Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 31, 2019 | Sep. 03, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | URBN | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | URBAN OUTFITTERS INC | |
Entity Central Index Key | 0000912615 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Shares, par value $.0001 per share | |
Entity File Number | 000-22754 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-2003332 | |
Entity Address, Address Line One | 5000 South Broad Street | |
Entity Address, City or Town | Philadelphia | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19112-1495 | |
City Area Code | 215 | |
Local Phone Number | 454-5500 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 97,975,343 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2019 | Jan. 31, 2019 | Jul. 31, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 162,018 | $ 358,260 | $ 405,727 |
Marketable securities | 171,398 | 279,232 | 198,166 |
Accounts receivable, net of allowance for doubtful accounts of $939, $1,499 and $1,613, respectively | 95,131 | 80,461 | 90,646 |
Inventory | 440,087 | 370,507 | 375,657 |
Prepaid expenses and other current assets | 131,763 | 114,296 | 131,572 |
Total current assets | 1,000,397 | 1,202,756 | 1,201,768 |
Property and equipment, net | 867,434 | 796,029 | 807,084 |
Operating lease right-of-use assets | 1,085,543 | ||
Marketable securities | 78,857 | 57,292 | 45,514 |
Deferred income taxes and other assets | 105,814 | 104,438 | 104,169 |
Total Assets | 3,138,045 | 2,160,515 | 2,158,535 |
Current liabilities: | |||
Accounts payable | 181,955 | 144,414 | 149,947 |
Current portion of operating lease liabilities | 209,072 | ||
Accrued expenses, accrued compensation and other current liabilities | 235,106 | 242,230 | 279,991 |
Total current liabilities | 626,133 | 386,644 | 429,938 |
Non-current portion of operating lease liabilities | 1,090,623 | ||
Deferred rent and other liabilities | 59,885 | 284,773 | 284,925 |
Total Liabilities | 1,776,641 | 671,417 | 714,863 |
Commitments and contingencies (see Note 12) | |||
Shareholders’ equity: | |||
Preferred shares; $.0001 par value, 10,000,000 shares authorized, none issued | |||
Common shares; $.0001 par value, 200,000,000 shares authorized, 97,965,012, 105,642,283 and 108,951,308 shares issued and outstanding, respectively | 10 | 11 | 11 |
Additional paid-in-capital | 18,770 | ||
Retained earnings | 1,398,681 | 1,516,190 | 1,451,492 |
Accumulated other comprehensive loss | (37,287) | (27,103) | (26,601) |
Total Shareholders’ Equity | 1,361,404 | 1,489,098 | 1,443,672 |
Total Liabilities and Shareholders’ Equity | $ 3,138,045 | $ 2,160,515 | $ 2,158,535 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2019 | Jan. 31, 2019 | Jul. 31, 2018 |
Statement Of Financial Position [Abstract] | |||
Accounts receivable, allowance for doubtful accounts | $ 939 | $ 1,499 | $ 1,613 |
Preferred shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred shares, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred shares, shares issued | 0 | 0 | 0 |
Common shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common shares, shares issued | 97,965,012 | 105,642,283 | 108,951,308 |
Common shares, shares outstanding | 97,965,012 | 105,642,283 | 108,951,308 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 962,329 | $ 992,454 | $ 1,826,742 | $ 1,848,142 |
Cost of sales | 646,454 | 636,610 | 1,241,811 | 1,211,638 |
Gross profit | 315,875 | 355,844 | 584,931 | 636,504 |
Selling, general and administrative expenses | 237,814 | 238,992 | 466,850 | 465,756 |
Income from operations | 78,061 | 116,852 | 118,081 | 170,748 |
Other income, net | 3,498 | 1,746 | 6,178 | 1,826 |
Income before income taxes | 81,559 | 118,598 | 124,259 | 172,574 |
Income tax expense | 21,239 | 25,789 | 31,354 | 38,505 |
Net income | $ 60,320 | $ 92,809 | $ 92,905 | $ 134,069 |
Net income per common share: | ||||
Basic | $ 0.61 | $ 0.85 | $ 0.91 | $ 1.23 |
Diluted | $ 0.61 | $ 0.84 | $ 0.91 | $ 1.22 |
Weighted-average common shares outstanding: | ||||
Basic | 99,095,562 | 108,831,399 | 101,722,244 | 108,663,990 |
Diluted | 99,602,465 | 110,433,840 | 102,427,040 | 110,091,586 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 60,320 | $ 92,809 | $ 92,905 | $ 134,069 |
Other comprehensive loss: | ||||
Foreign currency translation | (6,771) | (7,881) | (10,571) | (15,850) |
Change in unrealized gains (losses) on marketable securities, net of tax | 201 | (7) | 387 | (100) |
Total other comprehensive loss | (6,570) | (7,888) | (10,184) | (15,950) |
Comprehensive income | $ 53,750 | $ 84,921 | $ 82,721 | $ 118,119 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Jan. 31, 2018 | $ 1,300,903 | $ 11 | $ 684 | $ 1,310,859 | $ (10,651) |
Beginning Balances (in shares) at Jan. 31, 2018 | 108,248,568 | ||||
Comprehensive income | 118,119 | 134,069 | (15,950) | ||
Share-based compensation | 10,990 | 10,990 | |||
Share-based awards | 13,020 | 13,020 | |||
Share-based awards (in shares) | 860,758 | ||||
Cumulative effect of change in accounting pronouncement | 6,564 | 6,564 | |||
Share repurchases | (5,924) | (5,924) | |||
Share repurchases (in shares) | (158,018) | ||||
Ending Balance at Jul. 31, 2018 | $ 1,443,672 | $ 11 | 18,770 | 1,451,492 | (26,601) |
Ending Balances (in shares) at Jul. 31, 2018 | 108,951,308 | 108,951,308 | |||
Beginning Balance at Apr. 30, 2018 | $ 1,346,415 | $ 11 | 6,434 | 1,358,683 | (18,713) |
Beginning Balances (in shares) at Apr. 30, 2018 | 108,670,688 | ||||
Comprehensive income | 84,921 | 92,809 | (7,888) | ||
Share-based compensation | 5,466 | 5,466 | |||
Share-based awards | 7,747 | 7,747 | |||
Share-based awards (in shares) | 300,328 | ||||
Share repurchases | (877) | (877) | |||
Share repurchases (in shares) | (19,708) | ||||
Ending Balance at Jul. 31, 2018 | $ 1,443,672 | $ 11 | 18,770 | 1,451,492 | (26,601) |
Ending Balances (in shares) at Jul. 31, 2018 | 108,951,308 | 108,951,308 | |||
Beginning Balance at Jan. 31, 2019 | $ 1,489,098 | $ 11 | 1,516,190 | (27,103) | |
Beginning Balances (in shares) at Jan. 31, 2019 | 105,642,283 | 105,642,283 | |||
Comprehensive income | $ 82,721 | 92,905 | (10,184) | ||
Share-based compensation | 11,461 | 11,461 | |||
Share-based awards | 974 | 974 | |||
Share-based awards (in shares) | 568,989 | ||||
Share repurchases | (222,850) | $ (1) | (12,435) | (210,414) | |
Share repurchases (in shares) | (8,246,260) | ||||
Ending Balance at Jul. 31, 2019 | $ 1,361,404 | $ 10 | 1,398,681 | (37,287) | |
Ending Balances (in shares) at Jul. 31, 2019 | 97,965,012 | 97,965,012 | |||
Beginning Balance at Apr. 30, 2019 | $ 1,447,971 | $ 10 | 1,478,678 | (30,717) | |
Beginning Balances (in shares) at Apr. 30, 2019 | 103,599,364 | ||||
Comprehensive income | 53,750 | 60,320 | (6,570) | ||
Share-based compensation | 5,908 | 5,908 | |||
Share-based awards (in shares) | 5,000 | ||||
Share repurchases | (146,225) | $ (5,908) | (140,317) | ||
Share repurchases (in shares) | (5,639,352) | ||||
Ending Balance at Jul. 31, 2019 | $ 1,361,404 | $ 10 | $ 1,398,681 | $ (37,287) | |
Ending Balances (in shares) at Jul. 31, 2019 | 97,965,012 | 97,965,012 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 92,905 | $ 134,069 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 55,395 | 60,158 |
Right-of-use asset amortization | 94,173 | |
Provision (benefit) for deferred income taxes | 1,107 | (9,506) |
Share-based compensation expense | 11,461 | 10,990 |
Loss on disposition of property and equipment, net | 593 | 2,452 |
Changes in assets and liabilities: | ||
Receivables | (15,032) | (14,196) |
Inventory | (71,899) | (26,807) |
Prepaid expenses and other assets | (23,121) | (10,086) |
Payables, accrued expenses and other liabilities | 16,009 | 71,728 |
Operating lease liabilities | (100,338) | |
Net cash provided by operating activities | 61,253 | 218,802 |
Cash flows from investing activities: | ||
Cash paid for property and equipment | (116,465) | (55,642) |
Cash paid for marketable securities | (235,094) | (168,823) |
Sales and maturities of marketable securities | 320,411 | 130,029 |
Net cash used in investing activities | (31,148) | (94,436) |
Cash flows from financing activities: | ||
Proceeds from the exercise of stock options | 974 | 13,020 |
Share repurchases related to share repurchase program | (217,421) | |
