Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2022 | Mar. 25, 2022 | Jul. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | URBN | ||
Entity Registrant Name | URBAN OUTFITTERS, INC. | ||
Entity Central Index Key | 0000912615 | ||
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 Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 95,661,980 | ||
Entity Public Float | $ 2,747,218,191 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Shares, par value $.0001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 000-22754 | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 23-2003332 | ||
Entity Address, Address Line One | 5000 South Broad Street | ||
Entity Address, City or Town | Philadelphia | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19112-1495 | ||
City Area Code | 215 | ||
Local Phone Number | 454-5500 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Philadelphia, Pennsylvania | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Certain information required by Items 10, 11, 12, 13 and 14 is incorporated by reference into Part III hereof from portions of the Proxy Statement for the registrant’s 2022 Annual Meeting of Shareholders. | ||
Document Document And Entity Information [Abstract] | |||
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 206,575 | $ 395,635 |
Marketable securities | 239,420 | 174,695 |
Accounts receivable, net of allowance for doubtful accounts of $1,348 and $4,028, respectively | 63,760 | 89,952 |
Inventory | 569,699 | 389,618 |
Prepaid expenses and other current assets | 206,293 | 173,432 |
Total current assets | 1,285,747 | 1,223,332 |
Property and equipment, net | 1,145,085 | 967,422 |
Operating lease right-of-use assets | 1,000,255 | 1,114,762 |
Marketable securities | 223,557 | 123,662 |
Deferred income taxes and other assets | 136,703 | 117,167 |
Total Assets | 3,791,347 | 3,546,345 |
Current liabilities: | ||
Accounts payable | 304,246 | 237,386 |
Current portion of operating lease liabilities | 236,315 | 254,703 |
Accrued compensation and benefits | 89,914 | 54,796 |
Accrued expenses and other current liabilities | 350,998 | 359,247 |
Total current liabilities | 981,473 | 906,132 |
Non-current portion of operating lease liabilities | 951,080 | 1,074,009 |
Deferred rent and other liabilities | 113,054 | 88,846 |
Total Liabilities | 2,045,607 | 2,068,987 |
Commitments and contingencies (see Note 15) | ||
Shareholders’ equity: | ||
Preferred shares; $.0001 par value, 10,000,000 shares authorized, none issued | ||
Common shares; $.0001 par value, 200,000,000 shares authorized, 96,431,044 and 97,815,985 shares issued and outstanding, respectively | 10 | 10 |
Additional paid-in-capital | 19,360 | |
Retained earnings | 1,770,560 | 1,475,108 |
Accumulated other comprehensive loss | (24,830) | (17,120) |
Total Shareholders’ Equity | 1,745,740 | 1,477,358 |
Total Liabilities and Shareholders’ Equity | $ 3,791,347 | $ 3,546,345 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 1,348 | $ 4,028 |
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 | 96,431,044 | 97,815,985 |
Common shares, shares outstanding | 96,431,044 | 97,815,985 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Statement [Abstract] | |||
Net sales | $ 4,548,763 | $ 3,449,749 | $ 3,983,789 |
Cost of sales (excluding store impairment) | 3,054,813 | 2,572,347 | 2,729,352 |
Store impairment | 15,496 | 14,611 | |
Gross profit | 1,493,950 | 861,906 | 1,239,826 |
Selling, general and administrative expenses | 1,085,384 | 857,934 | 993,990 |
Goodwill impairment | 13,911 | ||
Income from operations | 408,566 | 3,972 | 231,925 |
Interest income | 2,343 | 3,119 | 10,638 |
Interest expense | (1,104) | (3,405) | (1,202) |
Other expense | (5,174) | (173) | (1,641) |
Income before income taxes | 404,631 | 3,513 | 239,720 |
Income tax expense | 94,015 | 2,277 | 71,624 |
Net income | $ 310,616 | $ 1,236 | $ 168,096 |
Net income per common share: | |||
Basic | $ 3.17 | $ 0.01 | $ 1.68 |
Diluted | $ 3.13 | $ 0.01 | $ 1.67 |
Weighted-average common shares outstanding: | |||
Basic | 98,022,583 | 97,817,651 | 99,833,011 |
Diluted | 99,268,705 | 98,522,776 | 100,588,677 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 310,616 | $ 1,236 | $ 168,096 |
Other comprehensive (loss) income: | |||
Foreign currency translation | (5,254) | 11,378 | (1,403) |
Change in unrealized (losses) gains on marketable securities, net of tax | (2,456) | (494) | 502 |
Total other comprehensive (loss) income | (7,710) | 10,884 | (901) |
Comprehensive income | $ 302,906 | $ 12,120 | $ 167,195 |
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, 2019 | $ 1,489,098 | $ 11 | $ 1,516,190 | $ (27,103) | |
Beginning Balances (in shares) at Jan. 31, 2019 | 105,642,283 | ||||
Comprehensive income | 167,195 | 168,096 | (901) | ||
Share-based compensation | 21,109 | $ 21,109 | |||
Share-based awards | 974 | 974 | |||
Share-based awards (in shares) | 588,158 | ||||
Share repurchases | (223,021) | $ (1) | (12,606) | (210,414) | |
Share repurchases (in shares) | (8,253,626) | ||||
Ending Balance at Jan. 31, 2020 | 1,455,355 | $ 10 | 9,477 | 1,473,872 | (28,004) |
Ending Balances (in shares) at Jan. 31, 2020 | 97,976,815 | ||||
Comprehensive income | 12,120 | 1,236 | 10,884 | ||
Share-based compensation | 20,300 | 20,300 | |||
Share-based awards | 495 | 495 | |||
Share-based awards (in shares) | 482,508 | ||||
Share repurchases | (10,912) | (10,912) | |||
Share repurchases (in shares) | (643,338) | ||||
Ending Balance at Jan. 31, 2021 | $ 1,477,358 | $ 10 | 19,360 | 1,475,108 | (17,120) |
Ending Balances (in shares) at Jan. 31, 2021 | 97,815,985 | 97,815,985 | |||
Comprehensive income | $ 302,906 | 310,616 | (7,710) | ||
Share-based compensation | 25,741 | 25,741 | |||
Share-based awards | 3,290 | 3,290 | |||
Share-based awards (in shares) | 803,300 | ||||
Share repurchases | (63,555) | $ (48,391) | (15,164) | ||
Share repurchases (in shares) | (2,188,241) | ||||
Ending Balance at Jan. 31, 2022 | $ 1,745,740 | $ 10 | $ 1,770,560 | $ (24,830) | |
Ending Balances (in shares) at Jan. 31, 2022 | 96,431,044 | 96,431,044 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 310,616 | $ 1,236 | $ 168,096 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 105,672 | 103,771 | 112,256 |
Non-cash lease expense | 193,032 | 197,088 | 190,652 |
(Benefit) provision for deferred income taxes | (2,695) | (14,270) | 1,451 |
Share-based compensation expense | 25,741 | 20,300 | 21,109 |
Goodwill impairment | 13,911 | ||
Store impairment | 15,496 | 14,611 | |
Loss on disposition of property and equipment, net | 1 | 779 | 1,643 |
Changes in assets and liabilities: | |||
Receivables | 26,029 | (1,223) | (7,825) |
Inventory | (181,898) | 22,381 | (39,101) |
Prepaid expenses and other assets | (10,209) | (25,239) | (16,308) |
Payables, accrued expenses and other liabilities | 124,840 | 152,905 | 22,661 |
Operating lease liabilities | (231,810) | (187,410) | (209,263) |
Net cash provided by operating activities | 359,319 | 285,814 | 273,893 |
Cash flows from investing activities: | |||
Cash paid for property and equipment | (262,429) | (159,242) | (217,433) |
Cash paid for marketable securities | (505,936) | (338,918) | (397,220) |
Sales and maturities of marketable securities | 280,701 | 396,260 | 428,508 |
Net cash used in investing activities | (487,664) | (101,900) | (186,145) |
Cash flows from financing activities: | |||
Borrowings under debt | 220,000 | ||
Repayments of debt | (220,000) | ||
Proceeds from the exercise of share-based awards | 3,290 | 495 | 974 |
Share repurchases related to share repurchase program | (55,765) | (7,036) | (217,421) |
Share repurchases related to taxes for share-based awards | (7,790) | (3,876) | (5,600) |
Net cash used in financing activities | (60,265) | (10,417) | (222,047) |
Effect of exchange rate changes on cash and cash equivalents | (450) | 299 | (2,122) |
(Decrease) increase in cash and cash equivalents | (189,060) | 173,796 | (136,421) |
Cash and cash equivalents at beginning of period | 395,635 | 221,839 | 358,260 |
Cash and cash equivalents at end of period | 206,575 | 395,635 | 221,839 |
Cash paid during the year for: | |||
Income taxes | 111,632 | 25,572 | 74,429 |
Non-cash investing activities—Accrued capital expenditures | $ 57,255 | $ 36,926 | $ 10,497 |
Nature of Business
Nature of Business | 12 Months Ended |
Jan. 31, 2022 | |
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, wholesale, subscription and resale business selling to customers through various channels including retail locations, websites, catalogs and mobile applications. As of January 31, 2022 and 2021, the Company operated 682 and 644 stores, respectively. Stores located in the United States totaled 562 as of January 31, 2022 and 527 as of January 31, 2021. Operations in Europe and Canada included 86 stores and 34 stores as of January 31, 2022, respectively, and 83 stores and 34 stores as of January 31, 2021, respectively. In addition, the Company’s Wholesale segment sold and distributed apparel to department and specialty stores worldwide, digital businesses and to the Company’s Retail segment. The Company’s Nuuly segment, formerly known as the Subscription segment, consists of the Nuuly brand, which includes Nuuly Rent and Nuuly Thrift. Nuuly Rent is a monthly women’s apparel subscription rental service that launched in July 2019. Nuuly Thrift, which launched in October 2021, is a peer-to-peer resale marketplace where customers can buy and sell women’s, men’s, and kids’ apparel, shoes, and accessories from any brands. Impact of the Coronavirus Pandemic Impact of the Coronavirus Pandemic on Fiscal 2021 In March 2020, the World Health Organization declared the novel strain of coronavirus (“COVID-19”) a global pandemic. Consequently, the Company announced that it temporarily closed all stores, offices and showrooms globally, but began to reopen stores in late April 2020. The Company’s distribution and fulfillment centers remained open to support the digital business and the Wholesale segment operations. During the fourth quarter of fiscal 2021, certain store operations were again impacted by an additional round of temporary store closures and occupancy restrictions, primarily in Europe and Canada. In response to the COVID-19 pandemic, the Company took measures to protect its financial position and increase financial flexibility. During fiscal 2021, the Company recorded certain additional reserves, including inventory obsolescence reserves and an allowance for doubtful accounts for Wholesale segment customer accounts receivable, and non-cash charges, primarily store impairment charges. Impact of the Coronavirus Pandemic on Fiscal 2022 The COVID-19 pandemic continued to negatively impact the Company’s store operations during fiscal 2022 with residual impacts on store traffic and store sales resulting from store closures primarily in Europe and Canada, occupancy restrictions and reduced store hours globally. During the second quarter of fiscal 2022, all remaining COVID-19 government mandated store closures in Europe and Canada expired, although some capacity restrictions continued in certain European and Canadian stores. The COVID-19 pandemic and general unfavorable macro-economic conditions have also disrupted the Company’s global supply chain in fiscal 2022, leading to COVID-19 related factory closures, continued port congestions and shipping delays, which have resulted in inventory receipt delays and an increase in inbound freight costs. The Company made a strategic decision to bring certain product categories in earlier in the third and fourth quarters of fiscal 2022 in an attempt to minimize the impact of such disruptions on customer demand. The Company continued to qualify for certain government assistance programs that partially offset related expenses in locations impacted by closures during fiscal 2022. As of the end of the second quarter of fiscal 2022, however, the programs either expired or the Company no longer qualified for such programs in the United States and Canada, and as of the end of the third quarter of fiscal 2022, the Company no longer qualified for the majority of such programs in Europe. The Company recorded the benefit of the government assistance programs as an offset to selling, general and administrative expenses or store occupancy expenses in cost of sales based on the nature of the related expenses offset by such programs. Impact of the Coronavirus Pandemic and Macroeconomic Uncertainties on Future Operations The COVID-19 pandemic continues to impact the Company’s operations and related government and private sector responsive actions could continue to affect its business operations. The Company is also experiencing COVID-19 supply chain disruptions resulting in inventory receipt delays. Furthermore, the Company expects that our operations will continue to be influenced by general economic conditions resulting from COVID-19, such as labor shortages and the impact of inflation including higher wages, increased merchandise costs and higher inbound transportation costs. The Company cannot reasonably estimate the duration and severity of the COVID-19 pandemic, which has had and may continue to have a material impact on its business. As a result, current financial information may not be necessarily indicative of future operating results and the Company’s plans to address the impact of the COVID-19 pandemic may change. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2022 | |
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 2022 ended on January 31, 2022. 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, 2022 and 2021, 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, 2022 and January 31, 2021 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 the Company’s wholesale customers as well as credit card receivables outstanding with third-party credit card vendors. During the first quarter of fiscal 2021, the Company recorded an increase in allowance for doubtful accounts for Wholesale segment customer accounts receivables as a result of the significant disruption and uncertainty in the wholesale macro environment due to the COVID-19 pandemic, and during the remainder of fiscal 2021 and the first quarter of fiscal 2022, the Company reduced the allowance for doubtful accounts due to the collection of certain outstanding accounts receivables. The activity of the allowance for doubtful accounts for the years ended January 31, 2022, 2021 and 2020 was as follows: Balance at beginning of year Additions Deductions Balance at end of year Year ended January 31, 2022 $ 4,028 797 (3,477 ) $ 1,348 Year ended January 31, 2021 $ 880 9,534 (6,386 ) $ 4,028 Year ended January 31, 2020 $ 1,499 1,684 (2,303 ) $ 880 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 merchandise has sold below cost during the prior 12 months and the value and nature of merchandise currently held in inventory and priced below original cost. A provision is recorded to reduce the cost of inventory to its estimated net realizable value, if appropriate. The Company assessed the value of its inventory in the Retail and Wholesale segments due to the impacts of the COVID-19 pandemic and recorded an increase in inventory obsolescence reserves during the first quarter of fiscal 2021, and as a result of disciplined inventory control and better than planned product performance, during the remainder of fiscal 2021, the Company decreased a portion of its inventory obsolescence reserves. The majority of inventory at January 31, 202 2 and 202 1 consisted of finished goods. Raw materials and work-in-process were not material to the overall inventory value . Property and Equipment Property and equipment are stated at cost and primarily consist of store leasehold improvements, furniture and fixtures, buildings and other operating equipment. Depreciation is computed using the straight-line method over the lesser of the lease term or useful life for leasehold improvements, five years for furniture and fixtures, 39 years for buildings and three to ten years for other operating equipment. Major renovations or improvements that extend the service lives of our assets are capitalized over the lesser of the extension period, life of the improvement, or the remaining term of the lease. Rental Product The cost of Nuuly Rent rental product is amortized to cost of sales based on the cost of each unit rented, which is estimated based on the number of times the unit is expected to be rented and the cost of the rental product. Lost, damaged and retired rental product is also charged to cost of sales. The Company makes assumptions as to the number of times each unit can be rented. If the actual number of times a unit can be rented were to vary significantly from our estimates, it could materially affect the amount of rental product amortization included in cost of sales. Amortization expense was $8,224 and $6,609 and $3,051 for fiscal 2022, 2021, and 2020, respectively. Impairment of Long-lived Assets The Company reviews the carrying values of its definite-lived, long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events that result in an impairment review include plans to close a retail location, distribution or fulfillment center, a significant decrease in the operating results of a long-lived asset or significant adverse changes in the business climate. 