☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware 94-2203880
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | |||||
Smaller reporting company | ☐ | |||||
Emerging growth company | ☐ |
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Item 1. | 1 | ||||||
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Item 2. | |||||||
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Item 3. | |||||||
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Item 4. | 22 | ||||||
PART II. OTHER INFORMATION | |||||||
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Item 1. | 23 | ||||||
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Item 1A. | 23 | ||||||
Item 2. | |||||||
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Item 3. | |||||||
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Item | |||||||
Item 5. | 23 | ||||||
Item 6. | 24 |
Thirteen Weeks Ended | ||||||||
In thousands, except per share amounts | May 5, 2019 | April 29, 2018 | ||||||
Net revenues | $ | 1,241,132 | $ | 1,203,000 | ||||
Cost of goods sold | 796,801 | 770,836 | ||||||
Gross profit | 444,331 | 432,164 | ||||||
Selling, general and administrative expenses | 370,199 | 365,614 | ||||||
Operating income | 74,132 | 66,550 | ||||||
Interest (income) expense, net | 2,253 | 1,201 | ||||||
Earnings before income taxes | 71,879 | 65,349 | ||||||
Income taxes | 19,223 | 20,181 | ||||||
Net earnings | $ | 52,656 | $ | 45,168 | ||||
Basic earnings per share | $ | 0.67 | $ | 0.54 | ||||
Diluted earnings per share | $ | 0.66 | $ | 0.54 | ||||
Shares used in calculation of earnings per share: | ||||||||
Basic | 78,683 | 83,392 | ||||||
Diluted | 79,867 | 84,174 |
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
In thousands, except per share amounts | August 4, 2019 | July 29, 2018 | August 4, 2019 | July 29, 2018 | ||||||||||||
Net revenues | $ | 1,370,814 | $ | 1,275,174 | $ | 2,611,946 | $ | 2,478,174 | ||||||||
Cost of goods sold | 886,953 | 811,232 | 1,683,754 | 1,582,068 | ||||||||||||
Gross profit | 483,861 | 463,942 | 928,192 | 896,106 | ||||||||||||
Selling, general and administrative expenses | 397,696 | 389,776 | 767,895 | 755,390 | ||||||||||||
Operating income | 86,165 | 74,166 | 160,297 | 140,716 | ||||||||||||
Interest (income) expense, net | 2,669 | 1,584 | 4,922 | 2,785 | ||||||||||||
Earnings before income taxes | 83,496 | 72,582 | 155,375 | 137,931 | ||||||||||||
Income taxes | 20,848 | 20,869 | 40,071 | 41,050 | ||||||||||||
Net earnings | $ | 62,648 | $ | 51,713 | $ | 115,304 | $ | 96,881 | ||||||||
Basic earnings per share | $ | 0.80 | $ | 0.63 | $ | 1.47 | $ | 1.17 | ||||||||
Diluted earnings per share | $ | 0.79 | $ | 0.62 | $ | 1.45 | $ | 1.16 | ||||||||
Shares used in calculation of earnings per share: | ||||||||||||||||
Basic | 78,488 | 82,342 | 78,586 | 82,867 | ||||||||||||
Diluted | 79,470 | 83,167 | 79,633 | 83,519 |
Thirteen Weeks Ended | ||||||||
In thousands | May 5, 2019 | April 29, 2018 | ||||||
Net earnings | $ | 52,656 | $ | 45,168 | ||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustments | (3,009 | ) | (1,145 | ) | ||||
Change in fair value of derivative financial instruments, net of tax of $74 and $68 | 204 | 1,123 | ||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax (tax benefit) of $24 and $(3) | (67 | ) | 49 | |||||
Comprehensive income | $ | 49,784 | $ | 45,195 |
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
In thousands | August 4, 2019 | July 29, 2018 | August 4, 2019 | July 29, 2018 | ||||||||||||
Net earnings | $ | 62,648 | $ | 51,713 | $ | 115,304 | $ | 96,881 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustments | (1,251 | ) | (2,993 | ) | (4,260 | ) | (4,138 | ) | ||||||||
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $(8), $333, $66 and $401 | (132 | ) | 6 | 72 | 1,129 | |||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax (tax benefit) of $10, $(21), $34 and $(24) | (160 | ) | — | (227 | ) | 49 | ||||||||||
Comprehensive income | $ | 61,105 | $ | 48,726 | $ | 110,889 | $ | 93,921 |
In thousands, except per share amounts | May 5, 2019 | February 3, 2019 | April 29, 2018 | |||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 107,683 | $ | 338,954 | $ | 290,244 | ||||||
Accounts receivable, net | 102,195 | 107,102 | 102,630 | |||||||||
Merchandise inventories, net | 1,155,427 | 1,124,992 | 1,052,892 | |||||||||
Prepaid expenses | 98,213 | 101,356 | 56,333 | |||||||||
Other current assets | 22,128 | 21,939 | 21,118 | |||||||||
Total current assets | 1,485,646 | 1,694,343 | 1,523,217 | |||||||||
Property and equipment, net | 916,030 | 929,635 | 926,320 | |||||||||
Operating leaseright-of-use assets | 1,200,972 | — | — | |||||||||
Deferred income taxes, net | 34,215 | 44,055 | 58,842 | |||||||||
Goodwill | 85,357 | 85,382 | 18,811 | |||||||||
Other long-term assets, net | 66,145 | 59,429 | 129,715 | |||||||||
Total assets | $ | 3,788,365 | $ | 2,812,844 | $ | 2,656,905 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ | 385,646 | $ | 526,702 | $ | 393,025 | ||||||
Accrued expenses | 109,169 | 163,559 | 99,823 | |||||||||
Gift card and other deferred revenue | 291,839 | 290,445 | 256,534 | |||||||||
Income taxes payable | 24,384 | 21,461 | 72,036 | |||||||||
Operating lease liabilities | 227,427 | — | — | |||||||||
Other current liabilities | 75,750 | 72,645 | 61,403 | |||||||||