Share repurchases related to taxes for share-based awards | (5,429) | (5,924) |
Net cash (used in) provided by financing activities | (221,876) | 7,096 |
Effect of exchange rate changes on cash and cash equivalents | (4,471) | (7,955) |
(Decrease) increase in cash and cash equivalents | (196,242) | 123,507 |
Cash and cash equivalents at beginning of period | 358,260 | 282,220 |
Cash and cash equivalents at end of period | 162,018 | 405,727 |
Cash paid during the year for: | ||
Income taxes | 37,839 | 39,698 |
Non-cash investing activities—Accrued capital expenditures | $ 22,325 | $ 15,002 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed financial statements should be read in conjunction with Urban Outfitters, Inc.’s (the “Company’s”) Annual Report on Form 10-K for the fiscal year ended January 31, 2019, filed with the United States Securities and Exchange Commission on April 1, 2019. The Company’s business experiences seasonal fluctuations in net sales and net income, with a more significant portion typically realized in the second half of each year predominantly due to the year-end holiday period. Historically, and consistent with the retail industry, this seasonality also impacts our working capital requirements, particularly with regard to inventory. Accordingly, the results of operations for the three and six months ended July 31, 2019 are not necessarily indicative of the results to be expected for the full year. The Company’s fiscal year ends on January 31. All references in these notes to the Company’s fiscal years refer to the fiscal years ended on January 31 in those years. For example, the Company’s fiscal year 2020 will end on January 31, 2020. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jul. 31, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements Recently Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amends the existing accounting standards for lease accounting. This update requires lessees to recognize a right-of-use asset and lease liability for both operating and finance leases. The Company adopted the new guidance on February 1, 2019 using a modified retrospective approach at the beginning of the period of adoption. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jul. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contract with Customer | 3. Revenue from Contracts with Customers Contract receivables occur when the Company satisfies all of its performance obligations under a contract and recognizes revenue prior to billing or receiving consideration from a customer for which it has an unconditional right to payment. Contract receivables arise from credit card transactions and sales to Wholesale segment customers and franchisees. For the six month period ended July 31, 2019, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, were $80,461 and $95,131, respectively. For the six month period ended July 31, 2018, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, were $76,962 and $90,646, respectively. Contract receivables are included in “Accounts receivable, net of allowance for doubtful accounts” in the Condensed Consolidated Balance Sheets. Contract liabilities represent unearned revenue and result from the Company receiving consideration in a contract with a customer for which it has not satisfied all of its performance obligations. The Company’s contract liabilities result from customer deposits, customer loyalty programs and the issuance of gift cards. Gift cards are expected to be redeemed within two years of issuance, with the majority of redemptions occurring in the first year. For the six month period ended July 31, 2019, the opening and closing balances of contract liabilities were $49,747 and $41,585, respectively. For the six month period ended July 31, 2018, the opening and closing balances of contract liabilities were $56,637 and $32,013, respectively. Contract liabilities are included in “Accrued expenses, accrued compensation and other current liabilities” in the Condensed Consolidated Balance Sheets. During the six month period ended July 31, 2019, the Company recognized $23,081 of revenue that was included in the contract liability balance at the beginning of the period. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jul. 31, 2019 | |
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 value of available-for-sale securities by major security type and class of security as of July 31, 2019, January 31, 2019 and July 31, 2018 were as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of July 31, 2019 Short-term Investments: Corporate bonds $ 125,943 $ 190 $ (31 ) $ 126,102 Municipal and pre-refunded municipal bonds 42,023 40 (9 ) 42,054 Certificates of deposit 1,745 — — 1,745 Federal government agencies 1,495 2 — 1,497 171,206 232 (40 ) 171,398 Long-term Investments: Corporate bonds 49,385 174 (33 ) 49,526 Municipal and pre-refunded municipal bonds 19,526 6 (50 ) 19,482 Mutual funds, held in rabbi trust 7,826 56 (7 ) 7,875 Certificates of deposit 1,847 — — 1,847 Federal government agencies 126 1 — 127 78,710 237 (90 ) 78,857 $ 249,916 $ 469 $ (130 ) $ 250,255 As of January 31, 2019 Short-term Investments: Corporate bonds $ 227,287 $ 24 $ (214 ) $ 227,097 Municipal and pre-refunded municipal bonds 43,677 15 (18 ) 43,674 Certificates of deposit 1,050 — — 1,050 Federal government agencies 1,458 — — 1,458 Commercial paper 2,979 — — 2,979 Treasury bills 2,975 — (1 ) 2,974 279,426 39 (233 ) 279,232 Long-term Investments: Corporate bonds 34,265 34 (63 ) 34,236 Municipal and pre-refunded municipal bonds 7,554 7 (3 ) 7,558 Mutual funds, held in rabbi trust 6,301 450 — 6,751 Certificates of deposit 2,143 — — 2,143 Federal government agencies 6,603 2 (1 ) 6,604 56,866 493 (67 ) 57,292 $ 336,292 $ 532 $ (300 ) $ 336,524 Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of July 31, 2018 Short-term Investments: Corporate bonds $ 150,648 $ — $ (261 ) $ 150,387 Municipal and pre-refunded municipal bonds 46,904 10 (43 ) 46,871 Certificates of deposit 908 — — 908 198,460 10 (304 ) 198,166 Long-term Investments: Corporate bonds 34,333 — (213 ) 34,120 Municipal and pre-refunded municipal bonds 2,130 1 (7 ) 2,124 Mutual funds, held in rabbi trust 6,401 171 (1 ) 6,571 Certificates of deposit 2,699 — — 2,699 45,563 172 (221 ) 45,514 $ 244,023 $ 182 $ (525 ) $ 243,680 Proceeds from the sales and maturities of available-for-sale securities were $320,411 and $130,029 for the six months ended July 31, 2019 and 2018, respectively. The Company included in “Other income, net,” in the Condensed Consolidated Statements of Income, net realized gains |
Fair Value
Fair Value | 6 Months Ended |
Jul. 31, 2019 | |
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 July 31, 2019 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 175,628 $ — $ — $ 175,628 Municipal and pre-refunded municipal bonds — 61,536 — 61,536 Mutual funds, held in rabbi trust 7,875 — — 7,875 Certificates of deposit — 3,592 — 3,592 Federal government agencies 1,624 — — 1,624 $ 185,127 $ 65,128 $ — $ 250,255 Marketable Securities Fair Value as of January 31, 2019 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 261,333 $ — $ — $ 261,333 Municipal and pre-refunded municipal bonds — 51,232 — 51,232 Mutual funds, held in rabbi trust 6,751 — — 6,751 Certificates of deposit — 3,193 — 3,193 Federal government agencies 8,062 — — 8,062 Commercial paper — 2,979 — 2,979 Treasury bills 2,974 — — 2,974 $ 279,120 $ 57,404 $ — $ 336,524 Marketable Securities Fair Value as of July 31, 2018 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 184,507 $ — $ — $ 184,507 Municipal and pre-refunded municipal bonds — 48,995 — 48,995 Mutual funds, held in rabbi trust 6,571 — — 6,571 Certificates of deposit — 3,607 — 3,607 $ 191,078 $ 52,602 $ — $ 243,680 Financial assets Level 1 assets consist of financial instruments whose value has been based on inputs that use, as their basis, readily observable market data that are actively quoted and are validated through external sources, including third-party pricing services and brokers. Level 2 assets consist of financial instruments whose value has been based on quoted prices for similar assets and liabilities in active markets as well as quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 assets consist of financial instruments where there has been no active market. The Company held no Level 3 financial instruments as of July 31, 2019, January 31, 2019 and July 31, 2018. The fair value of cash and cash equivalents (Level 1) approximates carrying value since cash and cash equivalents consist of short-term highly liquid investments with maturities of less than three months at the time of purchase. As of July 31 , 2019 , January 31, 2019 and July 31 , 2018 , cash and cash equivalents included cash on hand, cash in banks, money market accounts and marketable securities with maturities of less than three months at the time of purchase. Non-financial assets The Company’s non-financial assets, primarily consisting of property and equipment, lease-related right-of-use assets 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. Right-of-use assets are tested for impairment in the same manner as property and equipment. 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. For the three and six months ended July 31, 2019 and 2018, impairment charges were zero. |
