Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 31, 2023 | Dec. 05, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Shares, par value $.0001 per share | |
Entity File Number | 000-22754 | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-2003332 | |
Entity Address, Address Line One | 5000 South Broad Street | |
Entity Address, City or Town | Philadelphia | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19112-1495 | |
City Area Code | 215 | |
Local Phone Number | 454-5500 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 92,784,344 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 | Oct. 31, 2022 |
Current assets: | |||
Cash and cash equivalents | $ 206,237 | $ 201,260 | $ 147,431 |
Marketable securities | 249,176 | 181,378 | 95,246 |
Accounts receivable, net of allowance for doubtful accounts of $1,481, $1,496 and $1,201, respectively | 77,399 | 70,339 | 81,422 |
Inventory | 721,011 | 587,510 | 743,579 |
Prepaid expenses and other current assets | 235,227 | 197,232 | 226,280 |
Total current assets | 1,489,050 | 1,237,719 | 1,345,076 |
Property and equipment, net | 1,272,652 | 1,187,735 | 1,175,080 |
Operating lease right-of-use assets | 933,864 | 959,436 | 927,092 |
Marketable securities | 132,939 | 102,844 | 146,364 |
Deferred income taxes and other assets | 281,151 | 195,178 | 177,622 |
Total Assets | 4,109,656 | 3,682,912 | 3,720,116 |
Current liabilities: | |||
Accounts payable | 319,115 | 257,620 | 326,529 |
Current portion of operating lease liabilities | 223,781 | 232,672 | 224,378 |
Accrued expenses, accrued compensation and other current liabilities | 506,028 | 400,082 | 457,537 |
Total current liabilities | 1,048,924 | 890,374 | 1,008,444 |
Non-current portion of operating lease liabilities | 857,791 | 884,696 | 861,033 |
Deferred rent and other liabilities | 156,383 | 115,159 | 112,248 |
Total Liabilities | 2,063,098 | 1,890,229 | 1,981,725 |
Commitments and contingencies (see Note 12) | |||
Shareholders’ equity: | |||
Preferred shares; $.0001 par value, 10,000,000 shares authorized, none issued | 0 | 0 | 0 |
Common shares; $.0001 par value, 200,000,000 shares authorized, 92,773,249, 92,180,709 and 92,173,342 shares issued and outstanding, respectively | 9 | 9 | 9 |
Additional paid-in-capital | 30,734 | 15,248 | 7,850 |
Retained earnings | 2,065,984 | 1,826,061 | 1,794,599 |
Accumulated other comprehensive loss | (50,169) | (48,635) | (64,067) |
Total Shareholders’ Equity | 2,046,558 | 1,792,683 | 1,738,391 |
Total Liabilities and Shareholders’ Equity | $ 4,109,656 | $ 3,682,912 | $ 3,720,116 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 | Oct. 31, 2022 |
Statement of Financial Position [Abstract] | |||
Accounts receivable, allowance for doubtful accounts | $ 1,271 | $ 1,496 | $ 1,265 |
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 | 92,784,344 | 92,180,709 | 92,174,487 |
Common shares, shares outstanding | 92,784,344 | 92,180,709 | 92,174,487 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,281,174 | $ 1,175,349 | $ 3,667,043 | $ 3,410,671 |
Cost of sales (excluding store impairment) | 825,375 | 817,348 | 2,384,432 | 2,354,817 |
Store impairment | 1,392 | 958 | 1,392 | 958 |
Gross profit | 454,407 | 357,043 | 1,281,219 | 1,054,896 |
Selling, general and administrative expenses | 345,429 | 299,725 | 968,760 | 865,523 |
Income from operations | 108,978 | 57,318 | 312,459 | 189,373 |
Other income (loss), net | (705) | (5,019) | 5,123 | (9,270) |
Income before income taxes | 109,683 | 52,299 | 317,582 | 180,103 |
Income tax expense | 26,669 | 15,068 | 77,659 | 51,866 |
Net income | $ 83,014 | $ 37,231 | $ 239,923 | $ 128,237 |
Net income per common share: | ||||
Basic | $ 0.89 | $ 0.4 | $ 2.59 | $ 1.37 |
Diluted | $ 0.88 | $ 0.4 | $ 2.55 | $ 1.36 |
Weighted-average common shares outstanding: | ||||
Basic | 92,780,736 | 92,174,160 | 92,667,878 | 93,544,085 |
Diluted | 94,448,376 | 93,036,066 | 94,168,058 | 94,322,783 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ 83,014 | $ 37,231 | $ 239,923 | $ 128,237 |
Other comprehensive loss: | ||||
Foreign currency translation | (11,961) | (13,451) | (4,269) | (34,083) |
Change in unrealized gains (losses) on marketable securities, net of tax | 594 | (431) | 2,735 | (5,154) |
Total other comprehensive loss | (11,367) | (13,882) | (1,534) | (39,237) |
Comprehensive income | $ 71,647 | $ 23,349 | $ 238,389 | $ 89,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Jan. 31, 2022 | $ 1,745,740 | $ 10 | $ 1,770,560 | $ (24,830) | |
Beginning Balances (in shares) at Jan. 31, 2022 | 96,431,044 | ||||
Comprehensive income | 89,000 | 128,237 | (39,237) | ||
Share-based compensation | 21,971 | $ 21,971 | |||
Share-based awards | 376 | 376 | |||
Share-based awards (in shares) | 725,882 | ||||
Share repurchases | (118,696) | $ (1) | (14,497) | (104,198) | |
Share repurchases (in shares) | (4,982,439) | ||||
Ending Balance at Oct. 31, 2022 | $ 1,738,391 | $ 9 | 7,850 | 1,794,599 | (64,067) |
Ending Balances (in shares) at Oct. 31, 2022 | 92,174,487 | 92,174,487 | |||
Beginning Balance at Jul. 31, 2022 | $ 1,707,192 | $ 9 | 1,757,368 | (50,185) | |
Beginning Balances (in shares) at Jul. 31, 2022 | 92,173,342 | ||||
Comprehensive income | 23,349 | 37,231 | (13,882) | ||
Share-based compensation | 7,862 | 7,862 | |||
Share-based awards (in shares) | 1,667 | ||||
Share repurchases | (12) | (12) | |||
Share repurchases (in shares) | (522) | ||||
Ending Balance at Oct. 31, 2022 | $ 1,738,391 | $ 9 | 7,850 | 1,794,599 | (64,067) |
Ending Balances (in shares) at Oct. 31, 2022 | 92,174,487 | 92,174,487 | |||
Beginning Balance at Jan. 31, 2023 | $ 1,792,683 | $ 9 | 15,248 | 1,826,061 | (48,635) |
Beginning Balances (in shares) at Jan. 31, 2023 | 92,180,709 | 92,180,709 | |||
Comprehensive income | $ 238,389 | 239,923 | (1,534) | ||
Share-based compensation | 23,245 | 23,245 | |||
Share-based awards | 594 | 594 | |||
Share-based awards (in shares) | 912,284 | ||||
Share repurchases | (8,353) | (8,353) | |||
Share repurchases (in shares) | (308,649) | ||||
Ending Balance at Oct. 31, 2023 | $ 2,046,558 | $ 9 | 30,734 | 2,065,984 | (50,169) |
Ending Balances (in shares) at Oct. 31, 2023 | 92,784,344 | 92,784,344 | |||
Beginning Balance at Jul. 31, 2023 | $ 1,967,391 | $ 9 | 23,214 | 1,982,970 | (38,802) |
Beginning Balances (in shares) at Jul. 31, 2023 | 92,773,249 | ||||
Comprehensive income | 71,647 | 83,014 | (11,367) | ||
Share-based compensation | 7,689 | 7,689 | |||
Share-based awards (in shares) | 16,165 | ||||
Share repurchases | (169) | (169) | |||
Share repurchases (in shares) | (5,070) | ||||
Ending Balance at Oct. 31, 2023 | $ 2,046,558 | $ 9 | $ 30,734 | $ 2,065,984 | $ (50,169) |
Ending Balances (in shares) at Oct. 31, 2023 | 92,784,344 | 92,784,344 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 239,923 | $ 128,237 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 75,286 | 77,529 |
Non-cash lease expense | 151,413 | 143,036 |
Provision for deferred income taxes | 33,660 | 366 |
Share-based compensation expense | 23,245 | 21,971 |
Amortization of tax credit investment | 11,929 | 0 |
Store Impairment | 1,392 | 958 |
Loss on disposition of property and equipment, net | 146 | 345 |
Changes in assets and liabilities: | ||
Receivables | (7,233) | (19,235) |
Inventory | (135,216) | (184,800) |
Prepaid expenses and other assets | (74,957) | (56,699) |
Payables, accrued expenses and other liabilities | 138,735 | 59,305 |
Operating lease liabilities | (178,084) | (177,183) |
Net cash provided by (used in) operating activities | 280,239 | (6,170) |
Cash flows from investing activities: | ||
Cash paid for property and equipment | (151,037) | (143,445) |
Cash paid for marketable securities | (335,508) | (22,000) |
Sales and maturities of marketable securities | 242,847 | 230,745 |
Initial cash payment for tax credit investment | (20,000) | 0 |
Net cash (used in) provided by investing activities | (263,698) | 65,300 |
Cash flows from financing activities: | ||
Proceeds from the exercise of stock options | 594 | 376 |
Share repurchases related to share repurchase program | 0 | (112,016) |
Share repurchases related to taxes for share-based awards | (8,353) | (6,680) |
Tax credit investment liability payments | (3,007) | 0 |