Total current liabilities | 1,114,215 | 1,074,812 | 882,821 | |||||||||
Deferred rent and lease incentives | 30,536 | 201,374 | 204,599 | |||||||||
Long-term debt | 299,670 | 299,620 | 299,472 | |||||||||
Long-term operating lease liabilities | 1,139,625 | — | — | |||||||||
Other long-term liabilities | 82,551 | 81,324 | 72,779 | |||||||||
Total liabilities | 2,666,597 | 1,657,130 | 1,459,671 | |||||||||
Commitments and contingencies – See Note F | ||||||||||||
Stockholders’ equity | ||||||||||||
Preferred stock: $.01 par value; 7,500 shares authorized; none issued | — | — | — | |||||||||
Common stock: $.01 par value; 253,125 shares authorized; 78,808, 78,813 and 83,222 shares issued and outstanding at May 5, 2019, February 3, 2019 and April 29, 2018, respectively | 788 | 789 | 833 | |||||||||
Additionalpaid-in capital | 571,772 | 581,900 | 564,685 | |||||||||
Retained earnings | 564,127 | 584,333 | 638,774 | |||||||||
Accumulated other comprehensive loss | (13,945 | ) | (11,073 | ) | (6,755 | ) | ||||||
Treasury stock, at cost: 14, 2 and 3 shares as of May 5, 2019, February 3, 2019 and April 29, 2018, respectively | (974 | ) | (235 | ) | (303 | ) | ||||||
Total stockholders’ equity | 1,121,768 | 1,155,714 | 1,197,234 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,788,365 | $ | 2,812,844 | $ | 2,656,905 |
In thousands, except per share amounts | August 4, 2019 | February 3, 2019 | July 29, 2018 | |||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 120,467 | $ | 338,954 | $ | 174,580 | ||||||
Accounts receivable, net | 111,114 | 107,102 | 106,322 | |||||||||
Merchandise inventories, net | 1,187,728 | 1,124,992 | 1,099,888 | |||||||||
Prepaid expenses | 117,017 | 101,356 | 74,811 | |||||||||
Other current assets | 21,693 | 21,939 | 21,891 | |||||||||
Total current assets | 1,558,019 | 1,694,343 | 1,477,492 | |||||||||
Property and equipment, net | 913,059 | 929,635 | 919,689 | |||||||||
Operating lease right-of-use assets | 1,208,528 | — | — | |||||||||
Deferred income taxes, net | 38,803 | 44,055 | 60,960 | |||||||||
Goodwill | 85,348 | 85,382 | 85,673 | |||||||||
Other long-term assets, net | 65,924 | 59,429 | 64,163 | |||||||||
Total assets | $ | 3,869,681 | $ | 2,812,844 | $ | 2,607,977 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ | 404,337 | $ | 526,702 | $ | 466,903 | ||||||
Accrued expenses | 127,137 | 163,559 | �� | 112,381 | ||||||||
Gift card and other deferred revenue | 283,108 | 290,445 | 263,546 | |||||||||
Borrowings under revolving line of credit | 60,000 | — | — | |||||||||
Income taxes payable | 13,065 | 21,461 | 35,529 | |||||||||
Operating lease liabilities | 222,978 | — | — | |||||||||
Other current liabilities | 76,254 | 72,645 | 69,589 | |||||||||
Total current liabilities | 1,186,879 | 1,074,812 | 947,948 | |||||||||
Deferred rent and lease incentives | 28,618 | 201,374 | 207,190 | |||||||||
Long-term debt | 299,719 | 299,620 | 299,521 | |||||||||
Long-term operating lease liabilities | 1,148,031 | — | — | |||||||||
Other long-term liabilities | 84,831 | 81,324 | 72,330 | |||||||||
Total liabilities | 2,748,078 | 1,657,130 | 1,526,989 | |||||||||
Commitments and contingencies – See Note F | ||||||||||||
Stockholders’ equity | ||||||||||||
Preferred stock: $ .01 | — | — | — | |||||||||
Common stock: $ .01 par value; 253,125 shares authorized; 78,203, 78,813 and 80,988 shares issued and outstanding at August 4, 2019, February 3, 2019 and July 29, 2018, respectively | 783 | 789 | 810 | |||||||||
Additional paid-in capital | 584,828 | 581,900 | 561,810 | |||||||||
Retained earnings | 552,454 | 584,333 | 528,368 | |||||||||
Accumulated other comprehensive loss | (15,488 | ) | (11,073 | ) | (9,742 | ) | ||||||
Treasury stock, at cost: 14, 2 and 2 shares as of August 4, 2019, February 3, 2019 and July 29, 2018, respectively | (974 | ) | (235 | ) | (258 | ) | ||||||
Total stockholders’ equity | 1,121,603 | 1,155,714 | 1,080,988 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,869,681 | $ | 2,812,844 | $ | 2,607,977 |
Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||
In thousands | Shares | Amount | ||||||||||||||||||||||||||
Balance at February 3, 2019 | 78,813 | $ | 789 | $ | 581,900 | $ | 584,333 | $ | (11,073 | ) | $ | (235 | ) | $ | 1,155,714 | |||||||||||||
Net earnings | — | — | — | 52,656 | — | — | 52,656 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (3,009 | ) | — | (3,009 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 204 | — | 204 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | — | — | — | — | (67 | ) | — | (67 | ) | |||||||||||||||||||
Conversion/release of stock-based awards1 | 571 | 5 | (25,298 | ) | — | — | (113 | ) | (25,406 | ) | ||||||||||||||||||
Repurchases of common stock | (576 | ) | (6 | ) | (2,874 | ) | (30,010 | ) | — | (958 | ) | (33,848 | ) | |||||||||||||||
Reissuance of treasury stock under stock-based compensation plans1 | — | — | (332 | ) | — | — | 332 | — | ||||||||||||||||||||
Stock-based compensation expense | — | — | 18,376 | — | — | — | 18,376 | |||||||||||||||||||||
Dividends declared | — | — | — | (39,549 | ) | — | — | (39,549 | ) | |||||||||||||||||||
Adoption of accounting pronouncements2 | — | — | — | (3,303 | ) | — | — | (3,303 | ) | |||||||||||||||||||
Balance at May 5, 2019 | 78,808 | $ | 788 | $ | 571,772 | $ | 564,127 | $ | (13,945 | ) | $ | (974 | ) | $ | 1,121,768 | |||||||||||||
Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||
In thousands | Shares | Amount | ||||||||||||||||||||||||||
Balance at January 28, 2018 | 83,726 | $ | 837 | $ | 562,814 | $ | 647,422 | $ | (6,782 | ) | $ | (725 | ) | $ | 1,203,566 | |||||||||||||
Net earnings | — | — | — | 45,168 | — | — | 45,168 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (1,145 | ) | — | (1,145 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 1,123 | — | 1,123 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | — | — | — | — | 49 | — | 49 | |||||||||||||||||||||
Conversion/release of stock-based awards1 | 228 | 3 | (7,213 | ) | — | — | (226 | ) | (7,436 | ) | ||||||||||||||||||
Repurchases of common stock | (732 | ) | (7 | ) | (3,437 | ) | (34,269 | ) | — | — | (37,713 | ) | ||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans1 | — | — | (290 | ) | (358 | ) | — | 648 | — | |||||||||||||||||||
Stock-based compensation expense | — | — | 12,811 | — | — | — | 12,811 | |||||||||||||||||||||
Dividends declared | — | — | — | (36,877 | ) | — | — | (36,877 | ) | |||||||||||||||||||
Adoption of accounting pronouncements3 | — | — | — | 17,688 | — | — | 17,688 | |||||||||||||||||||||
Balance at April 29, 2018 | 83,222 | $ | 833 | $ | 564,685 | $ | 638,774 | $ | (6,755 | ) | $ | (303 | ) | $ | 1,197,234 |
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Common Stock | Additional Paid-in | Retained | Accumulated Other Comprehensive | Treasury | Total Stockholders’ | |||||||||||||||||||||||
In thousands | Shares | Amount | Capital | Earnings | Income (Loss) | Stock | Equity | |||||||||||||||||||||
Balance at February 3, 2019 | 78,813 | $ | 789 | $ | 581,900 | $ | 584,333 | $ | (11,073 | ) | $ | (235 | ) | $ | 1,155,714 | |||||||||||||
Net earnings | — | — | — | 52,656 | — | — | 52,656 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (3,009 | ) | — | (3,009 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 204 | — | 204 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | — | — | — | — | (67 | ) | — | (67 | ) | |||||||||||||||||||
Conversion/release of stock-based awards 1 | 571 | 5 | (25,298 | ) | — | — | (113 | ) | (25,406 | ) | ||||||||||||||||||
Repurchases of common stock | (576 | ) | (6 | ) | (2,874 | ) | (30,010 | ) | — | (958 | ) | (33,848 | ) | |||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 | — | — | (332 | ) | — | — | 332 | — | ||||||||||||||||||||
Stock-based compensation expense | — | — | 18,376 | — | — | — | 18,376 | |||||||||||||||||||||
Dividends declared | — | — | — | (39,549 | ) | — | — | (39,549 | ) | |||||||||||||||||||
Adoption of accounting pronouncements 2 | — | — | — | (3,303 | ) | — | — | (3,303 | ) | |||||||||||||||||||
Balance at May 5, 2019 | 78,808 | $ | 788 | $ | 571,772 | $ | 564,127 | $ | (13,945 | ) | $ | (974 | ) | $ | 1,121,768 | |||||||||||||
Net earnings | — | — | — | 62,648 | — | — | 62,648 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (1,251 | ) | — | (1,251 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | (132 | ) | — | (132 | ) | |||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | — | — | — | — | (160 | ) | — | (160 | ) | |||||||||||||||||||
Conversion/release of stock-based awards 1 | 31 | 1 | (482 | ) | — | — | — | (481 | ) | |||||||||||||||||||
Repurchases of common stock | (636 | ) | (6 | ) | (3,170 | ) | (35,107 | ) | — | — | (38,283 | ) | ||||||||||||||||
Stock-based compensation expense | — | — | 16,708 | — | — | — | 16,708 | |||||||||||||||||||||
Dividends declared | — | — | — | (39,214 | ) | — | — | (39,214 | ) | |||||||||||||||||||
Balance at August 4, 2019 | 78,203 | $ | 783 | $ | 584,828 | $ | 552,454 | $ | (15,488 | ) | $ | (974 | ) | $ | 1,121,603 |
STOCKHOLDERS’ EQUITY
Thirteen Weeks Ended | ||||||||
In thousands | May 5, 2019 | April 29, 2018 | ||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 52,656 | $ | 45,168 | ||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 46,838 | 47,873 | ||||||
(Gain) loss on disposal/impairment of assets | (323 | ) | 414 | |||||
Amortization of deferred lease incentives | (2,306 | ) | (6,724 | ) | ||||
Non-cash lease expense | 51,596 | — | ||||||
Deferred income taxes | (4,126 | ) | (3,241 | ) | ||||
Tax benefit related to stock-based awards | 14,898 | 6,126 | ||||||
Stock-based compensation expense | 18,529 | 12,889 | ||||||
Other | 69 | 64 | ||||||
Changes in: | ||||||||
Accounts receivable | 4,684 | (9,556 | ) | |||||
Merchandise inventories | (31,460 | ) | 2,388 | |||||
Prepaid expenses and other assets | (4,914 | ) | (4,399 | ) | ||||
Accounts payable | (144,399 | ) | (76,823 | ) | ||||
Accrued expenses and other liabilities | (49,196 | ) | (32,047 | ) | ||||
Gift card and other deferred revenue | 1,558 | 4,815 | ||||||
Deferred rent and lease incentives | — | 10,004 | ||||||
Operating lease liabilities | (55,099 | ) | — | |||||
Income taxes payable | 2,915 | 13,818 | ||||||
Net cash (used in) provided by operating activities | (98,080 | ) | 10,769 | |||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (36,148 | ) | (34,029 | ) | ||||
Other | 107 | 120 | ||||||
Net cash used in investing activities | (36,041 | ) | (33,909 | ) | ||||
Cash flows from financing activities: | ||||||||
Repurchases of common stock | (33,848 | ) | (37,713 | ) | ||||