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. Newly opened retail locations may take time to generate positive operating and cash flow results. Factors such as store type (e.g., mall versus free-standing), location (e.g., urban area versus college campus or suburb), current marketplace awareness of our brands, local customer demographic data and current fashion trends are all considered in determining the time frame required for a retail location to achieve positive financial results. When events indicate that an asset may be impaired and the estimated undiscounted cash flows (based on forecasts of sales and gross profit) 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. The estimated fair value of the asset or asset group is based on future cash flows of the asset or asset group. For lease right-of-use assets, the Company determines the estimated fair value of the assets by comparing the discounted contractual rent payments to estimated market rent using an acceptable valuation methodology. During fiscal 2021, the Company recorded impairment charges for 42 retail locations, totaling $15,496, with a carrying value after impairment of $101,836 primarily related to the right-of-use assets. The impairment charges in fiscal 2021 were primarily due to the impact of the mandated store closures as a result of the COVID-19 pandemic and lower store productivity once opened. During fiscal 2020, the Company recorded impairment charges for eight retail locations, totaling $14,611 with a carrying value after impairment of $51,900 primarily related to the right-of-use assets. 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. Leases On February 1, 2019, the Company adopted the Financial Accounting Standards Board (“FASB”) accounting standards update that amended 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 using a modified retrospective approach at the beginning of the period of adoption. 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 related to estimates for credit rating, credit spread and the impact of collateral. The Company developed incremental borrowing rates at a lease portfolio level. The right-of-use asset is initially equal to the value of the lease liability less any amounts received from the landlord as incentives or tenant improvement allowances. During fiscal 2022 and 2021, the Company received rent concessions for a number of our stores and continue to negotiate for additional rent concessions at various other store locations. To the extent the rent concessions do not result in a substantial increase in total payments in the existing lease, the Company has accounted for such rent concessions as negative variable rent. To the extent the rent concessions do result in a substantial increase in total payments in the existing lease, the Company has accounted for such rent concessions as a lease modification. Rent concessions recorded by the Company during fiscal 2022 and 2021, as either negative variable rent or lease modifications have not had a material impact on the Company’s Financial Statements. Revenue Recognition Merchandise: Merchandise is sold through retail stores, catalogs and the digital sales channel, as well as to wholesale customers, franchise partners and Nuuly customers. Revenue is recognized when control of the promised goods is transferred to the customer. The Company has elected to treat shipping and handling as fulfillment activities and not a separate performance obligation. Accordingly, the Company will recognize merchandise revenue for the Retail segment for its single performance obligation at the point of sale, when furniture is delivered or at the time of shipment for non-furniture merchandise, which is when transfer of control to the customer occurs. A Nuuly Rent customer may purchase merchandise in her possession that was included in the order that was delivered as part of the monthly subscription rental service. The Company recognize merchandise revenue for Nuuly Rent for its single performance obligation when the customer purchases the merchandise through the website or mobile application. Revenue does not include taxes assessed by governmental authorities, including value-added and other sales-related taxes, that are imposed on and concurrent with revenue-producing activities. Revenue is recognized net of estimated customer returns. Retail segment return policies vary by brand, but generally provide for no time limit on returns and the refund to be issued in either the form of original payment or as a gift card. Payment for merchandise is tendered primarily by cash, check, credit card, debit card, gift card or alternative payment methods. Uncollectible accounts receivable 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. Payment terms in the Wholesale segment vary by customer with the most common being a net 30-day policy. Menus & Venues: Revenue from restaurant sales and events is recognized upon completion of the service, when the Company satisfies its single performance obligation. Customer deposits may be received in advance for events and that represent a contract liability until the Company satisfies its performance obligation. Subscription Fees: Revenue for Nuuly Rent is generated through monthly subscription fees and the purchase of merchandise in a customer’s possession. The monthly subscription rental fee is recognized as revenue on the date the customer is billed. A customer may pause the monthly subscription, at which point the customer will not be billed for future months until the subscription is no longer on hold. Merchandise sales to Nuuly Rent customers are discussed above under Merchandise. Gift Cards: 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. At the time of issuance, the Company has an open performance obligation for the future delivery of promised goods or services. The liability remains outstanding until the card is redeemed by the customer, at which time the Company recognizes revenue. Over time, a portion of the outstanding gift cards will not be redeemed by the customer which we refer to as “breakage”. Revenue is recognized from breakage over time in proportion to gift card redemptions. Judgment is used in determining the amount of breakage revenue to be recognized and is based on historical gift card redemption patterns. Gift card breakage revenue is included in net sales and is not material. The Company’s gift cards do not expire. Sales Return Reserve The Company records a reserve for estimated product returns where the sale has occurred during the period reported, but the return is likely to occur subsequent to the period reported. The reserve for estimated product returns is based on the Company’s most recent historical return trends. If the actual return rate is materially different than the Company’s estimate, sales returns would be adjusted in the future. The costs of returns are recorded as a current asset rather than net with the sales return reserve liability. As of January 31, 2022, 2021 and 2020, the sales return reserve was $69,817, $82,004 and $51,360, respectively. 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; the amortization of rental product; the net amortized cost of rental product at time of purchase by a customer; and other inventory and rental product 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 certain digital 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 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 the Company’s catalogs, websites, mobile applications and 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 $1,306 and $408 as of January 31, 2022, and 2021, 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 2022, 2021 and 2020, capitalized costs related to internally generated internal-use software 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 10, “Income Taxes,” for a further discussion of income taxes). The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Net Income Per Common Share Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents include the effect of stock options, stock appreciation rights (“SAR’s”), restricted stock units (“RSU’s”) and performance stock units (“PSU’s”). Comprehensive Income and Accumulated Other Comprehensive Loss Comprehensive income is comprised of two subsets—net income and other comprehensive income (loss). Amounts included in accumulated other comprehensive loss relate to foreign currency translation adjustments and unrealized gains or losses on marketable securities. The foreign currency translation adjustments are not adjusted for income taxes because these adjustments relate to non-U.S. subsidiaries for which foreign earnings have been designated as permanently reinvested. Accumulated other comprehensive loss consisted of foreign currency translation losses of $22,204 and $16,950 as of January 31, 2022 and January 31, 2021, respectively, and unrealized (losses) gains, net of tax, on marketable securities of ($2,626) and ($170) as of January 31, 2022 and January 31, 2021, respectively. The tax effect of the unrealized (losses) gains on marketable securities recorded in comprehensive loss was ($1,249), ($236) and $202 during fiscal 2022, 2021 and 2020, respectively. Gross realized gains and losses are included in “Interest income” in the Consolidated Statements of Income and were not material to the Company’s Consolidated Financial Statements for all three years presented. Foreign Currency The financial statements of the Company’s foreign operations are translated into U.S. dollars. Assets and liabilities are translated at current exchange rates as of the balance sheet date, equity accounts at historical exchange rates, while income statement accounts are translated at the average rates in effect during the year. Translation adjustments are not included in determining net income, but are included in “Accumulated other comprehensive loss” within “Shareholders’ equity.” Remeasurement gains and losses included in operating results for fiscal years 2022, 2021 and 2020 were not material. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company manages the credit risk associated with cash, cash equivalents and marketable securities by investing in high-quality securities held with reputable trustees and, by policy, limiting the amount of credit exposure to any one issuer or issue, as well as providing limitations on investment maturities. The Company’s investment policy requires that its cash, cash equivalents and marketable securities are invested in corporate and municipal bonds rated “BBB” or better, commercial paper and federally insured or guaranteed investment vehicles such as certificates of deposit, United States treasury bills and federal government agencies. Receivables from third-party credit cards are processed by financial institutions, which are monitored for financial stability. The Company regularly evaluates the financial condition of its Wholesale segment customers. The Company’s allowance for doubtful accounts reflects current market conditions and management’s assessment regarding the collectability of its accounts receivable. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks related to its cash accounts. Commitments and Contingencies From time to time, the Company is named as a defendant in legal actions arising from normal business activities. The Company records a reserve for estimated losses when information available prior to issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Recent Accounting Pronouncements The Company has considered all new accounting standards updates issued by the FASB and has concluded that there are no recent accounting standard updates that will have a material impact on its consolidated financial statements and related disclosures. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Jan. 31, 2022 | |
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 and other electronic payment transactions and sales to the Company’s Wholesale segment customers and franchisees. For the year ended January 31, 2022, the opening and closing balance of contract receivables, net of allowance for doubtful accounts, was $ and $ , respectively. For the year ended January 31, 202 1 , the opening and closing balance of contract receivables, net of allowance for doubtful accounts, was $ 88,288 and $ , respectively. Contract receivables are included in “Accounts receivable, net of allowance for doubtful accounts” in the Consolidated Balance Sheets. During the first quarter of fiscal 2021, the Company recorded an increase in allowance for doubtful accounts for Wholesale segment customer accounts receivables as a result of the significant disruption and uncertainty in the wholesale macro environment due to the COVID-19 pandemic, and during the remainder of fiscal 2021 and the first quarter of fiscal 2022 , the Company reduced the allowance for doubtful accounts due to the collection of certain outstanding accounts receivables. 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 year ended January 31, 2022, the opening and closing balance of contract liabilities was $61,986 and $78,717, respectively. For the year ended January 31, 2021, the opening and closing balance of contract liabilities was $52,926 and $61,986, respectively. Contract liabilities are included in “Accrued expenses, accrued compensation and other current liabilities” in the Consolidated Balance Sheets. During the year ended January 31, 2022, the Company recognized $30,071 of revenue that was included in the contract liability balance at the beginning of the period. During the year ended January 31, 2021, the Company recognized $27,721 of revenue that was included in the contract liability balance at the beginning of the period. See Note 17, “Segment Reporting,” for additional information including net sales recorded by reportable segment and net sales from contracts with customers by merchandise category. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Jan. 31, 2022 | |
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, 2022 and 2021 are as follows: Amortized Cost Unrealized Gains Unrealized (Losses) Fair Value As of January 31, 2022 Short-term Investments: Corporate bonds $ 85,062 $ 1 $ (200 ) $ 84,863 Municipal and pre-refunded municipal bonds 128,984 1 (273 ) 128,712 US Treasury securities 14,999 — (38 ) 14,961 Commercial paper 10,884 — — 10,884 239,929 2 (511 ) 239,420 Long-term Investments: Corporate bonds $ 148,830 $ — $ (2,478 ) $ 146,352 Municipal and pre-refunded municipal bonds 60,533 1 (912 ) 59,622 US Treasury securities 5,222 — (46 ) 5,176 Mutual funds, held in rabbi trust 12,419 — (606 ) 11,813 Federal government agencies 350 — (5 ) 345 Certificates of deposit 249 — — 249 227,603 1 (4,047 ) 223,557 $ 467,532 $ 3 $ (4,558 ) $ 462,977 As of January 31, 2021 Short-term Investments: Corporate bonds $ 38,695 $ 1 $ (48 ) $ 38,648 Municipal and pre-refunded municipal bonds 127,097 11 (53 ) 127,055 Commercial paper 8,992 — — 8,992 174,784 12 (101 ) 174,695 Long-term Investments: Corporate bonds $ 59,890 $ 3 $ (129 ) $ 59,764 Municipal and pre-refunded municipal bonds 53,134 17 (46 ) 53,105 Mutual funds, held in rabbi trust 10,827 20 (54 ) 10,793 123,851 40 (229 ) 123,662 $ 298,635 $ 52 $ (330 ) $ 298,357 Proceeds from the sales and maturities of available-for-sale securities were $280,701, $396,260 and $428,508 in fiscal 2022, 2021 and 2020, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, a net realized gain of $11 during fiscal 2022, a net realized loss of $419 during fiscal 2021 and a net realized gain of $39 during 2020. Amortization of discounts and premiums, net, resulted in a reduction of “Interest income” of $6,614, $1,574 and $706 for fiscal 2022, 2021 and 2020, 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 have credit losses, aggregated by the length of time that individual securities have been in a continuous unrealized loss position, at January 31, 2022 and 2021, respectively. January 31, 2022 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 $ 212,861 $ (2,661 ) $ 14,110 $ (17 ) $ 226,971 $ (2,678 ) Municipal and pre-refunded municipal bonds 162,081 (1,162 ) 7,118 (23 ) 169,199 (1,185 ) US Treasury securities 20,137 (84 ) — — 20,137 (84 ) Mutual funds, held in rabbi trust 11,813 (606 ) — — 11,813 (606 ) Federal government agencies 345 (5 ) — — 345 (5 ) Total $ 407,237 $ (4,518 ) $ 21,228 $ (40 ) $ 428,465 $ (4,558 ) January 31, 2021 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 $ 91,432 $ (177 ) $ — $ — $ 91,432 $ (177 ) Municipal and pre-refunded municipal bonds 90,308 (99 ) — — 90,308 (99 ) Mutual funds, held in rabbi trust 10,793 (54 ) — — 10,793 (54 ) Total $ 192,533 $ (330 ) $ — $ — $ 192,533 $ (330 ) As of January 31, 2022 and 2021, there were a total of 656 and 184 securities with unrealized loss positions within the Company’s portfolio, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Jan. 31, 2022 | |