Net cash used in financing activities | (10,766) | (118,320) |
Effect of exchange rate changes on cash and cash equivalents | (798) | 46 |
Increase (decrease) in cash and cash equivalents | 4,977 | (59,144) |
Cash and cash equivalents at beginning of period | 201,260 | 206,575 |
Cash and cash equivalents at end of period | 206,237 | 147,431 |
Supplemental cash flow information: | ||
Cash paid during the year for income taxes | 35,576 | 33,516 |
Non-cash investing activities—Accrued capital expenditures | 31,791 | 41,431 |
Right-of-use assets obtained in exchange for operating lease liabilities | 154,426 | 105,365 |
Non-cash investing activities-Accrued tax credit investment installments | $ 62,120 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 83,014 | $ 37,231 | $ 239,923 | $ 128,237 |
Insider Trading Arrangements
Insider Trading Arrangements - shares | 9 Months Ended | |
Oct. 31, 2023 | Oct. 12, 2023 | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Item 5. Oth er Information On October 12, 2023 , Harry S. Cherken , Jr., a director of the Company, adopted a Rule 10b5-1 trading arrangement for the sale of up to 20,000 common shares of the Company from January 12, 2024 through March 1, 2024 that was intended to satisfy the affirmative defense of Rule 10b5-1(c). On October 31, 2023 , Mr. Cherken terminated that arrangement and his Rule 10b5-1 trading arrangement adopted on July 7, 2023 with respect to the sale of up to 80,000 common shares of the Company through March 1, 2024. | |
Name | Harry S. Cherken | |
Title | director | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | October 12, 2023 | |
Rule 10b5-1 Arrangement Terminated | true | |
Termination Date | October 31, 2023 | |
Aggregate Available | 80,000 | 20,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 31, 2023 | |
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, 2023, filed with the United States Securities and Exchange Commission on April 3, 2023. The Company’s business experiences seasonal fluctuations in net sales and net income, with a more significant portion typically realized in the second half of each year predominantly due to the year-end holiday period. Historically, and consistent with the retail industry, this seasonality also impacts our working capital requirements, particularly with regard to inventory. Accordingly, the results of operations for the three and nine months ended October 31, 2023 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 2024 will end on January 31, 2024. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued an accounting standards update that introduces additional segment disclosure requirements. The update requires entities to quantitatively disclose significant segment expenses that are regularly provided to the chief operating decision maker for each reportable segment as well as an amount for other segment items for each reportable segment and a description of their composition. Entities are also required to disclose how reported measures of segment profit or loss are used in assessing segment performance and deciding how to allocate resources. The update will be effective for the Company in its annual consolidated financial statements for the fiscal year ending January 31, 2025, and interim periods thereafter. The Company expects adoption of this update to result in additional disclosures in the notes to its consolidated financial statements and will be applied retrospectively to all prior periods presented. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Oct. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customers | 2. 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, debit card and alternative payment method transactions throughout all segments and sales to the Company’s Wholesale segment customers and franchisees. For the nine month period ended October 31, 2023, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, were $ 70,339 and $ 77,399 , respectively. For the nine month period ended October 31, 2022, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, were $ 63,760 and $ 81,422 , 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 nine month period ended October 31, 2023, the opening and closing balances of contract liabilities were $ 82,867 and $ 70,763 , respectively. For the nine month period ended October 31, 2022, the opening and closing balances of contract liabilities were $ 78,717 and $ 68,536 , respectively. Contract liabilities are included in “Accrued expenses, accrued compensation and other current liabilities” in the Condensed Consolidated Balance Sheets. During the nine month period ended October 31, 2023, the Company recognized $ 32,828 of revenue that was included in the contract liability balance at the beginning of the period. During the nine month period ended October 31, 2022, the Company recognized $ 32,299 of revenue that was included in the contract liability balance at the beginning of the period. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Oct. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 3. 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 October 31, 2023, January 31, 2023 and October 31, 2022 were as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of October 31, 2023 Short-term Investments: Corporate bonds $ 102,766 $ — $ ( 1,336 ) $ 101,430 Federal government agencies 66,216 — ( 233 ) 65,983 Municipal and pre-refunded municipal bonds 48,115 — ( 727 ) 47,388 Commercial paper 20,976 — — 20,976 US Treasury securities 13,157 — ( 7 ) 13,150 Certificates of deposit 249 — — 249 251,479 — ( 2,303 ) 249,176 Long-term Investments: Corporate bonds 53,555 4 ( 1,155 ) 52,404 Federal government agencies 49,203 — ( 388 ) 48,815 Municipal and pre-refunded municipal bonds 10,224 3 ( 136 ) 10,091 US Treasury securities 7,398 1 ( 71 ) 7,328 Mutual funds, held in rabbi trust 13,252 147 ( 348 ) 13,051 Certificates of deposit 1,250 — — 1,250 134,882 155 ( 2,098 ) 132,939 $ 386,361 $ 155 $ ( 4,401 ) $ 382,115 As of January 31, 2023 Short-term Investments: Corporate bonds $ 83,184 $ — $ ( 947 ) $ 82,237 Federal government agencies 6,501 — ( 1 ) 6,500 Municipal and pre-refunded municipal bonds 48,141 — ( 688 ) 47,453 Commercial paper 21,636 — — 21,636 US Treasury securities 23,561 1 ( 10 ) 23,552 183,023 1 ( 1,646 ) 181,378 Long-term Investments: Corporate bonds 62,594 22 ( 3,319 ) 59,297 Federal government agencies 9,021 13 ( 2 ) 9,032 Municipal and pre-refunded municipal bonds 23,437 5 ( 1,154 ) 22,288 Mutual funds, held in rabbi trust 13,402 — ( 1,424 ) 11,978 Certificates of deposit 249 — — 249 108,703 40 ( 5,899 ) 102,844 $ 291,726 $ 41 $ ( 7,545 ) $ 284,222 Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of October 31, 2022 Short-term Investments: Corporate bonds $ 85,788 $ — $ ( 1,626 ) $ 84,162 Municipal and pre-refunded municipal bonds 58,417 — ( 910 ) 57,507 US Treasury securities 4,750 — ( 55 ) 4,695 148,955 — ( 2,591 ) 146,364 Long-term Investments: Corporate bonds 61,707 — ( 4,472 ) 57,235 Municipal and pre-refunded municipal bonds 28,803 — ( 1,801 ) 27,002 Mutual funds, held in rabbi trust 12,546 — ( 1,786 ) 10,760 Certificates of deposit 249 — — 249 103,305 — ( 8,059 ) 95,246 $ 252,260 $ — $ ( 10,650 ) $ 241,610 Proceeds from the sales and maturities of available-for-sale securities were $ 242,847 and $ 230,745 for the nine months ended October 31, 2023 and 2022, respectively. The Company included in “Other income (loss), net,” in the Condensed Consolidated Statements of Income, a net realized gain of $ 2 and a net realized loss of $ 4 for the three and nine months ended October 31, 2023, respectively, and a net realized loss of $ 1,131 and $ 1,465 for the three and nine months ended October 31, 2022, respectively. Amortization of discounts and premiums, net, was a benefit of $ 1,406 and $ 2,578 for the three and nine months ended October 31, 2023, respectively, and an expense of $ 1,037 and $ 3,919 for the three and nine months ended October 31, 2022, respectively. Amortization of discounts and premiums, net, is included in “Other income (loss), net” in the Condensed Consolidated Statements of Income. Mutual funds represent assets held in an irrevocable rabbi trust for the Company’s Non-qualified Deferred Compensation Plan (“NQDC”). These assets are a source of funds to match the funding obligations to participants in the NQDC but are subject to the Company’s general creditors. The Company elected the fair value option for financial assets for the mutual funds held in the rabbi trust resulting in all unrealized gains and losses being recorded in “Other income (loss), net” in the Condensed Consolidated Statements of Income. |