Debt
Debt | 6 Months Ended |
Jul. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt On June 29, 2018, the Company and its domestic subsidiaries entered into an amended and restated credit agreement (the “Amended Credit Agreement”) that amended the Company’s asset-based revolving credit facility with certain lenders, including JPMorgan Chase Bank, N.A., as administrative agent, and J.P. Morgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as joint lead arrangers and co-book managers. The Amended Credit Agreement extended the maturity date of the senior secured revolving credit facility to June 2023 (the “Amended Credit Facility”). The Amended Credit Facility provides for loans and letters of credit up to $350,000, subject to a borrowing base that is comprised of the Company’s eligible accounts receivable and inventory. The Amended 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 Amended Credit Facility may be used for working capital and other general corporate purposes. The Amended 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 1.375%, or (ii) an adjusted ABR plus an applicable margin ranging from 0.125% to 0.375%, each such applicable margin depending on the level of availability under the Amended Credit Facility. Depending on the type of borrowing, interest on the Amended Credit Agreement is payable monthly, quarterly or at the end of the interest period. A commitment fee of 0.20% is payable quarterly on the unused portion of the Amended Credit Facility. All obligations under the Amended Credit Facility are unconditionally guaranteed by the Company and certain of its U.S. subsidiaries. The obligations under the Amended Credit Facility are secured by a first-priority security interest in inventory, accounts receivable and certain other assets of the Company and certain of its U.S. subsidiaries. The obligations of URBN Canada Retail, Inc. are secured by a first-priority security interest in its inventory, accounts receivable and certain other assets. The Amended Credit Agreement contains customary representations and warranties, negative and affirmative covenants and provisions relating to events of default. As of July 31, 2019, the Company was in compliance with all terms of the Amended Credit Agreement and borrowings under the Amended Credit Facility totaled $0. Outstanding stand-by letters of credit, which reduce the funds available under the Amended Credit Facility, were $13,704. 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 July 31 , 2019 , the Company had outstanding trade letters of credit of $ 83,875 and available trade letters of credit of $ 46,125 under these facilities. |
Leases
Leases | 6 Months Ended |
Jul. 31, 2019 | |
Leases [Abstract] | |
Leases | 7. Leases The Company has operating leases for stores, distribution and fulfillment centers, corporate offices and equipment. The Company subleases certain properties to third parties. The Company has elected not to record a lease liability and right-of-use asset for leases with original terms of 12 months or less. The Company has elected the practical expedient to not separate non-lease components from lease components as it pertains to real estate leases. Store leases have remaining lease terms that range from less than one year up to 15 years, some of which contain options to extend the lease for one or two 5-year periods. Payments related to a renewal period are included in the lease liability and right-of-use asset only when the Company is reasonably certain that it will exercise the option to renew the lease for an extended period of time. Certain leases may contain variable lease payments such as rent based on a percentage of net sales. Variable lease payments may be subject to a breakpoint threshold of fixed rent. Variable lease payments, other than those that depend on an index or a rate, are not included in the measurement of the lease liability. The lease liability is calculated at the present value of certain future payments, discounted using the Company’s incremental borrowing rate, which approximates the rate of interest the Company would pay to borrow an amount equal to the lease payments on a fully collateralized basis over a similar term. Significant judgment is used in determining the incremental borrowing rate. Total operating lease costs were $67,827 and $134,075 during the three and six months ended July 31, 2019, respectively. Total variable lease costs were $16,770 and $34,709 during the three and six months ended July 31, 2019, respectively. Short-term lease costs and sublease income were not material during the three and six months ended July 31, 2019. Other information related to leases was as follows: Six Months Ended July 31, 2019 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 144,380 Right-of-use assets obtained in exchange for new operating lease liabilities $ 34,274 Weighted-average remaining lease term - operating leases 7.5 years Weighted-average discount rate - operating leases 6.5 % The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of July 31, 2019: Operating Leases Fiscal Year 2020 (excluding the six months ended July 31, 2019) $ 147,926 2021 275,325 2022 241,618 2023 214,691 2024 181,685 Thereafter 673,472 Total undiscounted future minimum lease payments 1,734,717 Less imputed interest (435,022 ) Total discounted future minimum lease payments $ 1,299,695 As of July 31, 2019, the Company had commitments of approximately $32,736 not included in the amounts above related to eight executed but not yet commenced store 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, as of January 31, 2019: Operating Leases Fiscal Year 2020 $ 294,527 2021 263,209 2022 228,596 2023 200,776 2024 167,130 Thereafter 558,655 Total minimum lease payments $ 1,712,893 The Company, through its wholly-owned subsidiary, Anthropologie, Inc., is party to a ground lease (the “Lease”) with Waterloo Devon, L.P. (the “Landlord”). Wade L. McDevitt was a minority owner of the Landlord and its general partner and is the brother-in-law of Scott Belair, one of the Company’s former directors. Pursuant to the Lease, the Company rented approximately six acres located in Devon, Pennsylvania to develop a lifestyle center, which includes an expanded format Anthropologie store, a Terrain store, several restaurant concepts under the Food and Beverage division 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 $62,135. Real estate taxes, insurance, construction costs and other third-party expenses will also be paid by the Company. If the Company exercises its option to extend the Lease, rental payments during such extension term will be 90% of the market rental rate. An independent committee of the Board of Directors retained a national commercial real estate services firm to provide an appraisal of the initial market rental value of a portion of the property, which confirmed that the proposed initial rental rate per acre was consistent with market rates. The Lease and appraisal were reviewed by a committee of disinterested members of the Company’s Board of Directors and the Lease was approved by such committee and by the Company’s Board of Directors. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jul. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation The Company maintains stock incentive plans pursuant to which it can grant restricted shares, unrestricted shares, incentive stock options, non-qualified stock options, restricted stock units (“RSU’s”), performance stock units (“PSU’s”) or stock appreciation rights (“SAR’s”). A Black-Scholes model was used to estimate the fair value of stock options. The fair value of RSU’s is equal to the stock price on the date of the grant. The fair value of the PSU’s awarded during fiscal 2020 equaled the stock price on the date of the grant. The fair value of the PSU’s awarded during fiscal 2019 was determined using a Monte Carlo simulation. A different methodology was used to value fiscal 2020 grants due to the removal of market-based conditions in the grant provisions. Share-based compensation expense included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Income, for the three and six months ended July 31, 2019 and 2018 was as follows: Three Months Ended Six Months Ended July 31, July 31, 2019 2018 2019 2018 Stock Options $ 453 $ 429 $ 1,038 $ 646 Stock Appreciation Rights — — — 4 Performance Stock Units 1,134 1,549 2,211 3,570 Restricted Stock Units 4,321 3,488 8,212 6,770 Total $ 5,908 $ 5,466 $ 11,461 $ 10,990 Share-based awards granted and the weighted-average fair value of such awards for the six months ended July 31, 2019 was as follows: Six Months Ended July 31, 2019 Weighted- Awards Average Fair Granted Value Stock Options 160,000 $ 8.67 Stock Appreciation Rights — $ — Performance Stock Units 140,000 $ 30.19 Restricted Stock Units 855,000 $ 30.02 Total 1,155,000 During the six months ended July 31, 2019, 40,000 stock options were exercised, 139,999 PSU’s vested and 388,990 RSU’s vested. The total unrecognized compensation cost related to outstanding share-based awards and the weighted-average period in which the cost is expected to be recognized as of July 31, 2019 was as follows: July 31, 2019 Unrecognized Weighted- Compensation Average Cost Years Stock Options $ 1,171 0.8 Stock Appreciation Rights — — Performance Stock Units 6,794 2.1 Restricted Stock Units 33,436 2.3 Total $ 41,401 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jul. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | 9 . Share repurchase activity under the Company’s share repurchase programs was as follows: Three Months Ended Six Months Ended July 31, July 31, 2019 2018 2019 2018 Number of common shares repurchased and subsequently retired 5,637,369 — 8,068,196 — Total cost $ 146,180 $ — $ 217,422 $ — Average cost per share, including commissions $ 25.93 $ — $ 26.95 $ — On August 22, 2017, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program. On June 4, 2019, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a new share repurchase program. As of July 31, 2019, 26,333,957 common shares were remaining under the programs. During the six months ended July 31, 2019, the Company acquired and subsequently retired 178,064 common shares at a total cost of $5,429 from employees to meet minimum statutory tax withholding requirements. During the six months ended July 31, 2018, the Company acquired and subsequently retired 158,018 common shares at a total cost of $5,924 from employees to meet minimum statutory tax withholding requirements. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 6 Months Ended |
Jul. 31, 2019 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 10 . The following tables present the changes in “Accumulated other comprehensive loss,” by component, net of tax, for the three and six months ended July 31, 2019 and 2018: Three Months Ended July 31, 2019 Six Months Ended July 31, 2019 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ (30,725 ) $ 8 $ (30,717 ) $ (26,925 ) $ (178 ) $ (27,103 ) Other comprehensive income (loss) before reclassifications (6,771 ) 182 (6,589 ) (10,571 ) 361 (10,210 ) Amounts reclassified from accumulated other comprehensive income (loss) — 19 19 — 26 26 Net current-period other comprehensive income (loss) (6,771 ) 201 (6,570 ) (10,571 ) 387 (10,184 ) Balance at end of period $ (37,496 ) $ 209 $ (37,287 ) $ (37,496 ) $ 209 $ (37,287 ) Three Months Ended July 31, 2018 Six Months Ended July 31, 2018 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ (18,309 ) $ (404 ) $ (18,713 ) $ (10,340 ) $ (311 ) $ (10,651 ) Other comprehensive income (loss) before reclassifications (7,881 ) (7 ) (7,888 ) (15,850 ) (87 ) (15,937 ) Amounts reclassified from accumulated other comprehensive income (loss) — — — — (13 ) (13 ) Net current-period other comprehensive income (loss) (7,881 ) (7 ) (7,888 ) (15,850 ) (100 ) (15,950 ) Balance at end of period $ (26,190 ) $ (411 ) $ (26,601 ) $ (26,190 ) $ (411 ) $ (26,601 ) All unrealized gains and losses on available-for-sale securities reclassified from accumulated other comprehensive loss were recorded in “Other income, net” in the Condensed Consolidated Statements of Income. |
Net Income per Common Share
Net Income per Common Share | 6 Months Ended |
Jul. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | 11. 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: Three Months Ended Six Months Ended July 31, July 31, 2019 2018 2019 2018 Basic weighted-average common shares outstanding 99,095,562 108,831,399 101,722,244 108,663,990 Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units 506,903 1,602,441 704,796 1,427,596 Diluted weighted-average shares outstanding 99,602,465 110,433,840 102,427,040 110,091,586 For the three months ended July 31, 2019 and 2018, awards to purchase 420,000 common shares ranging in price from $28.47 to $46.42 and 240,000 common shares ranging in price from $46.02 to $46.42, respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. Excluded from the calculation of diluted net income per common share as of July 31, 2019 and 2018 were 780,264 and 1,451,382 performance-based equity awards, respectively, because they did not meet the required performance criteria. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies The Company is party to various legal proceedings arising from normal business activities. Management believes that the ultimate resolution of these matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jul. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. Segment Reporting The Company offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands. The Company operates three reportable segments – “Retail,” “Wholesale” and “Subscription.” The Company’s Retail segment consists of the “Anthropologie,” “Bhldn,” “Free People,” “Terrain” and “Urban Outfitters” brands and the Food and Beverage division. The Company has aggregated its brands into the Retail segment based upon their shared management, customer base and economic characteristics. Reporting in this format provides management with the financial information necessary to evaluate the success of the segments and the overall business. The Company’s Retail segment omni-channel strategy enhances its customers’ brand experience by providing a seamless approach to the customer shopping experience. All available Company-owned Retail segment shopping channels are fully integrated, including stores, websites, mobile applications, catalogs and customer contact centers. The Company’s Wholesale segment consists of the Free People, Anthropologie and Urban Outfitters brands. The Wholesale segment sells through department and specialty stores worldwide, digital businesses and the Retail segment. The Urban Outfitters wholesale division was established in the third quarter of fiscal 2019. The Subscription segment, consisting of the “Nuuly” brand, is a monthly women’s apparel subscription rental service that launched on July 30, 2019. Expenses classified as “General corporate expenses” in the prior fiscal year have been reclassified to the Subscription segment as a result of the establishment of the Subscription segment in the first quarter of fiscal 2020. Property and equipment related to the Subscription segment have also been reclassified from the Retail segment. The Company evaluates the performance of each segment based on the net sales and pre-tax income from operations (excluding intercompany charges) of the segment. The Company accounts for intersegment sales and transfers as if the sales and transfers were made to third parties making similar volume purchases. Corporate expenses include expenses incurred and directed by the corporate office that are not allocated to segments. The principal identifiable assets for each reporting segment are inventory and property and equipment. The accounting policies of the reportable segments are the same as the policies described in Note 2, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2019. 