,221,000 | |||||
Additional federal income taxes due to repatriation | $ 0 | ||||||
Foreign Jurisdictions | Earliest Tax Year | |||||||
Income Taxes [Line Items] | |||||||
Expiration date | 2,018 | ||||||
Foreign Jurisdictions | Latest Tax Year | |||||||
Income Taxes [Line Items] | |||||||
Expiration date | 2,028 | ||||||
Scenario, Plan | |||||||
Income Taxes [Line Items] | |||||||
Corporate tax rate | 21.00% |
Components of Income before Inc
Components of Income before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 208,787 | $ 297,347 | $ 323,906 |
Foreign | 52,579 | 40,752 | 26,125 |
Income before income taxes | $ 261,366 | $ 338,099 | $ 350,031 |
Components of Provision for Inc
Components of Provision for Income Tax Expense or Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $ 124,988 | $ 103,951 | $ 84,274 |
Current, State | 10,772 | 15,130 | 21,391 |
Current, Foreign | 9,014 | 5,699 | 6,215 |
Current income tax expense, total | 144,774 | 124,780 | 111,880 |
Deferred, Federal | 10,270 | (5,765) | 13,985 |
Deferred, State | (1,914) | 1,029 | (1,218) |
Deferred, Foreign | (27) | (65) | 895 |
Deferred income tax expense (benefit), total | 8,329 | (4,801) | 13,662 |
Income tax expense (benefit), total | $ 153,103 | $ 119,979 | $ 125,542 |
Differences Between the Statuto
Differences Between the Statutory U.S. Federal Income Tax Rate and the Company's Effective Tax Rate (Detail) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Expected provision at statutory U.S. federal tax rate | 21.00% | 35.00% | 33.80% | 35.00% | 35.00% |
State and local income taxes, net of federal tax benefit | 2.30% | 3.10% | 3.70% | ||
Foreign taxes | (3.40%) | (2.90%) | (2.00%) | ||
Federal rehabilitation tax credit | (1.90%) | ||||
Net impact of U.S. tax reform | 24.70% | ||||
Other | 1.20% | 0.30% | 1.10% | ||
Effective tax rate | 58.60% | 35.50% | 35.90% |
Significant Components of Defer
Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Prepaid expense | $ (2,358) | $ (3,460) |
Depreciation | (38,662) | (70,944) |
Other temporary differences | (1,017) | (2,024) |
Gross deferred tax liabilities | (42,037) | (76,428) |
Deferred rent | 54,958 | 79,675 |
Inventory | 9,726 | 9,760 |
Accounts receivable | 1,240 | 3,241 |
Net operating loss carryforwards | 2,364 | 2,859 |
Tax uncertainties | 1,033 | 1,949 |
Accrued salaries and benefits | 14,437 | 28,234 |
Income tax credits | 5,399 | 4,550 |
Other temporary differences | 8,533 | 5,512 |
Gross deferred tax assets, before valuation allowances | 97,690 | 135,780 |
Valuation allowances | (9,451) | (6,688) |
Net deferred tax assets | $ 46,202 | $ 52,664 |
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, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Balance at the beginning of the period | $ 5,798 | $ 7,838 | $ 6,889 |
Increases in tax positions for prior years | 45 | 21 | 4,053 |
Decreases in tax positions for prior years | (511) | (725) | (891) |
Increases in tax positions for current year | 128 | 187 | 274 |
Settlements | (590) | (1,590) | |
Lapse in statute of limitations | (914) | (933) | (897) |
Balance at the end of the period | $ 4,546 | $ 5,798 | $ 7,838 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Assumed annualized forfeiture rate | 5.00% | 5.00% | |
Tax benefit associated with share-based compensation expense | $ 5,438 | $ 7,132 | $ 6,182 |
Tax benefit realized from share-based compensation | $ 1,753 | $ 2,272 | $ 14,512 |
Common shares per PSU | 100.00% | ||
2017 Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares authorized | 10,000,000 | ||
Awards granted | 0 | ||
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 | 3,903,823 | ||
2017 and 2008 Stock Incentive Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 7 years | ||
2017 and 2008 Stock Incentive Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 10 years | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards granted | 160,000 | ||
Compensation cost of stock options granted but not yet vested | $ 278 | ||
Weighted average period of recognition (in years) | 3 months 18 days | ||
Stock Options | Non-employee Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 1 year | ||
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] | |||
Awards granted | 0 | 0 | 0 |
Stock options vesting period, maximum (in years) | 5 years | ||
Compensation cost of stock options granted but not yet vested | $ 4 | ||
Weighted average period of recognition (in years) | 1 month 6 days | ||