Fair Value
Fair Value | 9 Months Ended |
Oct. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 4. 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 October 31, 2023 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 153,834 $ — $ 153,834 Federal government agencies — 114,798 — 114,798 Municipal and pre-refunded municipal bonds — 57,479 — 57,479 Commercial paper — 20,976 — 20,976 US Treasury securities — 20,478 — 20,478 Mutual funds, held in rabbi trust 13,051 — — 13,051 Certificates of deposit — 1,499 — 1,499 $ 13,051 $ 369,064 $ — $ 382,115 Marketable Securities Fair Value as of January 31, 2023 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 141,534 $ — $ 141,534 Federal government agencies — 15,532 — 15,532 Municipal and pre-refunded municipal bonds — 69,741 — 69,741 Commercial paper — 21,636 — 21,636 US Treasury securities — 23,552 — 23,552 Mutual funds, held in rabbi trust 11,978 — — 11,978 Certificates of deposit — 249 — 249 $ 11,978 $ 272,244 $ — $ 284,222 Marketable Securities Fair Value as of October 31, 2022 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 141,397 $ — $ 141,397 Municipal and pre-refunded municipal bonds — 84,509 — 84,509 US Treasury securities — 4,695 — 4,695 Mutual funds, held in rabbi trust 10,760 — — 10,760 Certificates of deposit — 249 — 249 $ 10,760 $ 230,850 $ — $ 241,610 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 October 31, 2023, January 31, 2023 and October 31, 2022. 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 October 31, 2023, January 31, 2023 and October 31, 2022, 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 lease-related right-of-use assets are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. 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 its retail locations. Right-of-use assets are tested for impairment in the same manner as property and equipment. For lease right-of-use assets, the Company determines the estimated fair value of the assets by comparing the discounted contractual rent payments to estimated market rent using an acceptable valuation methodology. During the three months ended October 31, 2023 and 2022, the Company determined that certain long-lived assets at the Company's retail locations were unable to recover their carrying value and were written down to their fair values. During the three months ended October 31, 2023, the Company recorded impairment charges of $ 1,392 across five retail locations, with a carrying value after impairment of $ 5,996 related to the right-of-use assets. During the three months ended October 31, 2022, the Company recorded impairment charges of $ 958 across four retail locations, with a carrying value after impairment of $ 12,988 related to the right-of-use assets. |
Debt
Debt | 9 Months Ended |
Oct. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt On February 10, 2023, the Company and certain of its subsidiaries entered into the fourth amendment (the “Fourth Amendment”) to the Company’s amended and restated credit agreement (the “Amended Credit Agreement”), amending the Company’s asset-based revolving credit facility with its lenders, including JPMorgan Chase Bank, N.A., as administrative agent, joint lead arranger and co-book managers along with Wells Fargo Bank, National Association (the "Amended Credit Facility"). The Fourth Amendment permits the Company to purchase an equity membership interest in a federal low-income housing tax credit entity. See Note 6, "Tax Credit Investment," for further discussion of the investment. 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 and includes a swing-line sub-facility, a multicurrency sub-facility and the option to expand the facility by up to $ 150,000 . Borrowings under the Amended Credit Facility may be used for working capital and other general corporate purposes. The Amended Credit Facility matures in June 2027. The Amended Credit Facility provides for interest on borrowings, at the Company’s option, at either (i) adjusted SOFR, CDOR, SONIA or EURIBOR plus an applicable margin ranging from 1.125 % to 1.375 %, or (ii) an adjusted ABR plus an applicable margin ranging from 0.125 % to 0.375 %, each such applicable margin depending on the level of availability under the Amended Credit Facility. Depending on the type of borrowing, interest on the Amended Credit Facility is payable monthly, quarterly or at the end of the applicable 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 October 31, 2023, the Company had $ 0 in borrowings under the Amended Credit Facility. As of October 31, 2023, the Company was in compliance with the terms of the Amended Credit Agreement and expects to remain in compliance with all terms, including covenants, of the Amended Credit Agreement. Outstanding stand-by letters of credit, which reduce the funds available under the Amended Credit Facility, were $ 13,258 . Interest expense for the Amended Credit Facility was $ 727 and $ 754 for the nine months ended October 31, 2023 and 2022, respectively, which was included in “Other income (loss), net” in the Condensed Consolidated Statements of Income. |
Tax Credit Investments
Tax Credit Investments | 9 Months Ended |
Oct. 31, 2023 | |
Investment Owned, Balance [Abstract] | |
Tax Credit Investments | 6. Tax Credit Investment On February 10, 2023, the Company committed $ 100,000 to purchase an equity membership interest in a federal low-income housing tax credit entity. An initial payment of $ 20,000 was paid at closing with the remaining balance payable in quarterly installments over a five-year period beginning in fiscal 2024. The present value of such payments was $ 62,120 and was recorded as an increase to the initial tax credit investment asset and liability. In exchange for the total payments of $ 100,000 , the Company expects to realize a comparable amount of tax credits and other tax benefits that will reduce its future federal income tax payments. Although the investment vehicle is considered a variable interest entity, the Company is not the primary beneficiary, and therefore, the investment is not consolidated. The Company has elected to use the practical expedient method of amortization, which approximates the proportional amortization method, to amortize the investment to income tax expense in proportion to the tax credits received over an estimated 10-year tax credit period beginning in the first quarter of fiscal 2024. During the nine months ended October 31, 2023, interest expense related to the accretion of the liability was $ 4,875 and a net benefit of $ 5,050 was included in “Income tax expense” in the Condensed Consolidated Statements of Income. The carrying value of the investment is recorded in "Deferred income taxes and other assets" in the Condensed Consolidated Balance Sheets. The liabilities for the present value of the estimated future capital contributions are recorded in "Accrued expenses, accrued compensation and other current liabilities" and "Deferred rent and other liabilities" in the Condensed Consolidated Balance Sheets. The following table summarizes the balances related to the investment at October 31, 2023: October 31, 2023 Deferred income taxes and other assets $ 70,190 Accrued expenses, accrued compensation and other current liabilities 7,738 Deferred rent and other liabilities 51,375 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Oct. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 7. 