Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2019 | Jun. 04, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | URBN | |
Entity Registrant Name | URBAN OUTFITTERS INC | |
Entity Central Index Key | 0000912615 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 97,965,012 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 291,199 | $ 358,260 | $ 313,713 |
Marketable securities | 229,163 | 279,232 | 166,367 |
Accounts receivable, net of allowance for doubtful accounts of $892, $1,499 and $1,895, respectively | 88,390 | 80,461 | 88,936 |
Inventory | 408,362 | 370,507 | 404,617 |
Prepaid expenses and other current assets | 122,183 | 114,296 | 123,505 |
Total current assets | 1,139,297 | 1,202,756 | 1,097,138 |
Property and equipment, net | 829,072 | 796,029 | 819,725 |
Operating lease right-of-use assets | 1,088,290 | ||
Marketable securities | 93,894 | 57,292 | 35,079 |
Deferred income taxes and other assets | 101,267 | 104,438 | 99,273 |
Total Assets | 3,251,820 | 2,160,515 | 2,051,215 |
Current liabilities: | |||
Accounts payable | 174,258 | 144,414 | 158,870 |
Current portion of operating lease liabilities | 214,443 | ||
Accrued expenses, accrued compensation and other current liabilities | 259,478 | 242,230 | 256,221 |
Total current liabilities | 648,179 | 386,644 | 415,091 |
Non-current portion of operating lease liabilities | 1,092,180 | ||
Deferred rent and other liabilities | 63,490 | 284,773 | 289,709 |
Total Liabilities | 1,803,849 | 671,417 | 704,800 |
Commitments and contingencies (see Note 12) | |||
Shareholders’ equity: | |||
Preferred shares; $.0001 par value, 10,000,000 shares authorized, none issued | |||
Common shares; $.0001 par value, 200,000,000 shares authorized, 103,599,364, 105,642,283 and 108,670,688 shares issued and outstanding, respectively | 10 | 11 | 11 |
Additional paid-in-capital | 6,434 | ||
Retained earnings | 1,478,678 | 1,516,190 | 1,358,683 |
Accumulated other comprehensive loss | (30,717) | (27,103) | (18,713) |
Total Shareholders’ Equity | 1,447,971 | 1,489,098 | 1,346,415 |
Total Liabilities and Shareholders’ Equity | $ 3,251,820 | $ 2,160,515 | $ 2,051,215 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 |
Statement Of Financial Position [Abstract] | |||
Accounts receivable, allowance for doubtful accounts | $ 892 | $ 1,499 | $ 1,895 |
Preferred shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred shares, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred shares, shares issued | 0 | 0 | 0 |
Common shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common shares, shares issued | 103,599,364 | 105,642,283 | 108,670,688 |
Common shares, shares outstanding | 103,599,364 | 105,642,283 | 108,670,688 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 864,413 | $ 855,688 |
Cost of sales | 595,357 | 575,028 |
Gross profit | 269,056 | 280,660 |
Selling, general and administrative expenses | 229,036 | 226,764 |
Income from operations | 40,020 | 53,896 |
Other income, net | 2,680 | 80 |
Income before income taxes | 42,700 | 53,976 |
Income tax expense | 10,115 | 12,716 |
Net income | $ 32,585 | $ 41,260 |
Net income per common share: | ||
Basic | $ 0.31 | $ 0.38 |
Diluted | $ 0.31 | $ 0.38 |
Weighted-average common shares outstanding: | ||
Basic | 104,437,460 | 108,490,926 |
Diluted | 105,340,148 | 109,743,677 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 32,585 | $ 41,260 |
Other comprehensive loss: | ||
Foreign currency translation | (3,800) | (7,969) |
Change in unrealized gains (losses) on marketable securities, net of tax | 186 | (93) |
Total other comprehensive loss | (3,614) | (8,062) |
Comprehensive income | $ 28,971 | $ 33,198 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Jan. 31, 2018 | $ 1,300,903 | $ 11 | $ 684 | $ 1,310,859 | $ (10,651) |
Beginning Balances (in shares) at Jan. 31, 2018 | 108,248,568 | ||||
Comprehensive income | 33,198 | 41,260 | (8,062) | ||
Share-based compensation | 5,524 | 5,524 | |||
Share-based awards | 5,273 | 5,273 | |||
Share-based awards (in shares) | 560,430 | ||||
Cumulative effect of change in accounting pronouncement | 6,564 | 6,564 | |||
Share repurchases | (5,047) | (5,047) | |||
Share repurchases (in shares) | (138,310) | ||||
Ending Balance at Apr. 30, 2018 | $ 1,346,415 | $ 11 | 6,434 | 1,358,683 | (18,713) |
Ending Balances (in shares) at Apr. 30, 2018 | 108,670,688 | 108,670,688 | |||
Beginning Balance at Jan. 31, 2019 | $ 1,489,098 | $ 11 | 1,516,190 | (27,103) | |
Beginning Balances (in shares) at Jan. 31, 2019 | 105,642,283 | 105,642,283 | |||
Comprehensive income | $ 28,971 | 32,585 | (3,614) | ||
Share-based compensation | 5,553 | 5,553 | |||
Share-based awards | 974 | 974 | |||
Share-based awards (in shares) | 563,989 | ||||
Share repurchases | (76,625) | $ (1) | $ (6,527) | (70,097) | |
Share repurchases (in shares) | (2,606,908) | ||||
Ending Balance at Apr. 30, 2019 | $ 1,447,971 | $ 10 | $ 1,478,678 | $ (30,717) | |
Ending Balances (in shares) at Apr. 30, 2019 | 103,599,364 | 103,599,364 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 32,585 | $ 41,260 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 27,809 | 30,464 |
ROU asset amortization | 46,626 | |
Provision (benefit) for deferred income taxes | 4,163 | (7,166) |
Share-based compensation expense | 5,553 | 5,524 |
Loss on disposition of property and equipment, net | 552 | 1,985 |
Changes in assets and liabilities: | ||
Receivables | (8,003) | (12,194) |
Inventory | (38,551) | (54,379) |
Prepaid expenses and other assets | (12,396) | 1,599 |
Payables, accrued expenses, operating lease liabilities and other liabilities | (32,445) | 47,022 |
Net cash provided by operating activities | 25,893 | 54,115 |
Cash flows from investing activities: | ||
Cash paid for property and equipment | (37,716) | (24,634) |
Cash paid for marketable securities | (129,896) | (52,237) |
Sales and maturities of marketable securities | 151,761 | 57,400 |
Net cash used in investing activities | (15,851) | (19,471) |
Cash flows from financing activities: | ||
Proceeds from the exercise of stock options | 974 | 5,273 |
Share repurchases related to share repurchase program | (71,242) | |
Share repurchases related to taxes for share-based awards | (5,383) | (5,047) |
Net cash (used in) provided by financing activities | (75,651) | 226 |
Effect of exchange rate changes on cash and cash equivalents | (1,452) | (3,377) |
(Decrease) increase in cash and cash equivalents | (67,061) | 31,493 |
Cash and cash equivalents at beginning of period | 358,260 | 282,220 |
Cash and cash equivalents at end of period | 291,199 | 313,713 |
Cash paid during the year for: | ||
Income taxes | 3,030 | 2,414 |
Non-cash investing activities—Accrued capital expenditures | $ 31,761 | $ 26,177 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed financial statements should be read in conjunction with Urban Outfitters, Inc.’s (the “Company’s”) Annual Report on Form 10-K for the fiscal year ended January 31, 2019, filed with the United States Securities and Exchange Commission on April 1, 2019. The Company’s business experiences seasonal fluctuations in net sales and net income, with a more significant portion typically realized in the second half of each year predominantly due to the year-end holiday period. Historically, and consistent with the retail industry, this seasonality also impacts our working capital requirements, particularly with regard to inventory. Accordingly, the results of operations for the three months ended April 30, 2019 are not necessarily indicative of the results to be expected for the full year. The Company’s fiscal year ends on January 31. All references in these notes to the Company’s fiscal years refer to the fiscal years ended on January 31 in those years. For example, the Company’s fiscal year 2020 will end on January 31, 2020. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Apr. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements Recently Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amends the existing accounting standards for lease accounting. This update requires lessees to recognize a right-of-use asset and lease liability for both operating and finance leases. The Company adopted the new guidance on February 1, 2019 using a modified retrospective approach at the beginning of the period of adoption. Recently Issued In June 2016, the FASB issued an accounting standards update that introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. This includes loan commitments, accounts receivable, trade receivables and certain off-balance sheet credit exposures. The guidance also modifies the impairment model for available-for-sale debt securities. The update will be effective for the Company on February 1, 2020 and early adoption is permitted. The Company has concluded that this update will not have a material impact on its consolidated financial statements and related disclosures. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Apr. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contract with Customer | 3. Revenue from Contracts with Customers Contract receivables occur when the Company satisfies all of its performance obligations under a contract and recognizes revenue prior to billing or receiving consideration from a customer for which it has an unconditional right to payment. Contract receivables arise from credit card transactions and sales to Wholesale segment customers and franchisees. For the three month period ended April 30, 2019, the opening and closing balance of contract receivables, net of allowance for doubtful accounts, was $80,461 and $88,390, respectively. For the three month period ended April 30, 2018, the opening and closing balance of contract receivables, net of allowance for doubtful accounts, was $76,962 and $88,936, respectively. Contract receivables are included in “Accounts receivable, net of allowance for doubtful accounts” in the Condensed Consolidated Balance Sheets. Contract liabilities represent unearned revenue and result from the Company receiving consideration in a contract with a customer for which it has not satisfied all of its performance obligations. The Company’s contract liabilities result from customer deposits, customer loyalty programs and the issuance of gift cards. Gift cards are expected to be redeemed within two years of issuance, with the majority of redemptions occurring in the first year. For the three month period ended April 30, 2019, the opening and closing balances of contract liabilities were $49,747 and $43,187, respectively. For the three month period ended April 30, 2018, the opening and closing balances of contract liabilities were $56,637 and $34,543, respectively. Contract liabilities are included in “Accrued expenses, accrued compensation and other current liabilities” in the Condensed Consolidated Balance Sheets. During the three month period ended April 30, 2019, the Company recognized $15,289 of revenue that was included in the contract liability balance at the beginning of the period. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Apr. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 4. Marketable Securities During all periods shown, marketable securities are classified as available-for-sale. The amortized cost, gross unrealized gains (losses) and fair value of available-for-sale securities by major security type and class of security as of April 30, 2019, January 31, 2019 and April 30, 2018 were as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of April 30, 2019 Short-term Investments: Corporate bonds $ 169,627 $ 72 $ (70 ) $ 169,629 Municipal and pre-refunded municipal bonds 52,131 23 (6 ) 52,148 Federal government agencies 2,735 4 — 2,739 Certificates of deposit 1,650 — — 1,650 Commercial paper 2,997 — — 2,997 229,140 99 (76 ) 229,163 Long-term Investments: Corporate bonds 71,105 95 (46 ) 71,154 Municipal and pre-refunded municipal bonds 11,035 11 (8 ) 11,038 Mutual funds, held in rabbi trust 7,733 208 7,941 Federal government agencies 2,351 7 — 2,358 Certificates of deposit 1,403 — — 1,403 93,627 321 (54 ) 93,894 $ 322,767 $ 420 $ (130 ) $ 323,057 As of January 31, 2019 Short-term Investments: Corporate bonds $ 227,287 $ 24 $ (214 ) $ 227,097 Municipal and pre-refunded municipal bonds 43,677 15 (18 ) 43,674 Federal government agencies 1,458 — — 1,458 Certificates of deposit 1,050 — — 1,050 Commercial paper 2,979 — — 2,979 Treasury bills 2,975 — (1 ) 2,974 279,426 39 (233 ) 279,232 Long-term Investments: Corporate bonds 34,265 34 (63 ) 34,236 Municipal and pre-refunded municipal bonds 7,554 7 (3 ) 7,558 Mutual funds, held in rabbi trust 6,301 450 — 6,751 Federal government agencies 6,603 2 (1 ) 6,604 Certificates of deposit 2,143 — — 2,143 56,866 493 (67 ) 57,292 $ 336,292 $ 532 $ (300 ) $ 336,524 Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of April 30, 2018 Short-term Investments: Corporate bonds $ 110,657 $ — $ (294 ) $ 110,363 Municipal and pre-refunded municipal bonds 54,659 — (47 ) 54,612 Certificates of deposit 1,392 — — 1,392 166,708 — (341 ) 166,367 Long-term Investments: Corporate bonds 18,137 — (212 ) 17,925 Municipal and pre-refunded municipal bonds 7,873 — (30 ) 7,843 Mutual funds, held in rabbi trust 6,453 33 (3 ) 6,483 Certificates of deposit 2,828 — — 2,828 35,291 33 (245 ) 35,079 $ 201,999 $ 33 $ (586 ) $ 201,446 Proceeds from the sales and maturities of available-for-sale securities were $151,761 and $57,400 for the three months ended April 30, 2019 and 2018, respectively. The Company included in “Other income, net,” in the Condensed Consolidated Statements of Income, a net realized gain |
Fair Value
Fair Value | 3 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 5. Fair Value The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach that relate to its financial assets and financial liabilities). The levels of the hierarchy are described as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the Company’s own assumptions. Management’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and liabilities and their placement within the fair value hierarchy. The Company’s financial assets that are accounted for at fair value on a recurring basis are presented in the tables below: Marketable Securities Fair Value as of April 30, 2019 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 240,783 $ — $ — $ 240,783 Municipal and pre-refunded municipal bonds — 63,186 — 63,186 Mutual funds, held in rabbi trust 7,941 — — 7,941 Federal government agencies 5,097 — — 5,097 Certificates of deposit — 3,053 — 3,053 Commercial paper — 2,997 — 2,997 $ 253,821 $ 69,236 $ — $ 323,057 Marketable Securities Fair Value as of January 31, 2019 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 261,333 $ — $ — $ 261,333 Municipal and pre-refunded municipal bonds — 51,232 — 51,232 Mutual funds, held in rabbi trust 6,751 — — 6,751 Federal government agencies 8,062 — — 8,062 Certificates of deposit — 3,193 — 3,193 Commercial paper — 2,979 — 2,979 Treasury bills 2,974 — — 2,974 $ 279,120 $ 57,404 $ — $ 336,524 Marketable Securities Fair Value as of April 30, 2018 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 128,288 $ — $ — $ 128,288 Municipal and pre-refunded municipal bonds — 62,455 — 62,455 Mutual funds, held in rabbi trust 6,483 — — 6,483 Certificates of deposit — 4,220 — 4,220 $ 134,771 $ 66,675 $ — $ 201,446 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 April 30, 2019, January 31, 2019 and April 30, 2018. The fair value of cash and cash equivalents (Level 1) approximates carrying value since cash and cash equivalents consist of short-term highly liquid investments with maturities of less than three months at the time of purchase. As of April 30, 2019, January 31, 2019 and April 30, 2018, cash and cash equivalents included cash on hand, cash in banks, money market accounts and marketable securities with maturities of less than three months at the time of purchase. Non-financial assets The Company’s non-financial assets, primarily consisting of property and equipment and goodwill, are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable and, in the case of goodwill, an annual assessment is performed. The fair value of property and equipment was determined using a discounted cash-flow model that utilized Level 3 inputs. The Company’s retail locations are reviewed for impairment at the retail location level, which is the lowest level at which individual cash flows can be identified. In calculating future cash flows, the Company makes estimates regarding future operating results based on its experience and knowledge of market factors in which the retail location is located. Goodwill has been assigned to reporting units for purposes of impairment testing. The Company evaluates goodwill to determine if the carrying value exceeds the fair value of the reporting unit. For the three months ended April 30, 2019 and 2018, impairment charges were zero. |
Debt
Debt | 3 Months Ended |