Performance Stock Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost of stock options granted but not yet vested | $ 11,249 | ||
Weighted average period of recognition (in years) | 1 year 10 months 24 days | ||
Weighted average grant date fair value | $ 23.38 | $ 27.30 | $ 18.94 |
Granted, Shares | 390,000 | ||
Vested, Shares | 200,000 | ||
Aggregate grant date fair value, vested | $ 29.58 | ||
Performance Stock Units (PSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 3 years | ||
Performance Stock Units (PSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 5 years | ||
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 | $ 14,207 | ||
Weighted average period of recognition (in years) | 2 years 1 month 6 days | ||
Weighted average grant date fair value | $ 26.01 | $ 28.10 | |
Granted, Shares | 621,500 | 0 | |
Vested, Shares | 0 | 0 | |
Aggregate grant date fair value, vested | $ 0 | $ 39.06 | |
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 Included in Selling, General and Administrative Expenses in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 14,517 | $ 18,291 | $ 15,623 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 897 | 1,002 | 841 | |
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 142 | 240 | 1,295 | |
Performance Stock Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | [1],[2],[3] | 3,562 | 12,349 | 13,464 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 9,916 | $ 4,700 | $ 23 | |
[1] | Includes the reversal of $11,515 of previously recognized compensation expense in fiscal 2018, related to 871,779 PSU’s that will not vest as the achievement of the related performance target is not probable. | |||
[2] | Includes the reversal of $7,908 of previously recognized compensation expense in fiscal 2017, related to 505,510 PSU’s that will not vest as the achievement of the related performance target is not probable. | |||
[3] | Includes the reversal of $967 of previously recognized compensation expense in fiscal 2016, related to 50,004 PSU’s that will not vest as the achievement of the related performance target is not probable. |
Schedule of Share-Based Compe59
Schedule of Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Consolidated Statements of Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reversal of share-based compensation expense | $ 11,515 | $ 7,908 | $ 967 |
Performance Stock Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, granted | 390,000 | ||
Performance Stock Units (PSUs) | Deferred Compensation, Share-based Payments | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, granted | 871,779 | 505,510 | 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, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life, in years | 3 years 4 months 24 days | 3 years 4 months 24 days | 3 years 6 months |
Risk-free interest rate | 1.60% | 0.90% | 1.20% |
Volatility | 40.20% | 34.20% | 32.50% |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards outstanding at beginning of year, Shares | 908,250 | |
Granted, Shares | 160,000 | |
Forfeited or Expired, Shares | (168,250) | |
Awards outstanding at end of year, Shares | 900,000 | 908,250 |
Awards outstanding fully vested and expected to vest, Shares | 900,000 | |
Awards exercisable at end of year, Shares | 740,000 | |
Awards outstanding at beginning of year, Weighted Average Exercise Price | $ 34.45 | |
Granted, Weighted Average Exercise Price | 18.89 | |
Forfeited or Expired, Weighted Average Exercise Price | 32.74 | |
Awards outstanding at end of year, Weighted Average Exercise Price | 32.01 | $ 34.45 |
Awards outstanding fully vested and expected to vest, Weighted Average Exercise Price | 32.01 | |
Awards exercisable at end of year, Weighted Average Exercise Price | $ 34.84 | |
Awards outstanding at end of year, Weighted Average Remaining Contractual Term (years) | 3 years 4 months 24 days | 3 years 1 month 6 days |
Awards outstanding fully vested and expected to vest, Weighted Average Remaining Contractual Term (years) | 3 years 4 months 24 days | |
Awards exercisable at end of year, Weighted Average Remaining Contractual Term (years) | 2 years 8 months 12 days | |
Awards outstanding, Aggregate Intrinsic Value | $ 3,933 | $ 75 |
Awards outstanding fully vested and expected to vest, Aggregate Intrinsic Value | 3,933 | |
Awards exercisable at end of year, Aggregate Intrinsic Value | $ 1,498 |
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, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Net cash proceeds from the exercise of stock options | $ 4,096 | $ 46,400 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value—per share | $ 5.37 | $ 7.31 | $ 7.46 |