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 (“RSUs”), performance stock units (“PSUs”) or stock appreciation rights. The fair value of PSUs and RSUs is equal to the stock price on the date of the grant. Share-based compensation expense included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Income, for the three and nine months ended October 31, 2023 and 2022, was as follows: Three Months Ended Nine Months Ended October 31, October 31, 2023 2022 2023 2022 Performance Stock Units $ 1,231 $ 1,280 $ 3,782 $ 3,697 Restricted Stock Units 6,458 6,582 19,463 18,274 Total $ 7,689 $ 7,862 $ 23,245 $ 21,971 Share-based awards granted and the weighted-average fair value of such awards for the nine months ended October 31, 2023 was as follows: Nine Months Ended October 31, 2023 Weighted- Awards Average Fair Granted Value Performance Stock Units 160,887 $ 26.96 Restricted Stock Units 962,116 $ 27.32 Total 1,123,003 During the nine months ended October 31, 2023, 25,000 stock options were exercised, 131,248 PSUs vested and 756,036 RSUs 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 October 31, 2023 was as follows: October 31, 2023 Unrecognized Weighted- Compensation Average Cost Years Performance Stock Units $ 6,500 1.9 Restricted Stock Units 35,618 2.0 Total $ 42,118 |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Oct. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | 8 . Shareholders’ Equity Share repurchase activity under the Company’s share repurchase programs was as follows: Three Months Ended Nine Months Ended October 31, October 31, 2023 2022 2023 2022 Number of common shares repurchased and subsequently retired — — — 4,736,405 Total cost $ — $ — $ — $ 112,016 Average cost per share, including commissions $ — $ — $ — $ 23.65 On August 22, 2017, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program; all shares were repurchased and the authorization was completed by the end of June 2022. On June 4, 2019, the Company’s Board of Directors authorized the repurchase of an additional 20,000,000 common shares under a share repurchase program. As of October 31, 2023, 19,156,390 common shares were remaining under the program. During the nine months ended October 31, 2023, the Company acquired and subsequently retired 308,649 common shares at a total cost of $ 8,353 from employees to meet payroll tax withholding requirements on vested share-based awards. During the nine months ended October 31, 2022, the Company acquired and subsequently retired 246,034 common shares at a total cost of $ 6,680 from employees to meet payroll tax withholding requirements on vested share-based awards. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 9 Months Ended |
Oct. 31, 2023 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 9 . Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss The following tables present the changes in “Accumulated other comprehensive loss,” by component, net of tax, for the three and nine months ended October 31, 2023 and 2022: Three Months Ended October 31, 2023 Nine Months Ended October 31, 2023 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ ( 35,132 ) $ ( 3,670 ) $ ( 38,802 ) $ ( 42,824 ) $ ( 5,811 ) $ ( 48,635 ) Other comprehensive ( 11,961 ) 592 ( 11,369 ) ( 4,269 ) 2,739 ( 1,530 ) Amounts reclassified — 2 2 — ( 4 ) ( 4 ) Net current-period other ( 11,961 ) 594 ( 11,367 ) ( 4,269 ) 2,735 ( 1,534 ) Balance at end of period $ ( 47,093 ) $ ( 3,076 ) $ ( 50,169 ) $ ( 47,093 ) $ ( 3,076 ) $ ( 50,169 ) Three Months Ended October 31, 2022 Nine Months Ended October 31, 2022 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ ( 42,836 ) $ ( 7,349 ) $ ( 50,185 ) $ ( 22,204 ) $ ( 2,626 ) $ ( 24,830 ) Other comprehensive ( 13,451 ) 700 ( 12,751 ) ( 34,083 ) ( 3,689 ) ( 37,772 ) Amounts reclassified — ( 1,131 ) ( 1,131 ) — ( 1,465 ) ( 1,465 ) Net current-period other ( 13,451 ) ( 431 ) ( 13,882 ) ( 34,083 ) ( 5,154 ) ( 39,237 ) Balance at end of period $ ( 56,287 ) $ ( 7,780 ) $ ( 64,067 ) $ ( 56,287 ) $ ( 7,780 ) $ ( 64,067 ) All unrealized gains and losses on available-for-sale securities reclassified from accumulated other comprehensive loss were recorded in “Other income (loss), net” in the Condensed Consolidated Statements of Income. |
Net Income per Common Share
Net Income per Common Share | 9 Months Ended |
Oct. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | 10. 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 Nine Months Ended October 31, October 31, 2023 2022 2023 2022 Basic weighted-average common shares 92,780,736 92,174,160 92,667,878 93,544,085 Effect of dilutive options, performance stock units 1,667,640 861,906 1,500,180 778,698 Diluted weighted-average shares outstanding 94,448,376 93,036,066 94,168,058 94,322,783 For the three months ended October 31, 2023 and 2022, awards to purchase 40,000 common shares at a price of $ 46.42 and 205,000 common shares ranging in price from $ 23.74 to $ 46.42 , respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. For the nine months ended October 31, 2023 and 2022, awards to purchase 66,667 common shares ranging in price from $ 28.47 to $ 46.42 and 203,333 common shares ranging in price from $ 23.74 to $ 46.42 , respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. Excluded from the calculation of diluted net income per common share as of October 31, 2023 and October 31, 2022, were 272,554 and 167,500 performance-based equity awards, respectively, because they did not meet the required performance criteria. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. 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 | 9 Months Ended |
Oct. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. Segment Reporting The Company offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands. The Company operates three reportable segments – “Retail,” “Wholesale” and “Nuuly.” The Company’s Retail segment includes the Anthropologie, Free People, FP Movement and Urban Outfitters brands. The Company has aggregated its brands into the Retail segment based upon their shared management, customer base and economic characteristics. Reporting in this format provides management with the financial information necessary to evaluate the success of the segments and the overall business. The Company’s Retail segment omni-channel strategy enhances its customers’ brand experience by providing a seamless approach to the customer shopping experience. All available Company-owned Retail segment shopping channels are fully integrated, including retail locations, websites, mobile applications, catalogs and customer contact centers. The Company’s Wholesale segment includes the Free People, FP Movement and Urban Outfitters brands. The Wholesale segment sells through department and specialty stores worldwide, digital businesses and the Retail segment. The Nuuly segment includes the Nuuly brand, which offers customers a more sustainable way to explore fashion through a monthly women’s apparel subscription rental service. The Company evaluates the performance of each segment based on the net sales and income from operations (excluding intercompany charges) of the segment. The Company accounts for intersegment sales and transfers as if the sales and transfers were made to third parties making similar volume purchases. Corporate expenses include expenses incurred and directed by the corporate office that are not allocated to segments. The principal identifiable assets for the Retail and Wholesale segments are inventory and property and equipment. The principal identifiable assets for the Nuuly segment are rental product and property and equipment. 