Apr. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt On June 29, 2018, the Company and its domestic subsidiaries entered into an amended and restated credit agreement (the “Amended Credit Agreement”) that amended the Company’s asset-based revolving credit facility with certain lenders, including JPMorgan Chase Bank, N.A., as administrative agent, and J.P. Morgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as joint lead arrangers and co-book managers. The Amended Credit Agreement extended the maturity date of the senior secured revolving credit facility to June 2023 (the “Amended Credit Facility”). The Amended Credit Facility provides for loans and letters of credit up to $350,000, subject to a borrowing base that is comprised of the Company’s eligible accounts receivable and inventory. The Amended Credit Facility includes a swing-line sub-facility, a multicurrency sub-facility and the option to expand the facility by up to $150,000. The funds available under the Amended Credit Facility may be used for working capital and other general corporate purposes. The Amended Credit Facility provides for interest on borrowings, at the Company’s option, at either (i) adjusted LIBOR, CDOR or EURIBOR plus an applicable margin ranging from 1.125% to 1.375%, or (ii) an adjusted ABR plus an applicable margin ranging from 0.125% to 0.375%, each such applicable margin depending on the level of availability under the Amended Credit Facility. Depending on the type of borrowing, interest on the Amended Credit Agreement is payable monthly, quarterly or at the end of the interest period. A commitment fee of 0.20% is payable quarterly on the unused portion of the Amended Credit Facility. All obligations under the Amended Credit Facility are unconditionally guaranteed by the Company and certain of its U.S. subsidiaries. The obligations under the Amended Credit Facility are secured by a first-priority security interest in inventory, accounts receivable and certain other assets of the Company and certain of its U.S. subsidiaries. The obligations of URBN Canada Retail, Inc. are secured by a first-priority security interest in its inventory, accounts receivable and certain other assets. The Amended Credit Agreement contains customary representations and warranties, negative and affirmative covenants and provisions relating to events of default. As of April 30, 2019, the Company was in compliance with all terms of the Amended Credit Agreement and borrowings under the Amended Credit Facility totaled $0. Outstanding stand-by letters of credit, which reduce the funds available under the Amended Credit Facility, were $13,603. Additionally, the Company has borrowing agreements with two separate financial institutions under which the Company may borrow an aggregate of $130,000 for the purposes of trade letter of credit issuances. The availability of any future borrowings under the trade letter of credit facilities is subject to acceptance by the respective financial institutions. As of April 30, 2019, the Company had outstanding trade letters of credit of $76,362 and available trade letters of credit of $53,638 under these facilities. |
Leases
Leases | 3 Months Ended |
Apr. 30, 2019 | |
Leases [Abstract] | |
Leases | 7. Leases The Company has operating leases for stores, distribution and fulfillment centers, corporate offices and equipment. The Company subleases certain properties to third parties. The Company has elected not to record a lease liability and right-of-use asset for leases with original terms of 12 months or less. The Company has elected the practical expedient to not separate non-lease components from lease components as it pertains to real estate leases. Store leases have remaining lease terms that range from less than one year up to 15 years, some of which contain options to extend the lease for one or two 5-year periods. Payments related to a renewal period are included in the lease liability and right-of-use asset only when the Company is reasonably certain that it will exercise the option to renew the lease for an extended period of time. Certain leases may contain variable lease payments such as rent based on a percentage of net sales. Variable lease payments may be subject to a breakpoint threshold of fixed rent. Variable lease payments, other than those that depend on an index or a rate, are not included in the measurement of the lease liability. The lease liability is calculated at the present value of certain future payments, discounted using the Company’s incremental borrowing rate which approximates the rate of interest the Company would pay to borrow an amount equal to the lease payments on a fully collateralized basis over a similar term. Significant judgment is used in determining the incremental borrowing rate. Total operating lease costs and variable lease costs were $66,248 and $17,939, respectively, during the three months ended April 30, 2019. Short-term lease costs and sublease income were not material during the three months ended April 30, 2019. Other information related to leases was as follows: Three Months Ended April 30, 2019 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 70,615 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,719 Weighted-average remaining lease term - operating leases 7.4 years Weighted-average discount rate - operating leases 6.5 % The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of April 30, 2019: Operating Leases Fiscal Year 2020 (excluding the three months ended April 30, 2019) $ 223,251 2021 272,836 2022 238,298 2023 210,378 2024 176,982 Thereafter 635,363 Total undiscounted future minimum lease payments 1,757,108 Less imputed interest (450,485 ) Total discounted future minimum lease payments $ 1,306,623 As of April 30, 2019, the Company had commitments of approximately $56,890 not included in the amounts above related to nine executed but not yet commenced leases for stores and a fulfillment center. The following is a schedule by year of the future minimum lease payments for operating leases with original terms in excess of one year, as of January 31, 2019: Operating Leases Fiscal Year 2020 $ 294,527 2021 263,209 2022 228,596 2023 200,776 2024 167,130 Thereafter 558,655 Total minimum lease payments $ 1,712,893 The Company, through its wholly-owned subsidiary, Anthropologie, Inc., is party to a ground lease (the “Lease”) with Waterloo Devon, L.P. (the “Landlord”). Wade L. McDevitt was a minority owner of the Landlord and its general partner and is the brother-in-law of Scott Belair, one of the Company’s former directors. Pursuant to the Lease, the Company rented approximately 6 acres located in Devon, Pennsylvania to develop a lifestyle center, which includes an expanded format Anthropologie store, a Terrain store, several restaurant concepts under the Food and Beverage division and a boutique event space. The Lease, which commenced on June 14, 2017, has an initial term of 40 years with two options to extend, each for an additional ten-year term. The initial rental rate is $1,087 per year, and rent increases 10% every five years during the initial term. The aggregate amount of rental payments payable under the initial term of the Lease is approximately $62,135. Real estate taxes, insurance, construction costs and other third-party expenses will also be paid by the Company. If the Company exercises its option to extend the Lease, rental payments during such extension term will be 90% of the market rental rate. An independent committee of the Board of Directors retained a national commercial real estate services firm to provide an appraisal of the initial market rental value of a portion of the property, which confirmed that the proposed initial rental rate per acre was consistent with market rates. The Lease and appraisal were reviewed by a committee of disinterested members of the Company’s Board of Directors and the Lease was approved by such committee and by the Company’s Board of Directors. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Apr. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation The Company maintains stock incentive plans pursuant to which it can grant restricted shares, unrestricted shares, incentive stock options, non-qualified stock options, restricted stock units (“RSU’s”), performance stock units (“PSU’s”) or stock appreciation rights (“SAR’s”). A Black-Scholes model was used to estimate the fair value of stock options. The fair value of the PSU’s awarded during fiscal 2020 equaled the fair value of the stock price on the date of the grant. The fair value of the PSU’s awarded during fiscal 2019 was determined using a Monte Carlo simulation. A different methodology was used to value fiscal 2020 grants due to the removal of market-based conditions in the grant provisions. Share-based compensation expense included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Income, for the three months ended April 30, 2019 and 2018 was as follows: Three Months Ended April 30, 2019 2018 Stock Options $ 585 $ 217 Stock Appreciation Rights — 4 Performance Stock Units 1,077 2,021 Restricted Stock Units 3,891 3,282 Total $ 5,553 $ 5,524 Share-based awards granted and the weighted-average fair value of such awards for the three months ended April 30, 2019 was as follows: April 30, 2019 Weighted- Awards Average Fair Granted Value Stock Options — $ — Stock Appreciation Rights — $ — Performance Stock Units 140,000 $ 30.19 Restricted Stock Units 832,000 $ 30.19 Total 972,000 During the three months ended April 30, 2019, 40,000 stock options were exercised, 139,999 PSU’s vested and 383,990 RSU’s vested. The total unrecognized compensation cost related to outstanding share-based awards and the weighted-average period in which the cost is expected to be recognized as of April 30, 2019 was as follows: April 30, 2019 Unrecognized Weighted- Compensation Average Cost Years Stock Options $ 236 0.1 Stock Appreciation Rights — — Performance Stock Units 8,079 2.2 Restricted Stock Units 39,174 2.5 Total $ 47,489 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Apr. 30, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | 9 . Share repurchase activity under the Company’s share repurchase programs was as follows: Three Months Ended April 30, 2019 2018 Number of common shares repurchased and subsequently retired 2,430,827 — Total cost $ 71,242 $ — Average cost per share, including commissions $ 29.31 $ — On August 22, 2017, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program, of which 11,971,326 common shares were remaining as of April 30, 2019. On June 4, 2019, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a new share repurchase program. Subsequent to April 30, 2019, the Company repurchased and subsequently retired a total of 5,637,369 common shares for approximately $146,180, at an average price of $25.93 per share, including commissions. All fiscal 2020 share repurchases were funded with available cash, cash equivalents and marketable securities. During the three months ended April 30, 2019, the Company acquired and subsequently retired 176,081 common shares at a total cost of $5,383 from employees to meet minimum statutory tax withholding requirements. During the three months ended April 30, 2018, the Company acquired and subsequently retired 138,310 common shares at a total cost of $5,047 from employees to meet minimum statutory tax withholding requirements. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 30, 2019 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 10 . The following tables present the changes in “Accumulated other comprehensive loss,” by component, net of tax, for the three months ended April 30, 2019 and 2018: Three Months Ended April 30, 2019 Unrealized Gains Foreign and (Losses) on Currency Available-for- Translation Sale Securities Total Balance at beginning of period $ (26,925 ) $ (178 ) $ (27,103 ) Other comprehensive income (loss) before reclassifications (3,800 ) 179 (3,621 ) Amounts reclassified from accumulated other comprehensive income (loss) — 7 7 Net current-period other comprehensive income (loss) (3,800 ) 186 (3,614 ) Balance at end of period $ (30,725 ) $ 8 $ (30,717 ) Three Months Ended April 30, 2018 Unrealized Gains Foreign and (Losses) on Currency Available-for- Translation Sale Securities Total Balance at beginning of period $ (10,340 ) $ (311 ) $ (10,651 ) Other comprehensive income (loss) before reclassifications (7,969 ) (80 ) (8,049 ) Amounts reclassified from accumulated other comprehensive income (loss) — (13 ) (13 ) Net current-period other comprehensive income (loss) (7,969 ) (93 ) (8,062 ) Balance at end of period $ (18,309 ) $ (404 ) $ (18,713 ) All unrealized gains and losses on available-for-sale securities reclassified from accumulated other comprehensive loss were recorded in “Other income, net” in the Condensed Consolidated Statements of Income. |
Net Income per Common Share
Net Income per Common Share | 3 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | 11. Net Income per Common Share The following is a reconciliation of the weighted-average common shares outstanding used for the computation of basic and diluted net income per common share: Three Months Ended April 30, 2019 2018 Basic weighted-average common shares outstanding 104,437,460 108,490,926 Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units 902,688 1,252,751 Diluted weighted-average shares outstanding 105,340,148 109,743,677 For the three months ended April 30, 2019 and 2018, awards to purchase 380,000 common shares ranging in price from $35.85 to $46.42 and 267,500 common shares ranging in price from $37.02 to $46.02, respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. Excluded from the calculation of diluted net income per common share as of April 30, 2019 and 2018 were 711,418 and 1,713,773 performance-based equity awards, respectively, because they did not meet the required performance criteria. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies The Company is party to various legal proceedings arising from normal business activities. Management believes that the ultimate resolution of these matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. Segment Reporting The Company offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands. The Company has three reportable segments – “Retail,” “Wholesale” and “Subscription.” The Company’s Retail segment consists of the “Anthropologie,” “Bhldn,” “Free People,” “Terrain” and “Urban Outfitters” brands and the Food and Beverage division. The Anthropologie, Bhldn and Terrain brands make up the “Anthropologie Group.” As of April 30, 2019, there were 245 Urban Outfitters stores, 228 Anthropologie Group stores, 136 Free People stores, 12 restaurants under the Food and Beverage division, four Urban Outfitters franchisee-owned stores, one Anthropologie Group franchisee-owned store and one Free People franchisee-owned store. Each of Urban Outfitters, the Anthropologie Group and Free People, including their Company-owned and franchisee-owned stores and digital channels, and the restaurants operated under the Company’s Food and Beverage division, are considered an operating segment. Net sales from the Retail segment accounted for approximately 90.5% and 90.6% of total consolidated net sales for the three months ended April 30, 2019 and 2018, respectively. The remaining net sales are derived from the Company’s Wholesale segment which consists of the Free People, Anthropologie and Urban Outfitters brands that sell through approximately 2,200 department and specialty stores worldwide, digital businesses and the Company’s 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 brand, home goods including gifts, tabletop and textiles under the Anthropologie brand and the BDG apparel collection under the Urban Outfitters brand. The Urban Outfitters wholesale division was established in the third quarter of fiscal 2019. The Subscription segment consists of the “Nuuly” brand and is a monthly women’s apparel subscription rental service that is planned to launch in the summer of 2019. The Company has aggregated its brands into the Retail segment based upon their shared management, customer base and economic characteristics. Reporting in this format provides management with the financial information necessary to evaluate the success of the segments and the overall business. The Company evaluates the performance of the segments based on the net sales and pre-tax income from operations (excluding intercompany charges) of the segment. Corporate expenses include expenses incurred and directed by the corporate office that are not allocated to segments. The principal identifiable assets for each reporting segment are inventory and property and equipment. Other assets are comprised primarily of general corporate assets, which principally consist of cash and cash equivalents, marketable securities, deferred taxes and prepaid expenses, 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 Company’s omni-channel strategy enhances its customers’ brand experience by providing a seamless approach to the customer shopping experience. All available Company-owned shopping channels are fully integrated, including stores, websites, mobile applications, catalogs and customer contact centers. The Company’s investments in areas such as marketing campaigns and technology advancements are designed to generate demand for the omni-channel and not the separate store or digital channels. Store sales are primarily fulfilled from that store’s inventory but may also be shipped from any of the Company’s fulfillment centers or from a different store location