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: Three Months Ended Six Months Ended July 31, July 31, 2019 2018 2019 2018 Net sales Retail operations $ 878,693 $ 902,027 $ 1,661,256 $ 1,677,591 Wholesale operations 86,153 93,293 170,518 176,234 Intersegment elimination (2,517 ) (2,866 ) (5,032 ) (5,683 ) Total net sales $ 962,329 $ 992,454 $ 1,826,742 $ 1,848,142 Income from operations Retail operations $ 78,997 $ 106,423 $ 113,691 $ 158,295 Wholesale operations 15,354 19,815 32,115 34,620 Subscription operations (3,536 ) (550 ) (5,637 ) (550 ) Intersegment elimination 312 48 249 82 Total segment operating income 91,127 125,736 140,418 192,447 General corporate expenses (13,066 ) (8,884 ) (22,337 ) (21,699 ) Total income from operations $ 78,061 $ 116,852 $ 118,081 $ 170,748 July 31, January 31, July 31, 2019 2019 2018 Inventory Retail operations $ 376,050 $ 328,783 $ 328,551 Wholesale operations 64,037 41,724 47,106 Total inventory $ 440,087 $ 370,507 $ 375,657 Property and equipment, net Retail operations $ 841,013 $ 791,648 $ 804,625 Wholesale operations 2,637 2,389 2,459 Subscription operations 23,784 1,992 — Total property and equipment, net $ 867,434 $ 796,029 $ 807,084 The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category: Three Months Ended Six Months Ended July 31, July 31, 2019 2018 2019 2018 Net sales Apparel (1) $ 642,914 $ 690,447 $ 1,231,640 $ 1,290,135 Home (2) 144,962 135,262 269,510 249,610 Accessories (3) 116,613 118,335 216,881 217,110 Other (4) 57,840 48,410 108,711 91,287 Total net sales $ 962,329 $ 992,454 $ 1,826,742 $ 1,848,142 As a percentage of net sales Apparel (1) 67 % 70 % 67 % 70 % Home (2) 15 % 13 % 15 % 13 % Accessories (3) 12 % 12 % 12 % 12 % Other (4) 6 % 5 % 6 % 5 % Total net sales 100 % 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 Apparel, Home, and Accessories are sold through both the Retail and Wholesale segments. Revenue recognized from the Other category is primarily attributable to the Retail segment. The Company has foreign operations primarily in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: July 31, January 31, July 31, 2019 2019 2018 Property and equipment, net Domestic operations $ 774,378 $ 723,400 $ 730,024 Foreign operations 93,056 72,629 77,060 Total property and equipment, net $ 867,434 $ 796,029 $ 807,084 Three Months Ended Six Months Ended July 31, July 31, 2019 2018 2019 2018 Net Sales Domestic operations $ 840,316 $ 865,517 $ 1,603,405 $ 1,612,668 Foreign operations 122,013 126,937 223,337 235,474 Total net sales $ 962,329 $ 992,454 $ 1,826,742 $ 1,848,142 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities | The amortized cost, gross unrealized gains (losses) and fair value of available-for-sale securities by major security type and class of security as of July 31, 2019, January 31, 2019 and July 31, 2018 were as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of July 31, 2019 Short-term Investments: Corporate bonds $ 125,943 $ 190 $ (31 ) $ 126,102 Municipal and pre-refunded municipal bonds 42,023 40 (9 ) 42,054 Certificates of deposit 1,745 — — 1,745 Federal government agencies 1,495 2 — 1,497 171,206 232 (40 ) 171,398 Long-term Investments: Corporate bonds 49,385 174 (33 ) 49,526 Municipal and pre-refunded municipal bonds 19,526 6 (50 ) 19,482 Mutual funds, held in rabbi trust 7,826 56 (7 ) 7,875 Certificates of deposit 1,847 — — 1,847 Federal government agencies 126 1 — 127 78,710 237 (90 ) 78,857 $ 249,916 $ 469 $ (130 ) $ 250,255 As of January 31, 2019 Short-term Investments: Corporate bonds $ 227,287 $ 24 $ (214 ) $ 227,097 Municipal and pre-refunded municipal bonds 43,677 15 (18 ) 43,674 Certificates of deposit 1,050 — — 1,050 Federal government agencies 1,458 — — 1,458 Commercial paper 2,979 — — 2,979 Treasury bills 2,975 — (1 ) 2,974 279,426 39 (233 ) 279,232 Long-term Investments: Corporate bonds 34,265 34 (63 ) 34,236 Municipal and pre-refunded municipal bonds 7,554 7 (3 ) 7,558 Mutual funds, held in rabbi trust 6,301 450 — 6,751 Certificates of deposit 2,143 — — 2,143 Federal government agencies 6,603 2 (1 ) 6,604 56,866 493 (67 ) 57,292 $ 336,292 $ 532 $ (300 ) $ 336,524 Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of July 31, 2018 Short-term Investments: Corporate bonds $ 150,648 $ — $ (261 ) $ 150,387 Municipal and pre-refunded municipal bonds 46,904 10 (43 ) 46,871 Certificates of deposit 908 — — 908 198,460 10 (304 ) 198,166 Long-term Investments: Corporate bonds 34,333 — (213 ) 34,120 Municipal and pre-refunded municipal bonds 2,130 1 (7 ) 2,124 Mutual funds, held in rabbi trust 6,401 171 (1 ) 6,571 Certificates of deposit 2,699 — — 2,699 45,563 172 (221 ) 45,514 $ 244,023 $ 182 $ (525 ) $ 243,680 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Measured at Fair Value on Recurring Basis | The Company’s financial assets that are accounted for at fair value on a recurring basis are presented in the tables below: Marketable Securities Fair Value as of July 31, 2019 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 175,628 $ — $ — $ 175,628 Municipal and pre-refunded municipal bonds — 61,536 — 61,536 Mutual funds, held in rabbi trust 7,875 — — 7,875 Certificates of deposit — 3,592 — 3,592 Federal government agencies 1,624 — — 1,624 $ 185,127 $ 65,128 $ — $ 250,255 Marketable Securities Fair Value as of January 31, 2019 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 261,333 $ — $ — $ 261,333 Municipal and pre-refunded municipal bonds — 51,232 — 51,232 Mutual funds, held in rabbi trust 6,751 — — 6,751 Certificates of deposit — 3,193 — 3,193 Federal government agencies 8,062 — — 8,062 Commercial paper — 2,979 — 2,979 Treasury bills 2,974 — — 2,974 $ 279,120 $ 57,404 $ — $ 336,524 Marketable Securities Fair Value as of July 31, 2018 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 184,507 $ — $ — $ 184,507 Municipal and pre-refunded municipal bonds — 48,995 — 48,995 Mutual funds, held in rabbi trust 6,571 — — 6,571 Certificates of deposit — 3,607 — 3,607 $ 191,078 $ 52,602 $ — $ 243,680 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Leases [Abstract] | |
Other Information Related to Leases | Other information related to leases was as follows: Six Months Ended July 31, 2019 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 144,380 Right-of-use assets obtained in exchange for new operating lease liabilities $ 34,274 Weighted-average remaining lease term - operating leases 7.5 years Weighted-average discount rate - operating leases 6.5 % |
Schedule by Year of Maturities of Operating Leases Liabilities with Original Terms in Excess of One Year | The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of July 31, 2019: Operating Leases Fiscal Year 2020 (excluding the six months ended July 31, 2019) $ 147,926 2021 275,325 2022 241,618 2023 214,691 2024 181,685 Thereafter 673,472 Total undiscounted future minimum lease payments 1,734,717 Less imputed interest (435,022 ) Total discounted future minimum lease payments $ 1,299,695 |
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, as of January 31, 2019: Operating Leases Fiscal Year 2020 $ 294,527 2021 263,209 2022 228,596 2023 200,776 2024 167,130 Thereafter 558,655 Total minimum lease payments $ 1,712,893 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Condensed Consolidated Statements of Income | Share-based compensation expense included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Income, for the three and six months ended July 31, 2019 and 2018 was as follows: Three Months Ended Six Months Ended July 31, July 31, 2019 2018 2019 2018 Stock Options $ 453 $ 429 $ 1,038 $ 646 Stock Appreciation Rights — — — 4 Performance Stock Units 1,134 1,549 2,211 3,570 Restricted Stock Units 4,321 3,488 8,212 6,770 Total $ 5,908 $ 5,466 $ 11,461 $ 10,990 |