Intrinsic value of awards exercised | $ 1,566 | $ 14,193 | |
Net cash proceeds from the exercise of stock options | $ 4,096 | $ 46,400 |
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, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards outstanding at beginning of year, Shares | 231,325 | ||
Granted, Shares | 0 | 0 | 0 |
Exercised, Shares | (3,175) | ||
Forfeited or Expired, Shares | (13,175) | ||
Awards outstanding at end of year, Shares | 214,975 | 231,325 | |
Awards outstanding fully vested and expected to vest, Shares | 214,975 | ||
Awards outstanding at end of year, Shares | 203,849 | ||
Awards outstanding at beginning of year, Weighted Average Exercise Price | $ 32.69 | ||
Granted, Weighted Average Exercise Price | 0 | ||
Exercised, Weighted Average Exercise Price | 32.80 | ||
Forfeited or Expired, Weighted Average Exercise Price | 32.80 | ||
Awards outstanding at end of year, Weighted Average Exercise Price | 32.69 | $ 32.69 | |
Awards outstanding fully vested and expected to vest, Weighted Average Exercise Price | 32.69 | ||
Awards exercisable at end of year, Weighted Average Exercise Price | $ 32.45 | ||
Awards outstanding at end of year, Weighted Average Remaining Contractual Term (years) | 1 year 7 months 6 days | 2 years 6 months | |
Awards outstanding fully vested and expected to vest, Weighted Average Remaining Contractual Term (years) | 1 year 7 months 6 days | ||
Awards exercisable at end of year, Weighted Average Remaining Contractual Term (years) | 1 year 6 months | ||
Awards outstanding, Aggregate Intrinsic Value | $ 493 | $ 0 | |
Awards outstanding fully vested and expected to vest, Aggregate Intrinsic Value | 493 | ||
Awards exercisable at end of year, Aggregate Intrinsic Value | $ 493 |
Summary of Other Information 64
Summary of Other Information Related to SAR's (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of awards exercised | $ 5 | $ 566 | $ 7,386 |
Summary of Performance Share Un
Summary of Performance Share Units Activity (Detail) - Performance Stock Units (PSUs) - $ / shares | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested awards outstanding at beginning of year, Shares | 3,050,734 | ||
Granted, Shares | 390,000 | ||
Vested, Shares | (200,000) | ||
Forfeited, Shares | (573,473) | ||
Non-vested awards outstanding at end of year, Shares | 2,667,261 | 3,050,734 | |
Non-vested awards outstanding at beginning of year, Weighted average fair value | $ 17.98 | ||
Granted, Weighted average fair value | 23.38 | $ 27.30 | $ 18.94 |
Vested, Weighted average fair value | 29.58 | ||
Forfeited, Weighted average fair value | 22.47 | ||
Non-vested awards outstanding at end of year, Weighted average fair value | $ 21.84 | $ 17.98 |
Summary of Restricted Stock Uni
Summary of Restricted Stock Unit's Activity (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested awards outstanding at beginning of year, Shares | 531,500 | ||
Granted, Shares | 621,500 | 0 | |
Vested, Shares | 0 | 0 | |
Forfeited, Shares | (61,500) | ||
Non-vested awards outstanding at end of year, Shares | 1,091,500 | 531,500 | |
Non-vested awards outstanding at beginning of year, Weighted average fair value | $ 28.17 | ||
Granted, Weighted average fair value | 26.01 | $ 28.10 | |
Vested, Weighted average fair value | 0 | $ 39.06 | |
Forfeited, Weighted average fair value | 27.49 | ||
Non-vested awards outstanding at end of year, Weighted average fair value | $ 26.92 | $ 28.17 |
Share Repurchase Activity (Deta
Share Repurchase Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |||
Total cost | $ (159,226) | $ (47,839) | $ (475,424) |
Share repurchase program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Number of common shares repurchased and subsequently retired | 8,092,906 | 1,324,700 | |
Total cost | $ 157,044 | $ 45,787 | |
Average cost per share, including commissions | $ 19.41 | $ 34.56 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | Aug. 22, 2017 | Feb. 23, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Common shares authorized for repurchase, shares | 20,000,000 | ||||
Additional common shares authorized for repurchase, shares | 20,000,000 | ||||
Remaining common shares authorized for repurchase, shares | 17,902,153 | ||||
Stock repurchased and retired during period, total cost | $ (159,226) | $ (47,839) | $ (475,424) | ||
Employee Stock | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchased and retired during period, common shares | 92,455 | 55,769 | |||