if an item is not available at the original store. Digital orders are primarily shipped to the Company’s customers through its fulfillment centers but may also be shipped from any store or a combination of fulfillment centers and stores depending on the availability of particular items. Digital orders may also be picked up at a store location, and customers may also return certain merchandise purchased through digital channels at store locations. As the Company’s customers continue to shop across multiple channels, the Company has adapted its approach towards meeting this demand. Due to the availability of like product in a variety of shopping channels, the Company sources these products utilizing single stock keeping units based on the omni-channel demand rather than the demand of the separate channels. These and other technological capabilities allow the Company to better serve its customers and help it to complete a sale that otherwise may not have occurred due to out-of-stock positions. The Company manages and analyzes its performance based on a single omni-channel rather than separate channels and believe that the omni-channel results present the most meaningful and appropriate measure of its performance. The accounting policies of the reportable segments are the same as the policies described in Note 2, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2019. Both the Retail and Wholesale segments are highly diversified. No one customer constitutes more than 10% of the Company’s total consolidated net sales. A summary of the information about the Company’s operations by segment is as follows: Three Months Ended April 30, 2019 2018 Net sales Retail operations $ 782,563 $ 775,564 Wholesale operations 84,365 82,941 Intersegment elimination (2,515 ) (2,817 ) Total net sales $ 864,413 $ 855,688 Income from operations Retail operations $ 34,694 $ 51,872 Wholesale operations 16,761 14,805 Subscription operations (2,101 ) — Intersegment elimination (63 ) 34 Total segment operating income 49,291 66,711 General corporate expenses (9,271 ) (12,815 ) Total income from operations $ 40,020 $ 53,896 April 30, January 31, April 30, 2019 2019 2018 Inventory Retail operations $ 365,554 $ 328,783 $ 353,423 Wholesale operations 42,808 41,724 51,194 Total inventory $ 408,362 $ 370,507 $ 404,617 Property and equipment, net Retail operations $ 819,062 $ 793,640 $ 817,277 Wholesale operations 2,312 2,389 2,448 Subscription operations 7,698 — — Total property and equipment, net $ 829,072 $ 796,029 $ 819,725 The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category: Three Months Ended April 30, 2019 2018 Net sales Apparel (1) $ 588,726 $ 599,688 Home (2) 124,548 114,348 Accessories (3) 100,268 98,775 Other (4) 50,871 42,877 Total net sales $ 864,413 $ 855,688 As a percentage of net sales Apparel (1) 68 % 70 % Home (2) 14 % 13 % Accessories (3) 12 % 12 % Other (4) 6 % 5 % Total net sales 100 % 100 % (1) Apparel includes intimates and activewear (2) Home includes home furnishings, electronics, gifts and decorative items (3) Accessories includes footwear, jewelry and handbags (4) Other includes beauty, shipping and handling revenues and the Food and Beverage division Apparel, Home, and Accessories are sold through both the Retail and Wholesale segments. Revenue recognized from the Other category is primarily attributable to the Retail segment. The Company has foreign operations primarily in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: April 30, January 31, April 30, 2019 2019 2018 Property and equipment, net Domestic operations $ 758,794 $ 723,400 $ 735,473 Foreign operations 70,278 72,629 84,252 Total property and equipment, net $ 829,072 $ 796,029 $ 819,725 Three Months Ended April 30, 2019 2018 Net Sales Domestic operations $ 763,089 $ 747,151 Foreign operations 101,324 108,537 Total net sales $ 864,413 $ 855,688 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities | The amortized cost, gross unrealized gains (losses) and fair value of available-for-sale securities by major security type and class of security as of April 30, 2019, January 31, 2019 and April 30, 2018 were as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of April 30, 2019 Short-term Investments: Corporate bonds $ 169,627 $ 72 $ (70 ) $ 169,629 Municipal and pre-refunded municipal bonds 52,131 23 (6 ) 52,148 Federal government agencies 2,735 4 — 2,739 Certificates of deposit 1,650 — — 1,650 Commercial paper 2,997 — — 2,997 229,140 99 (76 ) 229,163 Long-term Investments: Corporate bonds 71,105 95 (46 ) 71,154 Municipal and pre-refunded municipal bonds 11,035 11 (8 ) 11,038 Mutual funds, held in rabbi trust 7,733 208 7,941 Federal government agencies 2,351 7 — 2,358 Certificates of deposit 1,403 — — 1,403 93,627 321 (54 ) 93,894 $ 322,767 $ 420 $ (130 ) $ 323,057 As of January 31, 2019 Short-term Investments: Corporate bonds $ 227,287 $ 24 $ (214 ) $ 227,097 Municipal and pre-refunded municipal bonds 43,677 15 (18 ) 43,674 Federal government agencies 1,458 — — 1,458 Certificates of deposit 1,050 — — 1,050 Commercial paper 2,979 — — 2,979 Treasury bills 2,975 — (1 ) 2,974 279,426 39 (233 ) 279,232 Long-term Investments: Corporate bonds 34,265 34 (63 ) 34,236 Municipal and pre-refunded municipal bonds 7,554 7 (3 ) 7,558 Mutual funds, held in rabbi trust 6,301 450 — 6,751 Federal government agencies 6,603 2 (1 ) 6,604 Certificates of deposit 2,143 — — 2,143 56,866 493 (67 ) 57,292 $ 336,292 $ 532 $ (300 ) $ 336,524 Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of April 30, 2018 Short-term Investments: Corporate bonds $ 110,657 $ — $ (294 ) $ 110,363 Municipal and pre-refunded municipal bonds 54,659 — (47 ) 54,612 Certificates of deposit 1,392 — — 1,392 166,708 — (341 ) 166,367 Long-term Investments: Corporate bonds 18,137 — (212 ) 17,925 Municipal and pre-refunded municipal bonds 7,873 — (30 ) 7,843 Mutual funds, held in rabbi trust 6,453 33 (3 ) 6,483 Certificates of deposit 2,828 — — 2,828 35,291 33 (245 ) 35,079 $ 201,999 $ 33 $ (586 ) $ 201,446 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Measured at Fair Value on Recurring Basis | The Company’s financial assets that are accounted for at fair value on a recurring basis are presented in the tables below: Marketable Securities Fair Value as of April 30, 2019 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 240,783 $ — $ — $ 240,783 Municipal and pre-refunded municipal bonds — 63,186 — 63,186 Mutual funds, held in rabbi trust 7,941 — — 7,941 Federal government agencies 5,097 — — 5,097 Certificates of deposit — 3,053 — 3,053 Commercial paper — 2,997 — 2,997 $ 253,821 $ 69,236 $ — $ 323,057 Marketable Securities Fair Value as of January 31, 2019 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 261,333 $ — $ — $ 261,333 Municipal and pre-refunded municipal bonds — 51,232 — 51,232 Mutual funds, held in rabbi trust 6,751 — — 6,751 Federal government agencies 8,062 — — 8,062 Certificates of deposit — 3,193 — 3,193 Commercial paper — 2,979 — 2,979 Treasury bills 2,974 — — 2,974 $ 279,120 $ 57,404 $ — $ 336,524 Marketable Securities Fair Value as of April 30, 2018 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 128,288 $ — $ — $ 128,288 Municipal and pre-refunded municipal bonds — 62,455 — 62,455 Mutual funds, held in rabbi trust 6,483 — — 6,483 Certificates of deposit — 4,220 — 4,220 $ 134,771 $ 66,675 $ — $ 201,446 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Leases [Abstract] | |
Other Information Related to Leases | Other information related to leases was as follows: Three Months Ended April 30, 2019 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 70,615 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,719 Weighted-average remaining lease term - operating leases 7.4 years Weighted-average discount rate - operating leases 6.5 % |
Schedule by Year of Maturities of Operating Leases Liabilities with Original Terms in Excess of One Year | The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of April 30, 2019: Operating Leases Fiscal Year 2020 (excluding the three months ended April 30, 2019) $ 223,251 2021 272,836 2022 238,298 2023 210,378 2024 176,982 Thereafter 635,363 Total undiscounted future minimum lease payments 1,757,108 Less imputed interest (450,485 ) Total discounted future minimum lease payments $ 1,306,623 |