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, 2023. All of the Company’s segments are highly diversified. No one customer constitutes more than 10% of the Company’s total consolidated net sales. A summary of the information about the Company’s operations by segment is as follows: Three Months Ended Nine Months Ended October 31, October 31, 2023 2022 2023 2022 Net sales Retail operations $ 1,145,766 $ 1,067,531 $ 3,309,956 $ 3,126,157 Wholesale operations 74,257 80,223 198,440 211,194 Nuuly operations 65,516 35,279 172,779 86,904 Intersegment elimination ( 4,365 ) ( 7,684 ) ( 14,132 ) ( 13,584 ) Total net sales $ 1,281,174 $ 1,175,349 $ 3,667,043 $ 3,410,671 Income from operations Retail operations $ 111,731 $ 64,427 $ 338,995 $ 216,260 Wholesale operations 14,525 12,782 27,910 30,021 Nuuly operations 280 ( 3,228 ) ( 2,430 ) ( 9,358 ) Intersegment elimination 54 547 ( 358 ) 1,137 Total segment operating income 126,590 74,528 364,117 238,060 General corporate expenses ( 17,612 ) ( 17,210 ) ( 51,658 ) ( 48,687 ) Total income from operations $ 108,978 $ 57,318 $ 312,459 $ 189,373 October 31, January 31, October 31, 2023 2023 2022 Inventory Retail operations $ 679,757 $ 529,853 $ 682,005 Wholesale operations 41,254 57,657 61,574 Total inventory $ 721,011 $ 587,510 $ 743,579 Rental product, net (1) Nuuly operations $ 140,749 $ 90,934 $ 76,449 Total rental product, net $ 140,749 $ 90,934 $ 76,449 (1) Rental product, net is included in "Deferred income taxes and other assets" in the Condensed Consolidated Balance Sheets. Property and equipment, net Retail operations $ 1,182,197 $ 1,138,487 $ 1,133,561 Wholesale operations 1,694 990 1,073 Nuuly operations 88,761 48,258 40,446 Total property and equipment, net $ 1,272,652 $ 1,187,735 $ 1,175,080 The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category and by segment: Three Months Ended October 31, 2023 2022 Net sales Apparel $ 771,166 67 % $ 688,630 64 % Home 173,062 15 % 192,384 18 % Accessories 148,338 13 % 135,784 13 % Other 53,200 5 % 50,733 5 % Retail operations 1,145,766 100 % 1,067,531 100 % Apparel 61,324 88 % 65,713 91 % Accessories 8,331 12 % 6,603 9 % Other 237 0 % 223 0 % Wholesale operations (1) 69,892 100 % 72,539 100 % Nuuly operations 65,516 35,279 Total net sales $ 1,281,174 $ 1,175,349 Nine Months Ended October 31, 2023 2022 Net sales Apparel $ 2,253,486 68 % $ 2,049,571 66 % Home 492,689 15 % 548,292 17 % Accessories 408,977 12 % 383,409 12 % Other 154,804 5 % 144,885 5 % Retail operations 3,309,956 100 % 3,126,157 100 % Apparel 166,381 90 % 179,440 91 % Accessories 16,350 9 % 17,577 9 % Other 1,577 1 % 593 0 % Wholesale operations (1) 184,308 100 % 197,610 100 % Nuuly operations 172,779 86,904 Total net sales $ 3,667,043 $ 3,410,671 (1) Net of intersegment elimination. The Apparel category includes intimates and activewear. The Home category includes home furnishings, electronics, gifts and decorative items. The Accessories category includes footwear, jewelry and handbags. The Other category includes beauty and shipping and handling. 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: October 31, January 31, October 31, 2023 2023 2022 Property and equipment, net Domestic operations $ 1,123,317 $ 1,033,926 $ 1,024,693 Foreign operations 149,335 153,809 150,387 Total property and equipment, net $ 1,272,652 $ 1,187,735 $ 1,175,080 Three Months Ended Nine Months Ended October 31, October 31, 2023 2022 2023 2022 Net Sales Domestic operations $ 1,121,033 $ 1,023,420 $ 3,205,038 $ 2,959,302 Foreign operations 160,141 151,929 462,005 451,369 Total net sales $ 1,281,174 $ 1,175,349 $ 3,667,043 $ 3,410,671 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, 2023, January 31, 2023 and October 31, 2022 were as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of October 31, 2023 Short-term Investments: Corporate bonds $ 102,766 $ — $ ( 1,336 ) $ 101,430 Federal government agencies 66,216 — ( 233 ) 65,983 Municipal and pre-refunded municipal bonds 48,115 — ( 727 ) 47,388 Commercial paper 20,976 — — 20,976 US Treasury securities 13,157 — ( 7 ) 13,150 Certificates of deposit 249 — — 249 251,479 — ( 2,303 ) 249,176 Long-term Investments: Corporate bonds 53,555 4 ( 1,155 ) 52,404 Federal government agencies 49,203 — ( 388 ) 48,815 Municipal and pre-refunded municipal bonds 10,224 3 ( 136 ) 10,091 US Treasury securities 7,398 1 ( 71 ) 7,328 Mutual funds, held in rabbi trust 13,252 147 ( 348 ) 13,051 Certificates of deposit 1,250 — — 1,250 134,882 155 ( 2,098 ) 132,939 $ 386,361 $ 155 $ ( 4,401 ) $ 382,115 As of January 31, 2023 Short-term Investments: Corporate bonds $ 83,184 $ — $ ( 947 ) $ 82,237 Federal government agencies 6,501 — ( 1 ) 6,500 Municipal and pre-refunded municipal bonds 48,141 — ( 688 ) 47,453 Commercial paper 21,636 — — 21,636 US Treasury securities 23,561 1 ( 10 ) 23,552 183,023 1 ( 1,646 ) 181,378 Long-term Investments: Corporate bonds 62,594 22 ( 3,319 ) 59,297 Federal government agencies 9,021 13 ( 2 ) 9,032 Municipal and pre-refunded municipal bonds 23,437 5 ( 1,154 ) 22,288 Mutual funds, held in rabbi trust 13,402 — ( 1,424 ) 11,978 Certificates of deposit 249 — — 249 108,703 40 ( 5,899 ) 102,844 $ 291,726 $ 41 $ ( 7,545 ) $ 284,222 Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of October 31, 2022 Short-term Investments: Corporate bonds $ 85,788 $ — $ ( 1,626 ) $ 84,162 Municipal and pre-refunded municipal bonds 58,417 — ( 910 ) 57,507 US Treasury securities 4,750 — ( 55 ) 4,695 148,955 — ( 2,591 ) 146,364 Long-term Investments: Corporate bonds 61,707 — ( 4,472 ) 57,235 Municipal and pre-refunded municipal bonds 28,803 — ( 1,801 ) 27,002 Mutual funds, held in rabbi trust 12,546 — ( 1,786 ) 10,760 Certificates of deposit 249 — — 249 103,305 — ( 8,059 ) 95,246 $ 252,260 $ — $ ( 10,650 ) $ 241,610 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
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 October 31, 2023 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 153,834 $ — $ 153,834 Federal government agencies — 114,798 — 114,798 Municipal and pre-refunded municipal bonds — 57,479 — 57,479 Commercial paper — 20,976 — 20,976 US Treasury securities — 20,478 — 20,478 Mutual funds, held in rabbi trust 13,051 — — 13,051 Certificates of deposit — 1,499 — 1,499 $ 13,051 $ 369,064 $ — $ 382,115 Marketable Securities Fair Value as of January 31, 2023 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 141,534 $ — $ 141,534 Federal government agencies — 15,532 — 15,532 Municipal and pre-refunded municipal bonds — 69,741 — 69,741 Commercial paper — 21,636 — 21,636 US Treasury securities — 23,552 — 23,552 Mutual funds, held in rabbi trust 11,978 — — 11,978 Certificates of deposit — 249 — 249 $ 11,978 $ 272,244 $ — $ 284,222 Marketable Securities Fair Value as of October 31, 2022 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 141,397 $ — $ 141,397 Municipal and pre-refunded municipal bonds — 84,509 — 84,509 US Treasury securities — 4,695 — 4,695 Mutual funds, held in rabbi trust 10,760 — — 10,760 Certificates of deposit — 249 — 249 $ 10,760 $ 230,850 $ — $ 241,610 |
Tax Credit Investments (Tables)
Tax Credit Investments (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Investment Owned, Balance [Abstract] | |
Tax credit investment balances measured on recurring basis | The following table summarizes the balances related to the investment at October 31, 2023: October 31, 2023 Deferred income taxes and other assets $ 70,190 Accrued expenses, accrued compensation and other current liabilities 7,738 Deferred rent and other liabilities 51,375 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Consolidated Statements of Income | Share-based compensation expense included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Income, for the three and nine months ended October 31, 2023 and 2022, was as follows: Three Months Ended Nine Months Ended October 31, October 31, 2023 2022 2023 2022 Performance Stock Units $ 1,231 $ 1,280 $ 3,782 $ 3,697 Restricted Stock Units 6,458 6,582 19,463 18,274 Total $ 7,689 $ 7,862 $ 23,245 $ 21,971 |
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 nine months ended October 31, 2023 was as follows: Nine Months Ended October 31, 2023 Weighted- Awards Average Fair Granted Value Performance Stock Units 160,887 $ 26.96 Restricted Stock Units 962,116 $ 27.32 Total 1,123,003 |
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 October 31, 2023 was as follows: October 31, 2023 Unrecognized Weighted- Compensation Average Cost Years Performance Stock Units $ 6,500 1.9 Restricted Stock Units 35,618 2.0 Total $ 42,118 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Equity [Abstract] | |