Stock repurchased and retired during period, total cost | $ 2,182 | $ 2,052 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | $ 1,313,084 | $ 1,137,227 | $ 1,327,969 |
Other comprehensive income (loss) before reclassifications | 23,453 | (10,535) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (35) | (83) | |
Total other comprehensive income (loss) | 23,418 | (10,618) | (8,024) |
Ending Balance | 1,300,903 | 1,313,084 | 1,137,227 |
Foreign Currency Translation | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | (34,012) | (23,479) | |
Other comprehensive income (loss) before reclassifications | 23,672 | (10,533) | |
Total other comprehensive income (loss) | 23,672 | (10,533) | |
Ending Balance | (10,340) | (34,012) | (23,479) |
Unrealized Gains and (Losses) on available- for-Sale Securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | (57) | 28 | |
Other comprehensive income (loss) before reclassifications | (219) | (2) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (35) | (83) | |
Total other comprehensive income (loss) | (254) | (85) | |
Ending Balance | (311) | (57) | 28 |
Accumulated Other Comprehensive Loss | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | (34,069) | (23,451) | (15,427) |
Ending Balance | $ (10,651) | $ (34,069) | $ (23,451) |
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, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Basic weighted-average common shares outstanding | 111,887,308 | 116,873,023 | 125,232,499 |
Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units | 480,616 | 418,094 | 780,915 |
Diluted weighted-average shares outstanding | 112,367,924 | 117,291,117 | 126,013,414 |
Net Income per Common Share - A
Net Income per Common Share - Additional Information (Detail) - $ / shares | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common shares | 906,294 | 812,957 | 692,942 |
Anti-dilutive common shares exercise price, minimum | $ 25.60 | $ 28.10 | $ 25.60 |
Anti-dilutive common shares exercise price, maximum | $ 46.02 | $ 46.02 | $ 46.02 |
Performance Stock Units (PSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common shares | 2,509,536 | 3,165,152 |
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, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,019 | $ 295,468 |
2,020 | 274,338 |
2,021 | 244,532 |
2,022 | 210,338 |
2,023 | 184,521 |
Thereafter | 702,112 |
Total minimum lease payments | $ 1,911,309 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018USD ($)$ / Employee_ContributionStore | Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |||
Number of lease commitment not opened | Store | 13 | ||
Commitments for un-fulfilled purchase orders | $ 486,394 | ||
Commitments with construction contractors | $ 14,577 | ||
U.S. based employees age limit to participate in 401(k) Saving Plan | 18 years | ||
Employer matching contribution per employee | $ / Employee_Contribution | 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 | $ 2,602 | $ 2,455 | $ 2,121 |
Nonqualified Deferred Compensation Plan | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Employer matching contribution per employee | $ / Employee_Contribution | 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 | $ 52 | 84 | $ 105 |
Deferred compensation obligation | 6,237 | 4,673 | |
Aggregate market value of investments | $ 6,237 | $ 4,673 | |
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, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Minimum and percentage rentals | $ 269,107 | $ 260,421 | $ 245,474 |
Contingent rentals | 694 | 2,244 | 2,704 |
Total | $ 269,801 | $ 262,665 | $ 248,178 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | Sep. 20, 2016USD ($)aRenewalOption | Jan. 31, 2018USD ($) | Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) |
Related Party Transaction [Line Items] | ||||
Fees paid | $ 2,652 | $ 2,420 | $ 2,493 | |
Fees due | 87 | 102 | ||
Initial rental rate per year | 269,801 | 262,665 | 248,178 | |
Aggregate amount of rental payments payable under the initial term of the Lease | 1,911,309 | |||
Anthropologie Group | ||||
Related Party Transaction [Line Items] | ||||
Lease, number of acres rented | a | 6 | |||
Lease commencement date | Jun. 14, 2017 | |||
Initial lease term | 40 years | |||
Number of lease extension options in current lease contract | RenewalOption | 2 | |||
Additional operating lease term | 10 years | |||
Initial rental rate per year | $ 1,087 | |||
Rent increase percentage | 10.00% | |||
Lease rent increase period, in initial term | 5 years | |||