Schedule by Year of Future Minimum Lease Payments for Operating Leases with Original Terms in Excess of One Year | The following is a schedule by year of the future minimum lease payments for operating leases with original terms in excess of one year, as of January 31, 2019: Operating Leases Fiscal Year 2020 $ 294,527 2021 263,209 2022 228,596 2023 200,776 2024 167,130 Thereafter 558,655 Total minimum lease payments $ 1,712,893 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Condensed Consolidated Statements of Income | Share-based compensation expense included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Income, for the three months ended April 30, 2019 and 2018 was as follows: Three Months Ended April 30, 2019 2018 Stock Options $ 585 $ 217 Stock Appreciation Rights — 4 Performance Stock Units 1,077 2,021 Restricted Stock Units 3,891 3,282 Total $ 5,553 $ 5,524 |
Schedule of Share Based Awards Issued and Weighted Average Fair Value | Share-based awards granted and the weighted-average fair value of such awards for the three months ended April 30, 2019 was as follows: April 30, 2019 Weighted- Awards Average Fair Granted Value Stock Options — $ — Stock Appreciation Rights — $ — Performance Stock Units 140,000 $ 30.19 Restricted Stock Units 832,000 $ 30.19 Total 972,000 |
Schedule of Unrecognized Compensation Cost and Weighted Average Period of Recognition | The total unrecognized compensation cost related to outstanding share-based awards and the weighted-average period in which the cost is expected to be recognized as of April 30, 2019 was as follows: April 30, 2019 Unrecognized Weighted- Compensation Average Cost Years Stock Options $ 236 0.1 Stock Appreciation Rights — — Performance Stock Units 8,079 2.2 Restricted Stock Units 39,174 2.5 Total $ 47,489 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Equity [Abstract] | |
Share Repurchase Activity | Share repurchase activity under the Company’s share repurchase programs was as follows: Three Months Ended April 30, 2019 2018 Number of common shares repurchased and subsequently retired 2,430,827 — Total cost $ 71,242 $ — Average cost per share, including commissions $ 29.31 $ — |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax | The following tables present the changes in “Accumulated other comprehensive loss,” by component, net of tax, for the three months ended April 30, 2019 and 2018: Three Months Ended April 30, 2019 Unrealized Gains Foreign and (Losses) on Currency Available-for- Translation Sale Securities Total Balance at beginning of period $ (26,925 ) $ (178 ) $ (27,103 ) Other comprehensive income (loss) before reclassifications (3,800 ) 179 (3,621 ) Amounts reclassified from accumulated other comprehensive income (loss) — 7 7 Net current-period other comprehensive income (loss) (3,800 ) 186 (3,614 ) Balance at end of period $ (30,725 ) $ 8 $ (30,717 ) Three Months Ended April 30, 2018 Unrealized Gains Foreign and (Losses) on Currency Available-for- Translation Sale Securities Total Balance at beginning of period $ (10,340 ) $ (311 ) $ (10,651 ) Other comprehensive income (loss) before reclassifications (7,969 ) (80 ) (8,049 ) Amounts reclassified from accumulated other comprehensive income (loss) — (13 ) (13 ) Net current-period other comprehensive income (loss) (7,969 ) (93 ) (8,062 ) Balance at end of period $ (18,309 ) $ (404 ) $ (18,713 ) |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding Used for Computation of Basic and Diluted Net Income per Common Share | The following is a reconciliation of the weighted-average common shares outstanding used for the computation of basic and diluted net income per common share: Three Months Ended April 30, 2019 2018 Basic weighted-average common shares outstanding 104,437,460 108,490,926 Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units 902,688 1,252,751 Diluted weighted-average shares outstanding 105,340,148 109,743,677 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Operations by Segment | A summary of the information about the Company’s operations by segment is as follows: Three Months Ended April 30, 2019 2018 Net sales Retail operations $ 782,563 $ 775,564 Wholesale operations 84,365 82,941 Intersegment elimination (2,515 ) (2,817 ) Total net sales $ 864,413 $ 855,688 Income from operations Retail operations $ 34,694 $ 51,872 Wholesale operations 16,761 14,805 Subscription operations (2,101 ) — Intersegment elimination (63 ) 34 Total segment operating income 49,291 66,711 General corporate expenses (9,271 ) (12,815 ) Total income from operations $ 40,020 $ 53,896 April 30, January 31, April 30, 2019 2019 2018 Inventory Retail operations $ 365,554 $ 328,783 $ 353,423 Wholesale operations 42,808 41,724 51,194 Total inventory $ 408,362 $ 370,507 $ 404,617 Property and equipment, net Retail operations $ 819,062 $ 793,640 $ 817,277 Wholesale operations 2,312 2,389 2,448 Subscription operations 7,698 — — Total property and equipment, net $ 829,072 $ 796,029 $ 819,725 |
Schedule of Net Sales and Percentage of Net Sales by Merchandise Category | The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category: Three Months Ended April 30, 2019 2018 Net sales Apparel (1) $ 588,726 $ 599,688 Home (2) 124,548 114,348 Accessories (3) 100,268 98,775 Other (4) 50,871 42,877 Total net sales $ 864,413 $ 855,688 As a percentage of net sales Apparel (1) 68 % 70 % Home (2) 14 % 13 % Accessories (3) 12 % 12 % Other (4) 6 % 5 % Total net sales 100 % 100 % (1) Apparel includes intimates and activewear (2) Home includes home furnishings, electronics, gifts and decorative items (3) Accessories includes footwear, jewelry and handbags (4) Other includes beauty, shipping and handling revenues and the Food and Beverage division |
Schedule of Revenues and Long-Lived Assets, by Domestic and Foreign Operations Segment | The Company has foreign operations primarily in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: April 30, January 31, April 30, 2019 2019 2018 Property and equipment, net Domestic operations $ 758,794 $ 723,400 $ 735,473 Foreign operations 70,278 72,629 84,252 Total property and equipment, net $ 829,072 $ 796,029 $ 819,725 Three Months Ended April 30, 2019 2018 Net Sales Domestic operations $ 763,089 $ 747,151 Foreign operations 101,324 108,537 Total net sales $ 864,413 $ 855,688 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 30, 2019 | Feb. 01, 2019 |
Accounting Changes And Error Corrections [Abstract] | ||
Lease liabilities | $ 1,306,623 | $ 1,300,000 |
Rght-of-use assets | $ 1,088,290 | $ 1,100,000 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 | Jan. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | ||||
Contract receivables, net of allowance for doubtful accounts | $ 88,390 | $ 80,461 | $ 88,936 | $ 76,962 |
Gift cards expected redemption period | 2 years | |||
Contract liabilities | $ 43,187 | $ 49,747 | $ 34,543 | $ 56,637 |
Revenue recognized included in contract liability | $ 15,289 |
Amortized Cost, Gross Unrealize
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities (Detail) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 322,767 | $ 336,292 | $ 201,999 |
Unrealized Gains | 420 | 532 | 33 |
Unrealized (Losses) | (130) | (300) | (586) |
Fair Value | 323,057 | 336,524 | 201,446 |
Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 229,140 | 279,426 | 166,708 |
Unrealized Gains | 99 | 39 | |
Unrealized (Losses) | (76) | (233) | (341) |
Fair Value | 229,163 | 279,232 | 166,367 |
Short-term Investments | Corporate Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 169,627 | 227,287 | 110,657 |
Unrealized Gains | 72 | 24 | |
Unrealized (Losses) | (70) | (214) | (294) |
Fair Value | 169,629 | 227,097 | 110,363 |
Short-term Investments | Municipal And Pre-Refunded Municipal Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 52,131 | 43,677 | 54,659 |
Unrealized Gains | 23 | 15 | |
Unrealized (Losses) | (6) | (18) | (47) |
Fair Value | 52,148 | 43,674 | 54,612 |
Short-term Investments | Federal Government Agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,735 | 1,458 | |
Unrealized Gains | 4 | ||
Fair Value | 2,739 | 1,458 | |
Short-term Investments | Certificates of Deposit | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,650 | 1,050 | 1,392 |
Fair Value | 1,650 | 1,050 | 1,392 |
Short-term Investments | Commercial Paper | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,997 | 2,979 | |
Fair Value | 2,997 | 2,979 | |
Short-term Investments | Treasury Bills | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,975 | ||
Unrealized (Losses) | (1) | ||
Fair Value | 2,974 | ||
Long Term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 93,627 | 56,866 | 35,291 |
Unrealized Gains | 321 | 493 | 33 |
Unrealized (Losses) | (54) | (67) | (245) |
Fair Value | 93,894 | 57,292 | 35,079 |
Long Term Investments | Corporate Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 71,105 | 34,265 | 18,137 |
Unrealized Gains | 95 | 34 | |
Unrealized (Losses) | (46) | (63) | (212) |