Share Repurchase Activity | Share repurchase activity under the Company’s share repurchase programs was as follows: Three Months Ended Nine Months Ended October 31, October 31, 2023 2022 2023 2022 Number of common shares repurchased and subsequently retired — — — 4,736,405 Total cost $ — $ — $ — $ 112,016 Average cost per share, including commissions $ — $ — $ — $ 23.65 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax | The following tables present the changes in “Accumulated other comprehensive loss,” by component, net of tax, for the three and nine months ended October 31, 2023 and 2022: Three Months Ended October 31, 2023 Nine Months Ended October 31, 2023 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ ( 35,132 ) $ ( 3,670 ) $ ( 38,802 ) $ ( 42,824 ) $ ( 5,811 ) $ ( 48,635 ) Other comprehensive ( 11,961 ) 592 ( 11,369 ) ( 4,269 ) 2,739 ( 1,530 ) Amounts reclassified — 2 2 — ( 4 ) ( 4 ) Net current-period other ( 11,961 ) 594 ( 11,367 ) ( 4,269 ) 2,735 ( 1,534 ) Balance at end of period $ ( 47,093 ) $ ( 3,076 ) $ ( 50,169 ) $ ( 47,093 ) $ ( 3,076 ) $ ( 50,169 ) Three Months Ended October 31, 2022 Nine Months Ended October 31, 2022 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ ( 42,836 ) $ ( 7,349 ) $ ( 50,185 ) $ ( 22,204 ) $ ( 2,626 ) $ ( 24,830 ) Other comprehensive ( 13,451 ) 700 ( 12,751 ) ( 34,083 ) ( 3,689 ) ( 37,772 ) Amounts reclassified — ( 1,131 ) ( 1,131 ) — ( 1,465 ) ( 1,465 ) Net current-period other ( 13,451 ) ( 431 ) ( 13,882 ) ( 34,083 ) ( 5,154 ) ( 39,237 ) Balance at end of period $ ( 56,287 ) $ ( 7,780 ) $ ( 64,067 ) $ ( 56,287 ) $ ( 7,780 ) $ ( 64,067 ) |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
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 Nine Months Ended October 31, October 31, 2023 2022 2023 2022 Basic weighted-average common shares 92,780,736 92,174,160 92,667,878 93,544,085 Effect of dilutive options, performance stock units 1,667,640 861,906 1,500,180 778,698 Diluted weighted-average shares outstanding 94,448,376 93,036,066 94,168,058 94,322,783 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 31, 2023 | |
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 Nine Months Ended October 31, October 31, 2023 2022 2023 2022 Net sales Retail operations $ 1,145,766 $ 1,067,531 $ 3,309,956 $ 3,126,157 Wholesale operations 74,257 80,223 198,440 211,194 Nuuly operations 65,516 35,279 172,779 86,904 Intersegment elimination ( 4,365 ) ( 7,684 ) ( 14,132 ) ( 13,584 ) Total net sales $ 1,281,174 $ 1,175,349 $ 3,667,043 $ 3,410,671 Income from operations Retail operations $ 111,731 $ 64,427 $ 338,995 $ 216,260 Wholesale operations 14,525 12,782 27,910 30,021 Nuuly operations 280 ( 3,228 ) ( 2,430 ) ( 9,358 ) Intersegment elimination 54 547 ( 358 ) 1,137 Total segment operating income 126,590 74,528 364,117 238,060 General corporate expenses ( 17,612 ) ( 17,210 ) ( 51,658 ) ( 48,687 ) Total income from operations $ 108,978 $ 57,318 $ 312,459 $ 189,373 October 31, January 31, October 31, 2023 2023 2022 Inventory Retail operations $ 679,757 $ 529,853 $ 682,005 Wholesale operations 41,254 57,657 61,574 Total inventory $ 721,011 $ 587,510 $ 743,579 Rental product, net (1) Nuuly operations $ 140,749 $ 90,934 $ 76,449 Total rental product, net $ 140,749 $ 90,934 $ 76,449 (1) Rental product, net is included in "Deferred income taxes and other assets" in the Condensed Consolidated Balance Sheets. Property and equipment, net Retail operations $ 1,182,197 $ 1,138,487 $ 1,133,561 Wholesale operations 1,694 990 1,073 Nuuly operations 88,761 48,258 40,446 Total property and equipment, net $ 1,272,652 $ 1,187,735 $ 1,175,080 |
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 and by segment: Three Months Ended October 31, 2023 2022 Net sales Apparel $ 771,166 67 % $ 688,630 64 % Home 173,062 15 % 192,384 18 % Accessories 148,338 13 % 135,784 13 % Other 53,200 5 % 50,733 5 % Retail operations 1,145,766 100 % 1,067,531 100 % Apparel 61,324 88 % 65,713 91 % Accessories 8,331 12 % 6,603 9 % Other 237 0 % 223 0 % Wholesale operations (1) 69,892 100 % 72,539 100 % Nuuly operations 65,516 35,279 Total net sales $ 1,281,174 $ 1,175,349 Nine Months Ended October 31, 2023 2022 Net sales Apparel $ 2,253,486 68 % $ 2,049,571 66 % Home 492,689 15 % 548,292 17 % Accessories 408,977 12 % 383,409 12 % Other 154,804 5 % 144,885 5 % Retail operations 3,309,956 100 % 3,126,157 100 % Apparel 166,381 90 % 179,440 91 % Accessories 16,350 9 % 17,577 9 % Other 1,577 1 % 593 0 % Wholesale operations (1) 184,308 100 % 197,610 100 % Nuuly operations 172,779 86,904 Total net sales $ 3,667,043 $ 3,410,671 |
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: October 31, January 31, October 31, 2023 2023 2022 Property and equipment, net Domestic operations $ 1,123,317 $ 1,033,926 $ 1,024,693 Foreign operations 149,335 153,809 150,387 Total property and equipment, net $ 1,272,652 $ 1,187,735 $ 1,175,080 Three Months Ended Nine Months Ended October 31, October 31, 2023 2022 2023 2022 Net Sales Domestic operations $ 1,121,033 $ 1,023,420 $ 3,205,038 $ 2,959,302 Foreign operations 160,141 151,929 462,005 451,369 Total net sales $ 1,281,174 $ 1,175,349 $ 3,667,043 $ 3,410,671 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract receivables, net of allowance for doubtful accounts | $ 77,399 | $ 81,422 | $ 70,339 | $ 63,760 |
Gift cards expected redemption period | 2 years | |||
Contract liabilities | $ 70,763 | 68,536 | $ 82,867 | $ 78,717 |
Revenue recognized included in contract liability | $ 32,828 | $ 32,299 |
Marketable Securities - Amortiz
Marketable Securities - Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities (Detail) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 | Oct. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | |||
Short-term Investments, Fair Value | $ 249,176 | $ 181,378 | $ 95,246 |
Long-term Investments, Fair Value | 132,939 | 102,844 | 146,364 |
Amortized Cost | 386,361 | 291,726 | 252,260 |
Unrealized Gains | 155 | 41 | 0 |
Unrealized (Losses) | (4,401) | (7,545) | (10,650) |
Fair Value | 382,115 | 284,222 | 241,610 |
Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 251,479 | 183,023 | 103,305 |
Unrealized Gains | 0 | 1 | 0 |
Unrealized (Losses) | (2,303) | (1,646) | (8,059) |
Fair Value | 249,176 | 181,378 | 95,246 |
Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 134,882 | 108,703 | 148,955 |
Unrealized Gains | 155 | 40 | 0 |
Unrealized (Losses) | (2,098) | (5,899) | (2,591) |
Fair Value | 132,939 | 102,844 | 146,364 |
Corporate Bonds | Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 102,766 | 83,184 | 85,788 |
Unrealized Gains | 0 | 0 | 0 |
Unrealized (Losses) | (1,336) | (947) | (1,626) |
Fair Value | 101,430 | 82,237 | 84,162 |
Corporate Bonds | Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 53,555 | 62,594 | 61,707 |
Unrealized Gains | 4 | 22 | 0 |
Unrealized (Losses) | (1,155) | (3,319) | (4,472) |
Fair Value | 52,404 | 59,297 | 57,235 |
Municipal and Pre-Refunded Municipal Bonds | Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 48,115 | 48,141 | 58,417 |
Unrealized Gains | 0 | 0 | 0 |
Unrealized (Losses) | (727) | (688) | (910) |
Fair Value | 47,388 | 47,453 | 57,507 |
Municipal and Pre-Refunded Municipal Bonds | Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 10,224 | 23,437 | 28,803 |
Unrealized Gains | 3 | 5 | 0 |
Unrealized (Losses) | (136) | (1,154) | (1,801) |
Fair Value | 10,091 | 22,288 | 27,002 |
Commercial Paper | Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 20,976 | 21,636 | |
Unrealized Gains | 0 | 0 | |
Unrealized (Losses) | 0 | 0 | |
Fair Value | 20,976 | 21,636 | |
US Treasury Securities | Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 13,157 | 23,561 | 4,750 |
Unrealized Gains | 0 | 1 | 0 |
Unrealized (Losses) | (7) | (10) | (55) |
Fair Value | 13,150 | 23,552 | 4,695 |
US Treasury Securities | Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 7,398 | ||
Unrealized Gains | 1 | ||
Unrealized (Losses) | (71) | ||
Fair Value | 7,328 | ||
Federal Government Agencies | Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 66,216 | 6,501 | |
Unrealized Gains | 0 | 0 | |
Unrealized (Losses) | (233) | (1) | |
Fair Value | 65,983 | 6,500 | |
Federal Government Agencies | Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 49,203 | 9,021 | |
Unrealized Gains | 13 | ||
Unrealized (Losses) | (388) | (2) | |
Fair Value | 48,815 | 9,032 | |
Mutual Funds, Held in Rabbi Trust | Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 13,252 | 13,402 | 12,546 |
Unrealized Gains | 147 | 0 | 0 |
Unrealized (Losses) | (348) | (1,424) | (1,786) |
Fair Value | 13,051 | 11,978 | 10,760 |
Certificates of Deposit | Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 249 | ||