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, 2022 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 231,215 $ — $ 231,215 Municipal and pre-funded municipal bonds — 188,334 — 188,334 US Treasury securities — 20,137 — 20,137 Mutual funds, held in rabbi trust 11,813 — — 11,813 Commercial paper — 10,884 — 10,884 Federal government agencies — 345 — 345 Certificates of deposit — 249 — 249 $ 11,813 $ 451,164 $ — $ 462,977 Marketable Securities Fair Value as of January 31, 2021 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 98,412 $ — $ 98,412 Municipal and pre-refunded municipal bonds — 180,160 — 180,160 Mutual funds, held in rabbi trust 10,793 — — 10,793 Commercial paper — 8,992 — 8,992 $ 10,793 $ 287,564 $ — $ 298,357 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, 2022 and January 31, 2021. 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, 2022 and 2021, 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 lease-related right-of-use assets, are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable 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. During fiscal 2021 and 2020, the Company determined that certain long-lived assets at the Company’s retail locations were unable to recover their carrying value. The impairment charges in fiscal 2021 were primarily due to the impact of the mandated store closures as a result of the COVID-19 pandemic and lower store productivity once opened. These assets were written down to a fair value resulting in impairment charges of $15,496 and $14,611 in fiscal 2021 and 2020, respectively. During fiscal 2020, the Company evaluated the fair value of the Menus & Venues brand as compared to the carrying value and determined that the goodwill assigned to the reporting unit is impaired in full, resulting in a goodwill impairment charge of $ . |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment is summarized as follows: January 31, 2022 2021 Land $ 56,166 $ 56,400 Buildings 469,188 413,001 Furniture and fixtures 425,021 416,204 Leasehold improvements 856,410 860,963 Other operating equipment 451,285 369,001 Construction-in-progress 269,596 195,661 2,527,666 2,311,230 Accumulated depreciation (1,382,581 ) (1,343,808 ) Total $ 1,145,085 $ 967,422 Depreciation expense for property and equipment in fiscal 2022, 2021 and 2020 was $99,058, $102,197 and $111,550, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Jan. 31, 2022 | |
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, 2022 2021 Sales return reserves $ 69,817 $ 82,004 Gift cards and merchandise credits 58,147 48,171 Accrued sales and VAT taxes 32,107 19,104 Accrued rents, estimated property taxes and other property expenses 32,316 26,740 Federal, state and foreign income taxes 3,870 3,313 Accrued construction 57,041 38,569 Accrued investments in transit 1,194 52,800 Other current liabilities 96,506 88,546 Total $ 350,998 $ 359,247 |
Debt
Debt | 12 Months Ended |
Jan. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 8. 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, SONIA or EURIBOR plus an applicable margin ranging from 1.125% to 1.375%, or (ii) an adjusted ABR plus an applicable margin ranging from 0.125% to 0.375%, each such applicable margin depending on the level of availability under the Amended Credit Facility. Depending on the type of borrowing, interest on the Amended Credit 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 January 31, 2022, the Company had $0 in borrowings under the Amended Credit Facility. The Company borrowed and subsequently repaid $220,000 during fiscal 2021 in order to preserve financial flexibility and maintain liquidity and flexibility in response to the COVID-19 pandemic. As of January 31, 2022, the Company was in compliance with the terms of the Amended Credit Agreement. The Company expects to remain in compliance with all terms, including covenants, of the Amended Credit Agreement. Outstanding stand-by letters of credit, which reduce the funds available under the Amended Credit Facility, were $13,140. Interest expense for the Amended Credit Facility was $1,046, $2,720, and $1,046 for the years ended January 31, 2022, 2021, and 2020, respectively, which was included in “Interest expense,” in the Consolidated Statements of Income. |
Leases
Leases | 12 Months Ended |
Jan. 31, 2022 | |
Leases [Abstract] | |
Leases | 9. Leases The Company has operating leases for stores, distribution and fulfillment centers, corporate offices and equipment. The Company subleases certain properties to third parties. Total operating lease costs were $268,863, $275,493 and $272,430 during fiscal 2022, 2021 and 2020, respectively. Total variable lease costs were $109,525, $89,833 and $126,492 during fiscal 2022, 2021 and 2020, respectively. Short-term lease costs and sublease income were not material during fiscal 2022, 2021 and 2020. Other information related to leases was as follows: Other information Fiscal Year Ended January 31, Cash paid for amounts included in the measurement of lease liabilities: 2022 2021 2020 Operating cash flows from operating leases $ 303,577 $ 247,539 $ 295,658 Right-of-use assets obtained in exchange for new operating lease liabilities 112,572 $ 149,586 $ 106,131 Weighted-average remaining lease term - operating leases 6.0 years 7.0 years Weighted-average discount rate - operating leases 5.8 % 6.1 % The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of January 31, 2022: Fiscal Year Operating Leases 2023 $ 297,586 2024 255,091 2025 218,167 2026 183,383 2027 130,596 Thereafter 357,805 Total undiscounted future minimum lease payments 1,442,628 Less imputed interest (255,233 ) Total discounted future minimum lease payments $ 1,187,395 As of January 31, 2022, the Company had commitments of approximately $12,589 not included in the amounts above related to seven executed but not yet commenced store leases. 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, there are 84 locations where a percentage of sales are paid, in lieu of a fixed minimum rent, that are not reflected in the above table. Total rent expense related to these 84 locations was approximately $9,487 for fiscal 2022. In response to the COVID-19 pandemic and mandated store closures, the Company withheld certain minimum lease payments due to landlords. The amounts withheld at January 31, 2022 and January 31, 2021 were included in “Current portion of operating lease liabilities” in the Consolidated Balance Sheets. During fiscal 2022 and 2021, the Company received rent concessions for a number of our stores and continue to negotiate for additional rent concessions at various other store locations. To the extent the rent concessions do not result in a substantial increase in total payments in the existing lease, the Company has accounted for such rent concessions as negative variable rent. To the extent the rent concessions do result in a substantial increase in total payments in the existing lease, the Company has accounted for such rent concessions as a lease modification. Rent concessions recorded by the Company during fiscal 202 2 and 2021 , as either negative variable rent or lease modifications have not had a material impact on the Company’s Consolidated Financial Statements. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The components of income (loss) before income taxes are as follows: Fiscal Year Ended January 31, 2022 2021 2020 Domestic $ 389,059 $ 13,103 $ 233,742 Foreign 15,572 (9,590 ) 5,978 $ 404,631 $ 3,513 $ 239,720 The components of the provision for income tax expense/(benefit) are as follows: Fiscal Year Ended January 31, 2022 2021 2020 Current: Federal $ 75,533 $ 11,623 $ 50,507 State 18,972 894 13,525 Foreign 2,205 4,030 6,141 $ 96,710 $ 16,547 $ 70,173 Deferred: Federal $ (4,151 ) $ (7,801 ) $ (3,260 ) State 498 (3,325 ) (772 ) Foreign 958 (3,144 ) 5,483 (2,695 ) (14,270 ) 1,451 $ 94,015 $ 2,277 $ 71,624 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, 2022 2021 2020 Expected provision at statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefit 3.8 (88.1 ) 4.2 Foreign taxes (1.8 ) 56.9 4.0 Uncertain tax positions 0.1 28.8 0.5 Stock compensation (0.1 ) 36.1 0.2 Tax rate changes 0.1 8.5 0.1 Prior year adjustments 0.1 15.7 (0.3 ) Federal tax credits (0.2 ) (16.0 ) (0.2 ) Nondeductible expenses 0.1 8.6 0.2 Tax exempt income — (3.4 ) — Other 0.1 (3.3 ) 0.2 Effective tax rate 23.2 % 64.8 % 29.9 % The variance in percentages for the components of the effective tax rate for fiscal 2021 as compared to fiscal 2022 and 2020 are primarily due to the ratio of foreign taxable losses to global taxable profits and lower income before income taxes in fiscal 2021. The significant components of deferred tax assets and liabilities as of January 31, 2022 and 2021 are as follows: January 31, 2022 2021 Deferred tax liabilities: Prepaid expense $ (3,132 ) $ (2,191 ) Depreciation (50,674 ) (34,476 ) Operating lease right-of-use assets (233,299 ) (250,292 ) Other temporary differences (365 ) (906 ) Gross deferred tax liabilities (287,470 ) (287,865 ) Deferred tax assets: Operating lease liabilities 272,953 296,413 Deferred rent 14,176 6,685 Inventory 19,896 18,279 Accounts receivable 1,252 1,930 Net operating loss carryforwards 20,873 11,359 Tax uncertainties 1,135 1,611 Accrued salaries and benefits 25,249 16,711 Income tax credits 4,714 4,494 Other temporary differences 28,000 15,548 Gross deferred tax assets, before valuation allowances 388,248 373,030 Valuation allowances (30,852 ) (18,689 ) Net deferred tax assets $ 69,926 $ 66,476 Net deferred tax assets are attributed to the jurisdictions in which the Company operates. As of January 31, 2022 and 2021, respectively, $38,718 and $34,037 were attributable to U.S. federal, $19,190 and $19,084 were attributed to state jurisdictions and $12,018 and $13,355 were attributed to foreign jurisdictions. As of January 31, 2022, certain non-U.S. subsidiaries of the Company had net operating loss carryforwards for tax purposes of approximately $7,710 that expire from 2022 through 2031 and approximately $65,193 that do not expire. Certain U.S. subsidiaries of the Company had state net operating loss carryforwards for tax purposes of approximately $31,304 that expire from 2022 through 2042 and approximately $11,218 that do not expire. Certain U.S. subsidiaries of the Company had state credit carryforwards for tax purposes of approximately $5,925 that expire from 2022 through 2031. As of January 31, 2022, the Company had full and partial valuation allowances for certain foreign and state 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. As of January 31, 2022, approximately $153,700 of cash and cash equivalents were held by the Company’s non-U.S. subsidiaries for which no deferred taxes have been provided. The Company has accumulated undistributed earnings generated by foreign subsidiaries of approximately $430,495. Since such earnings have previously been subject to the one-time deemed repatriation transition tax required by the U.S. Tax Cuts and Jobs Act or other U.S. tax requirements on undistributed foreign earnings, any additional taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of our foreign investments would generally be limited to foreign and state taxes. The Company continues to believe that foreign earnings are indefinitely reinvested excluding earnings that have previously been subject to the one-time deemed repatriation transition tax required by the U.S. Tax Cuts and Jobs Act. With respect to outside basis differences in all other non-U.S. subsidiaries, the Company expects that either (i) such basis differences will not reverse in the foreseeable future, or (ii) such basis differences will reverse in a tax-neutral manner. 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 2022 2021 2020 Balance at the beginning of the period $ 22,259 $ 21,924 $ 21,406 Increases in tax positions for prior years 28 476 661 Decreases in tax positions for prior years (3,178 ) (51 ) (101 ) Increases in tax positions for current year 249 41 125 Settlements — — — Lapse in statute of limitations (413 ) (131 ) (167 ) Balance at the end of the period $ 18,945 $ 22,259 $ 21,924 The total amount of net unrecognized tax benefits that, if recognized, would impact the Company’s effective tax rate were $21,288 and $23,497 as of January 31, 2022 and 2021, 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, 2022, 2021 and 2020, the Company recognized expense/(benefit) of $630, $950 and $1,038, respectively, related to interest and penalties. The Company accrued $3,440 and $2,810 for the payment of interest and penalties as of January 31, 2022 and 2021, respectively. The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is under audit in certain state and foreign jurisdictions. Certain federal, foreign and state jurisdictions are subject to audit from fiscal 2010 to 2021. 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 $911. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jan. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 11. 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, 2022, there were 6,862,703 common shares available to grant 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, 2022, there were 5,464,830 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. The Company elects to account for forfeitures as they occur rather than estimate the expected forfeitures. Share-based compensation expense, included in “Selling, general and administrative expenses” in the Consolidated Statements of Income, for the fiscal years ended January 31, 2022, 2021 and 2020 was as follows: Fiscal Year Ended January 31, 2022 2021 2020 Stock Options $ — $ 471 $ 1,737 Performance Stock Units (1) 4,067 181 3,483 Restricted Stock Units 21,674 19,648 15,889 Total $ 25,741 $ 20,300 $ 21,109 (1) Includes: (i) the reversal of $1,017 of previously recognized compensation expense in fiscal 2021, related to 87,997 PSU’s that were not projected to vest as the achievement of the related performance target was deemed not probable, of which $364 related to 41,332 PSU’s was subsequently recognized in fiscal 2022 due to the Company’s better than projected performance that resulted in the performance target being achieved; and (ii) the reversal of $803 of previously recognized compensation expense in fiscal 2020, related to 54,356 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, 2022, 2021 and 2020 was $6,311, $4,899 and $5,230, respectively. The tax benefit realized from share-based compensation for the fiscal years ended January 31, 2022, 2021 and 2020 was $5,573, $2,528 and $4,425, respectively. Stock Options The Company may grant stock options that generally vest over a period of one year. 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. There were no stock options granted in the fiscal year ended January 31, 2022 and 2021, as beginning in fiscal 2021, the Company began to grant restricted stock units to non-employee directors instead of stock options. A Black-Scholes model was used to estimate the fair value of stock options granted in the fiscal year ended January 31, 2020. The model uses assumptions including the risk-free rate of interest, expected volatility of the Company’s stock price and expected life of the awards. 