Payment of dividends | (36,868 | ) | (34,081 | ) | ||||
Tax withholdings related to stock-based awards | (25,406 | ) | (7,438 | ) | ||||
Net cash used in financing activities | (96,122 | ) | (79,232 | ) | ||||
Effect of exchange rates on cash and cash equivalents | (1,028 | ) | 2,480 | |||||
Net decrease in cash and cash equivalents | (231,271 | ) | (99,892 | ) | ||||
Cash and cash equivalents at beginning of period | 338,954 | 390,136 | ||||||
Cash and cash equivalents at end of period | $ | 107,683 | $ | 290,244 |
Common Stock | Additional Paid-in | Retained | Accumulated Other Comprehensive | Treasury | Total Stockholders’ | |||||||||||||||||||||||
In thousands | Shares | Amount | Capital | Earnings | Income (Loss) | Stock | Equity | |||||||||||||||||||||
Balance at January 28, 2018 | 83,726 | $ | 837 | $ | 562,814 | $ | 647,422 | $ | (6,782 | ) | $ | (725 | ) | $ | 1,203,566 | |||||||||||||
Net earnings | — | — | — | 45,168 | — | — | 45,168 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (1,145 | ) | — | (1,145 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 1,123 | — | 1,123 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | — | — | — | — | 49 | — | 49 | |||||||||||||||||||||
Conversion/release of stock-based awards 1 | 228 | 3 | (7,213 | ) | — | — | (226 | ) | (7,436 | ) | ||||||||||||||||||
Repurchases of common stock | (732 | ) | (7 | ) | (3,437 | ) | (34,269 | ) | — | — | (37,713 | ) | ||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 | — | — | (290 | ) | (358 | ) | — | 648 | — | |||||||||||||||||||
Stock-based compensation expense | — | — | 12,811 | — | — | — | 12,811 | |||||||||||||||||||||
Dividends declared | — | — | — | (36,877 | ) | — | — | (36,877 | ) | |||||||||||||||||||
Adoption of accounting pronouncements 2 | — | — | — | 17,688 | — | — | 17,688 | |||||||||||||||||||||
Balance at April 29, 2018 | 83,222 | $ | 833 | $ | 564,685 | $ | 638,774 | $ | (6,755 | ) | $ | (303 | ) | $ | 1,197,234 | |||||||||||||
Net earnings | — | — | — | 51,713 | — | — | 51,713 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (2,993 | ) | — | (2,993 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 6 | — | 6 | |||||||||||||||||||||
Conversion/release of stock-based awards 1 | 175 | 2 | (4,869 | ) | — | — | (32 | ) | (4,899 | ) | ||||||||||||||||||
Repurchases of common stock | (2,409 | ) | (25 | ) | (11,431 | ) | (125,649 | ) | — | — | (137,105 | ) | ||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 | — | — | (72 | ) | (5 | ) | — | 77 | — | |||||||||||||||||||
Stock-based compensation expense | — | — | 13,497 | — | — | — | 13,497 | |||||||||||||||||||||
Dividends declared | — | — | — | (36,465 | ) | — | — | (36,465 | ) | |||||||||||||||||||
Balance at July 29, 2018 | 80,988 | $ | 810 | $ | 561,810 | $ | 528,368 | $ | (9,742 | ) | $ | (258 | ) | $ | 1,080,988 |
Twenty-six Weeks Ended | ||||||||
In thousands | August 4, 2019 | July 29, 20 18 | ||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 115,304 | $ | 96,881 | ||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 93,744 | 93,809 | ||||||
(Gain) loss on disposal/impairment of assets | (6 | ) | 4,466 | |||||
Amortization of deferred lease incentives | (4,228 | ) | (13,210 | ) | ||||
Non-cash lease expense | 105,437 | — | ||||||
Deferred income taxes | (8,428 | ) | (4,415 | ) | ||||
Tax benefit related to stock-based awards | 14,110 | 9,711 | ||||||
Stock-based compensation expense | 35,401 | 26,526 | ||||||
Other | 92 | 166 | ||||||
Changes in: | ||||||||
Accounts receivable | (4,430 | ) | (13,567 | ) | ||||
Merchandise inventories | (63,576 | ) | (45,159 | ) | ||||
Prepaid expenses and other assets | (24,506 | ) | (29,217 | ) | ||||
Accounts payable | (127,511 | ) | (1,735 | ) | ||||
Accrued expenses and other liabilities | (30,677 | ) | (12,209 | ) | ||||
Gift card and other deferred revenue | (7,173 | ) | 11,927 | |||||
Deferred rent and lease incentives | — | 18,861 | ||||||
Operating lease liabilities | (111,782 | ) | — | |||||
Income taxes payable | (8,407 | ) | (22,712 | ) | ||||
Net cash (used in) provided by operating activities | (26,636 | ) | 120,123 | |||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (77,189 | ) | (80,021 | ) | ||||
Other | 470 | 513 | ||||||
Net cash used in investing activities | (76,719 | ) | (79,508 | ) | ||||
Cash flows from financing activities: | ||||||||
Payment of dividends | (75,453 | ) | (70,331 | ) | ||||
Repurchases of common stock | (72,131 | ) | (174,818 | ) | ||||
Borrowings under revolving line of credit | 60,000 | — | ||||||
Tax withholdings related to stock-based awards | (25,887 | ) | (12,335 | ) | ||||
Net cash used in financing activities | (113,471 | ) | (257,484 | ) | ||||
Effect of exchange rates on cash and cash equivalents | (1,661 | ) | 1,313 | |||||
Net decrease in cash and cash equivalents | (218,487 | ) | (215,556 | ) | ||||
Cash and cash equivalents at beginning of period | 338,954 | 390,136 | ||||||
Cash and cash equivalents at end of period | $ | 120,467 | $ | 174,580 |
Reclassifications
Certain amounts reported in our Condensed Consolidated Balance Sheet as of April 29, 2018 have been reclassified in order to conform to the current period presentation. These reclassifications impacted goodwill and other long-term assets. There was no change to total current assets as a result of these reclassifications.