Aggregate amount of rental payments payable under the initial term of the Lease | $ 62,135 | |||
Rental payments during extension term as a percentage of market rental rate | 90.00% | |||
Lease payment to landlord | 776 | |||
West Street Consultancy Limited | ||||
Related Party Transaction [Line Items] | ||||
Real estate commission paid | 249 | 157 | 422 | |
HED Real Estate BV | ||||
Related Party Transaction [Line Items] | ||||
Real estate commission paid | $ 735 | $ 144 | $ 24 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2018StoreCustomerSegmentRestaurantOutlet | Jan. 31, 2017Store | Jan. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Number of reporting segments | Segment | 2 | ||
Percentage of net sales | 100.00% | 100.00% | 100.00% |
Number of stores | 613 | 606 | |
Number of major customers exceeding ten percentage thresholds | Customer | 0 | ||
Retail Operations | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 91.30% | 91.90% | 92.40% |
Number of restaurants | Restaurant | 10 | ||
Retail Operations | Urban Outfitters | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 245 | ||
Retail Operations | Anthropologie Group | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 226 | ||
Retail Operations | Free People | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 132 | ||
Wholesale Operations | |||
Segment Reporting Information [Line Items] | |||
Number of stores | Outlet | 2,100 |
Schedule of Operations by Segme
Schedule of Operations by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 3,616,014 | $ 3,545,794 | $ 3,445,134 |
General corporate expenses | (45,980) | (44,694) | (42,654) |
Total income from operations | 259,892 | 338,527 | 353,579 |
Total depreciation expense for property and equipment | 125,820 | 133,130 | 138,881 |
Total inventory | 351,395 | 338,590 | |
Total property and equipment, net | 813,768 | 867,786 | |
Total cash paid for property and equipment | 83,813 | 143,714 | 134,950 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total income from operations | 305,872 | 383,221 | 396,233 |
Operating Segments | Retail Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 3,299,714 | 3,256,890 | 3,184,955 |
Total income from operations | 233,844 | 325,666 | 342,885 |
Total depreciation expense for property and equipment | 124,935 | 132,150 | 137,963 |
Total inventory | 300,493 | 301,519 | |
Total property and equipment, net | 811,128 | 864,396 | |
Total cash paid for property and equipment | 83,768 | 142,872 | 134,627 |
Operating Segments | Wholesale Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 327,539 | 298,566 | 273,603 |
Total income from operations | 71,877 | 58,169 | 54,444 |
Total depreciation expense for property and equipment | 885 | 980 | 918 |
Total inventory | 50,902 | 37,071 | |
Total property and equipment, net | 2,640 | 3,390 | |
Total cash paid for property and equipment | 45 | 842 | 323 |
Intersegment Elimination | |||
Segment Reporting Information [Line Items] | |||
Total net sales | (11,239) | (9,662) | (13,424) |
Total income from operations | $ 151 | $ (614) | $ (1,096) |
Schedule of Percentage of Net S
Schedule of Percentage of Net Sales by Merchandise Category (Detail) | 12 Months Ended | |||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | 100.00% | 100.00% | 100.00% | |
Apparel | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | [1] | 67.00% | 66.00% | 68.00% |
Home | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | [2] | 16.00% | 16.00% | 15.00% |
Accessories | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | [3] | 12.00% | 13.00% | 13.00% |
Other | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | [4] | 5.00% | 5.00% | 4.00% |
[1] | Apparel includes intimates and activewear | |||
[2] | Home includes home furnishings, electronics, gifts and decorative items | |||
[3] | Accessories includes footwear, jewelry and handbags | |||
[4] | Other includes beauty, shipping and handling revenues and the Food and Beverage division |
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, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 3,616,014 | $ 3,545,794 | $ 3,445,134 |
Total property and equipment, net | 813,768 | 867,786 | |
Domestic Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 3,163,074 | 3,114,014 | 3,005,595 |
Total property and equipment, net | 720,890 | 766,419 | |
Foreign Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 452,940 | 431,780 | $ 439,539 |
Total property and equipment, net | $ 92,878 | $ 101,367 |