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. The following weighted-average assumptions were used in the models to estimate the fair value of stock options at the date of grant: Fiscal Year Ended January 31, 2022 2021 2020 Expected life, in years — — 5.3 Risk-free interest rate — — 1.9 % Volatility — — 37.6 % Dividend rate — — — The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2022: Shares Weighted- Average Exercise Price Weighted- Average Contractual Terms (years) Aggregate Intrinsic Value Awards outstanding at beginning of year 515,000 $ 31.45 3.0 $ 1,249 Granted — — Exercised (120,000 ) 27.42 Forfeited or Expired (40,000 ) 46.42 Awards outstanding at end of year 355,000 31.12 2.5 $ 1,126 Awards outstanding fully vested and expected to vest 355,000 31.12 2.5 $ 1,126 Awards exercisable at end of year 355,000 $ 31.12 2.5 $ 1,126 The following table summarizes other information related to stock options during the years ended January 31, 2022, 2021 and 2020: Fiscal Year Ended January 31, 2022 2021 2020 Weighted-average grant date fair value—per share $ — $ — $ 8.67 Intrinsic value of awards exercised $ 1,156 $ 187 $ 307 Net cash proceeds from the exercise of stock options $ 3,290 $ 495 $ 974 There were no unrecognized compensation costs of stock options granted, but not yet vested, as of January 31, 2022. Performance Stock Units The Company may grant PSU’s that vest based on the achievement of various company performance targets and external market conditions. The fair value of the PSU’s awarded during fiscal 2022, 2021 and 2020 equaled the stock price on the date of the grant. The Company makes certain estimates about the number of awards that 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 The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2022: Shares Weighted- Average Fair Value Non-vested awards outstanding at beginning of year 270,003 $ 27.32 Granted 213,750 38.15 Vested (70,001 ) 26.54 Forfeited (29,999 ) 30.19 Non-vested awards outstanding at end of year 383,753 $ 33.27 The weighted-average grant date fair value of PSU’s awarded during the fiscal years ended January 31, 2022, 2021 and 2020 was $38.15, $25.84 and $30.19, per share, respectively. Unrecognized compensation cost related to unvested PSU’s as of January 31, 2022 was $6,671, which is expected to be recognized over a weighted-average period of 2.2 years. Restricted Stock Units The Company may grant RSU’s that vest based on the achievement of specified service conditions. The fair value of the RSU’s awarded during fiscal 2022, 2021 and 2020 equaled the stock price on the date of the grant. RSU’s typically vest over a two to five-year period. The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2022: Shares Weighted- Average Fair Value Non-vested awards outstanding at beginning of year 2,109,385 $ 28.65 Granted 1,075,250 37.30 Vested (613,299 ) 29.66 Forfeited (284,748 ) 30.41 Non-vested awards outstanding at end of year 2,286,588 $ 32.37 The weighted-average grant date fair value of RSU’s awarded during the fiscal years ended January 31, 2022, 2021 and 2020 was $37.30, $25.31 and $29.92, per share, respectively. The aggregate grant date fair value of RSU’s vested during the fiscal years ended January 31, 2022, 2021 and 2020 was $29.66, $31.11 and $26.80, respectively. Unrecognized compensation costs related to unvested RSU’s as of January 31, 2022, was $33,444, which is expected to be recognized over a weighted-average period of 2.1 years. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 31, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | 12. Shareholders’ Equity Share repurchase activity under the Company’s share repurchase programs is as follows: Fiscal Year Ended January 31, 2022 2021 Number of common shares repurchased and subsequently retired 1,959,159 482,003 Total cost $ 55,765 $ 7,036 Average cost per share, including commissions $ 28.46 $ 14.60 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 an additional 20,000,000 common shares under a share repurchase program. As of January 31, 2022, 23,892,795 common shares were remaining under the programs. Subsequent to January 31, 2022, the Company repurchased and subsequently retired a total of 1,194,699 common shares for approximately $31,802, at an average price of $26.62 per share, including commissions. In addition to the common shares repurchased under the share repurchase programs, during the fiscal years ended January 31, 2022 and 2021, the Company acquired and subsequently retired 229,082 and 161,335 common shares at a total cost of $7,790 and $3,876, respectively, from employees to meet payroll tax withholding requirements. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 12 Months Ended |
Jan. 31, 2022 | |
Equity [Abstract] | |
Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss | 13. Other Comprehensive (Loss) Income 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, 2022 and 2021, respectively: Fiscal Year Ended January 31, 2022 Foreign Currency Translation Unrealized Gains and (Losses) on Available-for- Sale Securities Total Beginning Balance $ (16,950 ) $ (170 ) $ (17,120 ) Other comprehensive income (loss) before reclassifications (5,254 ) (2,467 ) (7,721 ) Amounts reclassified from accumulated other comprehensive income (loss) — 11 11 Net current-period total other comprehensive income (loss) (5,254 ) (2,456 ) (7,710 ) Ending Balance $ (22,204 ) $ (2,626 ) $ (24,830 ) Fiscal Year Ended January 31, 2021 Foreign Currency Translation Unrealized Gains and (Losses) on Available-for- Sale Securities Total Beginning Balance $ (28,328 ) $ 324 $ (28,004 ) Other comprehensive income (loss) before reclassifications 11,378 (75 ) 11,303 Amounts reclassified from accumulated other comprehensive income (loss) — (419 ) (419 ) Net current-period total other comprehensive income (loss) 11,378 (494 ) 10,884 Ending Balance $ (16,950 ) $ (170 ) $ (17,120 ) 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, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | 14. 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, 2022 2021 2020 Basic weighted-average common shares outstanding 98,022,583 97,817,651 99,833,011 Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units 1,246,122 705,125 755,666 Diluted weighted-average shares outstanding 99,268,705 98,522,776 100,588,677 For the fiscal years ended January 31, 2022, 2021 and 2020, awards to purchase 165,000 common shares ranging in price from $35.85 to $46.42, awards to purchase 467,500 common shares ranging in price from $18.81 to $46.42 and awards to purchase 406,250 common shares ranging in price from $28.47 to $46.42, respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. As of January 31, 2022 and 2021, 60,001 and 470,815 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, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Purchase Commitments As of January 31, 2022, the Company has commitments for unfulfilled purchase orders for merchandise ordered from our vendors in the normal course of business, which are primarily satisfied within 12 months, as well as commitments for products and services including information technology contracts, of $941,847. 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, 2022, the Company had outstanding trade letters of credit of $50,564. As of January 31, 2022, the Company also has commitments related to construction and distribution equipment contracts that are fully satisfied upon the completion of construction or installation of $97,941, of which $61,273 is due within one year and $36,668 is due in more than one year. Construction and distribution equipment contracts include $96,626 related to the omni-channel fulfillment center in Kansas City, Kansas. 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 $0.50 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 $7,406, $6,677 and $7,094 for fiscal years 2022, 2021 and 2020, 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. Deferred compensation under the NQDC consists of elective deferral credits, if any, made by the participant and discretionary contribution credits made by the Company. Employee contributions are 100% vested on the contribution date and the Company’s discretionary contribution is 100% vested upon crediting to participants’ accounts on an annual basis. The Company made a matching contribution of $47, $66 and $56 during fiscal years 2022, 2021 and 2020, respectively. The NQDC obligation was $11,813 and $10,793 as of January 31, 2022 and 2021, respectively. The Company has purchased investments to fund the NQDC obligation. The investments had an aggregate market value of $11,813 and $10,793 as of January 31, 2022 and 2021, 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, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions Faegre Drinker Biddle & Reath LLP, a law firm, provided general legal services to the Company. Fees paid to Faegre Drinker Biddle & Reath LLP during fiscal 2022, 2021 and 2020 were $1,027, $1,018 and $495, respectively. Harry S. Cherken, Jr., a director of the Company, is Senior Counsel at Faegre Drinker Biddle & Reath LLP. Amounts due to Faegre Drinker Biddle & Reath LLP as of January 31, 2022 and 2021 were approximately $104 and $67, respectively. Todd R. Morgenfeld, a director of the Company, is Chief Financial Officer and Head of Business Operations of Pinterest, Inc., which provided digital marketing services to the Company in fiscal 2022 and 2021 and is expected to continue to do so in the future. The amount paid to Pinterest, Inc. for such digital marketing services was financially immaterial to Pinterest, Inc. and is unrelated to Mr. Morgenfeld’s compensation from Pinterest, Inc. Mr. Morgenfeld did not provide and was not involved in the provision of digital marketing services by Pinterest, Inc. to the Company, and he does not intend to provide or be involved in the provision of such services by Pinterest, Inc. in the future. The Board of Directors considered these matters in determining Mr. Morgenfeld’s independence. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. 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 “Nuuly.” The Company’s Retail segment consists of the Anthropologie, Bhldn, Free People, FP Movement, Terrain, Urban Outfitters and Menus & Venues brands. The Anthropologie, Bhldn and Terrain brands make up the Anthropologie Group. The Free People and FP Movement brands make up the Free People Group. As of January 31, 2022, there were 261 Urban Outfitters stores, 238 Anthropologie Group stores, 173 Free People Group stores, 10 Menus & Venues restaurants, two Urban Outfitters franchisee-owned stores, and one Anthropologie franchisee-owned store. Each of, Urban Outfitters, the Anthropologie Group and the Free People Group, including their Company-owned and franchisee-owned store and digital channels, and Menus & Venues restaurants, are considered an operating segment. Net sales from the Retail segment accounted for approximately 93.4%, 93.6% and 91.6% of total consolidated net sales for fiscal 2022, 2021 and 2020, respectively. 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 retail locations , 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 Retail segment omni-channel and not the separate store or digital channels. The Company manages and analyzes its performance based on a single Retail segment omni-channel rather than separate channels and believes that the Retail segment omni-channel results present the most meaningful and appropriate measure of our performance. The Company’s Wholesale segment consists of the Free People, FP Movement and Urban Outfitters brands. The Wholesale segment sells through department and specialty stores worldwide, digital businesses and the Retail segment. The Wholesale segment primarily designs, develops and markets young women’s contemporary casual apparel, intimates, FP Movement activewear and shoes under the Free People Group and the BDG and other own brand apparel collections under the Urban Outfitters brand. The Urban Outfitters wholesale division was established in fiscal 2019. The Anthropologie brand exited the wholesale business in the third quarter of fiscal 2021. Our Wholesale segment net sales accounted for approximately 5.5%, 5.7% and 8.2% of total consolidated net sales for fiscal 2022, 2021 and 2020, respectively. The Nuuly segment, formerly known as the Subscription segment, consists of the Nuuly brand, which offers customers with a more sustainable way to explore fashion. Nuuly Rent is a monthly women’s apparel subscription rental service that launched in July 2019. For a monthly fee, Nuuly subscribers can select rental product from a wide selection of the Company’s own brands, third-party market brands and one-of-a-kind vintage pieces via a custom-built, digital platform. Subscribers select their products each month, wear them as often as they like and then swap into new products the following month. Subscribers are also able to purchase the rented product. Nuuly Thrift, which launched in October 2021, is a peer-to-peer resale marketplace where customers can buy and sell women’s, men’s, and kids’ apparel, shoes, and accessories from any brands. Sellers on Nuuly Thrift can transfer their earnings to their bank account or convert them to “Nuuly Cash,” a gift card with a bonus, to be used at any of the Company’s brands. The Company earns a commission based on sales made in the marketplace. Nuuly segment net sales accounted for approximately 1.1% of consolidated net sales for fiscal 2022 and less than 1.0% of consolidated net sales for fiscal 2021 and 2020, respectively. 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. Corporate expenses include expenses incurred and directed by the corporate office that are not allocated to segments. The principal identifiable assets for the Retail and Wholesale segments are inventory and property and equipment. The principal identifiable assets for the Nuuly segment are rental product and property and equipment. Other assets are comprised primarily of general corporate assets, which principally consist of cash and cash equivalents, marketable securities, deferred taxes and prepaid expenses, and are typically not allocated to the Company’s segments. The Company accounts for intersegment sales and transfers as if the sales and transfers were made to third parties making similar volume purchases. The accounting policies of the reportable segments are the same as the policies described in Note 2, “Summary of Significant Accounting Policies.” All of the Company’s segments are highly diversified. No one customer constitutes more than 10% of the Company’s total consolidated net sales. A summary of the information about the Company’s operations by segment is as follows: Fiscal Year 2022 2021 2020 Net sales Retail operations $ 4,248,681 $ 3,228,200 $ 3,648,938 Wholesale operations 267,576 216,937 340,869 Nuuly operations 47,724 24,336 8,001 Intersegment elimination (15,218 ) (19,724 ) (14,019 ) Total net sales $ 4,548,763 $ 3,449,749 $ 3,983,789 Income (loss) from operations Retail operations $ 449,453 $ 68,384 $ 256,540 Wholesale operations 32,937 (10,180 ) 42,315 Nuuly operations (20,150 ) (18,367 ) (19,639 ) Intersegment elimination 1,643 (494 ) 257 Total segment operating income 463,883 39,343 279,473 General corporate expenses (1) (55,317 ) (35,371 ) (47,548 ) Total income from operations $ 408,566 $ 3,972 $ 231,925 (1) General corporate expenses during fiscal 2021 benefitted from the recognition of COVID-19 related government relief packages. Fiscal Year 2022 2021 2020 Depreciation expense for property and equipment Retail operations $ 94,099 $ 97,911 $ 109,622 Wholesale operations 547 545 578 Nuuly operations 4,412 3,741 1,350 Total depreciation expense for property and equipment $ 99,058 $ 102,197 $ 111,550 Inventory Retail operations $ 507,510 $ 348,797 Wholesale operations 62,189 40,821 Total inventory $ 569,699 $ 389,618 Rental product, net (1) Nuuly operations $ 32,075 $ 11,857 Total rental product, net $ 32,075 $ 11,857 (1) Rental product, net is included in "Deferred income taxes and other assets" in the Consolidated Balance Sheets. Property and equipment, net Retail operations $ 1,113,294 $ 938,020 Wholesale operations 1,458 2,096 Nuuly operations 30,333 27,306 Total property and equipment, net $ 1,145,085 $ 967,422 Cash paid for property and equipment Retail operations $ 254,921 $ 155,343 $ 189,904 Wholesale operations 69 390 633 Nuuly operations 7,439 3,509 26,896 Total cash paid for property and equipment $ 262,429 $ 159,242 $ 217,433 The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category: Fiscal Year 2022 2021 2020 Net sales Apparel (1) 2,912,901 2,111,828 2,596,926 Home (2) 852,379 731,237 649,184 Accessories (3) 543,337 411,927 517,219 Other (4) 240,146 194,757 220,460 Total net sales 4,548,763 3,449,749 3,983,789 As a percentage of net sales Apparel (1) 64 % 61 % 65 % Home (2) 19 % 21 % 16 % Accessories (3) 12 % 12 % 13 % Other (4) 5 % 6 % 6 % 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, the Menus & Venues brand and the Nuuly segment 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: Fiscal Year 2022 2021 2020 Net Sales Domestic operations $ 3,950,381 $ 3,040,778 $ 3,485,383 Foreign operations 598,382 408,971 498,406 Total net sales $ 4,548,763 $ 3,449,749 $ 3,983,789 Property and equipment, net Domestic operations $ 965,777 $ 768,440 Foreign operations 179,308 198,982 Total property and equipment, net $ 1,145,085 $ 967,422 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2022 | |
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 2022 ended on January 31, 2022. |