Schedule of Share Based Awards Issued and Weighted Average Fair Value | Share-based awards granted and the weighted-average fair value of such awards for the six months ended July 31, 2019 was as follows: Six Months Ended July 31, 2019 Weighted- Awards Average Fair Granted Value Stock Options 160,000 $ 8.67 Stock Appreciation Rights — $ — Performance Stock Units 140,000 $ 30.19 Restricted Stock Units 855,000 $ 30.02 Total 1,155,000 |
Schedule of Unrecognized Compensation Cost and Weighted Average Period of Recognition | The total unrecognized compensation cost related to outstanding share-based awards and the weighted-average period in which the cost is expected to be recognized as of July 31, 2019 was as follows: July 31, 2019 Unrecognized Weighted- Compensation Average Cost Years Stock Options $ 1,171 0.8 Stock Appreciation Rights — — Performance Stock Units 6,794 2.1 Restricted Stock Units 33,436 2.3 Total $ 41,401 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Equity [Abstract] | |
Share Repurchase Activity | Share repurchase activity under the Company’s share repurchase programs was as follows: Three Months Ended Six Months Ended July 31, July 31, 2019 2018 2019 2018 Number of common shares repurchased and subsequently retired 5,637,369 — 8,068,196 — Total cost $ 146,180 $ — $ 217,422 $ — Average cost per share, including commissions $ 25.93 $ — $ 26.95 $ — |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax | The following tables present the changes in “Accumulated other comprehensive loss,” by component, net of tax, for the three and six months ended July 31, 2019 and 2018: Three Months Ended July 31, 2019 Six Months Ended July 31, 2019 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ (30,725 ) $ 8 $ (30,717 ) $ (26,925 ) $ (178 ) $ (27,103 ) Other comprehensive income (loss) before reclassifications (6,771 ) 182 (6,589 ) (10,571 ) 361 (10,210 ) Amounts reclassified from accumulated other comprehensive income (loss) — 19 19 — 26 26 Net current-period other comprehensive income (loss) (6,771 ) 201 (6,570 ) (10,571 ) 387 (10,184 ) Balance at end of period $ (37,496 ) $ 209 $ (37,287 ) $ (37,496 ) $ 209 $ (37,287 ) Three Months Ended July 31, 2018 Six Months Ended July 31, 2018 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ (18,309 ) $ (404 ) $ (18,713 ) $ (10,340 ) $ (311 ) $ (10,651 ) Other comprehensive income (loss) before reclassifications (7,881 ) (7 ) (7,888 ) (15,850 ) (87 ) (15,937 ) Amounts reclassified from accumulated other comprehensive income (loss) — — — — (13 ) (13 ) Net current-period other comprehensive income (loss) (7,881 ) (7 ) (7,888 ) (15,850 ) (100 ) (15,950 ) Balance at end of period $ (26,190 ) $ (411 ) $ (26,601 ) $ (26,190 ) $ (411 ) $ (26,601 ) |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
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: Three Months Ended Six Months Ended July 31, July 31, 2019 2018 2019 2018 Basic weighted-average common shares outstanding 99,095,562 108,831,399 101,722,244 108,663,990 Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units 506,903 1,602,441 704,796 1,427,596 Diluted weighted-average shares outstanding 99,602,465 110,433,840 102,427,040 110,091,586 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Operations by Segment | A summary of the information about the Company’s operations by segment is as follows: Three Months Ended Six Months Ended July 31, July 31, 2019 2018 2019 2018 Net sales Retail operations $ 878,693 $ 902,027 $ 1,661,256 $ 1,677,591 Wholesale operations 86,153 93,293 170,518 176,234 Intersegment elimination (2,517 ) (2,866 ) (5,032 ) (5,683 ) Total net sales $ 962,329 $ 992,454 $ 1,826,742 $ 1,848,142 Income from operations Retail operations $ 78,997 $ 106,423 $ 113,691 $ 158,295 Wholesale operations 15,354 19,815 32,115 34,620 Subscription operations (3,536 ) (550 ) (5,637 ) (550 ) Intersegment elimination 312 48 249 82 Total segment operating income 91,127 125,736 140,418 192,447 General corporate expenses (13,066 ) (8,884 ) (22,337 ) (21,699 ) Total income from operations $ 78,061 $ 116,852 $ 118,081 $ 170,748 July 31, January 31, July 31, 2019 2019 2018 Inventory Retail operations $ 376,050 $ 328,783 $ 328,551 Wholesale operations 64,037 41,724 47,106 Total inventory $ 440,087 $ 370,507 $ 375,657 Property and equipment, net Retail operations $ 841,013 $ 791,648 $ 804,625 Wholesale operations 2,637 2,389 2,459 Subscription operations 23,784 1,992 — Total property and equipment, net $ 867,434 $ 796,029 $ 807,084 |
Schedule of Net Sales and Percentage of Net Sales by Merchandise Category | The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category: Three Months Ended Six Months Ended July 31, July 31, 2019 2018 2019 2018 Net sales Apparel (1) $ 642,914 $ 690,447 $ 1,231,640 $ 1,290,135 Home (2) 144,962 135,262 269,510 249,610 Accessories (3) 116,613 118,335 216,881 217,110 Other (4) 57,840 48,410 108,711 91,287 Total net sales $ 962,329 $ 992,454 $ 1,826,742 $ 1,848,142 As a percentage of net sales Apparel (1) 67 % 70 % 67 % 70 % Home (2) 15 % 13 % 15 % 13 % Accessories (3) 12 % 12 % 12 % 12 % Other (4) 6 % 5 % 6 % 5 % Total net sales 100 % 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: July 31, January 31, July 31, 2019 2019 2018 Property and equipment, net Domestic operations $ 774,378 $ 723,400 $ 730,024 Foreign operations 93,056 72,629 77,060 Total property and equipment, net $ 867,434 $ 796,029 $ 807,084 Three Months Ended Six Months Ended July 31, July 31, 2019 2018 2019 2018 Net Sales Domestic operations $ 840,316 $ 865,517 $ 1,603,405 $ 1,612,668 Foreign operations 122,013 126,937 223,337 235,474 Total net sales $ 962,329 $ 992,454 $ 1,826,742 $ 1,848,142 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 31, 2019 | Feb. 01, 2019 |
Accounting Changes And Error Corrections [Abstract] | ||
Lease liabilities | $ 1,299,695 | $ 1,300,000 |
Rght-of-use assets | $ 1,085,543 | $ 1,100,000 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |||
Jul. 31, 2019 | Jan. 31, 2019 | Jul. 31, 2018 | Jan. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | ||||
Contract receivables, net of allowance for doubtful accounts | $ 95,131 | $ 80,461 | $ 90,646 | $ 76,962 |
Gift cards expected redemption period | 2 years | |||
Contract liabilities | $ 41,585 | $ 49,747 | $ 32,013 | $ 56,637 |
Revenue recognized included in contract liability | $ 23,081 |
Amortized Cost, Gross Unrealize
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities (Detail) - USD ($) $ in Thousands | Jul. 31, 2019 | Jan. 31, 2019 | Jul. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 249,916 | $ 336,292 | $ 244,023 |
Unrealized Gains | 469 | 532 | 182 |
Unrealized (Losses) | (130) | (300) | (525) |
Fair Value | 250,255 | 336,524 | 243,680 |
Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 171,206 | 279,426 | 198,460 |
Unrealized Gains | 232 | 39 | 10 |
Unrealized (Losses) | (40) | (233) | (304) |
Fair Value | 171,398 | 279,232 | 198,166 |
Short-term Investments | Corporate Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 125,943 | 227,287 | 150,648 |
Unrealized Gains | 190 | 24 | |
Unrealized (Losses) | (31) | (214) | (261) |
Fair Value | 126,102 | 227,097 | 150,387 |
Short-term Investments | Municipal And Pre-Refunded Municipal Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 42,023 | 43,677 | 46,904 |
Unrealized Gains | 40 | 15 | 10 |
Unrealized (Losses) | (9) | (18) | (43) |
Fair Value | 42,054 | 43,674 | 46,871 |
Short-term Investments | Certificates of Deposit | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,745 | 1,050 | 908 |
Fair Value | 1,745 | 1,050 | 908 |
Short-term Investments | Federal Government Agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,495 | 1,458 | |
Unrealized Gains | 2 | ||
Fair Value | 1,497 | 1,458 | |
Short-term Investments | Commercial Paper | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,979 | ||
Fair Value | 2,979 | ||
Short-term Investments | Treasury Bills | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,975 | ||
Unrealized (Losses) | (1) | ||
Fair Value | 2,974 | ||
Long Term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 78,710 | 56,866 | 45,563 |
Unrealized Gains | 237 | 493 | 172 |
Unrealized (Losses) | (90) | (67) | (221) |
Fair Value | 78,857 | 57,292 | 45,514 |