20, 2021.
Shares | ||||
Balance at February 3, 2019 | 3,012,923 | |||
Granted | 1,000,469 | |||
Granted, with vesting subject to performance conditions | 238,786 | |||
Released 1 | ( | ) | ||
Cancelled | ( | ) | ||
Balance at | 2,998,164 | |||
Vested plus expected to vest at | 3,158,678 |
In thousands, except per share amounts | Net Earnings | Weighted Average Shares | Earnings Per Share | |||||||||
Thirteen weeks ended May 5, 2019 | ||||||||||||
Basic | $ | 52,656 | 78,683 | $ | 0.67 | |||||||
Effect of dilutive stock-based awards | 1,184 | |||||||||||
Diluted | $ | 52,656 | 79,867 | $ | 0.66 | |||||||
Thirteen weeks ended April 29, 2018 | ||||||||||||
Basic | $ | 45,168 | 83,392 | $ | 0.54 | |||||||
Effect of dilutive stock-based awards | 782 | |||||||||||
Diluted | $ | 45,168 | 84,174 | $ | 0.54 |
In thousands, except per share amounts | Net Earnings | Weighted Average Shares | Earnings Per Share | |||||||||
Thirteen weeks ended August 4, 2019 | ||||||||||||
Basic | $ | 62,648 | 78,488 | $ | 0.80 | |||||||
Effect of dilutive stock-based awards | 982 | |||||||||||
Diluted | $ | 62,648 | 79,470 | $ | 0.79 | |||||||
Thirteen weeks ended July 29, 2018 | ||||||||||||
Basic | $ | 51,713 | 82,342 | $ | 0.63 | |||||||
Effect of dilutive stock-based awards | 825 | |||||||||||
Diluted | $ | 51,713 | 83,167 | $ | 0.62 | |||||||
Twenty-six weeks ended August 4, 2019 | ||||||||||||
Basic | $ | 115,304 | 78,586 | $ | 1.47 | |||||||
Effect of dilutive stock-based awards | 1,047 | |||||||||||
Diluted | $ | 115,304 | 79,633 | $ | 1.45 | |||||||
Twenty-six weeks ended July 29, 2018 | ||||||||||||
Basic | $ | 96,881 | 82,867 | $ | 1.17 | |||||||
Effect of dilutive stock-based awards | 652 | |||||||||||
Diluted | $ | 96,881 | 83,519 | $ | 1.16 |
Thirteen Weeks Ended | ||||||||
In thousands | May 5, 2019 | April 29, 2018 | ||||||
Pottery Barn | $ | 492,126 | $ | 490,372 | ||||
West Elm | 309,483 | 273,349 | ||||||
Williams Sonoma | 194,894 | 200,977 | ||||||
Pottery Barn Kids and Teen | 177,046 | 180,396 | ||||||
Other1 | 67,583 | 57,906 | ||||||
Total2 | $ | 1,241,132 | $ | 1,203,000 |
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
In thousands | August 4, 2019 | July 29, 2018 | August 4, 2019 | July 29, 2018 | ||||||||||||
Pottery Barn | $ | 524,847 | $ | 506,460 | $ | 1,016,973 | $ | 996,831 | ||||||||
West Elm | 357,574 | 301,213 | 667,057 | 574,562 | ||||||||||||
Williams Sonoma | 191,374 | 195,178 | 386,267 | 396,156 | ||||||||||||
Pottery Barn Kids and Teen | 227,853 | 213,807 | 404,899 | 394,203 | ||||||||||||
Other 1 | 69,166 | 58,516 | 136,750 | 116,422 | ||||||||||||
Total 2 | $ | 1,370,814 | $ | 1,275,174 | $ | 2,611,946 | $ | 2,478,174 |
|
2 |
|
In thousands | May 5, 2019 | April 29, 2018 | ||||||
U.S. | $ | 2,136,000 | $ | 1,074,177 | ||||
International | 166,719 | 59,511 | ||||||
Total | $ | 2,302,719 | $ | 1,133,688 |
In thousands | August 4, 2019 | July 29, 2018 | ||||||
U.S. | $ | 2,146,995 | $ | 1,077,547 | ||||
International | 164,667 | 52,938 | ||||||
Total | $ | 2,311,662 | $ | 1,130,485 |
In thousands | May 5, 2019 | April 29, 2018 | ||||||
Contracts designated as cash flow hedges | $ | 10,800 | $ | 28,500 | ||||
Contracts not designated as cash flow hedges | $ | — | $ | 52,276 |
In thousands | August 4, 2019 | July 29, 2018 | ||||||
Contracts designated as cash flow hedges | $ | 6,000 | $ | 20,800 | ||||
Contracts not designated as cash flow hedges | $ | — | $ | 6,600 |
In thousands | May 5, 2019 | April 29, 2018 | ||||||
Net gain (loss) recognized in OCI | $ | 278 | $ | 1,191 |
May 5, 2019 | April 29, 2018 | |||||||||||||||
In thousands | Cost of goods sold | Selling, general and administrative expenses | Cost of goods sold | Selling, general and | ||||||||||||
Line items presented in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded | $ | 796,801 | $ | 370,199 | $ | 770,836 | $ | 365,614 | ||||||||
Gain (loss) recognized in income | ||||||||||||||||
Derivatives designated as cash flow hedges | $ | 108 | $ | — | $ | (52 | ) | $ | (17 | ) | ||||||
Derivatives not designated as hedging instruments | $ | — | $ | (6 | ) | $ | — | $ | 2,760 |
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||||||||||||||||||
August 4, 2019 | July 29, 2018 | August 4, 2019 | July 29, 2018 | |||||||||||||||||||||||||||||
In thousands | Cost of goods sold | Selling, general and administrative expenses | Cost of goods sold | Selling, general and administrative expenses | Cost of goods sold | Selling, general and administrative expenses | Cost of goods sold | Selling, general and administrative expenses | ||||||||||||||||||||||||
Line items presented in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded | $ | 886,953 | $ | 397,696 | $ | 811,232 | $ | 389,776 | $ | 1,683,754 | $ | 767,895 | $ | 1,582,068 | $ | 755,390 | ||||||||||||||||