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, 2022 and 2021, 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, 2022 and January 31, 2021 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 the Company’s wholesale customers as well as credit card receivables outstanding with third-party credit card vendors. During the first quarter of fiscal 2021, the Company recorded an increase in allowance for doubtful accounts for Wholesale segment customer accounts receivables as a result of the significant disruption and uncertainty in the wholesale macro environment due to the COVID-19 pandemic, and during the remainder of fiscal 2021 and the first quarter of fiscal 2022, the Company reduced the allowance for doubtful accounts due to the collection of certain outstanding accounts receivables. The activity of the allowance for doubtful accounts for the years ended January 31, 2022, 2021 and 2020 was as follows: Balance at beginning of year Additions Deductions Balance at end of year Year ended January 31, 2022 $ 4,028 797 (3,477 ) $ 1,348 Year ended January 31, 2021 $ 880 9,534 (6,386 ) $ 4,028 Year ended January 31, 2020 $ 1,499 1,684 (2,303 ) $ 880 |
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 merchandise has sold below cost during the prior 12 months and the value and nature of merchandise currently held in inventory and priced below original cost. A provision is recorded to reduce the cost of inventory to its estimated net realizable value, if appropriate. The Company assessed the value of its inventory in the Retail and Wholesale segments due to the impacts of the COVID-19 pandemic and recorded an increase in inventory obsolescence reserves during the first quarter of fiscal 2021, and as a result of disciplined inventory control and better than planned product performance, during the remainder of fiscal 2021, the Company decreased a portion of its inventory obsolescence reserves. The majority of inventory at January 31, 202 2 and 202 1 consisted of finished goods. Raw materials and work-in-process were not material to the overall inventory value . |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and primarily consist of store leasehold improvements, furniture and fixtures, buildings and other operating equipment. Depreciation is computed using the straight-line method over the lesser of the lease term or useful life for leasehold improvements, five years for furniture and fixtures, 39 years for buildings and three to ten years for other operating equipment. Major renovations or improvements that extend the service lives of our assets are capitalized over the lesser of the extension period, life of the improvement, or the remaining term of the lease. |
Rental Product | Rental Product The cost of Nuuly Rent rental product is amortized to cost of sales based on the cost of each unit rented, which is estimated based on the number of times the unit is expected to be rented and the cost of the rental product. Lost, damaged and retired rental product is also charged to cost of sales. The Company makes assumptions as to the number of times each unit can be rented. If the actual number of times a unit can be rented were to vary significantly from our estimates, it could materially affect the amount of rental product amortization included in cost of sales. Amortization expense was $8,224 and $6,609 and $3,051 for fiscal 2022, 2021, and 2020, respectively. |
Impairment of Long-lived Assets, Goodwill and Intangible Assets | Impairment of Long-lived Assets The Company reviews the carrying values of its definite-lived, long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events that result in an impairment review include plans to close a retail location, distribution or fulfillment center, a significant decrease in the operating results of a long-lived asset or significant adverse changes in the business climate. 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. Newly opened retail locations may take time to generate positive operating and cash flow results. Factors such as store type (e.g., mall versus free-standing), location (e.g., urban area versus college campus or suburb), current marketplace awareness of our brands, local customer demographic data and current fashion trends are all considered in determining the time frame required for a retail location to achieve positive financial results. When events indicate that an asset may be impaired and the estimated undiscounted cash flows (based on forecasts of sales and gross profit) 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. The estimated fair value of the asset or asset group is based on future cash flows of the asset or asset group. For lease right-of-use assets, the Company determines the estimated fair value of the assets by comparing the discounted contractual rent payments to estimated market rent using an acceptable valuation methodology. During fiscal 2021, the Company recorded impairment charges for 42 retail locations, totaling $15,496, with a carrying value after impairment of $101,836 primarily related to the right-of-use assets. The impairment charges in fiscal 2021 were primarily due to the impact of the mandated store closures as a result of the COVID-19 pandemic and lower store productivity once opened. During fiscal 2020, the Company recorded impairment charges for eight retail locations, totaling $14,611 with a carrying value after impairment of $51,900 primarily related to the right-of-use assets. 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. |
Leases | Leases On February 1, 2019, the Company adopted the Financial Accounting Standards Board (“FASB”) accounting standards update that amended 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 using a modified retrospective approach at the beginning of the period of adoption. 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 related to estimates for credit rating, credit spread and the impact of collateral. The Company developed incremental borrowing rates at a lease portfolio level. The right-of-use asset is initially equal to the value of the lease liability less any amounts received from the landlord as incentives or tenant improvement allowances. During fiscal 2022 and 2021, the Company received rent concessions for a number of our stores and continue to negotiate for additional rent concessions at various other store locations. To the extent the rent concessions do not result in a substantial increase in total payments in the existing lease, the Company has accounted for such rent concessions as negative variable rent. To the extent the rent concessions do result in a substantial increase in total payments in the existing lease, the Company has accounted for such rent concessions as a lease modification. Rent concessions recorded by the Company during fiscal 2022 and 2021, as either negative variable rent or lease modifications have not had a material impact on the Company’s Financial Statements. |
Revenue Recognition | Revenue Recognition Merchandise: Merchandise is sold through retail stores, catalogs and the digital sales channel, as well as to wholesale customers, franchise partners and Nuuly customers. Revenue is recognized when control of the promised goods is transferred to the customer. The Company has elected to treat shipping and handling as fulfillment activities and not a separate performance obligation. Accordingly, the Company will recognize merchandise revenue for the Retail segment for its single performance obligation at the point of sale, when furniture is delivered or at the time of shipment for non-furniture merchandise, which is when transfer of control to the customer occurs. A Nuuly Rent customer may purchase merchandise in her possession that was included in the order that was delivered as part of the monthly subscription rental service. The Company recognize merchandise revenue for Nuuly Rent for its single performance obligation when the customer purchases the merchandise through the website or mobile application. Revenue does not include taxes assessed by governmental authorities, including value-added and other sales-related taxes, that are imposed on and concurrent with revenue-producing activities. Revenue is recognized net of estimated customer returns. Retail segment return policies vary by brand, but generally provide for no time limit on returns and the refund to be issued in either the form of original payment or as a gift card. Payment for merchandise is tendered primarily by cash, check, credit card, debit card, gift card or alternative payment methods. Uncollectible accounts receivable 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. Payment terms in the Wholesale segment vary by customer with the most common being a net 30-day policy. Menus & Venues: Revenue from restaurant sales and events is recognized upon completion of the service, when the Company satisfies its single performance obligation. Customer deposits may be received in advance for events and that represent a contract liability until the Company satisfies its performance obligation. Subscription Fees: Revenue for Nuuly Rent is generated through monthly subscription fees and the purchase of merchandise in a customer’s possession. The monthly subscription rental fee is recognized as revenue on the date the customer is billed. A customer may pause the monthly subscription, at which point the customer will not be billed for future months until the subscription is no longer on hold. Merchandise sales to Nuuly Rent customers are discussed above under Merchandise. Gift Cards: 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. At the time of issuance, the Company has an open performance obligation for the future delivery of promised goods or services. The liability remains outstanding until the card is redeemed by the customer, at which time the Company recognizes revenue. Over time, a portion of the outstanding gift cards will not be redeemed by the customer which we refer to as “breakage”. Revenue is recognized from breakage over time in proportion to gift card redemptions. Judgment is used in determining the amount of breakage revenue to be recognized and is based on historical gift card redemption patterns. Gift card breakage revenue is included in net sales and is not material. The Company’s gift cards do not expire. |
Sales Return Reserve | Sales Return Reserve The Company records a reserve for estimated product returns where the sale has occurred during the period reported, but the return is likely to occur subsequent to the period reported. The reserve for estimated product returns is based on the Company’s most recent historical return trends. If the actual return rate is materially different than the Company’s estimate, sales returns would be adjusted in the future. The costs of returns are recorded as a current asset rather than net with the sales return reserve liability. As of January 31, 2022, 2021 and 2020, the sales return reserve was $69,817, $82,004 and $51,360, respectively. |
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; the amortization of rental product; the net amortized cost of rental product at time of purchase by a customer; and other inventory and rental product 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 certain digital 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 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 the Company’s catalogs, websites, mobile applications and 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 $1,306 and $408 as of January 31, 2022, and 2021, 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 2022, 2021 and 2020, capitalized costs related to internally generated internal-use software 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 10, “Income Taxes,” for a further discussion of income taxes). The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. |
Net Income Per Common Share | Net Income Per Common Share Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents include the effect of stock options, stock appreciation rights (“SAR’s”), restricted stock units (“RSU’s”) and performance stock units (“PSU’s”). |
Comprehensive Income and Accumulated Other Comprehensive Loss | Comprehensive Income and Accumulated Other Comprehensive Loss Comprehensive income is comprised of two subsets—net income and other comprehensive income (loss). Amounts included in accumulated other comprehensive loss relate to foreign currency translation adjustments and unrealized gains or losses on marketable securities. The foreign currency translation adjustments are not adjusted for income taxes because these adjustments relate to non-U.S. subsidiaries for which foreign earnings have been designated as permanently reinvested. Accumulated other comprehensive loss consisted of foreign currency translation losses of $22,204 and $16,950 as of January 31, 2022 and January 31, 2021, respectively, and unrealized (losses) gains, net of tax, on marketable securities of ($2,626) and ($170) as of January 31, 2022 and January 31, 2021, respectively. The tax effect of the unrealized (losses) gains on marketable securities recorded in comprehensive loss was ($1,249), ($236) and $202 during fiscal 2022, 2021 and 2020, respectively. Gross realized gains and losses are included in “Interest income” in the Consolidated Statements of Income and were not material to the Company’s Consolidated Financial Statements for all three years presented. |
Foreign Currency | Foreign Currency The financial statements of the Company’s foreign operations are translated into U.S. dollars. Assets and liabilities are translated at current exchange rates as of the balance sheet date, equity accounts at historical exchange rates, while income statement accounts are translated at the average rates in effect during the year. Translation adjustments are not included in determining net income, but are included in “Accumulated other comprehensive loss” within “Shareholders’ equity.” Remeasurement gains and losses included in operating results for fiscal years 2022, 2021 and 2020 were not material. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company manages the credit risk associated with cash, cash equivalents and marketable securities by investing in high-quality securities held with reputable trustees and, by policy, limiting the amount of credit exposure to any one issuer or issue, as well as providing limitations on investment maturities. The Company’s investment policy requires that its cash, cash equivalents and marketable securities are invested in corporate and municipal bonds rated “BBB” or better, commercial paper and federally insured or guaranteed investment vehicles such as certificates of deposit, United States treasury bills and federal government agencies. Receivables from third-party credit cards are processed by financial institutions, which are monitored for financial stability. The Company regularly evaluates the financial condition of its Wholesale segment customers. The Company’s allowance for doubtful accounts reflects current market conditions and management’s assessment regarding the collectability of its accounts receivable. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks related to its cash accounts. |
Commitments and Contingencies | Commitments and Contingencies From time to time, the Company is named as a defendant in legal actions arising from normal business activities. The Company records a reserve for estimated losses when information available prior to issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has considered all new accounting standards updates issued by the FASB and has concluded that there are no recent accounting standard updates that will have a material impact on its consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
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, 2022, 2021 and 2020 was as follows: Balance at beginning of year Additions Deductions Balance at end of year Year ended January 31, 2022 $ 4,028 797 (3,477 ) $ 1,348 Year ended January 31, 2021 $ 880 9,534 (6,386 ) $ 4,028 Year ended January 31, 2020 $ 1,499 1,684 (2,303 ) $ 880 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
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, 2022 and 2021 are as follows: Amortized Cost Unrealized Gains Unrealized (Losses) Fair Value As of January 31, 2022 Short-term Investments: Corporate bonds $ 85,062 $ 1 $ (200 ) $ 84,863 Municipal and pre-refunded municipal bonds 128,984 1 (273 ) 128,712 US Treasury securities 14,999 — (38 ) 14,961 Commercial paper 10,884 — — 10,884 239,929 2 (511 ) 239,420 Long-term Investments: Corporate bonds $ 148,830 $ — $ (2,478 ) $ 146,352 Municipal and pre-refunded municipal bonds 60,533 1 (912 ) 59,622 US Treasury securities 5,222 — (46 ) 5,176 Mutual funds, held in rabbi trust 12,419 — (606 ) 11,813 Federal government agencies 350 — (5 ) 345 Certificates of deposit 249 — — 249 227,603 1 (4,047 ) 223,557 $ 467,532 $ 3 $ (4,558 ) $ 462,977 As of January 31, 2021 Short-term Investments: Corporate bonds $ 38,695 $ 1 $ (48 ) $ 38,648 Municipal and pre-refunded municipal bonds 127,097 11 (53 ) 127,055 Commercial paper 8,992 — — 8,992 174,784 12 (101 ) 174,695 Long-term Investments: Corporate bonds $ 59,890 $ 3 $ (129 ) $ 59,764 Municipal and pre-refunded municipal bonds 53,134 17 (46 ) 53,105 Mutual funds, held in rabbi trust 10,827 20 (54 ) 10,793 123,851 40 (229 ) 123,662 $ 298,635 $ 52 $ (330 ) $ 298,357 |