Unrealized Gains | 0 | ||
Unrealized (Losses) | 0 | ||
Fair Value | 249 | ||
Certificates of Deposit | Long-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,250 | 249 | 249 |
Unrealized Gains | 0 | 0 | 0 |
Unrealized (Losses) | 0 | 0 | |
Fair Value | $ 1,250 | $ 249 | $ 249 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Sales and maturities of marketable securities | $ 242,847 | $ 230,745 | ||
Amortization of discounts and premiums, net | $ 1,037 | 3,919 | ||
Amortization of discounts and premiums, net | $ 1,406 | 2,578 | ||
Other (Loss) Income, Net | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Net realized gain (loss) | $ 2 | $ 1,131 | $ 4 | $ 1,465 |
Fair Value - Financial Assets M
Fair Value - Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 | Oct. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | $ 382,115 | $ 284,222 | $ 241,610 |
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 | 382,115 | 284,222 | 241,610 |
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 | 13,051 | 11,978 | 10,760 |
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 | 369,064 | 272,244 | 230,850 |
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 | 153,834 | 141,534 | 141,397 |
Fair Value, Measurements, Recurring | Corporate Bonds | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 153,834 | 141,534 | 141,397 |
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 | 57,479 | 69,741 | 84,509 |
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 | 57,479 | 69,741 | 84,509 |
Fair Value, Measurements, Recurring | US Treasury Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 20,478 | 23,552 | 4,695 |
Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 20,478 | 23,552 | 4,695 |
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 | 13,051 | 11,978 | 10,760 |
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 | 13,051 | 11,978 | 10,760 |
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 | 20,976 | 21,636 | |
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 | 20,976 | 21,636 | |
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 | 114,798 | 15,532 | |
Fair Value, Measurements, Recurring | Federal Government Agencies | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 114,798 | 15,532 | |
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 | 1,499 | 249 | 249 |
Fair Value, Measurements, Recurring | Certificates of Deposit | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | $ 1,499 | $ 249 | $ 249 |
Fair Value (Additional Informat
Fair Value (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Jan. 31, 2023 | |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Impairment charges | $ 1,392 | $ 958 | |
Operating lease right-of-use assets | 933,864 | 927,092 | $ 959,436 |
Impairment [Member] | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Operating lease right-of-use assets | $ 5,996 | $ 12,988 |
Debt - Additional Information (
Debt - Additional Information (Detail) - Third Amended Credit Agreement - USD ($) $ in Thousands | 9 Months Ended | ||
Feb. 10, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | |
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 | 13,258 | ||
JPMorgan Chase Bank N. A. | Revolving Credit Facility | |||
Line Of Credit Facility [Line Items] | |||
Credit facility maximum borrowing capacity | $ 350,000 | ||
Additional line of credit facility | $ 150,000 | ||
Commitment fee percentage | 0.20% | ||
Interest expense | $ 727 | $ 754 | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted SOFR, CDOR,SONIA or EURIBOR | Minimum | |||
Line Of Credit Facility [Line Items] | |||
Applicable margin | 1.125% | ||
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted SOFR, CDOR,SONIA or EURIBOR | Maximum | |||
Line Of Credit Facility [Line Items] | |||
Applicable margin | 1.375% | ||
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted Bounce Rate | Minimum | |||
Line Of Credit Facility [Line Items] | |||
Applicable margin | 0.125% | ||
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted Bounce Rate | Maximum | |||
Line Of Credit Facility [Line Items] | |||
Applicable margin | 0.375% |
Tax Credit Investments (Additio
Tax Credit Investments (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Feb. 10, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Summary of Investment Holdings [Line Items] | |||||
Investments description | An initial payment of $20,000 was paid at closing with the remaining balance payable in quarterly installments over a five-year period beginning in fiscal 2024. | ||||
Accrued Tax Credit Investment Installments | $ 62,120 | $ 0 | |||
Income tax expense | $ 26,669 | $ 15,068 | 77,659 | $ 51,866 | |
Tax Credit Investment Entity [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Membership interest amount | $ 100,000 | $ 100,000 | 100,000 | ||
Payments to acquire investments | $ 20,000 | ||||
Accrued Tax Credit Investment Installments | 62,120 | ||||
Tax credit investment period | 10 years | ||||
Interest expense | 4,875 | ||||
Federal low housing tax credit entity [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Income tax expense | $ 5,050 |
Tax Credit Investments - Summar
Tax Credit Investments - Summary of balances related to Investment (Details) - USD ($) $ in Thousands | Oct. 31, 2023 | Jan. 31, 2023 | Oct. 31, 2022 |
Tax Credit Carryforward [Line Items] | |||
Accrued expenses, accrued compensation and other current liabilities | $ 506,028 | $ 400,082 | $ 457,537 |
Tax Credit Investment Entity [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred income taxes and other assets | 70,190 | ||
Accrued expenses, accrued compensation and other current liabilities | 7,738 | ||
Deferred rent and other liabilities | $ 51,375 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 7,689 | $ 7,862 | $ 23,245 | $ 21,971 |
Performance Stock Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,231 | 1,280 | 3,782 | 3,697 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 6,458 | $ 6,582 | $ 19,463 | $ 18,274 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share Based Awards Issued and Weighted Average Fair Value (Detail) | 9 Months Ended |
Oct. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 1,123,003 |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 160,887 |
Weighted Average Fair Value | $ / shares | $ 26.96 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 962,116 |
Weighted Average Fair Value | $ / shares | $ 27.32 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 9 Months Ended |
Oct. 31, 2023 shares | |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units vested | 25,000 |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units vested | 131,248 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units vested | 756,036 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Unrecognized Compensation Cost and Weighted Average Period of Recognition (Detail) $ in Thousands | 9 Months Ended |
Oct. 31, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 42,118 |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 6,500 |
Weighted Average Years | 1 year 10 months 24 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 35,618 |
Weighted Average Years | 2 years |
Share Repurchase Activity (Deta
Share Repurchase Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Total cost | $ 169 | $ 12 | $ 8,353 | $ 118,696 |
Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Number of common shares repurchased and subsequently retired | 0 | 0 | 0 | 4,736,405 |
Total cost | $ 0 | $ 0 | $ 0 | $ 112,016 |
Average cost per share, including commissions | $ 0 | $ 0 | $ 0 | $ 23.65 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | Jun. 04, 2019 | Aug. 22, 2017 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Common shares authorized for repurchase, shares | 20,000,000 | 20,000,000 | ||||
Remaining common shares authorized for repurchase, shares | 19,156,390 | 19,156,390 | ||||
Stock repurchased and retired during period, total cost | $ 169 | $ 12 | $ 8,353 | $ 118,696 | ||
Employee Stock | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchased and retired during period shares | 308,649 | 246,034 | ||||