Gain (loss) recognized in income | ||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | $ | 187 | $ | — | $ | (21 | ) | $ | 50 | $ | 295 | $ | — | $ | (73 | ) | $ | 33 | ||||||||||||||
Derivatives not designated as hedging instruments | $ | — | $ | 24 | $ | — | $ | 1,183 | $ | — | $ | 18 | $ | — | $ | 3,943 |
In thousands | May 5, 2019 | April 29, 2018 | ||||||
Derivatives designated as cash flow hedges: | ||||||||
Other current assets | $ | 475 | $ | 460 | ||||
Other long-term assets | $ | — | $ | 79 | ||||
Other current liabilities | $ | — | $ | (51 | ) | |||
Derivatives not designated as hedging instruments: | ||||||||
Other current assets | $ | — | $ | 36 |
In thousands | August 4, 2019 | July 29, 2018 | ||||||
Derivatives designated as cash flow hedges: | ||||||||
Other current assets | $ | 142 | $ | 690 | ||||
Other long-term assets | $ | — | $ | 57 | ||||
Derivatives not designated as hedging instruments: | ||||||||
Other current assets | $ | — | $ | 5 |
In thousands | Foreign Currency Translation | Cash Flow Hedges | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance at February 3, 2019 | $ | (11,259 | ) | $ | 186 | $ | (11,073 | ) | ||||
Foreign currency translation adjustments | (3,009 | ) | — | (3,009 | ) | |||||||
Change in fair value of derivative financial instruments | — | 204 | 204 | |||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments1 | — | (67 | ) | (67 | ) | |||||||
Other comprehensive income (loss) | (3,009 | ) | 137 | (2,872 | ) | |||||||
Balance at May 5, 2019 | $ | (14,268 | ) | $ | 323 | $ | (13,945 | ) | ||||
Balance at January 28, 2018 | $ | (6,227 | ) | $ | (555 | ) | $ | (6,782 | ) | |||
Foreign currency translation adjustments | (1,145 | ) | — | (1,145 | ) | |||||||
Change in fair value of derivative financial instruments | — | 1,123 | 1,123 | |||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments1 | — | 49 | 49 | |||||||||
Other comprehensive income (loss) | (1,145 | ) | 1,172 | 27 | ||||||||
Balance at April 29, 2018 | $ | (7,372 | ) | $ | 617 | $ | (6,755 | ) |
|
In thousands | Foreign Currency Translation | Cash Flow Hedges | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance at February 3, 2019 | $ | (11,259 | ) | $ | 186 | $ | (11,073 | ) | ||||
Foreign currency translation adjustments | (3,009 | ) | (3,009 | ) | ||||||||
Change in fair value of derivative financial instruments | — | 204 | 204 | |||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments | — | (67 | ) | (67 | ) | |||||||
Other comprehensive income (loss) | (3,009 | ) | 137 | (2,872 | ) | |||||||
Balance at May 5, 2019 | (14,268 | ) | 323 | (13,945 | ) | |||||||
Foreign currency translation adjustments | (1,251 | ) | — | (1,251 | ) | |||||||
Change in fair value of derivative financial instruments | — | (132 | ) | (132 | ) | |||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments | — | (160 | ) | (160 | ) | |||||||
Other comprehensive income (loss) | (1,251 | ) | (292 | ) | (1,543 | ) | ||||||
Balance at August 4, 2019 | $ | (15,519 | ) | $ | 31 | $ | (15,488 | ) | ||||
Balance at January 28, 2018 | $ | (6,227 | ) | $ | (555 | ) | $ | (6,782 | ) | |||
Foreign currency translation adjustments | (1,145 | ) | — | (1,145 | ) | |||||||
Change in fair value of derivative financial instruments | — | 1,123 | 1,123 | |||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments | — | 49 | 49 | |||||||||
Other comprehensive income (loss) | (1,145 | ) | 1,172 | 27 | ||||||||
Balance at April 29, 2018 | (7,372 | ) | 617 | (6,755 | ) | |||||||
Foreign currency translation adjustments | (2,993 | ) | — | (2,993 | ) | |||||||
Change in fair value of derivative financial instruments | — | 6 | 6 | |||||||||
Other comprehensive income (loss) | (2,993 | ) | 6 | (2,987 | ) | |||||||
Balance at July 29, 2018 | $ | (10,365 | ) | $ | 623 | $ | (9,742 | ) |
In thousands | ||||
Working capital and other assets | $ | 718,000 | ||
Property and equipment, net | 2,049,000 | |||
Intangible assets | 18,300,000 | |||
Liabilities | (6,886,000 | ) | ||
Total identifiable net assets acquired | $ | 14,181,000 | ||
Goodwill | 66,631,000 | |||
Total purchase consideration | $ | 80,812,000 |
Working capital and other assets | $ | 718,000 | ||
Property and equipment, net | 2,049,000 | |||
Intangible assets | 18,300,000 | |||
Liabilities | (6,886,000 | ) | ||
Total identifiable net assets acquired | $ | 14,181,000 | ||
Goodwill | 66,631,000 | |||
Total purchase consideration | $ | 80,812,000 |
In thousands | ||||
Operating lease costs | $ | 64,968 | ||
Variable lease costs | 4,634 | |||
Total lease costs | $ | 69,602 |
In thousands | Thirteen weeks ended August 4, 2019 | Twenty-six weeks ended August 4, 2019 | ||||||
Operating lease costs | $ | 66,143 | $ | 131,111 | ||||
Variable lease costs | 5,129 | 9,763 | ||||||