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 have credit losses, aggregated by the length of time that individual securities have been in a continuous unrealized loss position, at January 31, 2022 and 2021, respectively. January 31, 2022 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 $ 212,861 $ (2,661 ) $ 14,110 $ (17 ) $ 226,971 $ (2,678 ) Municipal and pre-refunded municipal bonds 162,081 (1,162 ) 7,118 (23 ) 169,199 (1,185 ) US Treasury securities 20,137 (84 ) — — 20,137 (84 ) Mutual funds, held in rabbi trust 11,813 (606 ) — — 11,813 (606 ) Federal government agencies 345 (5 ) — — 345 (5 ) Total $ 407,237 $ (4,518 ) $ 21,228 $ (40 ) $ 428,465 $ (4,558 ) January 31, 2021 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 $ 91,432 $ (177 ) $ — $ — $ 91,432 $ (177 ) Municipal and pre-refunded municipal bonds 90,308 (99 ) — — 90,308 (99 ) Mutual funds, held in rabbi trust 10,793 (54 ) — — 10,793 (54 ) Total $ 192,533 $ (330 ) $ — $ — $ 192,533 $ (330 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
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, 2022 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 231,215 $ — $ 231,215 Municipal and pre-funded municipal bonds — 188,334 — 188,334 US Treasury securities — 20,137 — 20,137 Mutual funds, held in rabbi trust 11,813 — — 11,813 Commercial paper — 10,884 — 10,884 Federal government agencies — 345 — 345 Certificates of deposit — 249 — 249 $ 11,813 $ 451,164 $ — $ 462,977 Marketable Securities Fair Value as of January 31, 2021 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 98,412 $ — $ 98,412 Municipal and pre-refunded municipal bonds — 180,160 — 180,160 Mutual funds, held in rabbi trust 10,793 — — 10,793 Commercial paper — 8,992 — 8,992 $ 10,793 $ 287,564 $ — $ 298,357 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment is summarized as follows: January 31, 2022 2021 Land $ 56,166 $ 56,400 Buildings 469,188 413,001 Furniture and fixtures 425,021 416,204 Leasehold improvements 856,410 860,963 Other operating equipment 451,285 369,001 Construction-in-progress 269,596 195,661 2,527,666 2,311,230 Accumulated depreciation (1,382,581 ) (1,343,808 ) Total $ 1,145,085 $ 967,422 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Payables And Accruals [Abstract] | |
Accrued Expenses And Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: January 31, 2022 2021 Sales return reserves $ 69,817 $ 82,004 Gift cards and merchandise credits 58,147 48,171 Accrued sales and VAT taxes 32,107 19,104 Accrued rents, estimated property taxes and other property expenses 32,316 26,740 Federal, state and foreign income taxes 3,870 3,313 Accrued construction 57,041 38,569 Accrued investments in transit 1,194 52,800 Other current liabilities 96,506 88,546 Total $ 350,998 $ 359,247 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Leases [Abstract] | |
Other Information Related to Leases | Other information related to leases was as follows: Other information Fiscal Year Ended January 31, Cash paid for amounts included in the measurement of lease liabilities: 2022 2021 2020 Operating cash flows from operating leases $ 303,577 $ 247,539 $ 295,658 Right-of-use assets obtained in exchange for new operating lease liabilities 112,572 $ 149,586 $ 106,131 Weighted-average remaining lease term - operating leases 6.0 years 7.0 years Weighted-average discount rate - operating leases 5.8 % 6.1 % |
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 January 31, 2022: Fiscal Year Operating Leases 2023 $ 297,586 2024 255,091 2025 218,167 2026 183,383 2027 130,596 Thereafter 357,805 Total undiscounted future minimum lease payments 1,442,628 Less imputed interest (255,233 ) Total discounted future minimum lease payments $ 1,187,395 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) before Income Taxes | The components of income (loss) before income taxes are as follows: Fiscal Year Ended January 31, 2022 2021 2020 Domestic $ 389,059 $ 13,103 $ 233,742 Foreign 15,572 (9,590 ) 5,978 $ 404,631 $ 3,513 $ 239,720 |
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, 2022 2021 2020 Current: Federal $ 75,533 $ 11,623 $ 50,507 State 18,972 894 13,525 Foreign 2,205 4,030 6,141 $ 96,710 $ 16,547 $ 70,173 Deferred: Federal $ (4,151 ) $ (7,801 ) $ (3,260 ) State 498 (3,325 ) (772 ) Foreign 958 (3,144 ) 5,483 (2,695 ) (14,270 ) 1,451 $ 94,015 $ 2,277 $ 71,624 |
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, 2022 2021 2020 Expected provision at statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefit 3.8 (88.1 ) 4.2 Foreign taxes (1.8 ) 56.9 4.0 Uncertain tax positions 0.1 28.8 0.5 Stock compensation (0.1 ) 36.1 0.2 Tax rate changes 0.1 8.5 0.1 Prior year adjustments 0.1 15.7 (0.3 ) Federal tax credits (0.2 ) (16.0 ) (0.2 ) Nondeductible expenses 0.1 8.6 0.2 Tax exempt income — (3.4 ) — Other 0.1 (3.3 ) 0.2 Effective tax rate 23.2 % 64.8 % 29.9 % |
Significant Components of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities as of January 31, 2022 and 2021 are as follows: January 31, 2022 2021 Deferred tax liabilities: Prepaid expense $ (3,132 ) $ (2,191 ) Depreciation (50,674 ) (34,476 ) Operating lease right-of-use assets (233,299 ) (250,292 ) Other temporary differences (365 ) (906 ) Gross deferred tax liabilities (287,470 ) (287,865 ) Deferred tax assets: Operating lease liabilities 272,953 296,413 Deferred rent 14,176 6,685 Inventory 19,896 18,279 Accounts receivable 1,252 1,930 Net operating loss carryforwards 20,873 11,359 Tax uncertainties 1,135 1,611 Accrued salaries and benefits 25,249 16,711 Income tax credits 4,714 4,494 Other temporary differences 28,000 15,548 Gross deferred tax assets, before valuation allowances 388,248 373,030 Valuation allowances (30,852 ) (18,689 ) Net deferred tax assets $ 69,926 $ 66,476 |
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 2022 2021 2020 Balance at the beginning of the period $ 22,259 $ 21,924 $ 21,406 Increases in tax positions for prior years 28 476 661 Decreases in tax positions for prior years (3,178 ) (51 ) (101 ) Increases in tax positions for current year 249 41 125 Settlements — — — Lapse in statute of limitations (413 ) (131 ) (167 ) Balance at the end of the period $ 18,945 $ 22,259 $ 21,924 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
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, 2022, 2021 and 2020 was as follows: Fiscal Year Ended January 31, 2022 2021 2020 Stock Options $ — $ 471 $ 1,737 Performance Stock Units (1) 4,067 181 3,483 Restricted Stock Units 21,674 19,648 15,889 Total $ 25,741 $ 20,300 $ 21,109 (1) Includes: (i) the reversal of $1,017 of previously recognized compensation expense in fiscal 2021, related to 87,997 PSU’s that were not projected to vest as the achievement of the related performance target was deemed not probable, of which $364 related to 41,332 PSU’s was subsequently recognized in fiscal 2022 due to the Company’s better than projected performance that resulted in the performance target being achieved; and (ii) the reversal of $803 of previously recognized compensation expense in fiscal 2020, related to 54,356 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 models to estimate the fair value of stock options at the date of grant: Fiscal Year Ended January 31, 2022 2021 2020 Expected life, in years — — 5.3 Risk-free interest rate — — 1.9 % Volatility — — 37.6 % Dividend rate — — — |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2022: Shares Weighted- Average Exercise Price Weighted- Average Contractual Terms (years) Aggregate Intrinsic Value Awards outstanding at beginning of year 515,000 $ 31.45 3.0 $ 1,249 Granted — — Exercised (120,000 ) 27.42 Forfeited or Expired (40,000 ) 46.42 Awards outstanding at end of year 355,000 31.12 2.5 $ 1,126 Awards outstanding fully vested and expected to vest 355,000 31.12 2.5 $ 1,126 Awards exercisable at end of year 355,000 $ 31.12 2.5 $ 1,126 |
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, 2022, 2021 and 2020: Fiscal Year Ended January 31, 2022 2021 2020 Weighted-average grant date fair value—per share $ — $ — $ 8.67 Intrinsic value of awards exercised $ 1,156 $ 187 $ 307 Net cash proceeds from the exercise of stock options $ 3,290 $ 495 $ 974 |
Summary of Performance Share Units Activity | The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2022: Shares Weighted- Average Fair Value Non-vested awards outstanding at beginning of year 270,003 $ 27.32 Granted 213,750 38.15 Vested (70,001 ) 26.54 Forfeited (29,999 ) 30.19 Non-vested awards outstanding at end of year 383,753 $ 33.27 |
Summary of Restricted Stock Units Activity | The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2022: Shares Weighted- Average Fair Value Non-vested awards outstanding at beginning of year 2,109,385 $ 28.65 Granted 1,075,250 37.30 Vested (613,299 ) 29.66 Forfeited (284,748 ) 30.41 Non-vested awards outstanding at end of year 2,286,588 $ 32.37 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
Equity [Abstract] | |
Share Repurchase Activity | Share repurchase activity under the Company’s share repurchase programs is as follows: Fiscal Year Ended January 31, 2022 2021 Number of common shares repurchased and subsequently retired 1,959,159 482,003 Total cost $ 55,765 $ 7,036 Average cost per share, including commissions $ 28.46 $ 14.60 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
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, 2022 and 2021, respectively: Fiscal Year Ended January 31, 2022 Foreign Currency Translation Unrealized Gains and (Losses) on Available-for- Sale Securities Total Beginning Balance $ (16,950 ) $ (170 ) $ (17,120 ) Other comprehensive income (loss) before reclassifications (5,254 ) (2,467 ) (7,721 ) Amounts reclassified from accumulated other comprehensive income (loss) — 11 11 Net current-period total other comprehensive income (loss) (5,254 ) (2,456 ) (7,710 ) Ending Balance $ (22,204 ) $ (2,626 ) $ (24,830 ) Fiscal Year Ended January 31, 2021 Foreign Currency Translation Unrealized Gains and (Losses) on Available-for- Sale Securities Total Beginning Balance $ (28,328 ) $ 324 $ (28,004 ) Other comprehensive income (loss) before reclassifications 11,378 (75 ) 11,303 Amounts reclassified from accumulated other comprehensive income (loss) — (419 ) (419 ) Net current-period total other comprehensive income (loss) 11,378 (494 ) 10,884 Ending Balance $ (16,950 ) $ (170 ) $ (17,120 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
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, 2022 2021 2020 Basic weighted-average common shares outstanding 98,022,583 97,817,651 99,833,011 Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units 1,246,122 705,125 755,666 Diluted weighted-average shares outstanding 99,268,705 98,522,776 100,588,677 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 31, 2022 | |
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 2022 2021 2020 Net sales Retail operations $ 4,248,681 $ 3,228,200 $ 3,648,938 Wholesale operations 267,576 216,937 340,869 Nuuly operations 47,724 24,336 8,001 Intersegment elimination (15,218 ) (19,724 ) (14,019 ) Total net sales $ 4,548,763 $ 3,449,749 $ 3,983,789 Income (loss) from operations Retail operations $ 449,453 $ 68,384 $ 256,540 Wholesale operations 32,937 (10,180 ) 42,315 Nuuly operations (20,150 ) (18,367 ) (19,639 ) Intersegment elimination 1,643 (494 ) 257 Total segment operating income 463,883 39,343 279,473 General corporate expenses (1) (55,317 ) (35,371 ) (47,548 ) Total income from operations $ 408,566 $ 3,972 $ 231,925 (1) General corporate expenses during fiscal 2021 benefitted from the recognition of COVID-19 related government relief packages. Fiscal Year 2022 2021 2020 Depreciation expense for property and equipment Retail operations $ 94,099 $ 97,911 $ 109,622 Wholesale operations 547 545 578 Nuuly operations 4,412 3,741 1,350 Total depreciation expense for property and equipment $ 99,058 $ 102,197 $ 111,550 Inventory Retail operations $ 507,510 $ 348,797 Wholesale operations 62,189 40,821 Total inventory $ 569,699 $ 389,618 Rental product, net (1) Nuuly operations $ 32,075 $ 11,857 Total rental product, net $ 32,075 $ 11,857 (1) Rental product, net is included in "Deferred income taxes and other assets" in the Consolidated Balance Sheets. Property and equipment, net Retail operations $ 1,113,294 $ 938,020 Wholesale operations 1,458 2,096 Nuuly operations 30,333 27,306 Total property and equipment, net $ 1,145,085 $ 967,422 Cash paid for property and equipment Retail operations $ 254,921 $ 155,343 $ 189,904 Wholesale operations 69 390 633 Nuuly operations 7,439 3,509 26,896 Total cash paid for property and equipment $ 262,429 $ 159,242 $ 217,433 |
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: Fiscal Year 2022 2021 2020 Net sales Apparel (1) 2,912,901 2,111,828 2,596,926 Home (2) 852,379 731,237 649,184 Accessories (3) 543,337 411,927 517,219 Other (4) 240,146 194,757 220,460 Total net sales 4,548,763 3,449,749 3,983,789 As a percentage of net sales Apparel (1) 64 % 61 % 65 % Home (2) 19 % 21 % 16 % Accessories (3) 12 % 12 % 13 % Other (4) 5 % 6 % 6 % 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, the Menus & Venues brand and the Nuuly segment |
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 2022 2021 2020 Net Sales Domestic operations $ 3,950,381 $ 3,040,778 $ 3,485,383 Foreign operations 598,382 408,971 498,406 Total net sales $ 4,548,763 $ 3,449,749 $ 3,983,789 Property and equipment, net Domestic operations $ 965,777 $ 768,440 Foreign operations 179,308 198,982 Total property and equipment, net $ 1,145,085 $ 967,422 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) - Store | Jan. 31, 2022 | Jan. 31, 2021 |
Nature Of Business [Line Items] | ||
Number of stores for operations | 682 | 644 |
United States | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 562 | 527 |
Europe | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 86 | 83 |
Canada | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 34 | 34 |
Activity of Allowance for Doubt
Activity of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |||
Balance at beginning of year | $ 4,028 | $ 880 | $ 1,499 |
Additions | 797 | 9,534 | 1,684 |
Deductions | (3,477) | (6,386) | (2,303) |
Balance at end of year | $ 1,348 | $ 4,028 | $ 880 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($)Location | Jan. 31, 2020USD ($)Location | |
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization expense | $ 8,224 | $ 6,609 | $ 3,051 |
Impairment charges | 15,496 | 14,611 | |
Goodwill | $ 101,836 | $ 51,900 | |
Number of retail locations | Location | 42 | 8 | |
Goodwill impairment | $ 13,911 | ||
Lessee, operating lease, description | Store leases have remaining lease terms that range from less than one year up to 15 years | ||
Lessee, operating lease, existence of option to extend | true | ||
Lessee, operating lease, option to extend | one or two 5-year periods | ||
Payment terms of customers | 30 days | ||
Sales return reserve | $ 69,817 | $ 82,004 | 51,360 |
Foreign currency translation losses | (5,254) | 11,378 | (1,403) |
Accumulated Other Comprehensive Income (Loss) | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Foreign currency translation losses | 22,204 | 16,950 | |
Unrealized gains (losses) on marketable securities, net of tax | (2,626) | (170) | |
Change in unrealized gains (losses) on marketable securities, tax | (1,249) | (236) | 202 |
Selling, General and Administrative Expenses | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Advertising expense | 254,073 | 184,465 | 161,879 |
Web creative expenses | 59,746 | 44,562 | $ 45,849 |
Prepaid Expense and Other Current Assets | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Advertising costs reported as prepaid expenses | $ 1,306 | $ 408 | |
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Lessee, operating lease, term of contract | 1 year | ||
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Lessee, operating lease, term of contract | 15 years | ||
Leasehold Improvements | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Depreciable life (in years) | lesser of the lease term or useful life for leasehold improvements | ||
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 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |||