Fair Value | 71,154 | 34,236 | 17,925 |
Long Term Investments | Municipal And Pre-Refunded Municipal Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 11,035 | 7,554 | 7,873 |
Unrealized Gains | 11 | 7 | |
Unrealized (Losses) | (8) | (3) | (30) |
Fair Value | 11,038 | 7,558 | 7,843 |
Long Term Investments | Federal Government Agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,351 | 6,603 | |
Unrealized Gains | 7 | 2 | |
Unrealized (Losses) | (1) | ||
Fair Value | 2,358 | 6,604 | |
Long Term Investments | Certificates of Deposit | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,403 | 2,143 | 2,828 |
Fair Value | 1,403 | 2,143 | 2,828 |
Long Term Investments | Mutual Funds, Held in Rabbi Trust | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 7,733 | 6,301 | 6,453 |
Unrealized Gains | 208 | 450 | 33 |
Unrealized (Losses) | (3) | ||
Fair Value | $ 7,941 | $ 6,751 | $ 6,483 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Sales and maturities of marketable securities | $ 151,761 | $ 57,400 |
Amortization of discounts and premiums, net | 119 | 634 |
Other Income, Net | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Net realized gain (loss) | $ 7 | $ (13) |
Financial Assets Measured at Fa
Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | $ 323,057 | $ 336,524 | $ 201,446 |
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 | 323,057 | 336,524 | 201,446 |
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 | 253,821 | 279,120 | 134,771 |
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 | 69,236 | 57,404 | 66,675 |
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 | 240,783 | 261,333 | 128,288 |
Fair Value, Measurements, Recurring | Corporate Bonds | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 240,783 | 261,333 | 128,288 |
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 | 63,186 | 51,232 | 62,455 |
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 | 63,186 | 51,232 | 62,455 |
Fair Value, Measurements, Recurring | Mutual Funds, Held in Rabbi Trust | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 7,941 | 6,751 | 6,483 |
Fair Value, Measurements, Recurring | Mutual Funds, Held in Rabbi Trust | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 7,941 | 6,751 | 6,483 |
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 | 5,097 | 8,062 | |
Fair Value, Measurements, Recurring | Federal Government Agencies | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 5,097 | 8,062 | |
Fair Value, Measurements, Recurring | Certificates of Deposit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 3,053 | 3,193 | 4,220 |
Fair Value, Measurements, Recurring | Certificates of Deposit | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 3,053 | 3,193 | $ 4,220 |
Fair Value, Measurements, Recurring | Commercial Paper | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 2,997 | 2,979 | |
Fair Value, Measurements, Recurring | Commercial Paper | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | $ 2,997 | 2,979 | |
Fair Value, Measurements, Recurring | Treasury Bills | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 2,974 | ||
Fair Value, Measurements, Recurring | Treasury Bills | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | $ 2,974 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Fair Value Disclosures [Abstract] | ||
Impairment charges | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jun. 29, 2018USD ($)Financial_Institution | Apr. 30, 2019USD ($) |
Line of Credit Facility [Line Items] | ||
Line of credit outstanding | $ 0 | |
Stand-by letters of credit | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding | 13,603,000 | |
Trade Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding | 76,362,000 | |
Number of financial institutions with borrowing agreements | Financial_Institution | 2 | |
Line of credit facility available for purposes of trade of letter of credit | $ 130,000,000 | |
Line of credit facility, available amount | $ 53,638,000 | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Credit agreement initiation date | Jun. 29, 2018 | |
Credit facility maturity date | 2023-06 | |
Credit facility maximum borrowing capacity | $ 350,000,000 | |
Additional line of credit facility | $ 150,000,000 | |
Commitment fee percentage | 0.20% | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted LIBOR, CDOR or EURIBOR | Minimum | ||
Line of Credit Facility [Line Items] | ||
Applicable margin | 1.125% | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted LIBOR, CDOR or EURIBOR | Maximum | ||
Line of Credit Facility [Line Items] | ||
Applicable margin | 1.375% | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted ABR | Minimum | ||
Line of Credit Facility [Line Items] | ||
Applicable margin | 0.125% | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted ABR | Maximum | ||
Line of Credit Facility [Line Items] | ||
Applicable margin | 0.375% |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019USD ($)aStoreRenewalOption | Jan. 31, 2019USD ($) | |
Lessee Lease Description [Line Items] | ||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | |
Operating lease, option to extend lease term | options to extend the lease for one or two 5-year periods | |
Operating lease costs | $ 66,248 | |
Variable lease cost | 17,939 | |
Lease commitments for executed but not yet commenced leases | $ 56,890 | |
Number of lease commitment not yet commenced | Store | 9 | |
Aggregate amount of rental payments payable under the initial term of the Lease | $ 1,712,893 | |
Anthropologie Group | ||
Lessee Lease Description [Line Items] | ||
Lease, number of acres rented | a | 6 | |
Lease commencement date | Jun. 14, 2017 | |
Initial lease term | 40 years | |
Number of lease extension options in current lease contract | RenewalOption | 2 | |
Additional operating lease term | 10 years | |
Initial rental rate per year | $ 1,087 | |
Rent increase percentage | 10.00% | |
Lease rent increase period, in initial term | 5 years | |
Aggregate amount of rental payments payable under the initial term of the Lease | $ 62,135 | |
Rental payments during extension term as a percentage of market rental rate | 90.00% | |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Operating lease remaining lease term | 1 year | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Operating lease remaining lease term | 15 years |
Other Information Related to Le
Other Information Related to Leases (Detail) $ in Thousands | 3 Months Ended |
Apr. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 70,615 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 2,719 |
Weighted-average remaining lease term - operating leases | 7 years 4 months 24 days |
Weighted-average discount rate - operating leases | 6.50% |
Schedule by Year of Maturities
Schedule by Year of Maturities of Operating Leases Liabilities with Original Terms in Excess of One Year (Detail) - USD ($) $ in Thousands | Apr. 30, 2019 | Feb. 01, 2019 |
Leases [Abstract] | ||
2020 (excluding the three months ended April 30, 2019) | $ 223,251 | |
2021 | 272,836 | |
2022 | 238,298 | |
2023 | 210,378 | |
2024 | 176,982 | |
Thereafter | 635,363 | |
Total undiscounted future minimum lease payments | 1,757,108 | |
Less imputed interest | (450,485) | |
Total discounted future minimum lease payments | $ 1,306,623 | $ 1,300,000 |
Schedule by Year of Future Mini
Schedule by Year of Future Minimum Lease Payments for Operating Leases with Original Terms in Excess of One Year (Detail) $ in Thousands | Jan. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 294,527 |
2021 | 263,209 |
2022 | 228,596 |
2023 | 200,776 |
2024 | 167,130 |
Thereafter | 558,655 |
Total minimum lease payments | $ 1,712,893 |
Schedule of Share-Based Compens
Schedule of Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 5,553 | $ 5,524 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 585 | 217 |
Stock Appreciation Rights (SARs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 4 | |
Performance Stock Units (PSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 1,077 | 2,021 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 3,891 | $ 3,282 |
Schedule of Share Based Awards
Schedule of Share Based Awards Issued and Weighted Average Fair Value (Detail) | 3 Months Ended |
Apr. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 972,000 |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 140,000 |
Weighted Average Fair Value | $ / shares | $ 30.19 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 832,000 |
Weighted Average Fair Value | $ / shares | $ 30.19 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 3 Months Ended |