Long Term Investments | Corporate Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 49,385 | 34,265 | 34,333 |
Unrealized Gains | 174 | 34 | |
Unrealized (Losses) | (33) | (63) | (213) |
Fair Value | 49,526 | 34,236 | 34,120 |
Long Term Investments | Municipal And Pre-Refunded Municipal Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 19,526 | 7,554 | 2,130 |
Unrealized Gains | 6 | 7 | 1 |
Unrealized (Losses) | (50) | (3) | (7) |
Fair Value | 19,482 | 7,558 | 2,124 |
Long Term Investments | Certificates of Deposit | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,847 | 2,143 | 2,699 |
Fair Value | 1,847 | 2,143 | 2,699 |
Long Term Investments | Federal Government Agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 126 | 6,603 | |
Unrealized Gains | 1 | 2 | |
Unrealized (Losses) | (1) | ||
Fair Value | 127 | 6,604 | |
Long Term Investments | Mutual Funds, Held in Rabbi Trust | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 7,826 | 6,301 | 6,401 |
Unrealized Gains | 56 | 450 | 171 |
Unrealized (Losses) | (7) | (1) | |
Fair Value | $ 7,875 | $ 6,751 | $ 6,571 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Sales and maturities of marketable securities | $ 320,411 | $ 130,029 | ||
Amortization of discounts and premiums, net | $ 152 | $ 517 | 271 | 1,151 |
Other Income, Net | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Net realized gain (loss) | $ 19 | $ 0 | $ 26 | $ (13) |
Financial Assets Measured at Fa
Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jul. 31, 2019 | Jan. 31, 2019 | Jul. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | $ 250,255 | $ 336,524 | $ 243,680 |
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 | 250,255 | 336,524 | 243,680 |
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 | 185,127 | 279,120 | 191,078 |
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 | 65,128 | 57,404 | 52,602 |
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 | 175,628 | 261,333 | 184,507 |
Fair Value, Measurements, Recurring | Corporate Bonds | 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 | 175,628 | 261,333 | 184,507 |
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 | 61,536 | 51,232 | 48,995 |
Fair Value, Measurements, Recurring | Municipal And Pre-Refunded Municipal Bonds | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 61,536 | 51,232 | 48,995 |
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 | 7,875 | 6,751 | 6,571 |
Fair Value, Measurements, Recurring | Mutual Funds, Held in Rabbi Trust | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 7,875 | 6,751 | 6,571 |
Fair Value, Measurements, Recurring | Federal Government Agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 1,624 | 8,062 | |
Fair Value, Measurements, Recurring | Federal Government Agencies | 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 | 1,624 | 8,062 | |
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 | 3,592 | 3,193 | 3,607 |
Fair Value, Measurements, Recurring | Certificates of Deposit | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | $ 3,592 | 3,193 | $ 3,607 |
Fair Value, Measurements, Recurring | Commercial Paper | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 2,979 | ||
Fair Value, Measurements, Recurring | Commercial Paper | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 2,979 | ||
Fair Value, Measurements, Recurring | Treasury Bills | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 2,974 | ||
Fair Value, Measurements, Recurring | Treasury Bills | 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 | $ 2,974 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended |
Jul. 31, 2019 | Jul. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Impairment charges | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jun. 29, 2018USD ($)Financial_Institution | Jul. 31, 2019USD ($) |
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 | 13,704,000 | |
Trade Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding | 83,875,000 | |
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 | $ 46,125,000 | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Credit agreement initiation date | Jun. 29, 2018 | |
Credit facility maturity date | 2023-06 | |
Credit facility maximum borrowing capacity | $ 350,000,000 | |
Additional line of credit facility | $ 150,000,000 | |
Commitment fee percentage | 0.20% | |
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 | 1.375% | |
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 | 0.375% |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jul. 31, 2019USD ($)aRenewalOption | Jul. 31, 2019USD ($)aStoreRenewalOption | Jan. 31, 2019USD ($) | |
Lessee Lease Description [Line Items] | |||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||
Operating lease, option to extend lease term | options to extend the lease for one or two 5-year periods | ||
Operating lease costs | $ 67,827 | $ 134,075 | |
Variable lease cost | 16,770 | 34,709 | |
Lease commitments for executed but not yet commenced leases | $ 32,736 | $ 32,736 | |
Number of lease commitment not yet commenced | Store | 8 | ||
Aggregate amount of rental payments payable under the initial term of the Lease | $ 1,712,893 | ||
Anthropologie Group | |||
Lessee Lease Description [Line Items] | |||
Lease, number of acres rented | a | 6 | 6 | |
Lease commencement date | Jun. 14, 2017 | ||
Initial lease term | 40 years | 40 years | |
Number of lease extension options in current lease contract | RenewalOption | 2 | 2 | |
Additional operating lease term | 10 years | 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 | $ 62,135 | |
Rental payments during extension term as a percentage of market rental rate | 90.00% | ||
Minimum | |||
Lessee Lease Description [Line Items] | |||
Operating lease remaining lease term | 1 year | ||
Maximum | |||
Lessee Lease Description [Line Items] | |||
Operating lease remaining lease term | 15 years |
Other Information Related to Le
Other Information Related to Leases (Detail) $ in Thousands | 6 Months Ended |
Jul. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 144,380 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 34,274 |
Weighted-average remaining lease term - operating leases | 7 years 6 months |
Weighted-average discount rate - operating leases | 6.50% |
Schedule by Year of Maturities
Schedule by Year of Maturities of Operating Leases Liabilities with Original Terms in Excess of One Year (Detail) - USD ($) $ in Thousands | Jul. 31, 2019 | Feb. 01, 2019 |
Leases [Abstract] | ||
2020 (excluding the six months ended July 31, 2019) | $ 147,926 | |
2021 | 275,325 | |
2022 | 241,618 | |
2023 | 214,691 | |
2024 | 181,685 | |
Thereafter | 673,472 | |
Total undiscounted future minimum lease payments | 1,734,717 | |
Less imputed interest | (435,022) | |
Total discounted future minimum lease payments | $ 1,299,695 | $ 1,300,000 |
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, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 294,527 |
2021 | 263,209 |
2022 | 228,596 |
2023 | 200,776 |
2024 | 167,130 |
Thereafter | 558,655 |
Total minimum lease payments | $ 1,712,893 |
Schedule of Share-Based Compens
Schedule of Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 5,908 | $ 5,466 | $ 11,461 | $ 10,990 |
Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | 453 | 429 | 1,038 | 646 |
Stock Appreciation Rights (SARs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | 4 | |||
Performance Stock Units (PSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,134 | 1,549 | 2,211 | 3,570 |
Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 4,321 | $ 3,488 | $ 8,212 | $ 6,770 |
Schedule of Share Based Awards
Schedule of Share Based Awards Issued and Weighted Average Fair Value (Detail) | 6 Months Ended |
Jul. 31, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Awards Granted | 1,155,000 |
Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Awards Granted | 160,000 |
Weighted Average Fair Value | $ / shares | $ 8.67 |
Performance Stock Units (PSUs) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Awards Granted | 140,000 |
Weighted Average Fair Value | $ / shares | $ 30.19 |
Restricted Stock Units (RSUs) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Awards Granted | 855,000 |
Weighted Average Fair Value | $ / shares | $ 30.02 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 6 Months Ended |