Total lease costs | $ | 71,272 | $ | 140,874 |
In thousands | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 69,814 | ||
Net additions toright-of-use assets | $ | 18,522 |
In thousands | Thirteen weeks ended August 4, 2019 | Twenty-six weeks ended | ||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 71,580 | $ | �� 141,394 | ||||
Net additions to right-of-use assets | 63,871 | 82,393 |
Weighted average remaining lease term (years) | 7.55 | |||
Weighted average incremental borrowing rate | 3.86 | % |
In thousands | ||||
Remaining fiscal 2019 | $ | 212,392 | ||
Fiscal 2020 | 254,252 | |||
Fiscal 2021 | 221,022 | |||
Fiscal 2022 | 188,561 | |||
Fiscal 2023 | 158,676 | |||
Fiscal 2024 | 136,186 | |||
Fiscal 2025 and thereafter | 426,080 | |||
Total lease payments | 1,597,169 | |||
Less interest | (230,117 | ) | ||
Total operating lease liability | 1,367,052 | |||
Less current operating lease liability | (227,427 | ) | ||
Totalnon-current operating lease liability | $ | 1,139,625 |
In thousands | ||||
Remaining fiscal 2019 | $ | 143,927 | ||
Fiscal 2020 | 265,375 | |||
Fiscal 2021 | 233,052 | |||
Fiscal 2022 | 201,593 | |||
Fiscal 2023 | 170,283 | |||
Fiscal 2024 | 146,808 | |||
Fiscal 2025 and thereafter | 441,650 | |||
Total lease payments | 1,602,688 | |||
Less interest | (231,679 | ) | ||
Total operating lease liability | 1,371,009 | |||
Less current operating lease liability | (222,978 | ) | ||
Total non-current operating lease liability | $ | 1,148,031 |
In thousands | ||||
Fiscal 2019 | $ | 292,387 | ||
Fiscal 2020 | 262,429 | |||
Fiscal 2021 | 225,755 | |||
Fiscal 2022 | 190,263 | |||
Fiscal 2023 | 160,308 | |||
Thereafter | 559,802 | |||
Total | $ | 1,690,944 |
May 5,August 4, 2019 or AprilJuly 29, 2018.
The following discussion and analysis of financial condition, results of operations, and liquidity and capital resources for the thirteen weeks ended May 5,August 4, 2019 (“firstsecond quarter of fiscal 2019”), as compared to the thirteen weeks ended AprilJuly 29, 2018 (“firstsecond quarter of fiscal 2018”) and the twenty-six weeks ended August 4, 2019 (“year-to-date fiscal 2019”), as compared to the twenty-six weeks ended July 29, 2018 (“year-to-date fiscal 2018”), should be read in conjunction with our Condensed Consolidated Financial Statements and the notes thereto. All explanations of changes in operational results are discussed in order of magnitude.
First
In
Instant Pot last year. In the firstsecond quarter of fiscal 2019, diluted earnings per share was $0.66$0.79 (which included a $0.09 impact from employment-related expenses, primarily associated with severance, and a $0.06$0.07 impact related to Outward, Inc.), and a $0.01 impact from employment-related expenses) versus $0.54$0.62 in the firstsecond quarter of fiscal 2018 (which included a $0.06$0.05 impact related to Outward, Inc., a $0.04$0.05 impact related to impairment and early lease termination charges, a $0.03 impact associated with tax expense from U.S. Tax Reform, and a $0.03$0.02 impact related to other discrete items)from employment-related expenses). We also returned $70,716,000$76,868,000 to our stockholders through dividends and stock repurchases and dividends.
repurchases.
Another key highlightproject pipeline with more strategic partnerships across industry verticals.
the China tariffs.
Thirteen Weeks Ended | ||||||||
Comparable brand revenue growth (decline) | May 5, 2019 | April 29, 2018 | ||||||
Pottery Barn | 1.5 | % | 2.7 | % | ||||
West Elm | 11.8 | % | 9.0 | % | ||||
Williams Sonoma | (1.6 | %) | 5.6 | % | ||||
Pottery Barn Kids and Teen | 1.2 | % | 5.3 | % | ||||
Total1 | 3.5 | % | 5.5 | % |
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
Comparable brand revenue growth (decline) | August 4, 2019 | July 29, 2018 | August 4, 2019 | July 29, 2018 | ||||||||||||
Pottery Barn | 4.2 | % | 2.0 | % | 2.9 | % | 2.3 | % | ||||||||
West Elm | 17.5 | % | 9.5 | % | 14.8 | % | 9.2 | % | ||||||||
Williams Sonoma | (1.1 | %) | 1.6 | % | (1.3 | %) | 3.6 | % | ||||||||
Pottery Barn Kids and Teen | 3.7 | % | 5.7 | % | 2.6 | % | 5.5 | % | ||||||||
Total 1 | 6.5 | % | 4.6 | % | 5.1 | % | 5.1 | % |
1 | Total comparable brand revenue growth includes the results of Rejuvenation and Mark and Graham. |
Store Count | Average Leased Square Footage Per Store | |||||||||||||||||||||||||||
February 3, 2019 | Openings | Closings | May 5, 2019 | April 29, 2018 | May 5, 2019 | April 29, 2018 | ||||||||||||||||||||||
Williams Sonoma | 220 | 2 | (3 | ) | 219 | 224 | 6,800 | 6,800 | ||||||||||||||||||||
Pottery Barn | 205 | — | — | 205 | 203 | 14,100 | 13,900 | |||||||||||||||||||||
West Elm | 112 | 1 | — | 113 | 108 | 13,100 | 13,000 | |||||||||||||||||||||
Pottery Barn Kids | 78 | — | — | 78 | 84 | 7,500 | 7,400 | |||||||||||||||||||||