Contract receivables, net of allowance for doubtful accounts | $ 63,760 | $ 89,952 | $ 88,288 |
Gift cards expected redemption period | 2 years | ||
Contract liabilities | 78,717 | 61,986 | $ 52,926 |
Revenue recognized included in contract liability | $ 30,071 | $ 27,721 |
Amortized Cost, Gross Unrealize
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 467,532 | $ 298,635 |
Unrealized Gains | 3 | 52 |
Unrealized (Losses) | (4,558) | (330) |
Fair Value | 462,977 | 298,357 |
Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 239,929 | 174,784 |
Unrealized Gains | 2 | 12 |
Unrealized (Losses) | (511) | (101) |
Fair Value | 239,420 | 174,695 |
Short-term Investments | Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 128,984 | 127,097 |
Unrealized Gains | 1 | 11 |
Unrealized (Losses) | (273) | (53) |
Fair Value | 128,712 | 127,055 |
Short-term Investments | Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 85,062 | 38,695 |
Unrealized Gains | 1 | 1 |
Unrealized (Losses) | (200) | (48) |
Fair Value | 84,863 | 38,648 |
Short-term Investments | US Treasury Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,999 | |
Unrealized (Losses) | (38) | |
Fair Value | 14,961 | |
Short-term Investments | Commercial Paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,884 | 8,992 |
Fair Value | 10,884 | 8,992 |
Long-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 227,603 | 123,851 |
Unrealized Gains | 1 | 40 |
Unrealized (Losses) | (4,047) | (229) |
Fair Value | 223,557 | 123,662 |
Long-term Investments | Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 60,533 | 53,134 |
Unrealized Gains | 1 | 17 |
Unrealized (Losses) | (912) | (46) |
Fair Value | 59,622 | 53,105 |
Long-term Investments | Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 148,830 | 59,890 |
Unrealized Gains | 3 | |
Unrealized (Losses) | (2,478) | (129) |
Fair Value | 146,352 | 59,764 |
Long-term Investments | US Treasury Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,222 | |
Unrealized (Losses) | (46) | |
Fair Value | 5,176 | |
Long-term Investments | Mutual Funds, Held in Rabbi Trust | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,419 | 10,827 |
Unrealized Gains | 20 | |
Unrealized (Losses) | (606) | (54) |
Fair Value | 11,813 | $ 10,793 |
Long-term Investments | Federal Government Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 350 | |
Unrealized (Losses) | (5) | |
Fair Value | 345 | |
Long-term Investments | Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 249 | |
Fair Value | $ 249 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022USD ($)Security | Jan. 31, 2021USD ($)Security | Jan. 31, 2020USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Sales and maturities of marketable securities | $ 280,701 | $ 396,260 | $ 428,508 |
Amortization of discounts and premiums, net | $ 6,614 | $ 1,574 | 706 |
Total number of securities with unrealized loss positions within the Company's portfolio | Security | 656 | 184 | |
Interest income | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Net realized gain (loss) | $ 11 | $ (419) | $ 39 |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Value of Marketable Securities (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 407,237 | $ 192,533 |
Less Than 12 Months, Unrealized Losses | (4,518) | (330) |
12 Months or Greater, Fair Value | 21,228 | |
12 Months or Greater, Unrealized Losses | (40) | |
Total, Fair Value | 428,465 | 192,533 |
Total, Unrealized Losses | (4,558) | (330) |
Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 162,081 | 90,308 |
Less Than 12 Months, Unrealized Losses | (1,162) | (99) |
12 Months or Greater, Fair Value | 7,118 | |
12 Months or Greater, Unrealized Losses | (23) | |
Total, Fair Value | 169,199 | 90,308 |
Total, Unrealized Losses | (1,185) | (99) |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 212,861 | 91,432 |
Less Than 12 Months, Unrealized Losses | (2,661) | (177) |
12 Months or Greater, Fair Value | 14,110 | |
12 Months or Greater, Unrealized Losses | (17) | |
Total, Fair Value | 226,971 | 91,432 |
Total, Unrealized Losses | (2,678) | (177) |
US Treasury Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 20,137 | |
Less Than 12 Months, Unrealized Losses | (84) | |
Total, Fair Value | 20,137 | |
Total, Unrealized Losses | (84) | |
Mutual Funds, Held in Rabbi Trust | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 11,813 | 10,793 |
Less Than 12 Months, Unrealized Losses | (606) | (54) |
Total, Fair Value | 11,813 | 10,793 |
Total, Unrealized Losses | (606) | $ (54) |
Federal Government Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 345 | |
Less Than 12 Months, Unrealized Losses | (5) | |
Total, Fair Value | 345 | |
Total, Unrealized Losses | $ (5) |
Financial Assets Measured at Fa
Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | $ 462,977 | $ 298,357 |
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 | 462,977 | 298,357 |
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 | 11,813 | 10,793 |
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 | 451,164 | 287,564 |
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 | 231,215 | 98,412 |
Fair Value, Measurements, Recurring | Corporate Bonds | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 231,215 | 98,412 |
Fair Value, Measurements, Recurring | Municipal and Pre-funded 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 | 188,334 | |
Fair Value, Measurements, Recurring | Municipal and Pre-funded 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 | 188,334 | |
Fair Value, Measurements, Recurring | US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 20,137 | |
Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 20,137 | |
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 | 11,813 | 10,793 |
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 | 11,813 | 10,793 |
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 | 10,884 | 8,992 |
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 | 10,884 | 8,992 |
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 | 249 | |
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 | 249 | |
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 | 345 | |
Fair Value, Measurements, Recurring | Federal Government Agencies | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | $ 345 | |
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 | 180,160 | |
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 | $ 180,160 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment charges | $ 15,496 | $ 14,611 |
Menus & Venues division | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment charges | $ 13,911 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Property Plant And Equipment [Abstract] | ||
Land | $ 56,166 | $ 56,400 |
Buildings | 469,188 | 413,001 |
Furniture and fixtures | 425,021 | 416,204 |
Leasehold improvements | 856,410 | 860,963 |
Other operating equipment | 451,285 | 369,001 |
Construction-in-progress | 269,596 | 195,661 |
Property, Plant and Equipment, Gross | 2,527,666 | 2,311,230 |
Accumulated depreciation | (1,382,581) | (1,343,808) |
Total | $ 1,145,085 | $ 967,422 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Property Plant And Equipment [Abstract] | |||
Depreciation | $ 99,058 | $ 102,197 | $ 111,550 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 |
Payables And Accruals [Abstract] | |||
Sales return reserves | $ 69,817 | $ 82,004 | $ 51,360 |
Gift cards and merchandise credits | 58,147 | 48,171 | |
Accrued sales and VAT taxes | 32,107 | 19,104 | |
Accrued rents, estimated property taxes and other property expenses | 32,316 | 26,740 | |
Federal, state and foreign income taxes | 3,870 | 3,313 | |
Accrued construction | 57,041 | 38,569 | |
Accrued investments in transit | 1,194 | 52,800 | |
Other current liabilities | 96,506 | 88,546 | |
Total | $ 350,998 | $ 359,247 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 29, 2018 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 |
Line Of Credit Facility [Line Items] | ||||
Credit agreement initiation date | Jun. 29, 2018 | |||
Line of credit outstanding | $ 0 | |||
Borrowings under debt | $ 220,000 | |||
Repayments of debt | 220,000 | |||
Interest expense | 1,104 | 3,405 | $ 1,202 | |
Stand-by letters of credit | ||||
Line Of Credit Facility [Line Items] | ||||
Letter of credit outstanding | 13,140 | |||
JPMorgan Chase Bank N. A. | Revolving Credit Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Credit facility maturity date | 2023-06 | |||
Credit facility maximum borrowing capacity | $ 350,000 | |||
Additional line of credit facility | $ 150,000 | |||
Commitment fee percentage | 0.20% | |||
Interest expense | $ 1,046 | $ 2,720 | $ 1,046 | |
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 | 12 Months Ended | ||
Jan. 31, 2022USD ($)StoreRetailLocation | Jan. 31, 2021USD ($) | Jan. 31, 2020USD ($) | |
Leases [Abstract] | |||
Operating lease costs | $ 268,863 | $ 275,493 | $ 272,430 |
Variable lease cost | 109,525 | $ 89,833 | $ 126,492 |
Lease commitments for executed but not yet commenced leases | $ 12,589 | ||
Number of lease commitment not yet commenced | Store | 7 | ||
Number of retail locations | RetailLocation | 84 | ||
Total rent expense | $ 9,487 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 303,577 | $ 247,539 | $ 295,658 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 112,572 | $ 149,586 | $ 106,131 |
Weighted-average remaining lease term - operating leases | 6 years | 7 years | |
Weighted-average discount rate - operating leases | 5.80% | 6.10% |
Leases - Schedule by Year of Ma
Leases - Schedule by Year of Maturities of Operating Leases Liabilities with Original Terms in Excess of One Year (Detail) $ in Thousands | Jan. 31, 2022USD ($) |
Leases [Abstract] | |
2023 | $ 297,586 |
2024 | 255,091 |
2025 | 218,167 |
2026 | 183,383 |
2027 | 130,596 |
Thereafter | 357,805 |
Total undiscounted future minimum lease payments | 1,442,628 |
Less imputed interest | (255,233) |
Total discounted future minimum lease payments | $ 1,187,395 |
Components of Income (Loss) bef
Components of Income (Loss) before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 389,059 | $ 13,103 | $ 233,742 |
Foreign | 15,572 | (9,590) | 5,978 |
Income before income taxes | $ 404,631 | $ 3,513 | $ 239,720 |
Components of Provision for Inc
Components of Provision for Income Tax Expense or Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $ 75,533 | $ 11,623 | $ 50,507 |
Current, State | 18,972 | 894 | 13,525 |
Current, Foreign | 2,205 | 4,030 | 6,141 |
Current income tax expense, total | 96,710 | 16,547 | 70,173 |
Deferred, Federal | (4,151) | (7,801) | (3,260) |
Deferred, State | 498 | (3,325) | (772) |
Deferred, Foreign | 958 | (3,144) | 5,483 |
Deferred income tax expense (benefit), total | (2,695) | (14,270) | 1,451 |
Income tax expense (benefit), total | $ 94,015 | $ 2,277 | $ 71,624 |
Differences Between the Statuto
Differences Between the Statutory U.S. Federal Income Tax Rate and the Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Expected provision at statutory U.S. federal tax rate | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of federal tax benefit | 3.80% | (88.10%) | 4.20% |
Foreign taxes | (1.80%) | 56.90% | 4.00% |
Uncertain tax positions | 0.10% | 28.80% | 0.50% |
Stock compensation | (0.10%) | 36.10% | 0.20% |
Tax rate changes | 0.10% | 8.50% | 0.10% |
Prior year adjustments | 0.10% | 15.70% | (0.30%) |
Federal tax credits | (0.20%) | (16.00%) | (0.20%) |
Nondeductible expenses | 0.10% | 8.60% | 0.20% |
Tax exempt income | (3.40%) | ||
Other | 0.10% | (3.30%) | 0.20% |
Effective tax rate | 23.20% | 64.80% | 29.90% |
Significant Components of Defer
Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Jan. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Prepaid expense | $ (3,132) | $ (2,191) |
Depreciation | (50,674) | (34,476) |
Operating lease right-of-use assets | (233,299) | (250,292) |
Other temporary differences | (365) | (906) |
Gross deferred tax liabilities | (287,470) | (287,865) |
Operating lease liabilities | 272,953 | 296,413 |
Deferred rent | 14,176 | 6,685 |
Inventory | 19,896 | 18,279 |
Accounts receivable | 1,252 | 1,930 |
Net operating loss carryforwards | 20,873 | 11,359 |
Tax uncertainties | 1,135 | 1,611 |
Accrued salaries and benefits | 25,249 | 16,711 |
Income tax credits | 4,714 | 4,494 |
Other temporary differences | 28,000 | 15,548 |
Gross deferred tax assets, before valuation allowances | 388,248 | 373,030 |
Valuation allowances | (30,852) | (18,689) |
Net deferred tax assets | $ 69,926 | $ 66,476 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Taxes [Line Items] | ||||
Net deferred tax assets | $ 69,926,000 | $ 66,476,000 | ||
Valuation allowance for certain other foreign and state net operating loss carryforwards | 0 | |||
Cash and cash equivalents | 206,575,000 | 395,635,000 | $ 221,839,000 | $ 358,260,000 |
Unrecognized tax benefit that, if recognized, would impact the effective tax rate | 21,288,000 | 23,497,000 | ||
Recognized (benefit)/expense in interest and penalties | 630,000 | 950,000 | $ 1,038,000 | |
Accrued amounts for payment of interest and penalties | 3,440,000 | 2,810,000 | ||
Unrecognized tax benefits, lower bound | 0 | |||
Unrecognized tax benefits, upper bound | 911,000 | |||
U.S. Federal | ||||
Income Taxes [Line Items] | ||||
Net deferred tax assets | 38,718,000 | 34,037,000 | ||
Net operating loss carryforwards, do not expire | 11,218,000 | |||
Net operating loss carryforwards | 31,304,000 | |||
Tax credit carryforwards | $ 5,925,000 | |||
U.S. Federal | Earliest Tax Year | ||||
Income Taxes [Line Items] | ||||
Expiration date | 2022 | |||
Tax credit expiration date | 2022 | |||
U.S. Federal | Latest Tax Year | ||||
Income Taxes [Line Items] | ||||
Expiration date | 2042 | |||
Tax credit expiration date | 2031 | |||
State and Local Jurisdiction | ||||
Income Taxes [Line Items] | ||||
Net deferred tax assets | $ 19,190,000 | 19,084,000 | ||
Foreign Jurisdictions | ||||
Income Taxes [Line Items] | ||||
Net deferred tax assets | 12,018,000 | $ 13,355,000 | ||
Net operating loss carryforwards, expire 2019 through 2029 | 7,710,000 | |||
Net operating loss carryforwards, do not expire | 65,193,000 | |||
Cash and cash equivalents | 153,700,000 | |||
Accumulated undistributed earning | $ 430,495,000 | |||
Foreign Jurisdictions | Earliest Tax Year | ||||
Income Taxes [Line Items] | ||||
Expiration date | 2022 | |||
Foreign Jurisdictions | Latest Tax Year | ||||
Income Taxes [Line Items] | ||||
Expiration date | 2031 |
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, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Balance at the beginning of the period | $ 22,259 | $ 21,924 | $ 21,406 |
Increases in tax positions for prior years | 28 | 476 | 661 |
Decreases in tax positions for prior years | (3,178) | (51) | (101) |
Increases in tax positions for current year | 249 | 41 | 125 |
Lapse in statute of limitations | (413) | (131) | (167) |
Balance at the end of the period | $ 18,945 | $ 22,259 | $ 21,924 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit associated with share-based compensation expense | $ 6,311 | $ 4,899 | $ 5,230 |
Tax benefit realized from share-based compensation | $ 5,573 | $ 2,528 | $ 4,425 |
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 | ||
Common shares available to grant | 6,862,703 | ||
2008 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 | 5,464,830 | ||
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] | |||
Stock options vesting period, maximum (in years) | 1 year | ||
Compensation cost of stock options granted but not yet vested | $ 0 | ||
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 | ||
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 | $ 33,444 | ||
Weighted average grant date fair value | $ 37.30 | $ 25.31 | $ 29.92 |
Weighted average period of recognition (in years) | 2 years 1 month 6 days | ||
Vested, Shares | 613,299 | ||
Aggregate grant date fair value, vested | $ 29.66 | $ 31.11 | 26.80 |
Restricted Stock Units (RSUs) | Non-employee Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted | 0 | 0 | |
Restricted Stock Units (RSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 2 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 | ||
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 | $ 6,671 | ||
Weighted average grant date fair value | $ 38.15 | $ 25.84 | $ 30.19 |
Weighted average period of recognition (in years) | 2 years 2 months 12 days | ||
Vested, Shares | 70,001 | ||
Aggregate grant date fair value, vested | $ 26.54 | ||
Performance Stock Units (PSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 2 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 |
Share-Based Compensation Expens
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, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 25,741 | $ 20,300 | $ 21,109 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 471 | 1,737 | ||