Jul. 31, 2019shares | |
Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock exercised | 40,000 |
Performance Stock Units (PSUs) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock units vested | 139,999 |
Restricted Stock Units (RSUs) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock units vested | 388,990 |
Schedule of Unrecognized Compen
Schedule of Unrecognized Compensation Cost and Weighted Average Period of Recognition (Detail) $ in Thousands | 6 Months Ended |
Jul. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 41,401 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 1,171 |
Weighted Average Years | 9 months 18 days |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 6,794 |
Weighted Average Years | 2 years 1 month 6 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 33,436 |
Weighted Average Years | 2 years 3 months 18 days |
Share Repurchase Activity (Deta
Share Repurchase Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Total cost | $ (146,225) | $ (877) | $ (222,850) | $ (5,924) |
Share repurchase program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Number of common shares repurchased and subsequently retired | 5,637,369 | 8,068,196 | ||
Total cost | $ 146,180 | $ 217,422 | ||
Average cost per share, including commissions | $ 25.93 | $ 26.95 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Jun. 04, 2019 | Aug. 22, 2017 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Common shares authorized for repurchase, shares | 20,000,000 | 20,000,000 | ||||
Remaining common shares authorized for repurchase, shares | 26,333,957 | 26,333,957 | ||||
Stock repurchased and retired during period, total cost | $ (146,225) | $ (877) | $ (222,850) | $ (5,924) | ||
Employee Stock | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchased and retired during period, common shares | 178,064 | 158,018 | ||||
Stock repurchased and retired during period, total cost | $ 5,429 | $ 5,924 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | $ 1,447,971 | $ 1,346,415 | $ 1,489,098 | $ 1,300,903 |
Other comprehensive income (loss) before reclassifications | (6,589) | (7,888) | (10,210) | (15,937) |
Amounts reclassified from accumulated other comprehensive income (loss) | 19 | 26 | (13) | |
Total other comprehensive loss | (6,570) | (7,888) | (10,184) | (15,950) |
Ending Balance | 1,361,404 | 1,443,672 | 1,361,404 | 1,443,672 |
Foreign Currency Translation | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | (30,725) | (18,309) | (26,925) | (10,340) |
Other comprehensive income (loss) before reclassifications | (6,771) | (7,881) | (10,571) | (15,850) |
Total other comprehensive loss | (6,771) | (7,881) | (10,571) | (15,850) |
Ending Balance | (37,496) | (26,190) | (37,496) | (26,190) |
Unrealized Gains and (Losses) on available- for-Sale Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | 8 | (404) | (178) | (311) |
Other comprehensive income (loss) before reclassifications | 182 | (7) | 361 | (87) |
Amounts reclassified from accumulated other comprehensive income (loss) | 19 | 26 | (13) | |
Total other comprehensive loss | 201 | (7) | 387 | (100) |
Ending Balance | 209 | (411) | 209 | (411) |
Accumulated Other Comprehensive Loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | (30,717) | (18,713) | (27,103) | (10,651) |
Ending Balance | $ (37,287) | $ (26,601) | $ (37,287) | $ (26,601) |
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 | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average common shares outstanding | 99,095,562 | 108,831,399 | 101,722,244 | 108,663,990 |
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units | 506,903 | 1,602,441 | 704,796 | 1,427,596 |
Diluted weighted-average shares outstanding | 99,602,465 | 110,433,840 | 102,427,040 | 110,091,586 |
Net Income per Common Share - A
Net Income per Common Share - Additional Information (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common shares | 420,000 | 240,000 | 400,000 | 253,750 |
Anti-dilutive common shares exercise price, minimum | $ 28.47 | $ 46.02 | $ 28.47 | $ 37.02 |
Anti-dilutive common shares exercise price, maximum | $ 46.42 | $ 46.42 | $ 46.42 | $ 46.42 |
Performance Stock Units (PSUs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common shares | 780,264 | 1,451,382 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Jul. 31, 2019SegmentCustomer | |
Segment Reporting [Abstract] | |
Number of reporting segments | Segment | 3 |
Number of major customers exceeding ten percentage thresholds | Customer | 0 |
Schedule of Operations by Segme
Schedule of Operations by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Jan. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Total net sales | $ 962,329 | $ 992,454 | $ 1,826,742 | $ 1,848,142 | |
Total income from operations | 78,061 | 116,852 | 118,081 | 170,748 | |
General corporate expenses | (13,066) | (8,884) | (22,337) | (21,699) | |
Total inventory | 440,087 | 375,657 | 440,087 | 375,657 | $ 370,507 |
Total property and equipment, net | 867,434 | 807,084 | 867,434 | 807,084 | 796,029 |
Retail Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total inventory | 376,050 | 328,551 | 376,050 | 328,551 | 328,783 |
Total property and equipment, net | 841,013 | 804,625 | 841,013 | 804,625 | 791,648 |
Wholesale Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total inventory | 64,037 | 47,106 | 64,037 | 47,106 | 41,724 |
Total property and equipment, net | 2,637 | 2,459 | 2,637 | 2,459 | 2,389 |
Subscription Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total property and equipment, net | 23,784 | 23,784 | $ 1,992 | ||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total income from operations | 91,127 | 125,736 | 140,418 | 192,447 | |
Operating Segments | Retail Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 878,693 | 902,027 | 1,661,256 | 1,677,591 | |
Total income from operations | 78,997 | 106,423 | 113,691 | 158,295 | |
Operating Segments | Wholesale Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 86,153 | 93,293 | 170,518 | 176,234 | |
Total income from operations | 15,354 | 19,815 | 32,115 | 34,620 | |
Operating Segments | Subscription Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total income from operations | (3,536) | (550) | (5,637) | (550) | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | (2,517) | (2,866) | (5,032) | (5,683) | |
Total income from operations | $ 312 | $ 48 | $ 249 | $ 82 |
Schedule of Net Sales and Perce
Schedule of Net Sales and Percentage of Net Sales by Merchandise Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | ||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 962,329 | $ 992,454 | $ 1,826,742 | $ 1,848,142 | |
Total net sales, percentage | 100.00% | 100.00% | 100.00% | 100.00% | |
Apparel | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | [1] | $ 642,914 | $ 690,447 | $ 1,231,640 | $ 1,290,135 |
Total net sales, percentage | [1] | 67.00% | 70.00% | 67.00% | 70.00% |
Home | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | [2] | $ 144,962 | $ 135,262 | $ 269,510 | $ 249,610 |
Total net sales, percentage | [2] | 15.00% | 13.00% | 15.00% | 13.00% |
Accessories | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | [3] | $ 116,613 | $ 118,335 | $ 216,881 | $ 217,110 |
Total net sales, percentage | [3] | 12.00% | 12.00% | 12.00% | 12.00% |
Other | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | [4] | $ 57,840 | $ 48,410 | $ 108,711 | $ 91,287 |
Total net sales, percentage | [4] | 6.00% | 5.00% | 6.00% | 5.00% |
[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 | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Jan. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Total property and equipment, net | $ 867,434 | $ 807,084 | $ 867,434 | $ 807,084 | $ 796,029 |
Total net sales | 962,329 | 992,454 | 1,826,742 | 1,848,142 | |
Domestic Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total property and equipment, net | 774,378 | 730,024 | 774,378 | 730,024 | 723,400 |
Total net sales | 840,316 | 865,517 | 1,603,405 | 1,612,668 | |
Foreign Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total property and equipment, net | 93,056 | 77,060 | 93,056 | 77,060 | $ 72,629 |
Total net sales | $ 122,013 | $ 126,937 | $ 223,337 | $ 235,474 |