Rejuvenation | 10 | — | — | 10 | 8 | 8,500 | 8,800 | |||||||||||||||||||||
Total | 625 | 3 | (3 | ) | 625 | 627 | 10,500 | 10,300 | ||||||||||||||||||||
Store selling square footage atperiod-end |
| 4,094,000 | 4,015,000 | |||||||||||||||||||||||||
Store leased square footage atperiod-end |
| 6,549,000 | 6,441,000 |
Store Count | Average Leased Square Footage Per Store | |||||||||||||||||||||||||||
May 5, 2019 | Openings | Closings | August 4, 2019 | July 29, 2018 | August 4, 2019 | July 29, 2018 | ||||||||||||||||||||||
Williams Sonoma | 219 | — | (1 | ) | 218 | 226 | 6,800 | 6,800 | ||||||||||||||||||||
Pottery Barn | 205 | 2 | (2 | ) | 205 | 205 | 14,400 | 13,900 | ||||||||||||||||||||
West Elm | 113 | — | (1 | ) | 112 | 109 | 13,100 | 13,100 | ||||||||||||||||||||
Pottery Barn Kids | 78 | — | — | 78 | 84 | 7,500 | 7,400 | |||||||||||||||||||||
Rejuvenation | 10 | — | — | 10 | 8 | 8,500 | 8,800 | |||||||||||||||||||||
Total | 625 | 2 | (4 | ) | 623 | 632 | 10,600 | 10,300 | ||||||||||||||||||||
Store selling square footage at period-end | 4,124,000 | 4,058,000 | ||||||||||||||||||||||||||
Store leased square footage at period-end | 6,587,000 | 6,504,000 |
Thirteen Weeks Ended | ||||||||||||||||
In thousands | May 5, 2019 | % Net Revenues | April 29, 2018 | % Net Revenues | ||||||||||||
Cost of goods sold1 | $ | 796,801 | 64.2 | % | $ | 770,836 | 64.1 | % |
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||||||||||||||||||
In thousands | August 4, 2019 | % Net Revenues | July 29, 2018 | % Net Revenues | August 4, 2019 | % Net Revenues | July 29, 2018 | % Net Revenues | ||||||||||||||||||||||||
Cost of goods sold 1 | $ | 886,953 | 64.7 | % | $ | 811,232 | 63.6 | % | $ | 1,683,754 | 64.5 | % | $ | 1,582,068 | 63.8 | % |
1 | Includes total occupancy expenses of |
FirstFirstSecond Quarter of Fiscal 2018
trade, partially offset by the leverage of occupancy costs.
Thirteen Weeks Ended | ||||||||||||||||
In thousands | May 5, 2019 | % Net Revenues | April 29, 2018 | % Net Revenues | ||||||||||||
Selling, general and administrative expenses | $ | 370,199 | 29.8 | % | $ | 365,614 | 30.4 | % |
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||||||||||||||||||
In thousands | August 4, 2019 | % Net Revenues | July 29, 2018 | % Net Revenues | August 4, 2019 | % Net Revenues | July 29, 2018 | % Net Revenues | ||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 397,696 | 29.0 | % | $ | 389,776 | 30.6 | % | $ | 767,895 | 29.4 | % | $ | 755,390 | 30.5 | % |
First
higher sales and the continued benefits of our cost savings initiatives across the business, as well as our overall expense discipline.
On August 23, 2019, we renewed all three of our letter of credit facilities for substantially similar terms.
due to the timing of payments.
borrowings under our revolver.
During the first quarter of fiscal 2019, we implemented controls related to the adoption of ASC 842 and the related financial statement reporting.
In March 2019, our Board of Directors authorized an increase in the amount available for repurchase under our existing stock repurchase plan by an additional $500,000,000.
Fiscal period | Total Number of Shares Purchased1 | Average Price Paid Per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program1 | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program | ||||||||||||
February 4, 2019 – March 3, 2019 | 156,930 | $ | 55.86 | 156,930 | $ | 215,050,000 | ||||||||||
March 4, 2019 – March 31, 2019 | 179,349 | $ | 57.44 | 179,349 | $ | 704,749,000 | ||||||||||
April 1, 2019 – May 5, 2019 | 256,817 | $ | 57.56 | 256,817 | $ | 689,967,000 | ||||||||||
Total | 593,096 | $ | 57.07 | 593,096 | $ | 689,967,000 |
Fiscal period | Total Number of Shares Purchased 1 | Average Price Paid Per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program 1 | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program | ||||||||||||
May 6, 2019 – June 2, 2019 | 223,925 | $ | 53.61 | 223,925 | $ | 677,963,000 | ||||||||||
June 3, 2019 – June 30, 2019 | 188,106 | $ | 60.55 | 188,106 | $ | 666,573,000 | ||||||||||
July 1, 2019 – August 4, 2019 | 223,495 | $ | 66.62 | 223,495 | $ | 651,685,000 | ||||||||||
Total | 635,526 | $ | 60.24 | 635,526 | $ | 651,685,000 |
1 | Excludes shares withheld for employee taxes upon vesting of stock-based awards. |
|
| |||
Exhibit Number | Exhibit Description | |||
10.1+* | ||||
31.1* | ||||
31.2* | ||||
32.1* | ||||
32.2* | ||||
101.INS* | eXtensible Business Reporting Language (XBRL) Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in the Interactive Data Files submitted under Exhibit 101). |
+ | Indicates a management contract or compensatory plan or arrangement. |
* | Filed herewith. |
WILLIAMS-SONOMA, INC. | ||
By: | /s/ Julie Whalen | |
Julie Whalen | ||
Duly Authorized Officer and Chief Financial Officer |
23