Performance Stock Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | [1] | 4,067 | 181 | 3,483 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 21,674 | $ 19,648 | $ 15,889 | |
[1] | Includes: (i) the reversal of $1,017 of previously recognized compensation expense in fiscal 2021, related to 87,997 PSU’s that were not projected to vest as the achievement of the related performance target was deemed not probable, of which $364 related to 41,332 PSU’s was subsequently recognized in fiscal 2022 due to the Company’s better than projected performance that resulted in the performance target being achieved; and (ii) the reversal of $803 of previously recognized compensation expense in fiscal 2020, related to 54,356 PSU’s that will not vest as the achievement of the related performance target is not probable. |
Share-Based Compensation Expe_2
Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Consolidated Statements of Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reversal of share-based compensation expense | $ 364 | $ 1,017 | $ 803 |
Performance Stock Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, granted | 213,750 | ||
Performance Stock Units (PSUs) | Deferred Compensation, Share-based Payments | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, granted | 41,332 | 87,997 | 54,356 |
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, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life, in years | 5 years 3 months 19 days |
Risk-free interest rate | 1.90% |
Volatility | 37.60% |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards outstanding at beginning of year, Shares | 515,000 | |
Exercised, Shares | (120,000) | |
Forfeited or Expired, Shares | (40,000) | |
Awards outstanding at end of year, Shares | 355,000 | 515,000 |
Awards outstanding fully vested and expected to vest, Shares | 355,000 | |
Awards exercisable at end of year, Shares | 355,000 | |
Awards outstanding at beginning of year, Weighted Average Exercise Price | $ 31.45 | |
Exercised, Weighted Average Exercise Price | 27.42 | |
Forfeited or Expired, Weighted Average Exercise Price | 46.42 | |
Awards outstanding at end of year, Weighted Average Exercise Price | 31.12 | $ 31.45 |
Awards outstanding fully vested and expected to vest, Weighted Average Exercise Price | 31.12 | |
Awards exercisable at end of year, Weighted Average Exercise Price | $ 31.12 | |
Awards outstanding at end of year, Weighted Average Remaining Contractual Term (years) | 2 years 6 months | 3 years |
Awards outstanding fully vested and expected to vest, Weighted Average Remaining Contractual Term (years) | 2 years 6 months | |
Awards exercisable at end of year, Weighted Average Remaining Contractual Term (years) | 2 years 6 months | |
Awards outstanding, Aggregate Intrinsic Value | $ 1,126 | $ 1,249 |
Awards outstanding fully vested and expected to vest, Aggregate Intrinsic Value | 1,126 | |
Awards exercisable at end of year, Aggregate Intrinsic Value | $ 1,126 |
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, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Net cash proceeds from the exercise of stock options | $ 3,290 | $ 495 | $ 974 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value—per share | $ 8.67 | ||
Intrinsic value of awards exercised | 1,156 | 187 | $ 307 |
Net cash proceeds from the exercise of stock options | $ 3,290 | $ 495 | $ 974 |
Summary of Performance Share Un
Summary of Performance Share Units Activity (Detail) - Performance Stock Units (PSUs) - $ / shares | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested awards outstanding at beginning of year, Shares | 270,003 | ||
Granted, Shares | 213,750 | ||
Vested, Shares | (70,001) | ||
Forfeited, Shares | (29,999) | ||
Non-vested awards outstanding at end of year, Shares | 383,753 | 270,003 | |
Non-vested awards outstanding at beginning of year, Weighted average fair value | $ 27.32 | ||
Granted, Weighted average fair value | 38.15 | $ 25.84 | $ 30.19 |
Vested, Weighted average fair value | 26.54 | ||
Forfeited, Weighted average fair value | 30.19 | ||
Non-vested awards outstanding at end of year, Weighted average fair value | $ 33.27 | $ 27.32 |
Summary of Restricted Stock Uni
Summary of Restricted Stock Unit's Activity (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested awards outstanding at beginning of year, Shares | 2,109,385 | ||
Granted, Shares | 1,075,250 | ||
Vested, Shares | (613,299) | ||
Forfeited, Shares | (284,748) | ||
Non-vested awards outstanding at end of year, Shares | 2,286,588 | 2,109,385 | |
Non-vested awards outstanding at beginning of year, Weighted average fair value | $ 28.65 | ||
Granted, Weighted average fair value | 37.30 | $ 25.31 | $ 29.92 |
Vested, Weighted average fair value | 29.66 | 31.11 | $ 26.80 |
Forfeited, Weighted average fair value | 30.41 | ||
Non-vested awards outstanding at end of year, Weighted average fair value | $ 32.37 | $ 28.65 |
Share Repurchase Activity (Deta
Share Repurchase Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Equity, Class of Treasury Stock [Line Items] | |||
Total cost | $ 63,555 | $ 10,912 | $ 223,021 |
Share repurchase program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Number of common shares repurchased and subsequently retired | 1,959,159 | 482,003 | |
Total cost | $ 55,765 | $ 7,036 | |
Average cost per share, including commissions | $ 28.46 | $ 14.60 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 01, 2022 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | 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 | 23,892,795 | |||||
Common stock repurchased and retired,value | $ 63,555 | $ 10,912 | $ 223,021 | |||
Stock repurchased and retired during period, total cost | $ 63,555 | $ 10,912 | $ 223,021 | |||
Employee Stock | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Common stock repurchased and retired,shares | 229,082 | 161,335 | ||||
Common stock repurchased and retired,value | $ 7,790 | $ 3,876 | ||||
Stock repurchased and retired during period shares | 229,082 | 161,335 | ||||
Stock repurchased and retired during period, total cost | $ 7,790 | $ 3,876 | ||||
Subsequent Event | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Common stock repurchased and retired,shares | 1,194,699 | |||||
Common stock repurchased and retired,value | $ 31,802 | |||||
Stock Repurchased And Retired During Period Average Price | $ 26.62 | |||||
Stock repurchased and retired during period shares | 1,194,699 | |||||
Stock repurchased and retired during period, total cost | $ 31,802 |
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, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | $ 1,477,358 | $ 1,455,355 | $ 1,489,098 |
Other comprehensive income (loss) before reclassifications | (7,721) | 11,303 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 11 | (419) | |
Total other comprehensive (loss) income | (7,710) | 10,884 | (901) |
Ending Balance | 1,745,740 | 1,477,358 | 1,455,355 |
Foreign Currency Translation | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | (16,950) | (28,328) | |
Other comprehensive income (loss) before reclassifications | (5,254) | 11,378 | |
Total other comprehensive (loss) income | (5,254) | 11,378 | |
Ending Balance | (22,204) | (16,950) | (28,328) |
Unrealized Gains and (Losses) on available- for-Sale Securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | (170) | 324 | |
Other comprehensive income (loss) before reclassifications | (2,467) | (75) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 11 | (419) | |
Total other comprehensive (loss) income | (2,456) | (494) | |
Ending Balance | (2,626) | (170) | 324 |
Accumulated Other Comprehensive Loss | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | (17,120) | (28,004) | (27,103) |
Ending Balance | $ (24,830) | $ (17,120) | $ (28,004) |
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, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Basic weighted-average common shares outstanding | 98,022,583 | 97,817,651 | 99,833,011 |
Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units | 1,246,122 | 705,125 | 755,666 |
Diluted weighted-average shares outstanding | 99,268,705 | 98,522,776 | 100,588,677 |
Net Income per Common Share - A
Net Income per Common Share - Additional Information (Detail) - $ / shares | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common shares | 165,000 | 467,500 | 406,250 |
Anti-dilutive common shares exercise price, minimum | $ 35.85 | $ 18.81 | $ 28.47 |
Anti-dilutive common shares exercise price, maximum | $ 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 | 60,001 | 470,815 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2022USD ($)$ / Employee_Contribution | Jan. 31, 2021USD ($) | Jan. 31, 2020USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |||
Commitments for un-fulfilled purchase orders | $ 941,847 | ||
Commitments with construction and distribution equipment contractors | 97,941 | ||
Commitments with construction and distribution equipment contractors due with in one year | 61,273 | ||
Commitments with construction And distribution equipment contractors due in more than one year | $ 36,668 | ||
U.S. based employees age limit to participate in 401(k) Saving Plan | 18 years | ||
Employer matching contribution per employee | $ / Employee_Contribution | 0.50 | ||
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 | $ 7,406,000 | $ 6,677,000 | $ 7,094,000 |
Nonqualified Deferred Compensation Plan | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Employees contribution percentage vested | 100.00% | ||
Percentage of employers contribution per year vested | 100.00% | ||
Company's contribution to Savings Plan | $ 47,000 | 66,000 | $ 56,000 |
Deferred compensation obligation | 11,813,000 | 10,793,000 | |
Aggregate market value of investments | $ 11,813,000 | $ 10,793,000 | |
Minimum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Percentage of compensation deferred by employees under Saving Plan | 1.00% | ||
Maximum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Percentage of compensation deferred by employees under Saving Plan | 25.00% | ||
Omni-Channel Fulfillment Center, Kansas City | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Commitments with construction and distribution equipment contractors | $ 96,626 | ||
Trade Letter of credit | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Letter of credit outstanding | $ 50,564 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Related Party Transactions [Abstract] | |||
Fees paid | $ 1,027 | $ 1,018 | $ 495 |
Fees due | $ 104 | $ 67 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2022StoreSegmentRestaurantCustomer | Jan. 31, 2021Store | Jan. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Number of reporting segments | Segment | 3 | ||
Number of stores | 682 | 644 | |
Number of major customers exceeding ten percentage thresholds | Customer | 0 | ||
Retail Operations | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 93.40% | 93.60% | 91.60% |
Number of restaurants | Restaurant | 10 | ||
Net sales as percentage of consolidated net sales | 93.40% | 93.60% | 91.60% |
Retail Operations | Urban Outfitters | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 261 | ||
Number of franchisee-owned stores | 2 | ||
Retail Operations | Anthropologie Group | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 238 | ||
Number of franchisee-owned stores | 1 | ||
Retail Operations | Free People | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 173 | ||
Wholesale Operations | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 5.50% | 5.70% | 8.20% |
Net sales as percentage of consolidated net sales | 5.50% | 5.70% | 8.20% |
Nuuly Operations | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 1.10% | ||
Segment net sales description | Nuuly segment net sales accounted for approximately 1.1% of consolidated net sales for fiscal 2022 and less than 1.0% of consolidated net sales | ||
Net sales as percentage of consolidated net sales | 1.10% | ||
Nuuly Operations | Maximum | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 1.00% | 1.00% | |
Net sales as percentage of consolidated net sales | 1.00% | 1.00% |
Schedule of Operations by Segme
Schedule of Operations by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | ||
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 4,548,763 | $ 3,449,749 | $ 3,983,789 | |
Total income from operations | 408,566 | 3,972 | 231,925 | |
General corporate expenses | [1] | (55,317) | (35,371) | (47,548) |
Total depreciation expense for property and equipment | 99,058 | 102,197 | 111,550 | |
Total inventory | 569,699 | 389,618 | ||
Total rental product, net | [2] | 32,075 | 11,857 | |
Total property and equipment, net | 1,145,085 | 967,422 | ||
Property and equipment, net | 1,145,085 | 967,422 | ||
Total cash paid for property and equipment | 262,429 | 159,242 | 217,433 | |
Retail Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total depreciation expense for property and equipment | 94,099 | 97,911 | 109,622 | |
Total inventory | 507,510 | 348,797 | ||
Total property and equipment, net | 1,113,294 | 938,020 | ||
Property and equipment, net | 1,113,294 | 938,020 | ||
Total cash paid for property and equipment | 254,921 | 155,343 | 189,904 | |
Wholesale Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total depreciation expense for property and equipment | 547 | 545 | 578 | |
Total inventory | 62,189 | 40,821 | ||
Total property and equipment, net | 1,458 | 2,096 | ||
Property and equipment, net | 1,458 | 2,096 | ||
Total cash paid for property and equipment | 69 | 390 | 633 | |
Nuuly Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total depreciation expense for property and equipment | 4,412 | 3,741 | 1,350 | |
Total rental product, net | [2] | 32,075 | 11,857 | |
Total property and equipment, net | 30,333 | 27,306 | ||
Property and equipment, net | 30,333 | 27,306 | ||
Total cash paid for property and equipment | 7,439 | 3,509 | 26,896 | |
Subscription Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total inventory | 569,699 | 389,618 | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 4,548,763 | 3,449,749 | 3,983,789 | |
Total income from operations | 463,883 | 39,343 | 279,473 | |
Operating Segments | Retail Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 4,248,681 | 3,228,200 | 3,648,938 | |
Total income from operations | 449,453 | 68,384 | 256,540 | |
Operating Segments | Wholesale Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 267,576 | 216,937 | 340,869 | |
Total income from operations | 32,937 | (10,180) | 42,315 | |
Operating Segments | Nuuly Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 47,724 | 24,336 | 8,001 | |
Total income from operations | (20,150) | (18,367) | (19,639) | |
Intersegment Elimination | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | (15,218) | (19,724) | (14,019) | |
Total income from operations | $ 1,643 | $ (494) | $ 257 | |
[1] | General corporate expenses during fiscal 2021 benefitted from the recognition of COVID-19 related government relief packages. | |||
[2] | Rental product, net is included in "Deferred income taxes and other assets" in the Consolidated Balance Sheets. |
Schedule of Net Sales and Perce
Schedule of Net Sales and Percentage of Net Sales by Merchandise Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | $ 4,548,763 | $ 3,449,749 | $ 3,983,789 | |
Total net sales, percentage | 100.00% | 100.00% | 100.00% | |
Apparel | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | [1] | $ 2,912,901 | $ 2,111,828 | $ 2,596,926 |
Total net sales, percentage | [1] | 64.00% | 61.00% | 65.00% |
Home | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | [2] | $ 852,379 | $ 731,237 | $ 649,184 |
Total net sales, percentage | [2] | 19.00% | 21.00% | 16.00% |
Accessories | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | [3] | $ 543,337 | $ 411,927 | $ 517,219 |
Total net sales, percentage | [3] | 12.00% | 12.00% | 13.00% |
Other | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | [4] | $ 240,146 | $ 194,757 | $ 220,460 |
Total net sales, percentage | [4] | 5.00% | 6.00% | 6.00% |
[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, the Menus & Venues brand and the Nuuly segment |
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, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 4,548,763 | $ 3,449,749 | $ 3,983,789 |
Total property and equipment, net | 1,145,085 | 967,422 | |
Domestic Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 3,950,381 | 3,040,778 | 3,485,383 |
Total property and equipment, net | 965,777 | 768,440 | |
Foreign Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 598,382 | 408,971 | $ 498,406 |
Total property and equipment, net | $ 179,308 | $ 198,982 |