Stock repurchased and retired during period, total cost | $ 6,680 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | $ 1,967,391 | $ 1,707,192 | $ 1,792,683 | $ 1,745,740 |
Total other comprehensive loss | (11,367) | (13,882) | (1,534) | (39,237) |
Ending Balance | 2,046,558 | 1,738,391 | 2,046,558 | 1,738,391 |
Foreign Currency Translation | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | (35,132) | (42,836) | (42,824) | (22,204) |
Other comprehensive income (loss) before reclassifications | (11,961) | (13,451) | (4,269) | (34,083) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Total other comprehensive loss | (11,961) | (13,451) | (4,269) | (34,083) |
Ending Balance | (47,093) | (56,287) | (47,093) | (56,287) |
Unrealized Gains and (Losses) on available- for-Sale Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | (3,670) | (7,349) | (5,811) | (2,626) |
Other comprehensive income (loss) before reclassifications | 592 | 700 | 2,739 | (3,689) |
Amounts reclassified from accumulated other comprehensive income (loss) | 2 | (1,131) | (4) | (1,465) |
Total other comprehensive loss | 594 | (431) | 2,735 | (5,154) |
Ending Balance | (3,076) | (7,780) | (3,076) | (7,780) |
Accumulated Other Comprehensive Loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | (38,802) | (50,185) | (48,635) | (24,830) |
Other comprehensive income (loss) before reclassifications | (11,369) | (12,751) | (1,530) | (37,772) |
Amounts reclassified from accumulated other comprehensive income (loss) | 2 | (1,131) | (4) | (1,465) |
Total other comprehensive loss | (11,367) | (13,882) | (1,534) | (39,237) |
Ending Balance | $ (50,169) | $ (64,067) | $ (50,169) | $ (64,067) |
Net Income per Common Share - R
Net Income per Common Share - Reconciliation of Weighted Average Common Shares Outstanding Used for Computation of Basic and Diluted Net Income per Common Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average common shares outstanding | 92,780,736 | 92,174,160 | 92,667,878 | 93,544,085 |
Effect of dilutive options, performance stock units and restricted stock units | 1,667,640 | 861,906 | 1,500,180 | 778,698 |
Diluted weighted-average shares outstanding | 94,448,376 | 93,036,066 | 94,168,058 | 94,322,783 |
Net Income per Common Share - A
Net Income per Common Share - Additional Information (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common shares | 40,000 | 205,000 | 66,667 | 203,333 |
Anti-dilutive common shares exercise price, minimum | $ 23.74 | $ 28.47 | $ 23.74 | |
Anti-dilutive common shares exercise price, maximum | $ 46.42 | $ 46.42 | $ 46.42 | $ 46.42 |
Performance Stock Units (PSUs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common shares | 272,554 | 167,500 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Oct. 31, 2023 Customer Segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | Segment | 3 |
Number of major customers exceeding ten percentage thresholds | Customer | 0 |
Schedule of Operations by Segme
Schedule of Operations by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | Jan. 31, 2023 | ||
Segment Reporting Information [Line Items] | ||||||
Total net sales | $ 1,281,174 | $ 1,175,349 | $ 3,667,043 | $ 3,410,671 | ||
Total income from operations | 108,978 | 57,318 | 312,459 | 189,373 | ||
General corporate expenses | (17,612) | (17,210) | (51,658) | (48,687) | ||
Total inventory | 721,011 | 743,579 | 721,011 | 743,579 | $ 587,510 | |
Total rental product, net | [1] | 140,749 | 76,449 | 140,749 | 76,449 | 90,934 |
Total property and equipment, net | 1,272,652 | 1,175,080 | 1,272,652 | 1,175,080 | 1,187,735 | |
Retail Operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | 1,145,766 | 1,067,531 | 3,309,956 | 3,126,157 | ||
Total inventory | 679,757 | 682,005 | 679,757 | 682,005 | 529,853 | |
Total property and equipment, net | 1,182,197 | 1,133,561 | 1,182,197 | 1,133,561 | 1,138,487 | |
Wholesale Operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | [2] | 69,892 | 72,539 | 184,308 | 197,610 | |
Total inventory | 41,254 | 61,574 | 41,254 | 61,574 | 57,657 | |
Total property and equipment, net | 1,694 | 1,073 | 1,694 | 1,073 | 990 | |
Nuuly operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | 65,516 | 35,279 | 172,779 | 86,904 | ||
Total rental product, net | [1] | 140,749 | 76,449 | 140,749 | 76,449 | 90,934 |
Total property and equipment, net | 88,761 | 40,446 | 88,761 | 40,446 | $ 48,258 | |
Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | 1,281,174 | 1,175,349 | 3,667,043 | 3,410,671 | ||
Total income from operations | 126,590 | 74,528 | 364,117 | 238,060 | ||
Operating Segments | Retail Operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | 1,145,766 | 1,067,531 | 3,309,956 | 3,126,157 | ||
Total income from operations | 111,731 | 64,427 | 338,995 | 216,260 | ||
Operating Segments | Wholesale Operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | 74,257 | 80,223 | 198,440 | 211,194 | ||
Total income from operations | 14,525 | 12,782 | 27,910 | 30,021 | ||
Operating Segments | Nuuly operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | 65,516 | 35,279 | 172,779 | 86,904 | ||
Total income from operations | 280 | (3,228) | (2,430) | (9,358) | ||
Intersegment Elimination | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net sales | (4,365) | (7,684) | (14,132) | (13,584) | ||
Total income from operations | $ 54 | $ 547 | $ (358) | $ 1,137 | ||
[1] Rental product, net is included in "Deferred income taxes and other assets" in the Condensed Consolidated Balance Sheets. Net of intersegment elimination. |
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 | 9 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | ||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 1,281,174 | $ 1,175,349 | $ 3,667,043 | $ 3,410,671 | |
Retail Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 1,145,766 | $ 1,067,531 | $ 3,309,956 | $ 3,126,157 | |
Total net sales, percentage | 100% | 100% | 100% | 100% | |
Wholesale Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | [1] | $ 69,892 | $ 72,539 | $ 184,308 | $ 197,610 |
Total net sales, percentage | [1] | 100% | 100% | 100% | 100% |
Nuuly operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 65,516 | $ 35,279 | $ 172,779 | $ 86,904 | |
Apparel | Retail Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 771,166 | $ 688,630 | $ 2,253,486 | $ 2,049,571 | |
Total net sales, percentage | 67% | 64% | 68% | 66% | |
Apparel | Wholesale Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 61,324 | $ 65,713 | $ 166,381 | $ 179,440 | |
Total net sales, percentage | 88% | 91% | 90% | 91% | |
Home | Retail Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 173,062 | $ 192,384 | $ 492,689 | $ 548,292 | |
Total net sales, percentage | 15% | 18% | 15% | 17% | |
Accessories | Retail Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 148,338 | $ 135,784 | $ 408,977 | $ 383,409 | |
Total net sales, percentage | 13% | 13% | 12% | 12% | |
Accessories | Wholesale Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 8,331 | $ 6,603 | $ 16,350 | $ 17,577 | |
Total net sales, percentage | 12% | 9% | 9% | 9% | |
Other | Retail Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 53,200 | $ 50,733 | $ 154,804 | $ 144,885 | |
Total net sales, percentage | 5% | 5% | 5% | 5% | |
Other | Wholesale Operations | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | $ 237 | $ 223 | $ 1,577 | $ 593 | |
Total net sales, percentage | 0% | 0% | 1% | 0% | |
[1] Net of intersegment elimination. |
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 | 9 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | Jan. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||
Total property and equipment, net | $ 1,272,652 | $ 1,175,080 | $ 1,272,652 | $ 1,175,080 | $ 1,187,735 |
Total net sales | 1,281,174 | 1,175,349 | 3,667,043 | 3,410,671 | |
Domestic Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total property and equipment, net | 1,123,317 | 1,024,693 | 1,123,317 | 1,024,693 | 1,033,926 |
Total net sales | 1,121,033 | 1,023,420 | 3,205,038 | 2,959,302 | |
Foreign Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total property and equipment, net | 149,335 | 150,387 | 149,335 | 150,387 | $ 153,809 |
Total net sales | $ 160,141 | $ 151,929 | $ 462,005 | $ 451,369 |