Apr. 30, 2019shares | |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock exercised | 40,000 |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units vested | 139,999 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units vested | 383,990 |
Schedule of Unrecognized Compen
Schedule of Unrecognized Compensation Cost and Weighted Average Period of Recognition (Detail) $ in Thousands | 3 Months Ended |
Apr. 30, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 47,489 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 236 |
Weighted Average Years | 1 month 6 days |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 8,079 |
Weighted Average Years | 2 years 1 month 6 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 39,174 |
Weighted Average Years | 2 years 6 months |
Share Repurchase Activity (Deta
Share Repurchase Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||
Total cost | $ (76,625) | $ (5,047) |
Share repurchase program | ||
Equity, Class of Treasury Stock [Line Items] | ||
Number of common shares repurchased and subsequently retired | 2,430,827 | |
Total cost | $ 71,242 | |
Average cost per share, including commissions | $ 29.31 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 10, 2019 | Apr. 30, 2019 | Apr. 30, 2018 | Jun. 04, 2019 | Aug. 22, 2017 |
Equity, Class of Treasury Stock [Line Items] | |||||
Common shares authorized for repurchase, shares | 20,000,000 | ||||
Remaining common shares authorized for repurchase, shares | 11,971,326 | ||||
Stock repurchased and retired during period, total cost | $ (76,625) | $ (5,047) | |||
Employee Stock | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchased and retired during period, common shares | 176,081 | 138,310 | |||
Stock repurchased and retired during period, total cost | $ 5,383 | $ 5,047 | |||
Subsequent Event | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common shares authorized for repurchase, shares | 20,000,000 | ||||
Stock repurchased and retired during period, common shares | 5,637,369 | ||||
Stock repurchased and retired during period, total cost | $ 146,180 | ||||
Average cost per share, including commissions | $ 25.93 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning Balance | $ 1,489,098 | $ 1,300,903 |
Other comprehensive income (loss) before reclassifications | (3,621) | (8,049) |
Amounts reclassified from accumulated other comprehensive income (loss) | 7 | (13) |
Total other comprehensive loss | (3,614) | (8,062) |
Ending Balance | 1,447,971 | 1,346,415 |
Foreign Currency Translation | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning Balance | (26,925) | (10,340) |
Other comprehensive income (loss) before reclassifications | (3,800) | (7,969) |
Total other comprehensive loss | (3,800) | (7,969) |
Ending Balance | (30,725) | (18,309) |
Unrealized Gains and (Losses) on available- for-Sale Securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning Balance | (178) | (311) |
Other comprehensive income (loss) before reclassifications | 179 | (80) |
Amounts reclassified from accumulated other comprehensive income (loss) | 7 | (13) |
Total other comprehensive loss | 186 | (93) |
Ending Balance | 8 | (404) |
Accumulated Other Comprehensive Loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning Balance | (27,103) | (10,651) |
Ending Balance | $ (30,717) | $ (18,713) |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Common Shares Outstanding Used for Computation of Basic and Diluted Net Income per Common Share (Detail) - shares | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Basic weighted-average common shares outstanding | 104,437,460 | 108,490,926 |
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units | 902,688 | 1,252,751 |
Diluted weighted-average shares outstanding | 105,340,148 | 109,743,677 |
Net Income per Common Share - A
Net Income per Common Share - Additional Information (Detail) - $ / shares | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common shares | 380,000 | 267,500 |
Anti-dilutive common shares exercise price, minimum | $ 35.85 | $ 37.02 |
Anti-dilutive common shares exercise price, maximum | $ 46.42 | $ 46.02 |
Performance Stock Units (PSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common shares | 711,418 | 1,713,773 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended | |
Apr. 30, 2019StoreSegmentOutletRestaurantCustomer | Apr. 30, 2018 | |
Segment Reporting Information [Line Items] | ||
Number of reporting segments | Segment | 3 | |
Number of major customers exceeding ten percentage thresholds | Customer | 0 | |
Retail Operations | ||
Segment Reporting Information [Line Items] | ||
Percentage of net sales | 90.50% | 90.60% |
Number of restaurants | Restaurant | 12 | |
Retail Operations | Urban Outfitters | ||
Segment Reporting Information [Line Items] | ||
Number of stores | 245 | |
Number of franchisee-owned stores | 4 | |
Retail Operations | Anthropologie Group | ||
Segment Reporting Information [Line Items] | ||
Number of stores | 228 | |
Number of franchisee-owned stores | 1 | |
Retail Operations | Free People | ||
Segment Reporting Information [Line Items] | ||
Number of stores | 136 | |
Number of franchisee-owned stores | 1 | |
Wholesale Operations | ||
Segment Reporting Information [Line Items] | ||
Number of stores | Outlet | 2,200 |
Schedule of Operations by Segme
Schedule of Operations by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 864,413 | $ 855,688 | |
General corporate expenses | (9,271) | (12,815) | |
Total income from operations | 40,020 | 53,896 | |
Total inventory | 408,362 | 404,617 | $ 370,507 |
Total property and equipment, net | 829,072 | 819,725 | 796,029 |
Retail Operations | |||
Segment Reporting Information [Line Items] | |||
Total inventory | 365,554 | 353,423 | 328,783 |
Total property and equipment, net | 819,062 | 817,277 | 793,640 |
Wholesale Operations | |||
Segment Reporting Information [Line Items] | |||
Total inventory | 42,808 | 51,194 | 41,724 |
Total property and equipment, net | 2,312 | 2,448 | $ 2,389 |
Subscription Operations | |||
Segment Reporting Information [Line Items] | |||
Total property and equipment, net | 7,698 | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total income from operations | 49,291 | 66,711 | |
Operating Segments | Retail Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 782,563 | 775,564 | |
Total income from operations | 34,694 | 51,872 | |
Operating Segments | Wholesale Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 84,365 | 82,941 | |
Total income from operations | 16,761 | 14,805 | |
Operating Segments | Subscription Operations | |||
Segment Reporting Information [Line Items] | |||
Total income from operations | (2,101) | ||
Intersegment Elimination | |||
Segment Reporting Information [Line Items] | |||
Total net sales | (2,515) | (2,817) | |
Total income from operations | $ (63) | $ 34 |
Schedule of Net Sales and Perce
Schedule of Net Sales and Percentage of Net Sales by Merchandise Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | ||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | $ 864,413 | $ 855,688 | |
Total net sales, percentage | 100.00% | 100.00% | |
Apparel | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | [1] | $ 588,726 | $ 599,688 |
Total net sales, percentage | [1] | 68.00% | 70.00% |
Home | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | [2] | $ 124,548 | $ 114,348 |
Total net sales, percentage | [2] | 14.00% | 13.00% |
Accessories | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | [3] | $ 100,268 | $ 98,775 |
Total net sales, percentage | [3] | 12.00% | 12.00% |
Other | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | [4] | $ 50,871 | $ 42,877 |
Total net sales, percentage | [4] | 6.00% | 5.00% |
[1] | Apparel includes intimates and activewear | ||
[2] | Home includes home furnishings, electronics, gifts and decorative items | ||
[3] | Accessories includes footwear, jewelry and handbags | ||
[4] | Other includes beauty, shipping and handling revenues and the Food and Beverage division |
Schedule of Revenues and Long-L
Schedule of Revenues and Long-Lived Assets, by Domestic and Foreign Operations Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total property and equipment, net | $ 829,072 | $ 819,725 | $ 796,029 |
Total net sales | 864,413 | 855,688 | |
Domestic Operations | |||
Segment Reporting Information [Line Items] | |||
Total property and equipment, net | 758,794 | 735,473 | 723,400 |
Total net sales | 763,089 | 747,151 | |
Foreign Operations | |||
Segment Reporting Information [Line Items] | |||
Total property and equipment, net | 70,278 | 84,252 | $ 72,629 |
Total net sales | $ 101,324 | $ 108,537 |